# EDGAR Filing Document

**Accession Number:** 0002073537
**File Stem:** 0001193125-26-274259
**Filing Date:** 2026-6
**Character Count:** 736228
**Document Hash:** 8d5b5fd1bb32ee970ec6f24b4ab07c17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-274259.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001193125-26-274259

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20260615

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Asset-Based Lending Co LLC
- **CENTRAL INDEX KEY:** 0002073537
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 334188434
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56764
- **FILM NUMBER:** 261099063

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** (949) 720-6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): June 15, 2026

## PIMCO Asset-Based Lending Company LLC

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56764** | **33-4188434** |
| **(State or other jurisdiction**<br> **of incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **650 Newport Center Drive, Newport Beach, CA** | **92660** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

(949) 720-6000

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

---

#### Operating Agreement
On June 15, 2026, PIMCO Asset-Based Lending Company LLC (the "Company") (including, as context requires, PIMCO Asset-Based Lending Company LLC - Series II ("Series II")) entered into a Third Amended and Restated Operating Agreement (the "Third A&R Operating Agreement") with Pacific Investment Management Company LLC, the Company's operating manager (in such capacity, the "Operating Manager"), which amended and restated the Company's Second Amended and Restated Operating Agreement, dated as of March 4, 2026. The amendment and restatement effects certain changes to reflect the liquidation, wind-up and dissolution of PIMCO Asset-Based Lending Company LLC - Series I ("Series I") (collectively, the "Series I Dissolution").

The foregoing summary description of the Third A&R Operating Agreement does not purport to be complete and is qualified in its entirety by reference to the Third A&R Operating Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

#### Indemnification Agreement
On June 15, 2026, the Company updated its form of indemnification agreement (the "Form of Indemnification Agreement") with each of its directors and executive officers. The Form of Indemnification Agreement modifies the Company's previous form of indemnification agreement to reflect (i) the Series I Dissolution and (ii) certain other updates related to the change in the Company's indemnification standard as part of the amendment and restatement of the Company's Second Amended and Restated Limited Liability Company Agreement, dated March 4, 2026 (the "Second A&R LLCA"), as described in the Company's Current Report on Form 8-K filed with the SEC on March 5, 2026.

The foregoing summary description of the Form of Indemnification Agreement does not purport to be complete and is qualified in its entirety by reference to the Form of Indemnification Agreement, a copy of which is included as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws.**  |

---

#### Certificate of Cancellation
On June 15, 2026, the Company filed with the Office of the Secretary of State of the State of Delaware a Certificate of Cancellation for Series I (the "Certificate of Cancellation"). The Certificate of Cancellation became effective as of the time of filing, cancelling Series I as a registered series of the Company.

The foregoing summary description of the Certificate of Cancellation does not purport to be complete and is qualified in its entirety by reference to the Certificate of Cancellation, a copy of which is included as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.

#### Limited Liability Company Agreement
On June 15, 2026, the Company executed its Third Amended and Restated Limited Liability Company Agreement (the "Third A&R LLCA"), which amended and restated the Second A&R LLCA. The amendment and restatement effects certain changes to reflect the Series I Dissolution and retirement of all 40 V Shares of Series I.

The foregoing summary description of the Third A&R LLCA does not purport to be complete and is qualified in its entirety by reference to the Third A&R LLCA, a copy of which is included as Exhibit 3.2 to this Current Report on Form 8-K and incorporated herein by reference.

------

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

#### Distribution Reinvestment Plan
On June 15, 2026, the Company amended and restated its Amended and Restated Distribution Reinvestment Plan (the "Second A&R DRIP") to effect certain changes related to the Series I Dissolution.

The foregoing summary description of the Second A&R DRIP does not purport to be complete and is qualified in its entirety by reference to the Second A&R DRIP, a copy of which is included as Exhibit 10.3 to this Current Report on Form 8-K and incorporated herein by reference.

#### Share Repurchase Plan
On June 15, 2026, the Company amended and restated the existing Share Repurchase Plan (the "A&R Share Repurchase Plan") to effect certain changes related to the Series I Dissolution.

The foregoing summary description of the A&R Share Repurchase Plan does not purport to be complete and is qualified in its entirety by reference to the A&R Share Repurchase Plan, a copy of which is included as Exhibit 10.4 to this Current Report on Form 8-K and incorporated herein by reference.

#### Subscription Agreements
On June 15, 2026, the Company updated its forms of subscription agreement for U.S. investors (the "U.S. Investor Subscription Agreement") and non-U.S. investors (the "Non-U.S. Investor Subscription Agreement" and, together with the U.S. Investor Subscription Agreement, the "Subscription Agreements") to effect certain administrative changes and changes related to the Series I Dissolution.

The foregoing summary description of the Subscription Agreements does not purport to be complete and is qualified in its entirety by reference to the U.S. Investor Subscription Agreement and Non-U.S. Investor Subscription Agreement, as applicable, a copy of which is included as Exhibit 10.5 and Exhibit 10.6, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

#### Special Note Regarding Forward-Looking Statements
Some of the statements in this Current Report on Form 8-K constitute forward-looking statements because they relate to future events or the Company's future performance or financial condition.

In addition, words such as "anticipate," "believe," "expect," "plan," "seek" and "intend" and similar words or variations thereof may indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Current Report on Form 8-K involve risks and uncertainties, including factors outside of the Company's control. The Company's actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "Item 1A. Risk Factors" and elsewhere in the Company's latest registration statement on Form 10 and in the other reports and documents filed by the Company with the SEC. Other factors that could cause actual results to differ materially include, but are not limited to, changes in the economy, risks associated with possible disruption in the Company's operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy, and future changes in laws or regulations and conditions in the Company's operating areas.

Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Current Report on Form 8-K should not be regarded as a representation by the Company that its plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Current Report on Form 8-K. Moreover, the Company assumes no duty and does not undertake to update the forward-looking statements, except as required by law.

------

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [Certificate of Cancellation for Series I](d116335dex31.htm) |
| 3.2 | [Third Amended and Restated Limited Liability Company Agreement](d116335dex32.htm) |
| 10.1 | [Third Amended and Restated Operating Agreement](d116335dex101.htm) |
| 10.2 | [Form of Indemnification Agreement](d116335dex102.htm) |
| 10.3 | [Second Amended and Restated Distribution Reinvestment Plan](d116335dex103.htm) |
| 10.4 | [Amended and Restated Share Repurchase Plan](d116335dex104.htm) |
| 10.5 | [Form of Subscription Agreement for U.S. Investors](d116335dex105.htm) |
| 10.6 | [Form of Subscription Agreement for Non-U.S. Investors](d116335dex106.htm) |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO ASSET-BASED LENDING COMPANY LLC | PIMCO ASSET-BASED LENDING COMPANY LLC |
| By: | /s/ Jason Mandinach |
| Name: | Jason Mandinach |
| Title: | Principal Executive Officer |

---

Date: June 17, 2026

## Exhibit 3.1

**Exhibit 3.1** 

**CERTIFICATE OF CANCELLATION** 

**OF** 

**PIMCO ASSET-BASED LENDING COMPANY LLC - SERIES I** 

This Certificate of Cancellation is being executed as of May 22, 2026, for the purpose of cancelling the Certificate of Registered Series of PIMCO Asset-Based Lending Company LLC - Series I pursuant to Section 18-218 of the Delaware Limited Liability Company Act, 6 <u>Del. C.</u> §18-101 et <u>seq</u>.

The undersigned, being duly authorized to execute and file this Certificate of Cancellation, does hereby certify as follows:

1. <u>Name of Limited Liability Company</u>. The name of the limited liability company is PIMCO Asset-Based
Lending Company LLC (the " <u>Company</u> ").

2. <u>Name of the Registered Series to be Cancelled</u>. The name of the registered series of the Company to be
cancelled is PIMCO Asset-Based Lending Company LLC - Series I (the " <u>Series</u> ").

3. <u>Date of Filing</u>. The Series' Certificate of Registered Series was filed in the Office of the
Secretary of State of the State of Delaware on March 11, 2025.

4. <u>Effective Date</u>. This Certificate of Cancellation for the Series shall become effective upon filing.

[Remainder of this page intentionally left blank.]

------

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Cancellation as of the date first above written.

---

| | |
|:---|:---|
| **PIMCO ASSET-BASED LENDING COMPANY LLC** | **PIMCO ASSET-BASED LENDING COMPANY LLC** |
| By: | /s/ Jason Mandinach |
| Name: | Jason Mandinach |
| Title: | Principal Executive Officer |

---

## Exhibit 3.2

**Exhibit 3.2** 

**PIMCO ASSET-BASED LENDING COMPANY LLC** 

**a Delaware Limited Liability Company** 

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

June 15, 2026

------

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I FORMATION | ARTICLE I FORMATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Formation of Company | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Formation of Series | 2 |
|  ARTICLE II NAME AND CERTAIN DEFINITIONS | ARTICLE II NAME AND CERTAIN DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Name | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Certain Definitions | 3 |
|  ARTICLE III POWERS AND PURPOSE | ARTICLE III POWERS AND PURPOSE | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Purpose | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Tax Treatment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Authority | 17 |
|  ARTICLE IV RESIDENT AGENT AND PRINCIPAL OFFICE | ARTICLE IV RESIDENT AGENT AND PRINCIPAL OFFICE | 19 |
|  ARTICLE V BOARD OF DIRECTORS | ARTICLE V BOARD OF DIRECTORS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Powers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Number and Classification; Director Agreement | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Resignations | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Vacancies | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | Regular Meetings | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 | Special Meetings | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 | Telephonic Meetings Permitted | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 | Quorum; Voting | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 | Organization | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Action Without a Meeting | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Committees | 23 |
|  ARTICLE VI OFFICERS | ARTICLE VI OFFICERS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Appointment, Selection and Designation of Officers | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Delegation of Duties | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Officers as Agents | 24 |
|  ARTICLE VII SHARES; CAPITAL CONTRIBUTIONS | ARTICLE VII SHARES; CAPITAL CONTRIBUTIONS | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Members | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Series | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | Shares | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 | Establishment of New Classes; Authorized Shares | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5 | Capital Contribution by the V Member | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6 | Additional Capital Contributions | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7 | Offering of Shares | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.8 | Admission of Members; Subscriptions for Shares | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.9 | Repurchase of Shares | 27 |

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i

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| | | |
|:---|:---|:---|
|  ARTICLE VIII CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS | ARTICLE VIII CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Series Capital | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Establishment and Determination of Capital Accounts | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 | Computation of Amounts | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.4 | Negative Capital Accounts | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.5 | Adjustments to Book Value | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.6 | Compliance With Section 1.704-1(b) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.7 | Transfer of Capital Accounts | 30 |
|  ARTICLE IX DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES | ARTICLE IX DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | Generally | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Allocation of Profit and Loss | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Special Allocations | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 | Amounts Withheld | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 | Tax Allocations: Code Section 704(c) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.6 | Tax Elections | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.7 | Tax Matters | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.8 | Withholding | 34 |
|  ARTICLE X RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES | ARTICLE X RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Cessation of a Member | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Tender Offers | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | Assignment | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 | Substitution | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 | Status of an Assigning Member | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 | Further Restrictions on Transfers | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 | Elimination or Modification of Restrictions | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 | Records | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 | Authorization to Redeem PIMCO Shares | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 | Mandatory Repurchases | 38 |
|  ARTICLE XI MEETINGS AND VOTING RIGHTS OF MEMBERS | ARTICLE XI MEETINGS AND VOTING RIGHTS OF MEMBERS | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Special Meetings | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Notice of Meetings | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Adjournment | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Quorum | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Required Vote | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.6 | Record Date | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.7 | Voting and Other Rights | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.8 | Proxies | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.9 | Conduct of a Meeting | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.10 | Action Without a Meeting | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.11 | Voting Rights of Members other than the V Member(s) | 43 |
|  ARTICLE XII BOOKS AND RECORDS, REPORTS AND RETURNS | ARTICLE XII BOOKS AND RECORDS, REPORTS AND RETURNS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 | Right of Inspection | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.2 | Access to Membership List | 43 |

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ii

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.3 | Tax Information | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.4 | Annual Report | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.5 | Quarterly Reports | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.6 | Filings | 44 |
|  ARTICLE XIII OPERATING MANAGER; ADMINISTRATIVE AGENT | ARTICLE XIII OPERATING MANAGER; ADMINISTRATIVE AGENT | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.1 | Appointment and Initial Operating Manager; Authorization of Payments to Operating Manager | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.2 | Supervision of Operating Manager Compensation and the Operating Manager | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.3 | Termination | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.4 | Organization and Offering Expenses | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.5 | Reimbursement for Company Expenses and Expenses Related to Portfolio Assets | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.6 | Administrative Agent | 46 |
|  ARTICLE XIV STRATEGIC POLICIES AND LIMITATIONS; VALUATION | ARTICLE XIV STRATEGIC POLICIES AND LIMITATIONS; VALUATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.1 | Review of Policies | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.2 | Valuation | 46 |
|  ARTICLE XV CONFLICTS OF INTEREST | ARTICLE XV CONFLICTS OF INTEREST | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.1 | Generally; Specific Authorization | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.2 | Standards of Conduct | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.3 | Modification of Duties | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.4 | Corporate Opportunity; Authorization to Compete | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.5 | Other Duties | 51 |
|  ARTICLE XVI LIABILITY LIMITATION, INDEMNIFICATION AND TRANSACTIONS WITH THE COMPANY | ARTICLE XVI LIABILITY LIMITATION, INDEMNIFICATION AND TRANSACTIONS WITH THE COMPANY | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.1 | Limitation of Member Liability | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.2 | Limitation of Liability | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.3 | Indemnification | 53 |
|  ARTICLE XVII AMENDMENTS | ARTICLE XVII AMENDMENTS | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 17.1 | Amendments Generally | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 17.2 | Amendments with the Consent of the Majority of the Members | 55 |
|  ARTICLE XVIII DISSOLUTION | ARTICLE XVIII DISSOLUTION | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 18.1 | Duration of the Company | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 18.2 | Dissolution of the Company; Winding Up of the Company | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 18.3 | Duration of the Series | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 18.4 | Dissolution of a Series; Winding Up of a Series | 56 |
|  ARTICLE XIX MISCELLANEOUS | ARTICLE XIX MISCELLANEOUS | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.1 | Covenant to Sign Documents | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.2 | Notices | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.3 | Entire Agreement | 58 |

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iii

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.4 | Submission to Jurisdiction | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.5 | Waiver | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.6 | Severability | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.7 | Application of Delaware law | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.8 | Captions | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.9 | Number and Gender | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.10 | Counterparts; Electronic Signature | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.11 | Waiver of Action for Partition | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.12 | Waiver of Appraisal Rights | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.13 | Assignability | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.14 | Anti-Money Laundering & Economic Sanctions | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 19.15 | No Third Party Beneficiaries | 62 |
|  ARTICLE XX REIT PROVISIONS | ARTICLE XX REIT PROVISIONS | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 20.1 | Asset Acquisition Program | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 20.2 | Transfers and Ownership of Interests in a REIT Subsidiary | 62 |

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Schedule A – Share Repurchase Plan

Schedule B – Distribution Reinvestment Plan

Exhibit I – Series Agreement

Exhibit II – Limitations on Transfer and Ownership of Interests in a REIT Subsidiary

iv

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THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of PIMCO Asset-Based Lending Company LLC, a Delaware limited liability company (including, as context requires, Series II (as defined below) and any other series thereof (if formed), the "**Company**"), is made and entered into as of June 15, 2026 (as amended from time to time and including any schedules, exhibits, annexes (including any Class Designation) or other documents attached to this Agreement from time to time, this "**Agreement**"), by PIMCO GP LXXXII, LLC ("**PIMCO GP**"), a Delaware limited liability company, as the initial sole member of the Company (in such capacity, the "**Sole Member**"), and as a V Member (as defined herein), Pacific Investment Management Company LLC ("**PIMCO**"), a Delaware limited liability company, as the Operating Manager (as defined herein), and any other Persons who are or hereafter become Members of the Company or otherwise parties hereto as provided herein. Capitalized terms used in this Agreement without definition shall have the respective meanings specified in <u>Section</u> <u>2.2</u> and, unless otherwise specified, article and section references used herein refer to Articles and Section of this Agreement.

WHEREAS, the Company was formed on March 11, 2025 pursuant to, and in accordance with, the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101 *et seq*.), as amended from time to time (the "**Act**") by the filing of a Certificate of Formation of the Company with the Secretary of State of the State of Delaware and the Sole Member's execution and delivery of the initial Limited Liability Company Agreement of the Company on March 11, 2025 (the "**Initial LLC Agreement**");

WHEREAS, the Initial LLC Agreement was amended and restated pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of the Company, dated as of June 12, 2025 (the "**Amended LLC Agreement**");

WHEREAS, the Amended LLC Agreement was amended and restated pursuant to the terms of the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of March 4, 2026 (the "**Second Amended LLC Agreement**");

WHEREAS, the Certificate of Formation of the Company provides notice pursuant to Section 18-215(b) and/or Section 18-218(c) of the Act that, unless otherwise provided in the limited liability company agreement of the Company, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to Series II of the Company shall be enforceable against the assets of Series II only, and not against the assets of the Company generally or any other Series thereof (if formed), and, unless otherwise provided in the limited liability company agreement of the Company, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Company generally or any other Series thereof (if formed) shall be enforceable against the assets of such Series;

WHEREAS, pursuant to the filing of the Certificate of Registered Series of PIMCO Asset-Based Lending Company LLC - Series II, a registered series of the Company ("**Series II**"), on March 11, 2025 (as amended or restated from time to time, the "**Series II Certificate**"), and the execution of that certain Series Agreement of Series II, dated as of March 11, 2025 (as amended or restated from time to time, the "**Series II Series Agreement**"), Series II was formed as a registered series of the Company;

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WHEREAS, the parties desire to amend and restate the Second Amended LLC Agreement in its entirety, and all requirements and conditions to amend and restate the Second Amended LLC Agreement have been satisfied and fulfilled;

WHEREAS, in connection with the amendment and restatement of the Second Amended LLC Agreement, the Series Agreement will remain in effect in the form attached hereto as **<u>Exhibit</u> <u>I</u>**; and

WHEREAS, the undersigned intend for this Agreement, the Series Agreement and each Class Designation to collectively constitute the Company's "limited liability company agreement" (as such term is defined in the Act).

