Default has occurred; (c) the date on which the Engagement Letter is terminated; and (d) any MV Event Date, provided that following the pricing of the Refinancing Securities, the Ramp-Up Period End Date will be extended to the Scheduled Refinancing Closing Date in connection with such pricing. Scheduled Ramp-Up Period

and (y) the Outstanding Senior Funding Amount and/or the Outstanding Mezzanine Funding Amount, as applicable. The date on which the Issuer issues the Refinancing Securities. The Preferred Shares will remain outstanding when the Refinancing is executed and will not receive any redemption or other payment in connection

ecified in the Portfolio Advisory Agreement, be approved by the Majority Preferred Shareholders and not been objected to by the majority holders of the Refinancing Securities. Effect of Refinancing The Portfolio Advisory Agreement may be amended, with the consent of the Majority Preferred Shareholders, to make any amen

II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Refinancing Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Refinancing Securities or

by credit securitization transactions in the leveraged loan market or high-yield bond market could also reduce opportunities to redeem or refinance the Refinancing Securities. In addition, the U.S. Risk Retention Regulations will impose retention requirements in the event of a Refinancing or re-pricing or additional issua

n in this section should be taken together with the other information in this Offering Memorandum when making an investment decision with respect to the Refinancing Securities. RREEF intends to satisfy the U.S. Risk Retention Regulations with respect to the intended Refinancing by the Retention Holder, RREEF's majority-ow