GLDUS137 Forrestal Capital LLC Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP Investment Period Reinvestment Key Person Event Diversification The Fund's investment period will commence on the date of the First Closing, and will expire at the end of the calendar quarter in which the earliest of the following occurs (the Investment Period"): (i) the date on which 100% of aggregate Commitments have been invested, committed for investment, used to pay expenses and liabilities, or formally reserved for such purpose, and (ii) four years from the Final Admission Date. The Fund may draw down Commitments to make investments at any time during the Investment Period (subject to any suspension of the Investment Period following a key person event (as described below)). After the end of the Investment Period, the Fund will not make new portfolio investments, but may (a) fund existing obligations to make contributions or advances in respect of any investment. (b) complete investments that were in process as of the end of the Investment Period, (e) fund follow-on investments with respect to existing Fund Secondaries, Single Asset Deals or GP-led Secondaries, in an aggregate amount not to exceed 20% of aggregate Commitments, and (d) continue to draw down Commitments to pay liabilities and ongoing operating expenses, including the General Partner's Share. The following amounts will be added back to unfunded Commitments and may be drawn down again by the Fund: (i) distributions from any portfolio investment received by the Fund within twenty-four months of the date on which such investment was made, but only to the extent of capital invested by the Fund in such investment: (ii) following the termination of the Investment Period and subject to the limitations described in 'Investment Period' above, an amount equal to any and all distributions made to the Partners, but only for the purpose of funding any o