rate of up to 30%" • Initial Facility is expected to be held by Barclays (Facility Agent) and Deutsche Bank — Barclays is expected to hold 95% of the Initial Facility, and Deutsche Bank is expected to hold 5% of the Initial Facility • Pricing on the Initial facility is expected to be L+120bps • Deutsche Bank exp

r Notes • RREEF America LLC Barclays Bank PLC ("Barclays") and Deutsche Bank AG, New York Branch ("Deutsche Bank"), as sole initial lenders under the Initial Facility. Barclays is expected to hold 95% of the Initial Facility, and Deutsche Bank is expected to hold 5% of the Initial Facility $168.4 million which ma

rate of up to 30%" • Initial Facility is expected to be held by Barclays (Facility Agent) and Deutsche Bank — Barclays is expected to hold 95% of the Initial Facility, and Deutsche Bank is expected to hold 5% of the Initial Facility • Pricing on the Initial facility is expected to be L+120bps • Deutsche Bank exp

s or activity other than executing a Refinancing and other activities incidental thereto, including entering into amendments to (or replacements of) the Initial Facility, the intended Refinancing and the other Transaction Agreements to which it is a party and other activities incidental thereto. Neither of the Co-Iss

urchaser party thereto, and the Preferred Share Agent. Sufficiency of Contributions (and compliance with the conditions precedent to funding under the Initial Facility) will be a condition to any further funding of the Initial Facility. It is expected that capital calls will be made in order to maintain sufficient

orated with limited liability in the Cayman Islands, and was established for the limited purposes of acquiring Collateral Obligations, entering into the Initial Facility, entering into the intended Refinancing and engaging in certain related activities and transactions. The Issuer was incorporated on January 23, 2018

ange, control, tax, legal or regulatory considerations otherwise require. The Preferred Shares are subordinated and junior in rights of payment to the Initial Facility and to the payment on each Payment Date of all other amounts due from the Issuer or the Co-Issuer under the Transaction Agreements to which the Iss

reasonable effort or expense, necessary to verify the information contained herein. This Memorandum summarizes certain provisions of the Securities, the Initial Facility, the PS Issuing and Paying Agency Agreement, the Portfolio Advisory Agreement and other Transaction Agreements. The summaries do not purport to be

th the requirements imposed pursuant to the US (to the extent applicable) and EU Risk Retention Rules) of the Preferred Shares, the loans comprising the Initial Facility and the Issuer's securities issued pursuant to the Refinancing during the life of such Refinancing Securities. Initially, on the date of issuance o

rial adverse effect upon the Preferred Shares, particularly if the Collateral Obligations are subject to liquidation. In particular, with respect to the Initial Facility, (i) the Instructing Party may designate an Optional Early Maturity Date as early as [e], which would require repayment of the Initial Facility on s

RIN II • 094 Alpha Group Capital LLC additional and different investment criteria when compared to the Initial Facility, the investment experience of the Preferred Shares may change following the contemplated Refinancing. Uncertainty of Asset Accumulation The abilit

e U.S. Retention Interest in the manner and for so long as required under the U.S. Risk Retention Regulations. The Retention Holder will also 5% of the Initial Facility commencing on the Initial Facility Closing Date. While the Portfolio Advisor has determined that its actions and the actions of the Retention Holder

ent of an Optional Principal Prepayment. Refinancing Risks The Issuer, acting upon the direction of the Majority Preferred Shareholders, may redeem the Initial Facility in full in connection with an Optional Principal Prepayment or a Refinancing. There can be no assurance that, upon any such redemption, the Sale Pr

Retention Interest in the manner and for so long as required under the U.S. Risk Retention Regulations. The Retention Holder will also acquire 5% of the Initial Facility on the Initial Facility Closing Date and hold such interest for the term of the Initial Facility. To the extent there is a material change in the a

urred in connection with (i) the organization, establishment and start-up of the Issuer on or prior to the Effective Date, (ii) the establishment of the Initial Facility, and (iii) the establishment of any Refinancing, in each case including expenses incurred for such purposes by or on behalf of the respective couns

meaning specified in the Portfolio Advisory Agreement. "Interest Period" means calculation period used for determining interest accrued pursuant to the Initial Facility. "Interest Proceeds" means all payments of accrued interest (including PIK Interest) and Additional Fees received in respect of any Collateral Obli