Gresham Capital CLO IV B.V. - Irish Stock Exchange

(Application of Interest Proceeds between Payment Dates)) shall be paid on the Payment Date
immediately following such Due Period as follows (with payments to be made from Euro Interest
Proceeds for amounts denominated in Euro and payments to be made from Sterling Interest
Proceeds for amounts denominated in Sterling in each case subject to Condition 3(c)(v) (FX
Conversion)):
(A)
(B)
(C)
(D)
(E)
(F)
to the payment of taxes owing and unpaid by the Issuer (other than Dutch corporate
income tax in relation to the amounts equal to the minimum profit referred to below), as
certified by an Authorised Officer of the Issuer to the Trustee, if any (save for any value
added tax payable in respect of any Collateral Management Fee); and to the payment of
amounts equal to the minimum profit to be retained by the Issuer for Dutch tax purposes,
for deposit into the Issuer Dutch Account from time to time, if any;
to the payment of accrued and unpaid Senior Trustee Fees payable to the Trustee pursuant
to the Trust Deed;
to the payment of Senior Administrative Expenses;
to the payment, on a pro rata basis, of (i) any Hedge Payment Amounts; and (ii) any
Liquidity Payments due and payable to the Liquidity Facility Provider under the Liquidity
Facility Agreement (other than those amounts payable under the Liquidity Facility
Agreement which are to be treated as Administrative Expenses);
to the Collateral Manager of the Base Collateral Management Fee due and payable on
such Payment Date;
to the payment on a pro rata basis of:
(1) the Class A1A Interest Amount due and payable on the Class A1A Notes in respect of the
Class A1A Notes Interest Period ending on such Payment Date, together with any unpaid
interest due and payable under the Class A1A Notes and any amounts in respect of the
Commitment Fee and Break Costs due and payable by the Issuer under the Class A1A
Notes (but excluding any Class A1A Increased Margin); and
(2) the Interest Amounts due and payable on the Class A1B Notes in respect of the Interest
Accrual Period ending on such Payment Date;
(G)
(H)
(I)
(J)
(K)
(L)
to the payment of the Interest Amounts due and payable on the Class A2 Notes in respect
of the Interest Accrual Period ending on such Payment Date pro rata;
if there is a Sterling Funding Mismatch, after taking account of the amounts payable
under Condition 3(c)(i)(A) to (G) (inclusive), an amount equal to 75 per cent. of the
remaining Interest Proceeds in repayment of the Sterling Drawings (on a pro rata basis),
in whole or in part, to the extent necessary to cure any Sterling Funding Mismatch;
in the event that any of the Senior Coverage Tests (as calculated by the Collateral
Administrator) are not satisfied on the immediately preceding Determination Date, in
redemption or repayment, as applicable, of the Senior Notes, in whole or in part, in
accordance with the Senior Notes Redemption Method, to the extent necessary to cause
each of the Senior Coverage Tests to be met if recalculated following such redemption or
repayment;
to the payment of the Interest Amounts due and payable on the Class B Notes in respect
of the Interest Accrual Period ending on such Payment Date (but excluding any Class B
Deferred Interest) pro rata;
to the payment of the Class B Deferred Interest pro rata;
in the event that the Class B Overcollateralisation Ratio Test (as calculated by the
Collateral Administrator) is not satisfied on the immediately preceding Determination
Date, in redemption or repayment, as applicable, of the Senior Notes, in whole or in part,
in accordance with the Senior Notes Redemption Method and following such redemption
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