cluding for the payment of Issuer Organizational Expenses otherwise required to be paid by the Preferred Shareholders directly) in accordance with the PS Issuing and Paying Agency Agreement and (y) otherwise, to remain in the interest account as provided in the Initial Facility Agreement; (b) On a Payment Date (other than the Refinanc

nt Company Act and registration or exemption under any other applicable securities laws and (ii) as otherwise permitted under the Issuers Articles, the PS Issuing and Paying Agency Agreement and the PS Purchase Agreement. The Preferred Shares have not been recommended by any U.S. federal or state or non-U.S. securities commission or reg

ed Share Issuance Date and during the term of the Initial Facility, the Issuer may issue Additional Preferred Shares in accordance with the terms of the PS Issuing and Paying Agency Agreement and the PS Purchase Agreement. Following the Ramp-Up Period, the Issuer intends to enter into a Refinancing of the Initial Facility by issuing tranc

Refinancing and could limit the ability of the Issuer to complete a Refinancing. A Refinancing will only be effective if the conditions set forth in the PS Issuing and Paying Agency Agreement are satisfied, including that the terms of such Refinancing shall include RREEF or a successor thereto (in each case at its option) acting in the ca

inancing indenture, (ii) the Portfolio Administrator under the Portfolio Administration Agreement, (iii) the PS Issuing and Paying Agent pursuant to the PS Issuing and Paying Agency Agreement, (iv) the Preferred Share Agent pursuant to the PS Issuing and Paying Agency Agreement, (v) the Portfolio Information Agent pursuant to the Portfol

t their ownership or voting participation in certain circumstances. Special provisions will be provided in the applicable Facility documentation or the PS Issuing and Paying Agency Agreement. as the case may be, to assist such investors in Preferred Shares in remaining compliant with the relevant provisions of the BHCA and the regulation

io Administration Agreement, the Portfolio Information Agency Agreement, [the Loan Closing Services Agreement,] the Issuer Administration Agreement, the PS Issuing and Paying Agency Agreement, the Registered Office Agreement, the PS Purchase Agreement and any Hedge Agreements.] "UCC" means the Uniform Commercial Code as in effect in the

Agent" means US Bank. "Preferred Share Issuance Date" means, with respect to any Preferred Share, the date it was issued by the Issuer pursuant to the PS Issuing and Paying Agency Agreement. "Preferred Share Purchaser' means each initial Preferred Share Purchaser as of [•], 2018 and any other Person that shall have become a Preferred S