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, intending to be legally bound hereby, hereby amend and restate the Second Amended LLC Agreement and hereby agree as follows:

\* \* \*

**ARTICLE I** 

**FORMATION** 

**Section 1.1 Formation of Company.** The Company has been formed as a Delaware limited liability company by the execution, delivery and filing of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware on March 11, 2025 by an "authorized person" of the Company pursuant to and in accordance with the Act. The Operating Manager and any Person designated by the Board of Directors shall be an "authorized person" of the Company within the meaning of the Act and shall execute, deliver and file any amendments and/or restatements of the Certificate and any other certificates or other documents (and any amendments and/or restatements thereof) required or permitted to be filed with the Secretary of State of the State of Delaware or necessary for the Company to qualify to do business in a jurisdiction in which the Company may desire to conduct business.

**Section 1.2 Formation of Series.** Series II has been formed as a registered series of the Company by the execution, delivery and filing in the office of the Secretary of State of the State of Delaware of the Series II Certificate on March 11, 2025 by an "authorized person" of the Company pursuant to and in accordance with the Act and the adoption of the Series II Series Agreement. The Operating Manager or any Person designated by the Board of Directors shall be an "authorized person" with respect to Series II within the meaning of the Act and shall execute, deliver and file any amendments and/or restatements of any certificates or other documents (and any amendments and/or restatements thereof) required or permitted to be filed by Series II with the Secretary of State of the State of Delaware or necessary for Series II to qualify to do business in a jurisdiction in which Series II may desire to conduct business.

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**ARTICLE II** 

**NAME AND CERTAIN DEFINITIONS** 

**Section 2.1** Name. The name of the Company is "PIMCO Asset-Based Lending Company LLC". The Board of Directors of the Company (the "**Board of Directors**") may determine that the Company may use any other designation or name for the Company.

**Section 2.2** Certain Definitions. As used in this Agreement, the terms set forth below shall have the following respective meanings:

"**Acquisition Committee**" means a committee of the Company who shall be appointed by the Board of Directors from time to time. As of the date hereof, the Acquisition Committee shall consist of Dan Ivascyn, Harin de Silva, Kristofer Kraus, Jason Steiner, Michael Chiao, Giang Bui, Ben Ensminger-Law and Craig Wunderlich, each as voting members, and Nick Mosich, as a non-voting member. The Board of Directors may appoint additional members of the Acquisition Committee, remove any existing members from the Acquisition Committee, or eliminate the Acquisition Committee in its entirety, in each case, from time to time in its sole discretion and without the consent of or notice to the Members.

"**Act**" is defined in the recitals. All references herein to sections of the Act shall include any corresponding provisions of succeeding law.

"**Adjusted Capital Account**" means, with respect to any Series II Member for any Taxable Year or other period, the balance, if any, in such Member's Capital Account as of the end of such year or other period, after giving effect to the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit to such Capital Account any amounts that such Member is obligated to restore or is deemed obligated to restore as described in the penultimate sentence of the Treasury Regulations Section 1.704-2(g)(1) and Regulations Section 1.704-2(i)(5); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debit to such Capital Account the items described in the Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), and (6).

The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations to the extent relevant thereto and shall be interpreted consistently therewith.

"**Administration Agreement**" means the administration agreement, entered into by the Company and the Administrative Agent, as amended, modified, revised or restated from time to time and including any supplements or annexes thereto, and any similar agreement with a successor Administrative Agent, pursuant to which the Administrative Agent is providing, or overseeing the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of other Service Providers of the Company), preparing reports to Members and reports filed with the SEC, preparing materials and coordinating meetings of the Board of Directors, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

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"**Administrative Agent**" means SEI Global Services, Inc., or any other Person designated from time to time as the "Administrative Agent" of the Company pursuant to the Administration Agreement.

"**Affiliate**" means (A) any Person directly or indirectly owning, controlling, or holding, with power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person, (B) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with the power to vote, by such other Person, (C) any Person directly or indirectly controlling, controlled by, or under common control with such other Person, (D) any executive officer, director, trustee or general partner of such other person, or (E) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

"**Affiliated Service Provider**" means the affiliates and portfolio companies of PIMCO and PIMCO Clients that the Company and/or its existing and potential Portfolio Assets will engage.

"**Agreement**" is defined in the preamble.

**"Anchor I Intermediary**" means a financial intermediary designated as such by the Board of Directors or the Operating Manager based on an expectation, unless otherwise determined by the Board of Directors, that clients of such financial intermediary will raise $100 million on an aggregate basis across the Anchor I Shares and Anchor I-B Shares, respectively, by the end of the Initial Offer Period.

"**Anchor I Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"**Anchor I-B Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"**Anchor II Intermediary**" means a financial intermediary designated as such by the Board of Directors or the Operating Manager based on an expectation, unless otherwise determined by the Board of Directors, that clients of such financial intermediary will raise $10 million on an aggregate basis across the Anchor II Shares and Anchor II-B Shares by the end of the Initial Offer Period.

"**Anchor II Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"**Anchor II-B Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

**"Anchor III Intermediary**" means a financial intermediary designated as such by the Board of Directors or the Operating Manager based on an expectation, unless otherwise determined by the Board of Directors, that clients of such financial intermediary has raised or will raise $100 million on an aggregate basis across the Anchor III Shares by the end of the Initial Offer Period.

"**Anchor III Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

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"**Anchor Intermediary**" means an Anchor I Intermediary, an Anchor II Intermediary or an Anchor III Intermediary.

"**Anchor Shares**" means the Anchor I Shares, the Anchor I-B Shares, the Anchor II Shares, the Anchor II-B Shares and the Anchor III Shares.

"**Asset-Backed Instruments**" means, individually and collectively, loans and other instruments that are collateralized by, or payable from a stream of payments generated by, a specified pool of real assets, financial assets, Insurance Assets or other assets.

"**Assignee**" means any Person to whom any Shares have been Assigned, in whole or in part, in a manner permitted by <u>Section</u> <u>10.3</u> of this Agreement.

"**Assignment**" means, with respect to any Shares, the offer, sale, assignment, transfer, gift or other disposition of, such Share, whether voluntarily or involuntarily, by operation of law or otherwise, except that in the case of a bona fide pledge or other hypothecation, no Assignment shall be deemed to have occurred unless and until the secured party has exercised its right of foreclosure with respect thereto or accepted such Shares in lieu of foreclosure; and the terms "**Assign**", "**Assigned**" and "**Assigning**" have a correlative meaning.

"**Audit Committee**" means the committee of the Board of Directors described in <u>Section</u> <u>5.11(b)</u>.

"**Benefit Plan Investor**" means a Member who is subject to ERISA or to the prohibited transaction provisions of Section 4975 of the Code.

"**Board of Directors**" is defined in <u>Section</u> <u>2.1</u>.

"**Book Value**" means, with respect to Series II property, Series II's adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-l(b)(2)(iv)(d)-(g).

"**Business Day**" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

"**Capital Account**" is defined in <u>Section</u> <u>8.2</u>.

"**Capital Contributions**" means the total investment, including the original investment and amounts reinvested pursuant to the DRIP, by a Member or by all Members, as the case may be.

"**Certificate**" means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.

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"**Class**" means Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares, Standard B Shares, E Shares, V Shares and any other class of Shares that the Board of Directors may authorize from time to time pursuant to this Agreement.

"**Class Designation**" is defined in <u>Section</u> <u>7.4</u>.

"**Code**" means the Internal Revenue Code of 1986, as amended, or any successor statute.

"**Company**" is defined in the preamble.

"**Company Expenses**" means Operating Expenses and Organizational and Offering Expenses.

"**Corporate Group Members**" means PIMCO and each Subsidiary of PIMCO.

"**Dealer Manager**" means PIMCO Investments LLC, a Delaware limited liability company, or any successor thereto.

"**DGCL**" means the General Corporation Law of the State of Delaware.

"**Director**" is defined in <u>Section</u> <u>5.2(a)</u>. A Director is hereby designated as a "manager" of the Company within the meaning of Section 18-101 of the Act.

"**Distributor**" means PIMCO Investments LLC, a Delaware limited liability company, or its successor, in the capacity as the principal underwriter and distributor of the Shares.

"**DRIP**" means the Distribution Reinvestment Plan, attached hereto as <u>Schedule B</u>, as amended, modified, revised or restated from time to time.

"**E Member**" means a Member holding E Shares pursuant to the provisions of this Agreement, in each case in its capacity as a E Member and for so long as such Person continues to hold E Shares.

"**E Shares**" has the meaning set forth in <u>Section</u> <u>7.3(d)</u>.

"**Early Repurchase Fee**" means the early repurchase fee as provided for in the Repurchase Plan.

"**Electronic Signature**" is defined in <u>Section</u> <u>19.10</u>.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto.

"**Fund**" means any pooled investment vehicle or similar entity sponsored or managed, directly or indirectly, by PIMCO or any of its Subsidiaries.

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"**Indemnified Party**" means the members of the Board of Directors, PIMCO, the holders of the V Shares, the Operating Manager, the members of the Acquisition Committee, their respective affiliates, directors, officers, representatives, agents, shareholders, members, managers, partners and employees, and any other Person who serves at the request of PIMCO or its affiliates as a director, officer, agent, member, manager, partner, shareholder, trustee or employee of the Company, a Series or any other Person.

"**Independent Director**" means a Director who is "independent" under the rules of the New York Stock Exchange, or is otherwise independent, as determined by the board of directors in its sole discretion.

"**Independent Valuation Advisor**" is defined in <u>Section</u> <u>14.2(a)</u>.

"**Initial Offer Period**" means the period beginning on the date of the commencement of the Private Offering and continuing through July 14, 2025 (for accepted subscriptions effective prior to or as of July 14, 2025); *provided*, *however*, that the Board of Directors may extend or otherwise amend the Initial Offer Period in its sole discretion.

"**Insurance Assets**" means annuities and other insurance or reinsurance-related assets.

"**Investor Shares**" means the Anchor I Shares, the Anchor I-B Shares, the Anchor II Shares, the Anchor II-B Shares, the Anchor III Shares, the Standard A Shares and the Standard B Shares of Series II and, as context requires, any other Shares of the Company as designated by the Company with the exception of E Shares and V Shares.

"**Joint Ventures**" means joint ventures or similar arrangements.

"**Management Fee**" has the meaning set forth in the Operating Agreement.

"**Member**" means a V Member or a Series Member.

"**Membership List**" means a list, in alphabetical order by name, setting forth the name, address and business or home telephone number of, and number and Class of Shares held by, each Member, and in which Series such Shares are held.

"**NAV**" means, for any Shares, the net asset value of such Shares, determined in accordance with <u>Section</u> <u>14.2</u>.

"**Nonrecourse Liability**" has the meaning set forth in the Treasury Regulations Section 1.704-2(b)(3).

"**Officers**" has the meaning set forth in <u>Section</u> <u>6.1</u>.

"**Operating Agreement**" means the Operating Agreement, dated as of June 15, 2026, by and between the Company and the Operating Manager, as amended, modified, revised or restated from time to time, and any similar agreement with a successor Operating Manager.

"**Operating Expenses**" means, with respect to the Company, payments, fees, costs and expenses and other liabilities (for the avoidance of doubt, including any applicable value-added tax) and obligations resulting from, related to, associated with, arising from or incurred in connection with:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (a) the discovery, evaluation, investigation, impact assessment, development, acquisition, consummation, structuring, ownership, maintenance, monitoring, hedging, portfolio and risk management or disposition of instruments (including brokerage, sales and underwriting commissions, private placement, syndication, solicitation, fairness opinions, pricing and valuation (including appraisal), consulting, arranger, transaction, advisory, investment banking, custodial, depositary, trustee, transfer agent, record-keeping and administrative fees, clearing, settlement and bank charges, deposits (including earnest money deposits), consent or other third-party fees or payments, closing, execution and transaction costs, other fees, costs and expenses in respect of derivative contracts (including any payments under, and any margin expenses relating to, such derivative contracts or any posting of margin or collateral with respect to such derivative contracts), investment costs, and other closing, execution and transaction costs, travel and related expenses and other administrative fees, costs and expenses), (b) any indebtedness, credit facility, guarantee (including any payments made under, or required by, any non-recourse carve out guarantees, completion guarantees, equity commitment letters, environmental indemnities, hedging guarantees or guarantees made in order to facilitate or finance investments, including in respect of customary key principal, "bad acts" or other performance-related matters), line of credit, loan commitment, letter of credit, equity commitment letter, hedging guarantee or similar credit support or other indebtedness involving the Company or any investment (including any fees, costs and expenses incurred in obtaining, negotiating, entering into, effecting, maintaining, varying, refinancing or terminating such borrowings, indebtedness, guarantees or obligations and interest arising out of such borrowings and indebtedness and in respect of customary key principal, "bad acts" or other performance-related matters) and (c) attending conferences in connection with the evaluation of future investments or particular sector opportunities, organizational memberships with impact-focus groups and compliance with any impact initiatives or principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) risk management assessments and analysis of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) taxes and other governmental charges incurred or payable by the Company and taxes and other governmental charges incurred or payable by structuring or other investment vehicles through which the Company invests or formed for Members (including any withholding taxes and entity-level taxes imposed on, with respect to, or otherwise borne by the Company or any structuring or other investment vehicle through which the Company invests or formed for Members to the extent not allocated to one or more Members);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any actuaries, accountants, advisors, auditors, administrators, brokers (including prime-brokers), consultants, counsel, custodians, appraisers, depositaries, valuation experts and other Service Providers that provide services to or with respect to the Company, and legal expenses incurred in connection with claims or disputes related to the Company or one or more investments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the engagement of professionals (including through PIMCO) (including all costs and expenses on account of compensation and benefits of its employees) and any industry executives, advisors, consultants (including operating consultants, sourcing consultants and any other third-party consultants), operating executives, subject matter experts (or other persons acting in a similar capacity) who provide services to or in respect of the Company or its operating entities, or other subsidiaries or related Portfolio Assets and potential Portfolio Assets related to, among other things, (a) conducting due diligence or analysis on industry, geopolitical or other operational issues and (b) operational improvement initiatives relating to such subsidiaries or the related Portfolio Assets, and developing and implementing such initiatives (including with respect to allocable overhead of PIMCO, including all costs and expenses on account of compensation and benefits of its employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all allocable fees, costs and expenses in connection with entities comprising the Company or any affiliate thereof, including those incurred in the organization, operation, maintenance, restructuring and dissolution of such vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) obtaining research and other information for the benefit of the Company, including information service subscriptions, as well as the operation and maintenance of information systems used to obtain such research and other related information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) developing, implementing or maintaining computer software and technological systems for the benefit of the Company, its Members or its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) premiums and fees for insurance (including costs, liabilities and expenses of any litigation, investigation, judgments or settlements paid in connection with the Company or a Related Acquisition Vehicle) allocated by the Operating Manager (including PIMCO's group insurance policy, the Operating Manager's, any general partners', directors' and officers' liability or other similar insurance policies, errors and omissions insurance, financial institution bond insurance and any other insurance for coverage of liabilities to any person or entity that are incurred in connection with the activities of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any governmental inquiry, investigation or proceeding or any litigation involving or otherwise applicable to the Company, the Operating Manager or any of its affiliates in connection with the activities of the Company or any investment, any subsidiaries, or any Portfolio Assets or any potential Portfolio Assets or subsidiaries (including fees, costs and expenses incurred in connection with the investigation, prosecution, defense, judgment or settlement of any such inquiry, investigation, proceeding or litigation and the amount of any judgments, settlements or fines paid in connection therewith) and other extraordinary expenses related to the Company, any investment, subsidiary, Portfolio Asset, Asset-Backed Instrument or any potential investment, subsidiary, Portfolio Asset or Asset-Backed Instrument (including fees, costs and expenses that are classified as extraordinary expenses under generally accepted accounting principles in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) assessing and reporting information in relation to sustainability and environmental, social and governance related matters of investments and potential investments (including fees, costs and expenses payable to any third-party Service Provider or otherwise incurred in connection with designing, implementing and monitoring participation by Portfolio Assets in compliance and operational "best practices" programs and initiatives, and compensation and benefits of PIMCO employees engaged with respect thereto), all reports or information requests for one or more Members, PIMCO, consultants or the Board of Directors

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and any committees thereof (including all fees, costs and expenses incurred to audit such reports, provide access to a database or other internet forum and for any other operational, legal or secretarial expenses relating thereto or arising in connection with the distribution of same), and any other financial, tax, accounting, legal or fund administration reporting functions for the benefit of the Company or any investment vehicle utilized by the Company or structuring vehicle or subsidiary through which the Company invests (including expenses associated with any compliance with, filings in respect of, or other obligations related to or arising out of AEOI (as defined below), any "physical presence," "substance" or similar mandates under the Organization for Economic Development's Base Erosion and Profit Shifting Initiative or Luxembourg law with respect to the Company, its Operating Manager or other managing entities, compliance with the European Union's Anti-Tax Avoidance Directives, DAC6 mandatory tax disclosure regime, or the United Kingdom's UK MDR regime, and any holding company regime (including the United Kingdom's "qualifying asset holding company regime")), the preparation of financial statements, tax returns and U.S. Internal Revenue Service Schedules K-1 (or equivalents thereof) or Form 1099-DIV, Luxembourg Forms 200 (to the extent applicable) or any successors thereto or equivalents thereof in any jurisdiction, and the representation of the Company, Company vehicle or the Subsidiary in a tax audit (including by the "partnership representative" of Series II and any Company vehicle or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) meetings of consultants, the Board of Directors and any committees thereof (including travel, accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any such meetings), legal counsel, accountants, auditors, financial advisors or any other advisors or experts retained to assist the Operating Manager, each consultant or the Board of Directors or any committee thereof, as applicable, and other expenses incurred in connection with the activities of each consultant, the Board of Directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) meetings of the Operating Manager with any Member(s) (including Travel and Related Expenses and other accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any such meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Company's indemnification obligations (including those incurred in connection with indemnifying Indemnified Parties, and advancing fees, costs and expenses incurred by any such Indemnified Party in defense or settlement of any claim that may be subject to a right of indemnification under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) complying with (or facilitating compliance with) any applicable law, rule or regulation (including legal fees, costs and expenses), regulatory filing or other expenses of the Company, the Operating Manager or PIMCO, including any compliance, filings or other obligations related to or arising out of AIFMD or the European Markets Infrastructure Regulation (Regulation (EU) No 648/2012), as amended from time to time, in each case, involving or otherwise related to the Company but, for the avoidance of doubt, excluding any ordinary course of compliance, filings or other obligations imposed on the Operating Manager or PIMCO under the Investment Advisers Act of 1940, as amended (such as the preparation and filing of the Operating Manager's Form ADV), the Operating Manager or PIMCO by the CSSF or by the United Kingdom Financial Conduct Authority, that, in either case, do not relate directly to the affairs of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) a default by a defaulting investor (but only to the extent not paid by the defaulting investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) a transfer of a Member's Shares or a Member's withdrawal or admission permissible or required under this Agreement or any applicable Series Agreement (but only to the extent not paid by the Member or the purchaser, assignee, pledgee, charge, transferee or withdrawing investor, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) any amendments, modifications, revisions or restatements to the constituent documents of the Company or the Operating Manager (other than any such amendments, modifications, revisions or restatements related solely to the affairs of the Operating Manager and not related to the affairs of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) distributions to the Members (including in respect of any distributions in kind or activities necessary or appropriate to give effect thereto) or administering withholding tax with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) administering and operating the Company, preparing and maintaining the books and records of the Company, including internal costs that the Operating Manager may incur to produce the Company's books and records, external costs in cases where the Operating Manager hires a third-party administrator to maintain the Company's books and records and any costs of the Operating Manager to oversee and manage such third-party administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) negotiating and entering into and compliance with any applicable Other Agreements, whether executed or not (which fees, costs and expenses may, in the sole discretion of the Operating Manager, be allocated solely to the investor(s) to which they relate) and "most favored nations" election processes in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the dissolution, winding up and termination of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) all fees, costs and expenses incurred in connection with special purpose vehicles and subsidiaries of the Company or other investment structures (including any alternative investment vehicles and any platform entities used to facilitate one or more investments, including any real estate investment trust within the meaning of Section 856 of the Code, by the Company) to facilitate the Company's investment activities, including those incurred in the organization, operation, maintenance, restructuring (including by way of a secondary transaction, strip sale or similar transaction to one or more third parties or other PIMCO Clients, in each case, whether or not consummated), liquidation, winding-up, dissolution and termination of such vehicles and including costs associated with establishing and maintaining a presence in certain jurisdictions (such as rent for office space, related overhead and employee salaries and benefits), unless, in each case, the Operating Manager determines, in its sole discretion, that such fees, costs and expenses should be allocated solely to the Member(s) or other PIMCO vehicles participating therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) all fees, costs and expenses in connection with forming, organizing, maintaining, administering, operating and negotiation of Joint Ventures or Programmatic Acquisitions not otherwise borne at the level of such Joint Ventures or Programmatic Acquisitions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) amounts incurred in connection with maintaining, administering and operating any entity that registers under AIFMD or any entity that serves as the alternative investment fund manager or general partner thereof or in a similar capacity (including rent, salaries and ancillary costs of such entities, and costs and expenses of Service Providers of such entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) amounts paid in respect of the services provided by, or overhead of, the Operating Manager to the Company, which shall include an arm's-length net profit margin thereon determined in accordance with applicable transfer pricing standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) the Company's allocable portion of any performance fee, management fees or other similar fees, costs and expenses or compensation (including expense reimbursement), in each case, directly or indirectly, payable by or allocable to Joint Ventures or Programmatic Acquisitions of the Company, any special purpose vehicle, any subsidiary or any Portfolio Asset (including any Asset-Backed Instrument);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the extent agreed by the Operating Manager in its sole discretion, all (a) organizational expenses and operating expenses of or with respect to and (b) servicing fees payable to the sponsor of, or placement agent engaged with respect to (but not, for the avoidance of doubt, the placement fees payable to), a joint venture partner that is sponsored or managed by a placement agent, bank, consultant or any affiliate thereof and which placement agent, bank, consultant or any related party thereof is entitled to receive placement fees in connection with or as a result of placing investors indirectly into the Company through such joint venture partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) expenses and any placement or distribution platform fees payable to a financial intermediary (including any distribution platform provider) in respect of the subscription by Members admitted through a financial intermediary (including any distribution platform provider) (to the extent such fees or expenses are not borne by such Members directly); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) allocable costs of legal, finance and other support personnel of the Operating Manager or its affiliates in connection with the operations and management of the Company.

For the avoidance of doubt, "Operating Expenses" includes any such expenses of the Company and any Related Acquisition Vehicle (to the extent not paid by the applicable Related Acquisition Vehicle).

"**Operating Manager**" means PIMCO, or any other Person designated from time to time as the "Manager" of the Company pursuant to the Operating Agreement.

"**Organizational and Offering Expenses**" means organizational and offering expenses in connection with the Company and Related Acquisition Vehicles (to the extent not paid by the applicable Related Acquisition Vehicles), including legal, accounting, printing, distribution, mailing and filing fees and expenses, taxes, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design, website and electronic database expenses, fees and expenses payable to State Street, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging and meals and other similar fees, costs and expenses of the Company and Related Acquisition Vehicles (excluding upfront selling commissions, dealer manager fees, the combined annual distribution fees and shareholder servicing fees).

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"**Other Agreement**" is defined in <u>Section</u> <u>19.3</u>.

"**Partnership Representative**" is defined in <u>Section</u> <u>9.7(a)</u>.

"**Percentage Interest**" means, unless specifically provided otherwise, the percentage ownership interest of any Member determined at any time by dividing the number of Shares (other than V Shares) owned by a Member by the total outstanding Shares (other than V Shares) owned by all Members. If specifically provided, the determination of a Member's Percentage Interest may be made on a Class-by-Class basis by dividing the number of Shares of a particular Class owned by a Member by the total outstanding Shares of such Class owned by all Members.

"**Performance Fee**" has the meaning set forth in the Operating Agreement.

"**Person**" means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign.

"**PIMCO**" is defined in the preamble.

"**PIMCO Client**" means a fund, account, entity, vehicle, product and/or similar arrangement sponsored, managed or advised by PIMCO.

"**PIMCO GP**" is defined in the preamble.

"**PIMCO Shares**" means the E Shares and the V Shares of Series II and, as the context requires, any other Shares as designated by the Company.

"**Plan**" means (i) "employee benefit plans" within the meaning of Section 3(3) of ERISA that are subject to Part 4 of Subtitle B of Title I of ERISA, (ii) plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the Code or provisions under any other U.S. federal, state or local or non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code and (iii) entities whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i) and (ii).

"**Portfolio Asset**" means any asset acquired by the Company, including, for the avoidance of doubt, any Asset-Backed Instrument.

"**PPM**" means the Company's Confidential Private Placement Memorandum, including all exhibits thereto, as amended or supplemented from time to time.

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"**Private Offering**" means a continuous private offering of the Shares to (i) "accredited investors" (as defined in Regulation D under the Securities Act) and (ii) in the case of Shares sold outside the United States, to Persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act.

"**Programmatic Acquisition**" means portfolios of Asset-Backed Instruments which are part of the same investment strategy.

"**Regulatory Allocations**" is defined in <u>Section</u> <u>9.3(e)</u>.

"**Reimbursement Agreement**" is defined in <u>Section</u> <u>13.5(a)</u>.

"**REIT**" means an entity that is or is intended to be taxable as a "real estate investment trust" under Section 856 of the Code.

"**REIT Subsidiary**" has the meaning set forth in <u>Section</u> <u>20.1</u>.

"**REIT Subsidiary Agreement**" means the organizational documents of a REIT Subsidiary.

"**Related Acquisition Vehicle**" means any U.S. or non-U.S. partnership or other entity that serves as a feeder or parallel entity to the Company, as well as other entities or structures through which Members will indirectly invest in or obtain exposure to the Company or some portion or all of its assets.

"**Repurchase Plan**" means the Share Repurchase Plan, attached hereto as <u>Schedule A</u>, as amended, modified, revised or restated from time to time.

"**RIA Advisory Board**" means a committee of the Company consisting of registered investment advisors whose members shall be designated by the Company in its sole discretion.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended from time to time.

"**Series**" means one or more protected or registered series of members, managers, limited liability company interests or assets with respect to the Company within the meaning of Sections 18-215(b) or 18-218 of the Act, including Series II.

"**Series Agreement**" means the Series II Series Agreement, or any other series agreement of other Series (if formed) as context requires in the form attached hereto as <u>Exhibit</u> <u>I</u>.

"**Series II**" is defined in the recitals.

"**Series II Loss**" for any period means all items of Series II loss, deduction and expense for such period determined according to <u>Section</u> <u>8.3</u>.

"**Series II Member**" means a Member holding Shares of Series II.

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"**Series II Member Nonrecourse Debt**" means "partner nonrecourse debt" as defined in the Treasury Regulations Section 1.704-2(b)(4).

"**Series II Member Nonrecourse Debt Minimum Gain**" means an amount, with respect to each Series II Member Nonrecourse Debt, equal to the Series II Minimum Gain that would result if such Series II Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with the Treasury Regulations Section 1.704-2(i)(3).

"**Series II Member Nonrecourse Deductions**" means "partnership nonrecourse deductions" as defined in Treasury Regulations Section 1.704-2(i)(1) and as computed in accordance with the Treasury Regulations Section 1.704-2(i)(2).

For any Taxable Year or other period, the amount of Series II Member Nonrecourse Deductions with respect to a Series II Member Nonrecourse Debt equals the excess, if any, of the net increase, if any, in the amount of the Series II Member Nonrecourse Debt Minimum Gain attributable to such Series II Member Nonrecourse Debt over the aggregate amount of any distributions during such year to the Series II Member that bears the economic risk of loss for such Series II Member Nonrecourse Debt to the extent such distributions are from proceeds of such Series II Member Nonrecourse Debt and are allocable to an increase in Series II Member Nonrecourse Debt Minimum Gain, determined according to the provisions of the Treasury Regulations Section 1.704-2(i)(2).

**"Series II Minimum Gain**" means "partnership minimum gain" as defined in the Treasury Regulations Section 1.704-2(b)(2) and as computed in accordance with the Treasury Regulations Section 1.704-2(d).

"**Series II Profit**" for any period means all items of income and gain for such period determined according to <u>Section</u> <u>8.3</u>.

"**Series Member**" means the V Member and any other Person admitted as an additional member of the Company associated with a Series or a substitute member of the Company associated with a Series pursuant to the provisions of this Agreement, each in its capacity as a member of the Company associated with such Series.

"**Service Provider**" means consultants, advisors, transaction finders or sourcers, operating partners, loan and other servicers, loan and other originators, collateral managers, program managers, property and other asset managers, leasing agents, asset monitors and administrators (including copyright administrators), developers, development managers, project managers, investment bankers, brokers, accountants, valuation agents, waterfall agents, calculation agents, paying agents, transfer agents and intermediaries, billing and collection agents, trustees, master servicers, software providers, tax preparers and consultants, analytic service providers, data management and reporting providers, technology professionals, technology providers, investor subscription platform providers, transfer service providers, pricing/modeling service providers, insurance providers, legal counsel, appraisers, industry or sector experts, joint venture partners and development partners, regulatory and compliance service providers, contract employees, outside legal counsel and/or temporary employees (as well as secondees of any of the foregoing), other persons providing similar types of services, whether working onsite at PIMCO offices or offsite as well as Affiliated Service Providers, who provide services in respect of the Company, the Related Acquisition Vehicles, their parallel vehicles and/or Portfolio Assets.

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"**Services Company**" means PIMCO Aurora LLC, a Delaware limited liability company, a subsidiary of the Operating Manager, and any successor thereto or any other subsidiary of the Operating Manager designated as a "Services Company" by the Operating Manager.

"**Shares**" is defined in <u>Section</u> <u>7.3(a)</u>. Shares may be Investor Shares or PIMCO Shares. For the avoidance of doubt, Shares shall constitute economic interests in a Series and shall not confer on any holder thereof any limited liability company interest in the Company or otherwise entitle the holder thereof to the rights of a member of the Company under this Agreement or the Act.

"**Standard A Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"**Standard B Shares**" has the meaning set forth in <u>Section</u> <u>7.3(b)</u>.

"**State Street**" means State Street Bank and Trust Company, who serves as the Company's custodian and transfer agent as of the date of this Agreement, or any of its successors.

"**Subscription Agreement**" means the document that a Person who buys Shares must execute and deliver with full payment for the Shares; *provided*, *however*, that a E Member may not be required to execute and deliver a Subscription Agreement in connection with such E Member's acquisition of E Shares.

"**Subsidiary**" means, with respect to any Person, as of the date of determination, any other Person as to which such Person owns, directly or indirectly, or otherwise controls, more than 50% of the voting shares or other similar interests or the sole general partner interest or managing member or similar interest of such Person. The term "Subsidiary" does not include at any time any Funds or Portfolio Assets.

"**Substitute Member**" means any Assignee of Shares who is admitted to the Company as a Member pursuant to <u>Section</u> <u>10.4</u> of this Agreement.

"**Taxable Year**" means with respect to each Series, the calendar year, unless otherwise required by Section 706 the Code with respect to Series II, or such other date as determined by the Board of Directors.

"**Tender Offer"** means a Series' written offer to repurchase Shares from Members (other than pursuant to the Repurchase Plan), on such terms and conditions as the Board of Directors may determine from time to time and in its complete and exclusive discretion.

"**Travel and Related Expenses**" means all travel fees, costs and expenses (which may include use of private aircraft by professionals employed by PIMCO but charged to the Company at a comparable first-class commercial airline rate), accommodations, meals, events and entertainment.

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"**Treasury Regulations**" means the Treasury Regulations promulgated under the Code.

"**V Member**" means PIMCO GP, as the initial member of the Company associated with each Series owning V Shares, and includes any Person admitted as an additional member of the Company associated with a Series or a substitute member of the Company associated with a Series pursuant to the provisions of this Agreement, that owns V Shares, each in its capacity as an owner of V Shares, and a member of the Company associated with such Series, and for so long as such Person continues to hold V Shares.

"**V Shares**" has the meaning set forth in <u>Section</u> <u>7.3(d)</u>.

**ARTICLE III** 

**POWERS AND PURPOSE** 

**Section 3.1 Purpose.** The purpose of the Company and, unless otherwise provided in the Series Agreement, a Series is to engage, directly or indirectly, in any business activity that may be engaged in by a limited liability company formed under the Act, as such business activities may be determined by the Board of Directors from time to time. The Company and any Series intend to operate its business in a manner permitting it to maintain its exclusion from registration under the Investment Company Act of 1940, as amended, and, notwithstanding anything in this Agreement, the Board of Directors is authorized to cause the Company and any Series to take any action in connection with maintaining such exclusion without the consent of any other Person.

**Section 3.2 Tax Treatment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will be treated as a disregarded entity for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series II will be treated as a partnership for federal income tax purposes. The parties hereto intend that Series II shall be treated as a partnership for U.S. federal and, if applicable, state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment; *provided*, *however*, the Board of Directors may, in its sole discretion and without the consent of any other Person, cause the Company to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes and, if applicable, state income tax purposes.

**Section 3.3 Authority.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By executing the Subscription Agreement and subscribing for Shares, each Member hereby agrees to be bound by the terms of this Agreement, any applicable Series Agreement and any amendments or supplements thereto or cancellations thereof, and authorizes and appoints with full power of substitution as such Member's true and lawful agent and attorney-in-fact, with full power and authority in such Member's name, place and stead, the Operating Manager, the Company and any Series in which such Member has subscribed for Shares, and each of their authorized officers and attorneys-in-fact, as the case may be, to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices, as may be required or advisable under the laws of the State of Delaware or any other applicable jurisdiction:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all certificates, instruments, agreements or other documents, whether related to this Agreement, any applicable Series Agreement or otherwise, and any amendment of any thereof (including amendments reflecting the addition of any Person as a Member or any admission or substitution of other Members or the Capital Contribution made by any such Person or by any Member) and any other document, certificate or instrument required to be executed and delivered, at any time, in order to reflect the admission of any Member (including any Substitute Member) or the transfer of any Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other document, certificate or instrument required to reflect any action of the Members duly taken in the manner provided for in this Agreement, whether or not such Member voted in favor of or otherwise consented to such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other document, certificate or instrument that may be required by any regulatory body or other agency or the applicable laws of the United States, any state or any other jurisdiction in which the Company is doing or intends to do business or that the Board of Directors or the Operating Manager deems necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any certificate of cancellation of the Certificate, or the Series II Certificate, as applicable, that may be reasonably necessary to effect the termination of the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any instrument or papers required to terminate the business of the Company and/or any Series pursuant to <u>Article XVIII</u> hereof; *provided*, *however*, that no such attorney-in-fact shall take any action as attorney-in-fact for any Member if such action could in any way increase the liability of such Member beyond the liability expressly set forth in this Agreement or alter the rights of such Member under <u>Article XI</u>, unless (in either case) such Member has given a power of attorney to such attorney-in-fact expressly for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Company determines to be necessary or appropriate to (i) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Members hereunder or is consistent with the terms of this Agreement or (ii) effectuate the terms or intent of this Agreement or the Series II Agreement; *provided*, that when required by <u>Article XI</u> or any other provision of this Agreement that establishes a percentage of the Members or of the Members holding any Class of Shares required to take any action, the Operating Manager, the Company, and each of their authorized officers and attorneys-in-fact, as the case may be, may exercise the power of attorney made in this <u>Section</u> <u>3.3</u> only after the necessary vote, consent, approval, agreement or other action of the Members, generally or holding such Class of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all elections, in the sole discretion of the Board of Directors, for U.S. federal, state, local and non-U.S. tax matters in respect of, or on behalf of, the Company or any Series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in this <u>Section</u> <u>3.3</u> shall be construed as authorizing the Operating Manager, the Company, or each of their authorized officers or attorneys-in-fact, as the case may be, to amend, change or modify this Agreement except in accordance with <u>Article XVII</u> or as may be otherwise expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Member and the transfer of all or any portion of such Member's Shares and shall extend to such Member's heirs, successors, assigns and personal representatives. Each Member hereby agrees to be bound by any representation made by the Operating Manager, the Company, and each of their authorized officers or attorneys-in-fact, as the case may be, acting in good faith pursuant to such power of attorney; and each Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Operating Manager, the Company, and each of their authorized officers or attorneys-in-fact, as the case may be, taken in good faith under such power of attorney in accordance with this <u>Section</u> <u>3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Member hereby agrees to execute and deliver to the Company promptly after receipt of the Company's written request therefore, such other and further statements of interest and holdings, designations, and further statements of interest and holdings, designations, powers of attorney and other instruments that the Company deems necessary to comply with any laws, rules or regulations relating to the Company's activities.

**ARTICLE IV** 

**RESIDENT AGENT AND PRINCIPAL OFFICE** 

The address of the Company's registered office in the State of Delaware is c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808. The name of the registered agent at such address is Corporation Service Company. The address of the principal office of the Company is 650 Newport Center Drive, Newport Beach, California 92660. The Company may have such other offices or places of business as the Board of Directors may from time to time determine.

**ARTICLE V** 

**BOARD OF DIRECTORS** 

**Section 5.1 Powers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, the Board of Directors shall have complete and exclusive discretion to manage the business and affairs of the Company and is authorized to and shall have all powers and rights necessary, appropriate or advisable to effectuate and carry out the purposes, investment policies and business of the Company. No Member, by reason of its status as such, shall have any authority to act for or bind the Company but shall have only the right to vote on or approve the actions specified herein or in a Class Designation to be voted on or approved by the Members (only if a matter is specifically submitted to a shareholder vote) or a specified Class or Classes thereof (if such Member owns

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Shares of that Class or Classes), and shall have no other right to vote with respect to the Company, whether otherwise arising under the Act or at law, in equity or otherwise. For the avoidance of doubt, only Members holding V Shares are permitted to vote with respect to the Company, including the election of all Directors. Members holding other Classes of Shares may only vote if the Board of Directors has specifically called for their vote in order to cleanse a conflict, in which case their vote is limited to only that matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall have such Officers as are provided for in <u>Article VI</u>. The Board of Directors may appoint, employ, or otherwise contract with such other Persons for the transaction of the business of the Company or the performance of services for or on behalf of the Company as it shall determine in its sole discretion. The Board of Directors may delegate to the Operating Manager, the Acquisition Committee, any committee comprised in whole or in part of Directors, any Officer or Officers of the Company, or to any such other Person or Persons such authority to act on behalf of the Company as the Board of Directors may from time to time deem appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided by the Board of Directors, when the taking of such action has been authorized by the Board of Directors, the Operating Manager, any officer of the Company, or any other Person specifically authorized by the Board of Directors, may execute any contract or other agreement or document on behalf of the Company and may execute on behalf of the Company and file with the Secretary of State of the State of Delaware any certificates or filings provided for in the Act.

**Section 5.2 Number and Classification; Director Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors has six members (the "**Directors**"), including three Independent Directors and three non-Independent Directors, appointed by V Member(s) holding a majority of the outstanding V Shares. The number of Directors may be increased or decreased from time to time by V Member(s) holding a majority of the outstanding V Shares; *provided*, *however*, that the V Member(s) shall not appoint a number of non-Independent Directors that exceeds the number of Independent Directors. Each Director shall be a "manager" under the Act of the Company; *provided* that, notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in a resolution of the Board of Directors, a Director may not bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The names of the Directors are set forth in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided by law or by this Agreement, Directors shall hold office until their successors are elected and duly qualified or until their earlier death, disability, resignation or removal.

**Section 5.3 Resignations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Director may resign at any time by giving notice of such Director's resignation in writing or by electronic transmission to the Board of Directors. Any such resignation shall take effect at the time specified therein, or if the time when it shall become effective shall not be specified therein, then it shall take effect immediately upon receipt by the Board of Directors of such resignation. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement or other agreement, document or understanding to the contrary, any Director, or the entire Board of Directors, may be removed from office at any time, with or without cause, by V Member(s) holding a majority of the outstanding V Shares without the consent of the Board of Directors or any other Person.

**Section 5.4 Vacancies**. Unless otherwise required by law, (i) any newly created directorships on the Board of Directors resulting from any increase in the authorized number of Directors may only be filled by the affirmative vote of (A) a majority of the Directors in office; provided that a quorum is present or (B) V Member(s) holding a majority of the outstanding V Shares, and any vacancy on the Board of Directors may only be filled by the affirmative vote of (A) a majority of the Directors then in office, though less than a quorum, or by a sole remaining Director or (B) V Member(s) holding a majority of the outstanding V Shares, (ii) any Director elected to fill a vacancy shall have the same remaining term as that of such Director's predecessor or until such Director's successor is duly elected or appointed and qualified, or until his or her earlier death, resignation or removal, and (iii) if there are no Directors in office, then the Directors may be appointed by the consent of V Member(s) holding a majority of the outstanding V Shares.

**Section 5.5 Regular Meetings**. The Board of Directors may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.

**Section 5.6 Special Meetings**. Special meetings of the Board of Directors may be called by either the chairperson of the Board of Directors, the Lead Independent Director, the chief executive officer of the Company, or, upon a resolution adopted by the Board of Directors, by the Chief Legal Officer (or other officer of the Company if the Chief Legal Officer is unavailable) on twenty-four (24) hours' notice to each Director, either personally or by telephone or by mail, facsimile, wireless or other form of recorded or electronic communication or electronic transmission, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate under the circumstances. Notice of any such meeting need not be given to any Director, however, if waived by such Director in writing or by electronic transmission, or if such Director shall be present at such meeting, except if the Director attends the meeting for the express purposes of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

**Section 5.7 Telephonic Meetings Permitted**. Members of the Board of Directors, or any committee thereof, may participate in a meeting of the Board of Directors or such committee by means of conference telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence at such meeting.

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**Section 5.8 Quorum; Voting**. At all meetings of the Board of Directors, a majority of the Directors then in office (but not fewer than one-third of the total number of authorized Directors (assuming no vacancies)) shall constitute a quorum for the transaction of business. At all meetings of any committee of the Board of Directors, the presence of a majority of Directors who are the authorized voting members of such committee (assuming no vacancies) shall constitute a quorum. Except as otherwise provided in this Agreement, the vote of a majority of the Directors or voting committee members present at any meeting at which there is a quorum shall be the act of the Board of Directors or such committee, as the case may be. If a quorum shall not be present at any meeting of the Board of Directors or any committee, a majority of the Directors or members, as the case may be, present thereat may adjourn the meeting from time to time without further notice other than announcement of the meeting. If a Director elects to abstain from voting on any matter in which he or she has a conflict of interest, the vote of a majority of the then total number of Directors who have not so abstained shall be the act of the Board of Directors.

**Section 5.9 Organization**. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors. The Board of Directors may appoint a "Chair" or "Chairperson", "Vice-chairperson", and "Secretary" of the Board of Directors. If the Chairperson appointed by the Board of Directors is not an Independent Director, the Board of Directors shall appoint one of its members who qualifies as an Independent Director to serve as "**Lead Independent Director**." The Lead Independent Director shall preside over each executive session of the Independent Directors and have and perform such other duties as provided herein or as may be from time to time assigned by the Board of Directors and in accordance with the terms and conditions of this Agreement. At each meeting of the Board of Directors, the Chairperson of the Board of Directors, or in the Chairperson of the Board of Directors' absence, the Lead Independent Director, or in the Lead Independent Director's absence, a Director chosen by a majority of the Directors present, shall act as chairperson of the meeting. The Chief Legal Officer shall act as secretary of each meeting of the Board of Directors. In case the Chief Legal Officer of the Board of Directors shall be absent from any meeting of the Board of Directors, an assistant secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Chief Legal Officer and all assistant secretaries, the chairperson of the meeting may appoint any person to act as secretary of the meeting.

**Section 5.10 Action Without a Meeting**. Any action required or permitted to be taken at any meeting by the Board of Directors or any committee thereof, as the case may be, may be taken without a meeting if a consent thereto is signed or transmitted electronically, as the case may be, by the members of the Board of Directors or of such committee having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all members of the Board of Directors or of such committee entitled to vote thereon were present and voted; *provided* that, notwithstanding the foregoing, each committee shall be authorized, either at a meeting or by written consent of no less than the minimum number of votes that would be required to take such action at a meeting, to adopt policies and procedures allowing a different minimum number of votes for authorizing certain actions without a meeting or otherwise facilitating its decision-making process.

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**Section 5.11 Committees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors may designate one (1) or more committees consisting of one (1) or more Directors or other persons, which, to the extent provided in such designation or otherwise delegated by the Board of Directors, shall have and may exercise, subject to the provisions of this Agreement, the powers and authority of the Board of Directors. Such committee or committees shall have such name or names as may be determined from time to time by the Board of Directors. A majority of the total number of members of such committee (assuming no vacancies) may fix the time and place, if any, of its meetings and specify what notice thereof, if any, shall be given unless the Board of Directors shall otherwise provide. The Board of Directors shall have the power to change the members of any such committee at any time, to fill vacancies, and to discharge any such committee, either with or without cause, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall have an Audit Committee. Such committee shall have and exercise such power and authority as the Board of Directors shall specify from time to time. Upon consideration of the criteria contained in Section 10A(m)(3) and Rule 10A-3(b)(1) of the Exchange Act, and Section 303A of the NYSE Listed Company Manual, in each case including any amendments, replacements or successors thereto, each Director that is a member of such committee shall be an Independent Director. Each Director that is a member of such committee shall be "financially literate" as defined in Section 303A.07 of the NYSE Listed Company Manual, including any amendments, replacements or successors thereto.

**ARTICLE VI** 

**OFFICERS** 

**Section 6.1 Appointment, Selection and Designation of Officers.** The Board of Directors may, from time to time as it deems advisable, select natural persons who are employees or agents of the Corporate Group Members and designate them as officers of the Company ("**Officers**") and assign titles (including, without limitation, "chief executive officer," "president," "chief operating officer," "chief financial officer," "chief asset officer," "chief development officer," "chief investment officer," "chief legal officer," "chief administrative officer," "chief compliance officer," "principal accounting officer," "principal financial officer," "principal executive officer," "chairperson," "senior chairperson," "executive vice chairperson," "vice chairperson," "vice president," "treasurer," "deputy treasurer," "secretary," "assistant secretary," "general manager," "senior managing director," "managing director" and "director") to any such persons. Unless otherwise specifically provided by the Board of Directors, any Officer of the Company shall also be an Officer of any Series with the same title. An Officer may be removed with or without cause by the Board of Directors. Unless otherwise determined by the Board of Directors, the removal of any Officer as an officer of the Company shall also constitute the removal of such Officer as an officer of any Series and as a member of any committee that such Officer is a member of, in their capacity as an Officer. Any vacancies occurring in any office may be filled by the Board of Directors in the same manner as such Officer is appointed and selected pursuant to this <u>Section</u> <u>6.1</u>.

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**Section 6.2 Delegation of Duties**. Unless the Board of Directors determines otherwise, if a title is one commonly used for officers of a corporation incorporated under the DGCL, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office with respect to the Company. The Board of Directors may delegate to any Officer any of the powers and authority of the Board of Directors to the extent permitted by applicable law, including the power to bind the Company. Any delegation pursuant to this <u>Section 6.2</u> may be revoked at any time by the Board of Directors.

**Section 6.3 Officers as Agents**. The Officers, to the extent of their powers set forth under applicable law or this Agreement or otherwise vested in them by action of the Board of Directors not inconsistent with applicable law or this Agreement, are agents of the Company for the purpose of the business of the Company and the actions of the Officers taken in accordance with such powers shall bind the Company.

**ARTICLE VII** 

**SHARES; CAPITAL CONTRIBUTIONS** 

**Section 7.1 Members**. Upon its execution of a counterpart signature page to this Agreement, PIMCO GP hereby continues as a member of the Company generally and a member of the Company associated with a Series.

**Section 7.2 Series**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Series II has previously been formed as a registered series of limited liability company interests in and assets of the Company within the meaning of Section 18-218 of the Act. The terms of Series II shall be as set forth in this Agreement and in the Series II Agreement as previously executed and attached hereto to as <u>Exhibit I</u> and incorporated herein by reference, but with any changes therein that the Board of Directors may determine in its sole discretion and without the consent of any Member or any other Person. Except as expressly provided otherwise in this Agreement, (i) the terms and provisions of the Series II Agreement may have the effect of altering, supplementing and amending the terms and provisions hereof with respect to Series II, and (ii) to the extent that any of the terms or provisions of the Series II Agreement conflict with any of the terms or provisions of this Agreement as applied to Series II, the terms or provisions of the Series II Agreement shall control with respect to Series II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a Series shall be enforceable against the assets of such Series only and not against the assets of the Company generally or any other Series, and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Company generally or any other Series shall be enforceable against the assets of such Series. The records maintained for a Series shall account for the assets associated with such Series separately from the other assets of the Company, or any other Series, and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Records maintained for a Series that reasonably identify its assets, including by specific listing, category, type, quantity, computational or allocational formula or procedure (including a percentage or share of any asset or assets) or by any other method where the identity of such assets is objectively determinable, will be deemed to account for the assets associated with such Series separately from the other

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assets of the Company or any other Series. The Board of Directors and the Company shall not commingle the assets of one Series with the assets of any other Series or the assets, if any, of the Company, generally. The Board of Directors may allocate assets, debts, liabilities, expenses or other obligations of the Company generally among the Series in such percentages and proportions as the Board of Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors may cause the Company and any Series to allocate any property to any Series. A Person may be admitted as a Member associated with such Series in accordance with <u>Section</u> <u>7.8</u> or <u>Section</u> <u>10.4</u>, as applicable. A Person may be admitted as a Member associated with one or more than one Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Certificate shall contain a notice of the limitation of liabilities of the Series in conformity with Section 18-215 of the Act and/or Section 18-218 of the Act.

**Section 7.3 Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The limited liability company interests in a Series shall be represented by the "Share" or "Shares" held by the Members associated with such Series. For the avoidance of doubt, Shares shall constitute economic interests in a Series and shall not confer on any holder thereof any limited liability company interest in the Company, or otherwise entitle the holder thereof to the rights of a member of the Company with any Series unless such holder is admitted as a Member in accordance with this Agreement. The Shares of Series II are divided into seven Classes of Investor Shares and two Classes of PIMCO Shares. Notwithstanding any other provision of this Agreement, including <u>Article XVII</u>, Classes of Investor Shares shall be subject to such sales loads, servicing fees, distribution fees, dealer manager fees, commissions, other fees, aggregate commitment capacities and minimum investment requirements described below, as may be determined by the Board of Directors from time to time in its sole discretion and set forth in the PPM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investor Shares will be offered monthly on a continuous basis at NAV per Share. There are seven Classes of Investor Shares in Series II: (i) Anchor I Shares ("**Anchor I Shares**"), (ii) Anchor I-B Shares ("**Anchor I-B Shares**"), (iii) Anchor II Shares ("**Anchor II Shares**"), (iv) Anchor II-B Shares ("**Anchor II-B Shares**"), (v) Anchor III Shares ("**Anchor III Shares**"), (vi) Standard A Shares ("**Standard A Shares**") and (vii) Standard B Shares ("**Standard B Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anchor Shares will be offered during the Initial Offer Period to certain RIA Advisory Board members and clients of certain financial intermediaries that have been designated as Anchor Intermediaries. Each of the Anchor I Intermediaries and Anchor III Intermediaries will be determined based on whether the net subscription amounts on an aggregate basis across all Classes committed to the Company from such respective intermediary's clients at the end of the Initial Offer Period each total more than $100 million, unless such minimum Anchor I Shares, Anchor I-B Shares or Anchor III Shares holding requirement, as applicable, is waived by the Company or the Dealer Manager in their discretion. Anchor II Intermediaries will be determined based on whether the net subscription amounts on an aggregate basis across all Classes committed to the Company from such intermediary's clients at the end of the Initial Offer Period total more than $10 million, unless such minimum Anchor II

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Shares and Anchor II-B Shares holding requirement is waived by the Company or the Dealer Manager in their discretion. The Anchor Shares will only be offered (a) in connection with the DRIP and (b) (x) for Anchor I Shares and Anchor I-B Shares, to clients of Anchor I Intermediaries, (y) for Anchor II Shares and Anchor II-B Shares, to clients of Anchor II Intermediaries, and (z) for Anchor III Shares, to clients of Anchor III Intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Initially, there shall be two Classes of PIMCO Shares in Series II: (i) E Shares ("**E Shares**"), and (ii) V Shares ("**V Shares**"). Notwithstanding any other provision of this Agreement, including <u>Article XVII</u>, Classes of PIMCO Shares shall be subject to such sales loads, servicing fees, distribution fees, dealer manager fees, commissions, other fees, and minimum investment requirements described below, as may be determined by the Board of Directors from time to time in its sole discretion and set forth in the PPM.

**Section 7.4 Establishment of New Classes; Authorized Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares, Standard B Shares, E Shares and V Shares, the Board of Directors may, without the consent of any other Person, cause a Series to (i) create additional Classes of Investor Shares having such terms, rights, designations, preferences, powers and duties (which rights or powers may be senior to existing Classes of Shares), as the Board of Directors shall determine, including, without limitation: (A) the right of any such Class of Shares to share in Series distributions; (B) the allocation to any such Class of Shares of items of Series income, gains, losses, deductions and credits; (C) the rights of any such Class of Shares upon dissolution of the Company or the applicable Series; and (D) the right of any such Class of Shares to vote on matters relating to the Company, the Series and this Agreement and (ii) issue Investor Shares of any Class, for such consideration, if any, as the Board of Directors may deem appropriate. The Members understand and agree that rights afforded to any additional Class of Shares (including, without limitation, rights to Company and Series distributions) may be senior to and result in a reduction and/or dilution in the rights of then outstanding Shares. In connection with the creation of any additional Class of Shares, the Board of Directors shall, without the consent of any other Person, approve a Class designation (a "**Class Designation**") setting forth the terms of such Class of Investor Shares. Any such Class Designation shall be attached as an annex to this Agreement. For all purposes of the Act, this Agreement, together with an applicable Series Agreement and Class Designation constitutes the "limited liability company agreement" of the Company within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is authorized to issue an unlimited number of Shares of any Class; *provided*, *however*, that any issuance of V Shares to any Person other than the V Member(s), PIMCO, its Affiliates and/or PIMCO Clients shall require the consent of V Member(s) holding a majority of the outstanding V Shares. Except as otherwise provided in the immediately preceding sentence, the Board of Directors may cause the Company to issue any number of Shares of any Class of any Series without the consent of any Person. Subject to the terms of any Class Designation, the Members holding each Class of Investor Shares will have the same voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As set forth in the Operating Agreement, the Management Fee and the Performance Fee may be paid, at the Operating Manager's election in cash or E Shares. To the extent that the Operating Manager elects to receive any portion of the Management Fee or the Performance Fee in E Shares, the Company may repurchase such E Shares from the Operating Manager pursuant to the Repurchase Plan.

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**Section 7.5 Capital Contribution by the V Member**. As of the date hereof, PIMCO GP has made a Capital Contribution to Series II of $1,000 in exchange for the Company's issuance to such V Member of 40 V Shares. Subject to applicable law and except as may otherwise be agreed by the Company and such V Member, such V Member shall have no obligation to make any further capital contributions to the Company.

**Section 7.6 Additional Capital Contributions**. Subject to applicable law and except as otherwise provided in this Agreement or any Class Designation or as agreed by the Company, the applicable Series and such Member, no Member shall be required to make any Capital Contribution in addition to the purchase price paid for such Member's Shares.

**Section 7.7 Offering of Shares**. Except as otherwise provided in this Agreement, the Board of Directors shall have sole and complete discretion in determining the terms and conditions of the offer and sale of Shares and are hereby authorized and directed to do all things which the Board of Directors deems to be necessary, convenient, appropriate and advisable in connection therewith, including and the execution or performance of agreements with selling agents and others concerning the marketing of the Shares, all on such basis and upon such terms as the Board of Directors shall determine.

**Section 7.8 Admission of Members; Subscriptions for Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than with respect to Substitute Members as provided in <u>Section</u> <u>10.4</u>, no Person may be admitted as a Member without the prior written consent of the Company or the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subscriptions for Shares will be accepted or rejected by the Company, the Officers or the Board of Directors and, if rejected, all funds (or the funds associated with the rejected portion of any partially-rejected subscription) shall be returned to such subscribers. The Company, the Officers or the Board of Directors may refuse to accept subscriptions for Shares and contributions tendered therewith for any reason whatsoever.

**Section 7.9 Repurchase of Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Repurchase Plan in effect as of the date hereof is attached as <u>Schedule A</u> to this Agreement. The Board of Directors may without the consent of any Person, amend, modify, revise or restate the Repurchase Plan from time to time and any such amendment, modification, revision or restatement of the Repurchase Plan shall not constitute an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) V Shares are not subject to the Repurchase Plan, including any repurchase limitations set forth therein.

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**ARTICLE VIII** 

**CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS** 

**Section 8.1 Series Capital**. No Member shall be paid interest on any Capital Contribution or on such Member's Capital Account (if any), and no Member shall have any right (i) to demand the return of such Member's Capital Contribution or any other distribution from the Company or any Series (whether upon resignation or otherwise), except upon dissolution of the Company or a Series pursuant to <u>Section</u> <u>18.2</u> hereof or pursuant to the Repurchase Plan, (ii) to cause a partition of the Company's or a Series' assets, or (iii) to own or use any particular or individual assets of the Company or a Series.

**Section 8.2 Establishment and Determination of Capital Accounts**. A capital account ("**Capital Account**") shall be established for each Series II Member. The Capital Account of each Series II Member shall consist of his, her or its initial Capital Contribution and shall be (i) increased by (a) any additional Capital Contributions made by such Series II Member pursuant to the terms of this Agreement or any Class Designation, (b) the amount of any Company or Series liabilities that are assumed by such Series II Member, and (c) such Series II Member's share of Series II Profits allocated to such Member pursuant to <u>Section</u> <u>9.2</u>, (ii) decreased by (a) such Series II Member's share of Series II Losses allocated to such Series II Member pursuant to <u>Section</u> <u>9.2</u> and (b) any distributions to such Series II Member (net of liabilities assumed by such Series II Member and liabilities to which such property is subject) distributed to such Series II Member and (iii) adjusted as otherwise required by the Code and the regulations thereunder, including the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Any references in this Agreement to the Capital Account of a Series II Member shall be deemed to refer to such Capital Account as the same may be increased or decreased from time to time as set forth above.

**Section 8.3 Computation of Amounts**. For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be reflected in Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any income that is exempt from U.S. federal income tax shall be added to such taxable income or losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any expenditures of Series II (or of the Company allocated to Series II) described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Book Value of any Series II property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), then the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if property that is reflected on the books of Series II has a Book Value that differs from the adjusted tax basis of such property, then depreciation, amortization and gain or loss with respect to such property shall be determined by reference to such Book Value; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the computation of all items of income, gain, loss, deduction and expense shall be made without regard to any election pursuant to Section 754 of the Code that may be made by Series II, unless the adjustment to basis of Series II property pursuant to such election is reflected in Capital Accounts pursuant to Treasury Regulation Section 1.704-l(b)(2)(iv)(m).

**Section 8.4 Negative Capital Accounts**. No Series II Member shall be required to pay to the Company generally, a Series or any other Member any deficit or negative balance which may exist from time to time in such Series II Member's Capital Account.

**Section 8.5 Adjustments to Book Value**. Series II shall adjust the Book Value of its assets to fair market value in accordance with Treasury Regulation Section l.704-l(b)(2)(iv)(f) as of the following times: (a) at the Board of Directors' discretion, in connection with the issuance of Shares in Series II and the computation of NAV thereon; (b) at the Board of Directors' discretion, in connection with the distribution by Series II to a Series II Member of more than a *de minimis* amount of Series II assets, including cash, if as a result of such distribution, such Series II Member's interest in Series II is reduced (including a redemption or repurchase of Shares in Series II); and (c) the liquidation of Series II within the meaning of Treasury Regulation Section 1.704-1 (b)(2)(ii)(g). Any such increase or decrease in Book Value of an asset made pursuant to <u>Section</u> <u>8.5(a)</u> or <u>(b)</u> shall, as a matter of administrative convenience, occur on a quarterly basis to take into consideration the contributions by and distributions to Series II Members over the course of a given quarter. Furthermore, any such increase or decrease in Book Value of an asset shall be allocated as a Series II Profit or Series II Loss to the Capital Accounts of the Series II Members under <u>Section</u> <u>9.2</u> (determined immediately prior to the issuance of the new Shares in Series II or the distribution of assets in an ownership reduction transaction).

**Section 8.6 Compliance With Section 1.704-1(b)**. The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Section 1.704-1(b) of the Treasury Regulations, and shall be interpreted and applied in a manner consistent with such Treasury Regulations. If the Board of Directors determines that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by Series II or any Series II Member), are computed in order to comply with such regulation, the Board of Directors may make such modification; *provided* that it is not likely to have a material effect on the amount distributable to any Member pursuant to <u>Section</u> <u>9.1</u> on the dissolution of the Company or the applicable Series. The Board of Directors also shall (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Series II Members and the amount of Series II capital reflected on the Company's or Series, as applicable, balance sheet, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulation Section 1.704-1(b).

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**Section 8.7 Transfer of Capital Accounts**. The original Capital Account established for each transferee Series II Member shall be in the same amount as the Capital Account of the Series II Member (or portion thereof) to which such transferee Member succeeds at the time of such transfer. The Capital Account of any Series II Member whose interest in Series II shall be increased or decreased by means of the transfer of Shares shall have a corresponding adjustment to such Series II Member's Capital Account. Any reference in this Agreement to a Capital Contribution of or distribution to a Series II Member that has succeeded to Shares in Series II of any other Series II Member shall include any Capital Contributions or distributions previously made by or to the former Series II Member on account of such Shares in Series II.

**ARTICLE IX** 

**DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES** 

**Section 9.1 Generally**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Sections 18-607, 18-215, 18-218 and 18-804 of the Act, the Board of Directors shall have sole discretion regarding the amounts and timing of distributions to Members, in each case subject to the retention of, or payment to third parties of, such funds or reserves as the Board of Directors deems necessary with respect to anticipated business needs of the Company which shall include (but not by way of limitation) the payment or the making of provision for the payment when due of obligations of the Company, including the payment of any management or administrative fees and expenses or any other obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions made with respect to the Company may exceed earnings and adjusted cash flow from operating activities of the Company and may be paid from borrowings, offering proceeds and other sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the rights of any holders of Shares specified in any Class Designation and the terms of any Class of Shares specified herein or in any Class Designation, distributions of cash shall be paid to the holders of record of such Shares as of the applicable record date established by the Board of Directors pursuant to <u>Section</u> <u>11.6</u> *pro rata* in proportion to their respective Percentage Interests on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash distributions to holders of Shares pursuant to <u>Section</u> <u>9.1(c)</u> are subject to the terms of the DRIP and such cash distributions will automatically be reinvested under the DRIP in additional whole and fractional Shares unless such holders have elected in their Subscription Agreement or otherwise provided notice to the Company using the appropriate documentation of such election to receive distributions in cash. Members may terminate their participation in the DRIP with prior written notice to the Company. Under the DRIP, distributions in respect of Shares are reinvested in Shares of the same Class for a purchase price equal to the most recently available NAV per Share as of the end of the prior month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The DRIP in effect as of the date hereof is attached as <u>Schedule B</u> to this Agreement. The Board of Directors may, without the consent of any Person, amend, modify, revise or restate the DRIP from time to time and any such amendment, modification, revision or restatement of the DRIP shall not constitute an amendment to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary contained in this Agreement, no distribution shall be made to a Member if and to the extent that such distribution would violate the Act or other applicable law.

**Section 9.2 Allocation of Profit and Loss**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All special allocations pursuant to <u>Section</u> <u>9.3</u> with respect to such fiscal year, all Series II Profits and Series II Losses (including special allocations of distribution fees and other than Series II Profits and Series II Losses specially allocated pursuant to <u>Section</u> <u>9.3</u>) shall be allocated to the Series II Members' Capital Accounts in a manner such that, as of the end of such fiscal year, the Capital Account of each Series II Member (which may be either a positive or negative balance) shall be equal to the amount which would be distributed to such Series II Member if Series II were to liquidate all of its assets for the Book Value thereof and distributed the proceeds thereof pursuant to the order of priorities set forth herein, minus such Series II Member's share of Series II Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical liquidation of assets of Series II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Series II Profits and Series II Losses allocable to any Series II Member shall be allocated on a monthly basis based upon the results of Series II's operations during such month, without regard to whether cash distributions were made to the Series II Member during such calendar month; however, such allocation shall be made in accordance with a method permissible under Code Section 704(c) and the Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company, and any Series, shall separately track and reflect on its books and records Operating Expenses allocable to a single Class (including, for the avoidance of doubt, Management Fees), as determined by the Operating Manager in good faith, and allocate such Operating Expenses to such Class.

**Section 9.3 Special Allocations**. Notwithstanding the provisions of <u>Section</u> <u>9.2</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Series II Member Nonrecourse Deductions shall be allocated to the Series II Members, *pro rata* in proportion to the value of their respective interests in Series II, as determined by the Board of Directors. If there is a net decrease in Series II Minimum Gain during any Taxable Year, each Series II Member shall be specially allocated items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to such Series II Member's share of the net decrease in Series II Minimum Gain, determined in accordance with Treasury Regulation Section 1.704-2(g) (subject to the exceptions thereunder). The items to be so allocated shall be determined in accordance with Treasury Regulation Section 1.704-2(f)(6). This paragraph is intended to comply with the minimum gain chargeback requirements in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series II Member Nonrecourse Deductions shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Series II Member Nonrecourse Debt Minimum Gain during any Taxable Year, each Series II Member that has a share of such Series II Member Nonrecourse Debt Minimum Gain shall be specially allocated

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items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to that Series II Member's share of the net decrease in Series II Member Nonrecourse Debt Minimum Gain (subject to the exceptions thereunder). Items to be allocated pursuant to this paragraph shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). This paragraph is intended to comply with the minimum gain chargeback requirements in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No allocation of Series II Loss shall be made pursuant to <u>Section</u> <u>9.2</u> to the extent that it causes or increases a deficit balance in any Series II Member's Adjusted Capital Account. To the extent any allocation of Series II Loss would cause the Adjusted Capital Account balance of any of the Series II Members to have a deficit balance, such Series II Loss shall be allocated to the Series II Members with positive balances in their Adjusted Capital Accounts in proportion with such relative positive Adjusted Capital Account balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The allocations set forth in paragraphs (a), (b), (c) and (d) above (the "**Regulatory Allocations**") are intended to comply with certain requirements of the Treasury Regulations under Code Section 704.

Notwithstanding any other provisions of this <u>Section</u> <u>9.3</u> (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating Series II Profits and Series II Losses among Series II Members so that, to the extent possible, the net amount of such allocations of Series II Profits and Series II Losses and other items and the Regulatory Allocations (including Regulatory Allocations that, although not yet made, are expected to be made in the future) to each Series II Member shall be equal to the net amount that would have been allocated to such Series II Member if the Regulatory Allocations had not occurred.

**Section 9.4 Amounts Withheld**. All amounts withheld pursuant to <u>Section</u> <u>9.8</u> from any distribution to a Member shall be treated as amounts distributed to such Member pursuant to <u>Section</u> <u>9.1</u> for all purposes under this Agreement.

**Section 9.5 Tax Allocations: Code Section 704(c)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The income, gains, losses, deductions and expenses of Series II shall be allocated, for U.S. federal, state and local income tax purposes, among the Series II Members in accordance with the allocation of such income, gains, losses, deductions and expenses among the Series II Members for computing their Capital Accounts, except that if any such allocation is not permitted by the Code or other applicable law, Series II's subsequent

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income, gains, losses, deductions and expenses shall be allocated among the Series II Members so as to reflect as nearly as possible the allocations set forth herein in computing their Capital Accounts. Notwithstanding the foregoing, the Operating Manager in its sole discretion shall make such allocations for tax purposes as may be needed to ensure that allocations are in accordance with the interests of the Members and in a manner intended to give economic effect to the provisions of this Agreement, within the meaning of the Code and Treasury Regulations. The Operating Manager shall determine all matters concerning allocations for U.S. federal, state, local or non-U.S. tax purposes not expressly provided for herein in its sole discretion. In the event a Member's Shares are repurchased pursuant to <u>Section</u> <u>7.9</u>, the Operating Manager may specially allocate additional items of ordinary income or loss or capital gain (including short-term capital gain) or loss to such Member insofar as is possible to reduce the difference, if any, between the aggregate amounts allocated to such Member's Capital Account and the aggregate amount of tax items allocated to such Member. For purposes of the foregoing, the Operating Manager may determine that an equitable method of allocation includes, without limitation, an allocation (i) pro rata based on the relative differences between amounts allocated to the Capital Accounts and the aggregate amounts of tax items allocated to the relevant Members, or (ii) solely to the relevant Members with the greatest such differences (taking into account such allocations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss, deduction and expense with respect to any property contributed to the capital of Series II shall, solely for tax purposes, be allocated among the Series II Members so as to take account of any variation between the adjusted basis of such property to Series II for U.S. federal income tax purposes and its fair market value at the time of contribution using any reasonable method provided for in the Treasury Regulations as selected by the Board of Directors in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Book Value of any Series II asset is adjusted pursuant to <u>Section</u> <u>8.5</u>, subsequent allocations of items of taxable income, gain, loss, deduction and expense with respect to such asset shall take account of any variation between the adjusted basis of such asset for U.S. federal income tax purposes and its Book Value in the same manner as under Code Section 704(c). Any elections or other decisions relating to such allocations shall be made by the Board of Directors in any manner that reasonably reflects the purpose and intent of this Agreement. Allocations pursuant to this <u>Section</u> <u>9.5</u> are solely for purposes of U.S. federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Series II Member's Capital Account or share of Series II Profits, Series II Losses, other items or distributions pursuant to any provisions of this Agreement.

**Section 9.6 Tax Elections**. Except as otherwise provided herein, the Board of Directors or the Operating Manager shall, in its sole discretion, determine whether to make any available election pursuant to the Code. The Board of Directors shall have the right to seek to revoke any such election, including any election related to the matters described in <u>Section</u> <u>3.2</u> upon the Board of Directors' determination in its sole discretion that such revocation is in the best interests of the Members.

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**Section 9.7 Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors may designate a "partnership representative" (the "**Partnership Representative**") as defined in Section 6223 of the Code with respect to operations conducted by Series II pursuant to this Agreement. The Partnership Representative, subject to prior approval by the Board of Directors, is authorized and required to represent Series II (at the expense of Series II) in connection with all examinations of the affairs of Series II by any U.S. federal, state or local tax authorities, including any resulting administrative and judicial proceedings, and to expend funds of Series II for professional services and costs associated therewith and may act as or appoint an individual to act as a "designated individual" on behalf, and subject to the direction and control, of the Partnership Representative in accordance with Treasury Regulations Section 301.6223-1. The Partnership Representative, subject to prior approval by the Board of Directors, shall be authorized to take any actions necessary under the Code (or any similar state, local or non-U.S. law) that it deems appropriate in its sole discretion, including making an election under Section 6226(a) of the Code with respect to any imputed underpayment. This <u>Section</u> <u>9.7</u> shall survive the dissolution, winding-up and termination of the Company or Series II, and each Member's obligations pursuant to this <u>Section</u> <u>9.7</u> shall survive such Member's ceasing to be a Member of Series II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall use its best efforts to ensure that Series II satisfies the gross income requirements of Section 7704(c)(2) of the Code for each Taxable Year of the Company.

**Section 9.8 Withholding**. Each Member hereby indemnifies the Company generally and any Series for and authorizes the Company and any Series to withhold from or pay on behalf of or with respect to such Member any amount of U.S. federal, state, local or foreign taxes that the Board of Directors determines, in its sole discretion, that the Company generally or the Series is required to withhold or pay with respect to any amount distributable to such Member pursuant to this Agreement, including any taxes required to be withheld or paid by the Company or the Series pursuant to Sections 1441, 1442, 1445, 1446, 1471, 1472 or 6226 of the Code. This <u>Section</u> <u>9.8</u> shall survive the dissolution, winding-up and termination of the Company and any Series, and each Member's obligations pursuant to this <u>Section</u> <u>9.8</u> shall survive such Member's ceasing to be a holder of Shares.

**ARTICLE X** 

**RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES** 

**Section 10.1 Cessation of a Member**. A Member shall cease to be a Member of the Company (i) by having all of such Member's Shares repurchased pursuant to the Repurchase Plan or (ii) in connection with the assignment of all of its Shares and the admission of a Substitute Member in accordance with this Agreement, and otherwise may not resign as a Member. The cessation of a Member as a Member, in and of itself, shall not dissolve or terminate the Company. Notwithstanding any other provision of this Agreement, the bankruptcy (as defined in the Act) of a Member shall not cause such Member to cease to be a member of the Company, and upon the occurrence of such an event, the Company shall continue without dissolution. Upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that causes the Sole Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon an assignment by the Sole Member of all of its limited liability company interest in the

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Company and the admission of the transferee pursuant to the terms of this Agreement), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of such member of the Company in the Company. In the event that a Member experiences death, legal incompetence or other termination, the estate, legal representative or successor of such Member shall be deemed to be the Assignee of the Shares of such Member. Notwithstanding any provision of this Agreement to the contrary, no V Share may be redeemed, repurchased, Assigned or otherwise transferred without the prior written consent of the V Member that is the holder thereof; and any purported redemption, repurchase, Assignment or other transfer without such prior consent shall be null and void to the fullest extent permitted by law.

**Section 10.2 Tender Offers**. If any Person other than the Company makes a tender offer, including a "mini-tender" offer, such Person must comply with all of the provisions set forth in Regulation 14D of the Exchange Act, including disclosure and notice requirements, that would be applicable if the tender offer was for more than 5% of the outstanding Shares; *provided*, *however*, that such documents are not required to be filed with the SEC. In addition, any such Person must provide notice to the Company at least 10 Business Days prior to initiating any such tender offer. Any Person who initiates a tender offer without complying with the provisions set forth above (a "**Non-Compliant Tender Offer**"), shall be responsible for all expenses incurred by the Company in connection with the enforcement of the provisions of this <u>Section</u> <u>10.2</u>, including expenses incurred in connection with the review of all documents related to such tender offer. In addition, the Company may seek injunctive relief, including a temporary or permanent restraining order, in connection with any Non-Compliant Tender Offer. This <u>Section</u> <u>10.2</u> shall be of no force or effect with respect to any Shares that are then listed on a national securities exchange.

**Section 10.3 Assignment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Sections</u> <u>10.3(b)</u> and <u>(c)</u>, <u>10.4</u>, <u>10.5</u> and <u>10.6</u> of this Agreement, any Member may Assign all or some of the Shares owned by such Member to any Person (the "**Assignee**"); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Member and such Assignee shall each execute a written Assignment instrument, which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) set forth the terms of such Assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) evidence the acceptance by the Assignee to be bound by all of the terms and provisions of this Agreement, the applicable Series Agreement and any applicable Class Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) include a representation by both such Member and such Assignee that such Assignment was made in accordance with all applicable laws and regulations (including such minimum investment and investor suitability requirements as may then be applicable under state securities laws); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) otherwise be satisfactory in form and substance to the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, unless the Board of Directors shall specifically consent, which consent shall not be unreasonably withheld, no Shares may be Assigned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a minor or incompetent (unless a guardian, custodian or conservator has been appointed to handle the affairs of such Person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any Person if, in the opinion of counsel, such Assignment would result in the termination of the Company or a Series for U.S. federal income tax purposes; *provided*, *however*, that the Board of Directors may permit such Assignment to become effective if and when, in the opinion of counsel, such Assignment would no longer result in the termination of the Company or the Series, as applicable, for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any Person if such Assignment would affect the Company's existence or qualification as a limited liability company under the Act or the applicable laws of any other jurisdiction in which the Company is then conducting business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to any Person not permitted to be an Assignee under applicable law, including applicable U.S. federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if such Assignment would result in the transfer of less than 1 Share (unless such Assignment is of all of the Shares owned by such Member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Assignment would result in the retention by such Member of less than 1 Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if, in the reasonable belief of the Board of Directors, such Assignment might violate applicable law.

Notwithstanding the foregoing, no Shares may be Assigned if, in the determination of the Board of Directors, such Assignment would not be in the best interests of the Company. To the fullest extent permitted by law, any attempt to make any Assignment of Shares in violation of this <u>Section</u> <u>10.3(b)</u> shall be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assignments made in accordance with this <u>Section</u> <u>10.3</u> shall be considered consummated upon satisfaction or waiver of all of the conditions of this <u>Section</u> <u>10.3</u> shall have been satisfied.

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**Section 10.4 Substitution.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only an Assignee to which a Member has assigned its Shares may be admitted to the Company as a member of the Company as a Substitute Member. Such an Assignee may be admitted to the Company as a Substitute Member upon the applicable Assignment being considered consummated pursuant to <u>Section</u> <u>10.3(c)</u> and the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Directors has reasonably determined that all conditions specified in <u>Section</u> <u>10.3</u> have been satisfied and that no adverse effect to the Company does or may result from such admission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Assignee shall have executed a transfer agreement and such other forms as the Board of Directors reasonably may require to determine compliance with this <u>Article X</u>, and shall be deemed to have authorized and appointed with full power of substitution as its, his or her true and lawful agent and attorney-in-fact, with full power and authority in its, his or her name, place and stead, the Operating Manager, the Company and each of their authorized officers and attorneys-in-fact, as the case may be, to take such actions as set forth in <u>Section</u> <u>3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Assignee who does not become a Substitute Member in accordance with this <u>Section</u> <u>10.4</u> and who desires to make a further Assignment of its, his or her Shares shall be subject to all the provisions of <u>Article X</u> to the same extent and in the same manner as a Member desiring to make an Assignment of Shares. Failure or refusal of the Board of Directors to admit an Assignee as a Substitute Member shall in no way affect the right of such Assignee to receive distributions and the share of the Series II Profits or Series II Losses for tax purposes to which its, his or her predecessor in interest would have been entitled in accordance with this Agreement.

**Section 10.5 Status of an Assigning Member**. Any Member that shall Assign all of its, his or her Shares shall be deemed to have resigned from the Company as a Member, cease to be a Member and shall no longer have any of the rights or privileges of a Member.

**Section 10.6 Further Restrictions on Transfers**. Notwithstanding any provision to the contrary contained herein, the following restrictions shall also apply to any and all proposed sales, assignments and transfer of Shares, and any proposed sale, assignment or transfer in violation of same shall be, to the fullest extent permitted by law, void *ab initio*, unless otherwise waived by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member shall make any transfer or assignment of all or any part of its, his or her Shares if said transfer or assignment, when considered with all other transfers during the same applicable 12 month period, would, in the opinion of the Board of Directors, result in the termination of Series II's status as a partnership, or cause Series II to be treated as a "publicly traded partnership" taxable as a corporation, for U.S. federal or state income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Member shall make any transfer or assignment of all or any of its, his or her Shares unless the transferee would have been qualified to purchase Shares in the offering of Shares and no transferee may acquire or hold less than the minimum initial purchase amount of $10,000, which amount can be modified or waived in the sole discretion of the Company or the Dealer Manager, unless such transfer is made on behalf of a retirement plan, or such transfer is made by gift, inheritance, intra-family transfer, family dissolution, or to affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member that is a legal entity (other than a Benefit Plan Investor) acknowledges that its management shall have a fiduciary responsibility for the safekeeping and use of all funds and assets of any assignee to all or a portion of its interest as a Member, and that the management of each Member that is a legal entity (other than a Benefit Plan Investor) shall not employ, or permit another to employ such funds or assets that are attributable to any assignee of all or a portion of such Member's interest as a Member in any manner except for the exclusive benefit of the assignee. Each Member, other than a Benefit Plan Investor, agrees that it will not contract away the foregoing fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Member shall make any transfer or assignment of all or any part of its, his or her Shares if said transfer or assignment would create a potential REIT qualification problem under the ownership requirements in Section 856(a)(5) or 856(a)(6) of the Code or any other requirements of Sections 856 through 857 of the Code for any REIT Subsidiary.

**Section 10.7 Elimination or Modification of Restrictions**. Notwithstanding any of the foregoing provisions of this <u>Article X</u>, the Board of Directors may amend this Agreement without the consent of any Person to eliminate or modify any restriction on substitution of Members or the assignment of Shares at such time as the restriction is no longer necessary or advisable.

**Section 10.8 Records**. The Board of Directors shall cause the Membership List to be updated to reflect changes in the Members admitted in accordance with this Agreement, which updates shall not constitute an amendment to this Agreement or any Series Agreement.

**Section 10.9 Authorization to Redeem PIMCO Shares**. Notwithstanding anything in this Agreement but subject to the Act, the Company are hereby authorized to redeem all or some of the PIMCO Shares upon such terms and conditions as the Company and the applicable holder of PIMCO Shares may agree from time to time without the consent of any other Person. A Member or V Member that shall have all of such Member's or V Member's Shares redeemed by the Company or any combination of the Company, shall cease to be a Member or V Member and shall no longer have any of the rights or privileges of a Member or V Member hereunder, at law or in equity.

**Section 10.10 Mandatory Repurchases**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything in this Agreement but subject to the Act, the Board of Directors may cause the Company to repurchase from time to time all or some of the Shares of a Member without the consent or action by such Member or any other Person, on not less than five days' prior written notice, if the Board of Directors determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Shares have been transferred in violation of this Agreement, or have vested in any Person by operation of law as a result of the disability, death, divorce, dissolution, termination, bankruptcy, insolvency or adjudicated incompetence of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Member does not meet any investor eligibility requirements established by the Company from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ownership of Shares by a Member or other Person is likely to cause the Company to be in violation of, or require registration of the Shares under, or subject the Company to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other jurisdiction in the world, including without limitation the Investment Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) continued ownership of the Shares by a Member may be harmful or injurious to the business or reputation of the Company, the Operating Manager, or any of their Affiliates, or may subject the Company or any Member to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Member fails to maintain a minimum balance of $500 of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any of the representations and warranties made by a Member or other Person in connection with the acquisition of Shares was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) with respect to a Member subject to special laws or regulations, the Member is likely to be subject to additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) it would be in the interest of the Company for the Company to repurchase the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) continued ownership of any Shares by a Member may cause all or any portion of the assets of the Company to be characterized as assets of a Plan for purposes of ERISA, Section 4975 of the Code or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares repurchased pursuant to <u>Section</u> <u>10.10(a)</u> will be repurchased at a price equal to the transaction price of the Class of Shares being repurchased on the date of such repurchase, which will be equal to the Company's most recently published NAV per Share for the applicable Class of Shares unless otherwise determined by the Board of Directors in its sole discretion. Members whose Shares are repurchased by the Company will not be entitled to a return of any amount of sales load that was charged in connection with such Member's purchase of such Shares. If the Company requires the mandatory repurchase of any Shares of any Member, such repurchase will not be subject to the repurchase limits under the Repurchase Plan, including any repurchase limitations set forth therein, unless otherwise determined by the Board of Directors in its sole discretion; *provided* that, for the avoidance of doubt, such Member or its assignee whose Shares are being mandatorily repurchased may, in the sole discretion of the Board of Directors, be subject to the Early Repurchase Fee in accordance with the Repurchase Plan. A Member that shall have all of such Member's Shares repurchased by the Company shall cease to be a Member and shall no longer have any of the rights or privileges of a Member hereunder, at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time, the Board of Directors may, in its discretion and without the consent of any other Person, assign the right of the Company to repurchase Shares pursuant to this <u>Section</u> <u>10.10</u> to PIMCO or its Affiliates.

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**ARTICLE XI** 

**MEETINGS AND VOTING RIGHTS OF MEMBERS** 

**Section 11.1 Special Meetings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise required by law, special meetings of the Members of the Company or any Class of Shares for any purpose or purposes may be called at any time only by or at the direction of (i) the Board of Directors, or (ii) by the Chief Legal Officer of the Company upon proper written request or requests given by or on behalf of the V Member(s) as of the date on which the first request for such special meeting was received by the Chief Legal Officer of the Company (a "**Member Meeting Request**"). Without limiting the immediately preceding sentence, the Board of Directors may call a special meeting of the Members for any purpose, including for the purpose of soliciting the vote of Members or Members holding Shares of any Class or Classes on matters on which such Members would not otherwise be entitled to vote pursuant to this Agreement or otherwise, although the Board of Directors shall have no duty to solicit any such vote of the Members. Business to be conducted at such a special meeting may only be brought before the meeting pursuant to the Company's notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Special meetings may be held at such place, if any, either within or without the State of Delaware, on such date and at such time, and for such purpose or purposes, as the Board of Directors shall determine and state in the Company's notice of meeting. The Board of Directors may, in its sole discretion, determine that special meetings of Members shall not be held at any place, but may instead be held solely by means of remote communication. The Board of Directors may postpone, reschedule or cancel any special meeting previously scheduled by the Board of Directors and may postpone, reschedule or cancel any special meeting called by the Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be in proper form, a Member Meeting Request shall be signed by the Member or Members submitting such Member Meeting Request, shall be delivered to the Chief Legal Officer at the principal executive offices of the Company and shall set forth a statement of the specific purpose of the meeting and the matters proposed to be acted on at the meeting, the reasons for conducting such business at the meeting, and any material interest in such business of the V Member(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The V Member(s) may revoke a Member Meeting Request at any time by written revocation delivered to the Chief Legal Officer, and following such revocation, the Board of Directors, in its discretion, may cancel such special meeting of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A special meeting requested by the V Member(s) shall be held at such date, time and place, if any, as may be fixed by the Board of Directors; *provided*, *however*, that the date of any such special meeting shall be not more than ninety (90) days after the receipt by the Chief Legal Officer in the manner required by this <u>Section</u> <u>11.1</u> of Member Meeting Requests from the V Member(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this <u>Section 11.1</u>, nothing herein shall prohibit the Board of Directors from including in the Company's notice of any special meeting of Members called by the Chief Legal Officer additional matters to be submitted to the Members at such meeting not included in the Member Meeting Request in respect of such meeting.

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**Section 11.2 Notice of Meetings**. Notice, stating the place, if any, day and time of any special meeting of Members, as determined by the Board of Directors and the purpose or purposes for which the meeting is called, shall, except as otherwise required by applicable law, be delivered by the Company not less than ten (10) calendar days nor more than sixty (60) calendar days before the date of the meeting, to each Member, as applicable, who is entitled to vote at such meeting as of the record date for determining the Members, as applicable, entitled to notice of the meeting. Such further notice shall be given as may be required by law.

**Section 11.3 Adjournment**. Any meeting of Members may be adjourned from time to time by the chairperson of the meeting to another place, if any, or time, without regard to the presence of a quorum. In the absence of a quorum, any meeting of Members may be adjourned from time to time by the chairperson or the meeting, but no other business may be transacted, except as provided in <u>Section</u> <u>11.4</u> of this Agreement. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new record date need not be fixed, if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Company may transact any business which might have been transacted at the original meeting. Notwithstanding the foregoing, if the adjournment is for more than thirty (30) days or if a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with this Agreement.

**Section 11.4 Quorum**. At any meeting of Members, the V Member(s), in the case of a meeting of the V Member(s), and the holders of a majority of the voting power of the Members entitled to vote thereat represented in person or by proxy, in the case of a meeting of the Members, shall constitute a quorum. The submission of matters to Members for approval at a meeting shall occur only at a meeting of the Members duly called and held in accordance with this Agreement at which a quorum is present; *provided*, *however*, that the Members present and entitled to vote at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Members to leave less than a quorum, if any action taken (other than adjournment) is approved by the required percentage of voting power of the Members specified in this Agreement.

**Section 11.5 Required Vote**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **V Member Action**. When a quorum is present at any meeting, all matters properly submitted to V Member(s) for approval shall be determined by the holders of a majority of the voting power of the V Member(s) and such determination shall be deemed to constitute the act of all the V Member(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Member Action**. Matters, including the election of Directors, are not generally to be submitted to a Member vote. In certain instances, the Board of Directors may call a Member vote in order to, among other matters, cleanse a conflict. When a quorum is present at any meeting, all matters properly submitted to Members for approval shall be determined by the holders of a majority of the voting power of the Members present in person or by proxy at such meeting and entitled to vote thereon (unless a greater percentage is required with respect to such

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matter under the rules of any National Securities Exchange on which the Shares are listed for trading, or a greater or lesser percentage is required under the provisions of this Agreement, in which case the approval of Members holding outstanding Shares that in the aggregate represent at least such percentage of voting power shall be required) and such determination shall be deemed to constitute the act of all the Members.

**Section 11.6 Record Date**. For purposes of determining the Members entitled to notice of or to vote at a meeting of the Members, the Board of Directors may set a record date, which shall not be less than ten (10) nor more than sixty (60) days before the date of the meeting (unless such requirement conflicts with any rule, regulation, guideline or requirement of any National Securities Exchange on which the Shares are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern). A determination of V Member(s) of record entitled to notice of or to vote at a meeting of V Member(s) (if any) shall apply to any adjournment of the meeting; *provided*, *however*, that the Board of Directors may fix a new record date for the adjourned meeting.

**Section 11.7 Voting and Other Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **V Member**. Only the V Member(s) listed on the books and records of the Company shall be entitled to notice of, and to vote at, a meeting of V Member(s) (if any) or to act with respect to matters as to which the V Member(s) have the right to vote or to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Shares**. Only those record holders of outstanding Shares on the record date set pursuant to <u>Section</u> <u>11.6</u> of this Agreement shall be entitled to notice of, and to vote at, a meeting of Members or to act with respect to matters as to which the holders of the outstanding Shares are solicited by the Board of Directors to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, Members shall be deemed to be references to the votes or acts of the record holders of such outstanding Shares on such record date.

**Section 11.8 Proxies**. The Board of Directors may adopt procedures with respect to the use of proxies at any meeting of Members.

**Section 11.9 Conduct of a Meeting.** To the fullest extent permitted by law, the Board of Directors shall have full power and authority concerning the manner of conducting any meeting of V Member(s) or Members, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of this Agreement, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The Board of Directors shall designate a person to serve as chairperson of any meeting and shall further designate a person to take the minutes of any meeting. All minutes shall be kept with the records of the Company and be maintained by the Company. The Board of Directors may make such other regulations consistent with applicable law and this Agreement as it may deem advisable concerning the conduct of any meeting of Members, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes, the submission and examination of proxies and other evidence of the right to vote.

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**Section 11.10 Action Without a Meeting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **V Member(s)**. Any action that may be taken at a meeting of V Member(s) (if any) may be taken without a meeting, without a vote and without prior notice, if a consent or consents in writing setting forth the action so taken are signed by V Member(s) entitled to vote thereon owning not less than the minimum number of Shares that would be necessary to authorize or take such action at a meeting at which all V Member(s) entitled to vote thereon were present and voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Members**. Any action that may be taken at a meeting of Members may be taken without a meeting, without a vote and without prior notice, if a consent or consents in writing setting forth the action so taken are signed by Members entitled to vote thereon owning not less than the minimum number of Shares that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted.

**Section 11.11 Voting Rights of Members other than the V Member(s)**. Except as expressly set forth in this Agreement, any Series Agreement or any Class Designation, the Members (other than the V Member(s)) shall have no voting rights whatsoever with respect to the Company.

**ARTICLE XII** 

**BOOKS AND RECORDS, REPORTS AND RETURNS** 

**Section 12.1 Right of Inspection**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as limited by <u>Section</u> <u>12.1(b)</u>, any V Member and any designated representative thereof shall have the right, upon written request, subject to reasonable notice and at their own expense, to access and inspect the records of the Company during normal business hours for any purpose reasonably related to such V Member's interest in the Company or a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may keep confidential from the V Member and the Members, for such period of time as the Board of Directors determines in its sole discretion, (i) any information that the Board of Directors reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the Board of Directors believes is not in the best interests of the Company, could damage the business of the Company, or that the Company is required by law or by agreement with any third party to keep confidential.

**Section 12.2 Access to Membership List**. The Membership List shall be maintained as part of the books and records of the Company and shall be available for inspection by any V Member or the V Member's designated agent at the principal business office of the Company upon the request of the V Member for any purpose reasonably related to such V Member's interest in the Company.

**Section 12.3 Tax Information**. Series II shall use commercially reasonable efforts, at the expense of Series II, to cause to be prepared and distributed to the Series II Members (i) estimates of the taxable income or loss computed for U.S. federal income tax purposes allocated to them in connection with their investment in Series II within ninety (90) calendar days of the

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end of Series II's fiscal year; *provided* that such Schedules K-1 may be based on the best available estimates at the time of issuance. Each Series II Member shall, including any time after such Series II Member resigns as or otherwise ceases to be a Series II Member, file its income tax returns in a manner consistent with the tax information provided to them by Series II (including on IRS Forms 1065 and Schedule K-1).

**Section 12.4 Annual Report**. The Company shall cause to be prepared at least annually, at the expense of the Company, within one hundred twenty (120) days after the end of the Company's fiscal year, as applicable, or such shorter period as may be required by law, an annual report, which will include financial statements audited and reported upon by the Company's independent public accountants, and will contain: (A) a balance sheet as of the end of each fiscal year and statements of income, Members' equity, and cash flow, for the year then ended, all of which shall be prepared in accordance with generally accepted accounting principles and accompanied by an auditor's report containing an opinion of an independent certified public accountant; (B) a report of the activities of the Company during the period covered by the report; (C) where forecasts have been provided to the Members, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (D) a report setting forth distributions to Members for the period covered thereby and separately identifying distributions from: (i) cash flow from operations during the period, (ii) cash flow from operations during a prior period which have been held as reserves, (iii) proceeds from disposition of assets and (iv) reserves from the gross proceeds of the offering originally obtained from the Members.

**Section 12.5 Quarterly Reports**. For as long as the Company is required to file quarterly reports on Form 10-Q with the Securities and Exchange Commission, the information contained in each such report shall be furnished or made available to Members (in a form and manner consistent with then-current requirements of the Securities and Exchange Commission) after such report is filed with the Securities and Exchange Commission. Such quarterly report on Form 10-Q shall be deemed to have been made available to Members upon filing with the Securities and Exchange Commission. If and when such reports are not required to be filed, each Member will be furnished (in a form and manner consistent with then-current requirements of the Securities and Exchange Commission), an unaudited financial report for that period including a balance sheet, a statement of income, a statement of members' equity and a cash flow statement. Such reports shall also include such other information as is deemed reasonably necessary by the Board of Directors to advise the Members of the activities of the Company during the quarter covered by the report.

**Section 12.6 Filings**. The Company shall use commercially reasonable efforts to cause the income tax returns for the Company and any Series to be prepared and timely filed with the appropriate authorities (with due regard for any extension of time for filing any such income tax returns as elected by the Board of Directors). The Company shall also use commercially reasonable efforts to cause to be prepared and timely filed, with appropriate U.S. federal and state regulatory and administrative bodies, all reports required to be filed with those entities under then current applicable laws, rules and regulations. The reports shall be prepared by the accounting or reporting basis required by the regulatory bodies. Any Member shall be provided with a copy of any of the reports upon request without expense to them.

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**ARTICLE XIII** 

**OPERATING MANAGER; ADMINISTRATIVE AGENT** 

**Section 13.1 Appointment and Initial Operating Manager; Authorization of Payments to Operating Manager.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As set forth in the Operating Agreement, the Company hereby designates PIMCO as the Operating Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In consideration for the services to be provided by the Operating Manager hereunder and under the Operating Agreement, the Company is hereby authorized to pay to the Operating Manager the applicable Management Fee and Performance Fee. In addition to the Management Fee and the Performance Fee, the Company is authorized to pay all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with the Operating Manager), custodial expenses, leveraging expenses, transfer agent expenses, legal fees, expenses of independent auditors, expenses of its periodic repurchases, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.

**Section 13.2 Supervision of Operating Manager Compensation and the Operating Manager**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors may exercise broad discretion in allowing the Operating Manager to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board of Directors. The Board of Directors shall monitor the Operating Manager to ensure that the administrative procedures, operations and programs of the Company are in accordance with this Agreement, an applicable Series Agreement and any Class Designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors is responsible for determining the compensation paid to the Operating Manager, including any compensation paid pursuant to the Operating Agreement. The Board of Directors may consider all factors that it deems relevant in making these determinations.

**Section 13.3 Termination**. The Operating Manager may not resign from the Company as Operating Manager of the Company except as provided in the Operating Agreement. The term of the Operating Agreement will continue indefinitely except it may be terminated upon the affirmative vote of all Independent Directors, based upon unsatisfactory performance by the Operating Manager that is materially detrimental to the Company and its subsidiaries, taken as a whole. The Company will need to provide the Operating Manager 180 days' written notice of any termination. The Company may also terminate the Operating Agreement "for cause," as described in the Operating Agreement, subject to the terms thereof.

**Section 13.4 Organization and Offering Expenses**. The Company shall reimburse the Operating Manager for any organizational and offering costs (as defined in the Operating Agreement) incurred by the Operating Manager on behalf of the Company (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company) in accordance with the Operating Agreement and the Reimbursement Agreement.

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**Section 13.5 Reimbursement for Company Expenses and Expenses Related to Portfolio Assets**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is expected to enter into an expense limitation and conditional reimbursement agreement (as amended, restated, supplemented or otherwise modified from time to time, the "**Reimbursement Agreement**") with the Operating Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall reimburse the Operating Manager for any Company Expenses incurred on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall reimburse the Operating Manager for actual expenses incurred on behalf of the Company related to any Portfolio Assets.

**Section 13.6 Administrative Agent**. The Company hereby designates SEI Global Services, Inc. as its initial **Administrative Agent**, which Administrative Agent maybe replaced, terminated or otherwise changed in the sole discretion of the Company at any time and from time to time. The Company is hereby authorized to execute, deliver and perform its obligations under the Administration Agreement, and any and all certificates, instruments, agreements or other documents contemplated thereby or related thereto, and any amendments thereto.

**ARTICLE XIV** 

**STRATEGIC POLICIES AND LIMITATIONS; VALUATION** 

**Section 14.1 Review of Policies**. The Board of Directors may review the strategic, asset allocation and borrowing policies and valuation guidelines of the Company from time to time to determine that the policies being followed by the Company at any time are in the best interests of its Members. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board of Directors.

**Section 14.2 Valuation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall determine the NAV of the Shares no less frequently than monthly. An independent valuation services firm selected by the Operating Manager or the Board of Directors ("**Independent Valuation Advisor**") will review valuations with respect to the assets of the Company in accordance with valuation guidelines approved or adopted by the Board of Directors. The Independent Valuation Advisor will assist the Operating Manager in determining the estimated values of the Portfolio Assets of the Company and the Administrative Agent will use the estimated values provided as well as inputs from other sources in its monthly calculation of NAV per Share. The NAV per Share of the Shares shall be determined by dividing the total assets of the applicable Series (the value of investments, plus cash or other assets, including interest and distributions accrued but not yet received) less the value of any liabilities of such Series (including accrued expenses or distributions), by the total number of Shares (other than V Shares) outstanding in such Series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the Portfolio Assets of the Company will be monitored for material changes on a continuous basis for purposes of updating the monthly NAV per Share of the Company and, absent any material changes requiring more frequent updates, will be updated each month as described in this <u>Section</u> <u>14.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each month, the Operating Manager and the Independent Valuation Advisor will also determine an accrual schedule for the monthly value of each of the Company's Portfolio Assets based on an estimated month-end value. The Company will use the monthly values determined in such accrual schedule for purposes of calculating NAV per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board of Directors is responsible for the valuation process and hereby delegates the supervision of the daily valuation process to the Operating Manager. The Board of Directors has adopted policies and procedures for determining the fair value of the assets of the Company, and hereby delegates responsibility for applying the valuation policies to the Operating Manager. The Operating Manager, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Company's valuation policies and coordinating with the Independent Valuation Advisor, overseeing the calculation of the NAV per Share for each Class of Shares and reporting to the Board of Directors. The Operating Manager shall provide the Board of Directors with periodic reports on a quarterly basis, or more frequently if necessary, describing the valuation process applicable to that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The assets of the Company will be valued at fair value in a manner consistent with generally accepted accounting principles in the United States, as applicable, including Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("**ASC Topic 820**"), issued by the Financial Accounting Standards Board. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Independent Valuation Advisor has provided, and is expected to continue to provide asset valuation advisory services to other funds managed by the Operating Manager and its Affiliates, and has received, and is expected to continue to receive, fees in connection with such services. The Independent Valuation Advisor and its affiliates may from time to time in the future perform other commercial and financial advisory services for other funds managed by the Operating Manager and its Affiliates, so long as such other services do not adversely affect the independence of the Independent Valuation Advisor as certified in the applicable appraisal report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At least annually, the Board of Directors, including a majority of Independent Directors, shall review the appropriateness of the Company's valuation guidelines. From time to time, the Board of Directors, including a majority of Independent Directors, may adopt, and may in the future adopt, changes to the valuation guidelines on occasions in which the Board of Directors has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

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**ARTICLE XV** 

**CONFLICTS OF INTEREST** 

**Section 15.1 Generally; Specific Authorization**. Whenever a potential material conflict arises among PIMCO, the Operating Manager or any of their respective Affiliates, on the one hand, and the Company, any of the Members, on the other hand, any resolution or course of action by the Board of Directors, the Operating Manager or Affiliates of the Operating Manager in respect of such conflict of interest shall be permitted and deemed approved by all Members, and shall not constitute a breach of this Agreement, of any agreement contemplated herein, or of any duty otherwise existing hereunder, at law or in equity, if the resolution or course of action in respect of such conflict of interest is (i) approved by a committee of the Independent Directors (which may be the Audit Committee), (ii) on terms which are, in the aggregate, no less favorable to the Company, than those generally being provided to or available from unrelated third parties; (iii) fair and reasonable to the Company; or (iv) approved by the vote of Members owning a majority of the outstanding Investor Shares, excluding any Investor Shares owned by PIMCO or any of its Affiliates. The Board of Directors or the Operating Manager may, but is not required to, seek the approval of the resolution of such a conflict of interest from the Audit Committee, any other committee of Independent Directors or the Members. Unless the resolution of a conflict is otherwise expressly provided for in this Agreement, notwithstanding any duty existing at law or in equity, the Board of Directors, the Operating Manager or a committee of the Board of Directors consisting of Independent Directors (which may be the Audit Committee) may consider any factors they determine in their sole discretion to consider when resolving a conflict of interest. Whenever the Board of Directors or the Operating Manager makes a determination to refer or not to refer any potential conflict of interest to a committee of Independent Directors (including the Audit Committee), to seek or not to seek Member approval, or to adopt or not to adopt a resolution or course of action that has not received approval of a committee of Independent Directors or approval by the Members, then the Board of Directors or the Operating Manager, as applicable, shall be entitled, to the fullest extent permitted by law, to make such determination or to take or decline to take such other action free of any duty or obligation whatsoever, other than those described herein, to the Company, any Member or any other Person bound by this Agreement, and the Board of Directors and the Operating Manager, as applicable, shall not, to the fullest extent permitted by law, be required to act pursuant to any other standard or duty imposed by any other agreement contemplated hereby or under the Act or any other law, rule or regulation or in equity, and the Board of Directors or the Operating Manager, as applicable, in making such determination or taking or declining to take such other action shall be permitted to do so in its sole discretion. If the Board of Directors or the Operating Manager, as applicable, determines that the resolution or course of action taken with respect to a conflict of interest satisfies either of the standards set forth in clauses (ii) or (iii) above or that a member of a committee of Independent Directors (including the Audit Committee) satisfies the eligibility requirements to be an Independent Director (or a member of the Audit Committee), then such determination shall be deemed valid and binding on all Persons, and any resolution or course of action so approved shall not constitute a breach of this Agreement or of any fiduciary or other duty existing at law or in equity, except in the case of a final, non-appealable judicial determination of actual fraud, willful misconduct, or bad faith by the Board of Directors or the Operating Manager, as applicable. Notwithstanding anything to the contrary in this Agreement, the existence of any conflicts of interest in connection with the following transactions are hereby approved by all of the Members and each other Person bound by this Agreement and shall not constitute a breach of this Agreement or any such duty otherwise existing at law, in equity or otherwise:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The designation of any Person as the Operating Manager and the Company's execution, delivery and performance of the Operating Agreement, including the Company's payment of the Management Fee, the Performance Fee and any other payment by the Company to the Operating Manager contemplated by this Agreement, the Operating Agreement, any Series Agreement or any Class Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Operating Manager's fiduciary duties to the Company and its shareholders, the receipt by PIMCO or its Affiliates of (i) transaction, monitoring and other fees and expenses in connection with the purchase, monitoring or disposition of Portfolio Assets, and (ii) expenses in connection with unconsummated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The retention by the Company (or any subsidiary through which the Company owns and operates Portfolio Assets) of Affiliated Service Providers to provide necessary services in respect of acquisition opportunities or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The reimbursement of the Operating Manager by the Company for any organizational and offering costs incurred by the Operating Manager on behalf of the Company (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The reimbursement of the Operating Manager by the Company for any Company Expenses incurred on behalf of the Company and the good faith determination by the Operating Manager of whether expenses are Company Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The reimbursement of the Operating Manager by the Company for actual expenses incurred on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The engagement with the Distributor by the Company as the principal underwriter and distributor of the Shares, including any transaction related to the Distributor appointing other broker-dealers to assist in the sale of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The borrowing by the Company of money through an unsecured line of credit with PIMCO or its Affiliates for investment purposes, to hold assets prior to receiving subscriptions, to pay operating expenses, to satisfy repurchase requests from Members and to otherwise provide the Company with temporary liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuance or repurchase of any Shares by the Company, including V Shares and E Shares, to (or from with respect to a repurchase) PIMCO, the Operating Manager, or their Affiliates or employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The allocation of investment and other opportunities over time among funds or pools of capital managed by PIMCO and its Affiliates, including the Company, consistent with the Operating Manager's allocation policy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any other transaction contemplated by (i) the PPM or (ii) the Company's Form 10 filed with the U.S. Securities and Exchange Commission, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any indemnification or advancement payment to an Indemnified Party pursuant to <u>Section</u> <u>16.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The purchase and maintenance (or reimbursement for the cost of) by the Company of insurance described in <u>Section</u> <u>16.3(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Operating Manager causing the Company and/or their respective Portfolio Assets to make contributions to charitable initiatives or other non-profit organizations that the Operating Manager believes could, directly or indirectly, enhance the value of Portfolio Assets or otherwise serve a business purpose for, or be beneficial to, Portfolio Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The redemption by the Company of V Shares pursuant to <u>Section</u> <u>10.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The timing of any investment decision to coincide with an investment decision of any PIMCO fund or account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The co-investment of the Company with other funds and accounts managed by PIMCO or its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Operating Manager's waiver or modification of any Management Fee or Performance Fee allocable to an interest in the Company owned by PIMCO or its Affiliates.

**Section 15.2 Standards of Conduct**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Operating Manager or the Board of Directors, or any committee thereof (including the Audit Committee), makes a determination or takes or declines to take any other action on behalf of the Company, or any Affiliate of the Operating Manager causes the Operating Manager to do so, whether under this Agreement or any other agreement, then, unless another express lesser standard is provided for in this Agreement, the Operating Manager, the Board of Directors or such committee or such Affiliates causing the Operating Manager to do so, shall make such determination or take or decline to take such other action in good faith and shall not be subject to any other or different duties or standards (including fiduciary duties or standards) imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation or at equity. A determination or other action or inaction will conclusively be deemed to be in "good faith" for all purposes of this Agreement, if the Person or Persons making such determination or taking or declining to take such other action reasonably believes that the determination or other action or inaction is in, or not adverse to, the best interests of the Company; *provided*, *however*, that if the Board of Directors or the Operating Manager is making a determination or taking or declining to take an action pursuant to clause (ii) or clause (iii) of the first sentence of <u>Section</u> <u>15.1</u>, then in lieu thereof, such determination or other action or inaction will conclusively be deemed to be in "good faith" for all purposes of this Agreement if the members of the Board of Directors or the Operating Manager making such determination or taking or declining to take such other action reasonably believe that the determination or other action or inaction meets the standard set forth in clause (ii) or clause (iii) of the first sentence of <u>Section</u> <u>15.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>15.2(a)</u>, whenever the Operating Manager or its directors, officers, employees or affiliates make a determination or take or decline to take any other action, or any of its Affiliates causes it to do so, in their individual capacity as opposed to in their capacity as the Operating Manager or as directors or other employees of the Operating Manager, whether under this Agreement or any other agreement contemplated hereby or otherwise, then the Operating Manager or its directors, officers, employees or affiliates, or such Affiliates causing it to do so, are entitled, to the fullest extent permitted by law, to make such determination or to take or decline to take such other action free of any duty or obligation whatsoever to the Company, any Member, or any other Person bound by this Agreement, and the directors or employees of the Operating Manager, or such Affiliates causing it to do so, shall not, to the fullest extent permitted by law, be required to act in good faith or pursuant to any other standard imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation or at equity, and the Person or Persons making such determination or taking or declining to take such other action shall be permitted to do so in their sole and absolute discretion.

**Section 15.3 Modification of Duties**. Except as expressly set forth in this Agreement or expressly required by the Act, the Indemnified Parties shall not have any duties or liabilities, including fiduciary duties, to the Company, any Member, or any other Person bound by this Agreement and the provisions of this Agreement, to the extent that they restrict, eliminate or otherwise modify the duties and liabilities, including fiduciary duties, of the Indemnified Parties otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of the Indemnified Parties. Any exculpation or indemnification standards contained herein shall not restore or create, whether in contract or otherwise, any such duties or liabilities.

**Section 15.4 Corporate Opportunity**; Authorization to Compete. Notwithstanding any other provision of this Agreement or any duty that would otherwise exist at law or in equity, each of the Indemnified Parties may engage in or possess an interest in any other business or venture of any kind, independently or with others, on its own behalf or on behalf of other entities with which any of the Indemnified Parties is affiliated or otherwise, and each of the Indemnified Parties may engage in any such activities, whether or not competitive with the Company, any Affiliate of the Company, without any obligation to offer any interest in such activities to the Company, an Affiliate of the Company, or to any other Member. Notwithstanding any other provision of this Agreement or any duty that would otherwise exist at law or in equity, neither the Company any Affiliate of the Company nor any Member shall have any right, by virtue of this Agreement or the existence of the Company, in or to such activities, or the income or profits derived therefrom, and the pursuit of such activities, even if competitive with the business of the Company, an Affiliate of the Company shall not be deemed wrongful or improper or the breach of this Agreement or of any duty otherwise existing hereunder, at law, in equity or otherwise.

**Section 15.5 Other Duties**. The Members acknowledge and agree that the Company may co-invest with other PIMCO funds and accounts managed by PIMCO or its Affiliates and that the Indemnified Parties may owe duties (including fiduciary duties) to such other funds or accounts now or in the future.

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**ARTICLE XVI** 

**LIABILITY LIMITATION, INDEMNIFICATION** 

**AND TRANSACTIONS WITH THE COMPANY** 

**Section 16.1 Limitation of Member Liability**. To the fullest extent permitted by law, no Member will have personal liability for any of the obligations or liabilities of the Company generally or any Series solely by reason of being a member or holder of Shares of the Company generally or being associated with or owning any Shares of any Series. To the fullest extent permitted by law, Members associated with a Series will have no personal liability for any of such Series' obligations or liabilities solely by reason of being a Member associated with such Series, as applicable. To the fullest extent permitted by law, Members will only be liable for the debts and obligations of the Company, in their capacity as a holder of an interest in the Company with respect to the applicable Series or a member of the Company generally or associated with a Series, respectively, to the extent of their Capital Contributions and pro rata share of any of the Company's undistributed profits, subject to the Members' obligations to return distributions under the Act.

**Section 16.2 Limitation of Liability**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by applicable law, none of the Indemnified Parties will be liable to the Company generally, the Series, any Member, or any other Person bound by this Agreement for (i) any losses due to any act or omission by any Indemnified Party in connection with the conduct of the business of the Company generally or the Series unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, such Indemnified Party's act or omission constitutes actual fraud, willful misconduct, gross negligence, bad faith, or a willful material and adverse breach of this Agreement or applicable law, (ii) any losses due to any action or omission by any other Person, (iii) any losses due to any mistake, action, inaction, negligence, dishonesty, actual fraud or bad faith of any broker, placement agent or other agent as provided in this Agreement or (iv) any change in U.S. federal, state or local or non-U.S. income tax laws, or in interpretations thereof, as they apply to the Company generally, the Series, or the Members, whether the change occurs through legislative, judicial or administrative action. Notwithstanding the immediately preceding sentence, to the fullest extent permitted by law and subject to <u>Section</u> <u>16.1</u>, no Member shall be liable to the Company generally, any Series, any other Member or any other Person bound by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Indemnified Party may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion of such Persons as to matters that such Indemnified Party reasonably believes to be within such Person's professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such advice or opinion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Indemnified Party shall, in the performance of such Person's duties, be fully protected in relying in good faith upon records of the Company generally and the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amendment, modification or repeal of this <u>Section</u> <u>16.2</u> or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of the Indemnified Parties under this <u>Section</u> <u>16.2</u> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

**Section 16.3 Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by applicable law, except in the case of a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, such Indemnified Party's act or omission constitutes actual fraud, willful misconduct, gross negligence, bad faith, or a willful material and adverse breach of this Agreement or applicable law, the Company will indemnify and hold harmless each Indemnified Party from and against any and all claims, liabilities, damages, losses, costs and expenses of any kind, including legal fees and amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and expenses of investigating or defending against any claim or alleged claim, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnified Party and arise out of or in connection with the business of the Company or the performance by the Indemnified Party of any of its responsibilities under this Agreement; *provided* that such claims, liabilities, damages, losses costs or expenses did not arise solely out of a dispute between or among the officers, directors, employees or partners of PIMCO or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnified Party who is indemnified pursuant to <u>Section</u> <u>16.3(a)</u> in appearing at, participating in or defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnified Party is seeking indemnification pursuant to this <u>Section</u> <u>16.3</u>, the Indemnified Party is not entitled to be indemnified upon receipt by the Company of any undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be ultimately determined that the Indemnified Party is not entitled to be indemnified as authorized by this <u>Section</u> <u>16.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights to indemnification and advancement of expenses conferred in this <u>Section</u> <u>16.3</u> shall not be exclusive of any rights to which any Indemnified Party may otherwise be entitled or hereafter acquire under any law, statute, rule, regulation, charter document, by-law, contract or agreement. The indemnification and advancement obligations of the Company to an Indemnified Party with respect to any indemnifiable amounts shall be reduced by any indemnification payments actually received by such Indemnified Party from any of the Corporate Group Members or any potential, current or former Portfolio Asset with respect to the same indemnifiable amounts. Solely for purposes of clarification, and without expanding the scope of indemnification pursuant to this <u>Section</u> <u>16.3</u>, the Members intend that, to the

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maximum extent permitted by law, as between (a) Portfolio Assets and (b) the Company, this <u>Section</u> <u>16.3</u> shall be interpreted to reflect an ordering of liability for potentially overlapping or duplicative indemnification payments, with any applicable Portfolio Asset having primary liability and the Company, having only secondary liability. The possibility that an Indemnified Party may receive indemnification payments from a Portfolio Asset shall not restrict the Company from making payments under this <u>Section</u> <u>16.3</u> to an Indemnified Party that is otherwise eligible for such payments, but such payments by the Company are not intended to relieve any Portfolio Asset from any liability that it would otherwise have to make indemnification payments to such Indemnified Party and, if an Indemnified Party that has received indemnification payments from the Company actually receives duplicative indemnification payments from a Portfolio Asset for the same indemnifiable amounts, such Indemnified Party shall repay the Company to the extent of such duplicative payments. If, notwithstanding the intention of this <u>Section</u> <u>16.3</u>, a Portfolio Asset's obligation to make indemnification payments to an Indemnified Party is relieved or reduced under applicable law as a result of payments made by the Company pursuant to this <u>Section</u> <u>16.3</u>, or if otherwise necessary to effect the intention of the parties hereto in this <u>Section</u> <u>16.3</u>, the Company shall have, to the maximum extent permitted by law, a right of subrogation against (or contribution from) such Portfolio Asset for amounts paid by the Company to an Indemnified Party that relieved or reduced the obligation of such Portfolio Asset to such Indemnified Party. As used in this <u>Section</u> <u>16.3</u>, "indemnification" payments or obligations and "indemnifiable" amounts made or to be made by a Portfolio Asset shall be deemed to include (i) advancement of expenses in connection with indemnification obligations, (ii) payments made or to be made by any successor to the indemnification obligations of such Portfolio Asset and (iii) equivalent payments made or to be made by or on behalf of such Portfolio Asset (or such successor) pursuant to an insurance policy or similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification provided by this <u>Section</u> <u>16.3</u> shall be in addition to any other rights to which an Indemnified Party may be entitled under this Agreement, any other agreement, pursuant to any vote of the Members, as a matter of law, in equity or otherwise, both as to actions in the Indemnified Party's capacity as an Indemnified Party and as to actions in any other capacity, and shall continue as to an Indemnified Party who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may purchase and maintain (or reimburse the Operating Manager or its Affiliates for the cost of) insurance, on behalf of the Indemnified Parties and such other Persons as the Board of Directors shall determine, against any liability that may be asserted against, or expense that may be incurred by, such Person in connection with the activities of the Company or such Person's activities on behalf of the Company, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The provisions of this <u>Section</u> <u>16.3</u> are for the benefit of the Indemnified Parties and their heirs, successors, assigns, executors and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No amendment, modification or repeal of this <u>Section</u> <u>16.3</u> or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnified Party to be indemnified by the Company, nor the obligations of the Company to indemnify any such Indemnified Party under and in accordance with the provisions of this <u>Section</u> <u>16.3</u> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

**ARTICLE XVII** 

**AMENDMENTS** 

**Section 17.1 Amendments Generally**. Subject to <u>Section</u> <u>17.2</u> of this Agreement, this Agreement may be amended, at any time and from time to time, by the Board of Directors with the consent of V Member(s) holding a majority of the outstanding V Shares and without the consent of the Members or any other Person.

**Section 17.2 Amendments with the Consent of the Majority of the Members**. Notwithstanding <u>Section</u> <u>17.1</u>, this Agreement may not be amended so as to (i) modify the limited liability of a Member or (ii) materially adversely affect in a disproportionate manner (other than any adverse and disproportionate effect that is due to a difference in relative number of Shares owned or the creation and issuance of any Class of Shares) any Class of Shares, in which case the Members of such Class shall be entitled to vote on such amendment.

**ARTICLE XVIII** 

**DISSOLUTION** 

**Section 18.1 Duration of the Company**. The Company shall continue perpetually unless terminated in accordance with the Act and the provisions of this <u>Article</u> <u>XVIII</u>.

**Section 18.2 Dissolution of the Company; Winding Up of the Company.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Events Causing Dissolution**. The Company shall be dissolved upon the happening of any of the following events (each a "**Company Dissolution Event**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the adoption of a resolution by the Board of Directors approving the dissolution of the Company and the approval of such action by V Member(s) holding a majority of the outstanding V Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the operations of the Company shall cease to constitute legal activities under the Act or any other applicable law (as determined by the Board of Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time there are no members of the Company unless the Company is continued without dissolution in accordance with the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Winding Up of the Company**. Upon the occurrence of a Company Dissolution Event, the winding up of the Company and the termination of its existence shall be accomplished as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Directors shall proceed to wind up the affairs of the Company and all of the powers of the Board of Directors under this Agreement shall continue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the winding up of the affairs of the Company, the Board of Directors shall liquidate the assets of the Company as promptly as is consistent with obtaining current fair market value of such assets (*provided*, *however*, that the Board of Directors may determine to distribute the Company's assets, in whole or in part, in kind);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after paying or making reasonable provision for the payment to the Company's creditors of all claims and obligations, including all contingent, conditional or unmatured contractual claims, in accordance with the Act, the Company shall distribute the remaining assets of the Company among the Members in accordance with <u>Section</u> <u>9.1(c)</u>; *provided*, *however*, that such distributions shall not be subject to the DRIP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon completion of the winding up of the Company, including the distribution of Company property as provided in this <u>Section</u> <u>18.2(b)</u>, and the winding up of any Series in accordance with <u>Section</u> <u>18.4</u>, the Board of Directors shall cause the filing of a certificate of cancellation of the Certificate with the Secretary of State of the State of Delaware in accordance with the Act and of all qualifications and registrations of the Company as a foreign limited liability company in jurisdictions in which the Company shall be qualified to transact business, and shall take such other actions as may be necessary to terminate the existence of the Company.

**Section 18.3 Duration of the Series**. A Series shall continue perpetually unless terminated in accordance with the Act and the provisions of this <u>Article</u> <u>XVIII</u>.

**Section 18.4 Dissolution of a Series; Winding Up of a Series.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Events Causing Dissolution**. A Series shall be dissolved upon the happening of any of the following events (each a "**Series Dissolution Event**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the adoption of a resolution by the Board of Directors approving the dissolution of the applicable Series and the approval of such action by V Member(s) holding a majority of the outstanding V Shares of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the operations of a Series shall cease to constitute legal activities under the Act or any other applicable law (as determined by the Board of Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the entry of a decree of judicial dissolution of a Series under Section 18-218(c)(11) of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dissolution of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Winding Up of a Series**. Upon the occurrence of a Series Dissolution Event, the winding up of a Series and the termination of its existence shall be accomplished as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Directors shall proceed to wind up the affairs of the Series and all of the powers of the Board of Directors under this Agreement shall continue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the winding up of the affairs of a Series, the Board of Directors shall liquidate the assets of such Series as promptly as is consistent with obtaining current fair market value of such assets (*provided*, *however*, that the Board of Directors may determine to distribute such Series' assets, in whole or in part, in kind);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after paying or making reasonable provision for the payment to such Series' creditors of all claims and obligations, including all contingent, conditional or unmatured contractual claims, in accordance with the Act, the Company shall distribute the remaining assets of the Series among the Members associated with such Series in accordance with <u>Section</u> <u>9.1(c)</u>; *provided*, *however*, that such distributions shall not be subject to the DRIP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon completion of the winding up of such Series, including the distribution of Series property as provided in this <u>Section</u> <u>18.2(b)</u>, the Board of Directors shall cause the filing of a certificate of cancellation of the certificate of registered series of such Series with the Secretary of State of the State of Delaware in accordance with the Act, and shall take such other actions as may be necessary to terminate the existence of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Miscellaneous**. The dissolution and winding up of a Series shall not, in and of itself, cause a dissolution of the Company or the dissolution, winding up or termination of any other Series. The dissolution of a Series shall not affect the limitation on liabilities of the Series or any other Series provided by this Agreement, the Series Agreements and the Act.

**ARTICLE XIX** 

**MISCELLANEOUS** 

**Section 19.1 Covenant to Sign Documents**. Each Member covenants, for itself, himself or herself and its, his or her successors and assigns, to execute, with acknowledgment or verification, if required, any and all certificates, documents and other writings which may be necessary or expedient to form the Company and the Series and to achieve their respective purposes, including the Certificate, the Series II Certificate and all amendments thereto, and all such filings, records or publications necessary or appropriate laws of any jurisdiction in which the Company or the Series shall conduct its business.

**Section 19.2 Notices**. Except as otherwise expressly provided for in this Agreement, all notices which any Member may desire or may be required to give any other Members shall be in writing and shall be deemed duly given when delivered personally or when deposited in the United States mail, first-class postage pre-paid.

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Notices to Members shall be addressed to the Members at the last address shown on the Company or Series records. Notices to the Directors, to the Operating Manager, to the Company or to a Series shall be delivered to the Company's principal place of business at 650 Newport Center Drive, Newport Beach, California 92660 or as hereafter may be changed by the Board of Directors.

**Section 19.3 Entire Agreement**. This Agreement (including any Class Designation and the Series Agreements) and the Subscription Agreements constitute the entire agreement among the parties hereto and supersede any and all prior agreements and representations, either oral or in writing, among the parties hereto with respect to the subject matter contained herein. Notwithstanding the provisions of this Agreement, including <u>Article XVIII</u>, it is hereby acknowledged and agreed that the Operating Manager, on its own behalf or on behalf of the Company or any Series, may without the approval of any Member or any other Person enter into a side letter or similar agreement (each, an "**Other Agreement**") with a Member which has the effect of establishing rights or affording more favorable economic terms under, or altering or supplementing the terms of, this Agreement, the Operating Agreement or any Subscription Agreement, including with respect to the Management Fee. The parties hereto agree that any terms contained in an Other Agreement or similar agreement to or with a Member shall govern with respect to such Member notwithstanding the provisions of this Agreement, the Operating Agreement or such Member's Subscription Agreement(s). Notwithstanding anything to the contrary herein, any such Other Agreement or similar agreement shall govern with respect to the parties thereto.

**Section 19.4 Submission to Jurisdiction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto agree that, (i) except as provided in clause (ii) below, any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement, any Series Agreement or the transactions contemplated hereby, including any claim or cause of action (whether in contract, tort, statute, common law or otherwise) that may be based upon, arise out of or relate to the negotiation, execution or performance of this Agreement or any Series Agreement (including (A) any claim or cause of action based upon, arising out of or related to any representation or warranty made in connection with this Agreement or any Series Agreement or as an inducement to enter into this Agreement or any Series Agreement, (B) any derivative action, suit or proceeding brought on behalf of the Company, (C) any suit, action or proceeding asserting a claim of breach of a duty, including a fiduciary duty, owed by any current or former Director, officer, employee, Operating Manager, Member of the Company or a Series or any Affiliate thereof to the Company or the Members, (D) any suit, action or proceeding asserting a claim arising pursuant to any provision of the Act or this Agreement, a Series Agreement or as to which the Act confers jurisdiction on the Court of Chancery of the State of Delaware or (E) any suit, action or proceeding asserting a claim governed by the internal affairs doctrine), shall be brought exclusively in the Court of Chancery of the State of Delaware, or if such court does not have jurisdiction over the subject matter of such proceeding or if such jurisdiction is not available, in the other courts of the State of Delaware or in the United States District Court for the District of Delaware, (ii) notwithstanding anything to the contrary herein, but subject to the foregoing provisions of this <u>Section</u> <u>19.4(a)</u>, unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any action, suit or proceeding asserting a cause of action arising under the Securities Act, and (iii) each of the parties hereby irrevocably consents to the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to applicable law, process in any such action, suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing and subject to applicable law, each party agrees that service of process on such party as provided in <u>Section</u> <u>19.2</u> shall be deemed effective service of process on such party. Nothing herein shall affect the right of any party to serve legal process in any other manner permitted by law or at equity. WITH RESPECT TO ANY SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT, EACH OF THE PARTIES IRREVOCABLY WAIVES AND RELEASES TO THE OTHER ITS RIGHT TO A TRIAL BY JURY, AND AGREES THAT IT WILL NOT SEEK A TRIAL BY JURY IN ANY SUCH PROCEEDING; *PROVIDED*, *HOWEVER*, THAT THE FOREGOING WAIVER AND RELEASE SHALL NOT APPLY TO ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR RELATING TO U.S. FEDERAL SECURITIES LAWS.

**Section 19.5 Waiver**. No waiver by any party hereto of any breach of, or default under, this Agreement by any other party shall be construed or deemed a waiver of any other breach of or default under this Agreement, and shall not preclude any party from exercising or asserting any rights under this Agreement with respect to any other.

**Section 19.6 Severability**. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

**Section 19.7 Application of Delaware law**. This Agreement, and all claims or causes of action (whether in contract, tort, statute, common law or otherwise) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, and enforced in accordance with, the internal laws of the State of Delaware.

**Section 19.8 Captions**. Section titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement.

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**Section 19.9 Number and Gender**. Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural, and the masculine gender shall include the feminine and neuter genders.

**Section 19.10 Counterparts**; Electronic Signature. This Agreement may be executed in counterparts, any or all of which may be signed by the Operating Manager, and each of the Company's authorized officers and attorneys-in-fact, on behalf of the Members as their attorney-in-fact. For the avoidance of doubt a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "**Electronic Signature**"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such Person to the terms of this Agreement and any applicable Series Agreement. The parties hereto agree that this Agreement, any Series Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement and any applicable Series Agreement, as may be reasonably requested by the Board of Directors.

**Section 19.11 Waiver of Action for Partition**. Each of the parties hereto irrevocably waives during the term of the Company and the Series any right that it may have to maintain any action for partition with respect to any property of the Company or the Series or to cause the Company or the Series to be dissolved or liquidated.

**Section 19.12 Waiver of Appraisal Rights**. Each Member hereby agrees that it shall not have any appraisal rights pursuant to Section 18-210 of the Act or otherwise.

**Section 19.13 Assignability**. Each and all of the covenants, terms, provisions and arguments herein contained shall be binding upon and inure to the benefit of the successors and assigns of the respective parties hereto, subject to the requirements of <u>Article X</u>.

**Section 19.14 Anti-Money Laundering & Economic Sanctions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and the Series seeks to prohibit the investment of funds in the Company or the Series by any persons or entities that (i) are acting, whether directly or indirectly in contravention of any United States or other applicable laws, regulations or conventions, including but not limited to applicable anti-money laundering, anti-corruption, or economic sanctions laws; (ii) are, or who are acting directly or indirectly on behalf of or are beneficially owned or controlled by, persons or entities that are included on any relevant restricted party lists, including but not limited to the list of Specially Designated Nationals and Blocked Persons maintained by the U.S. Treasury's Office of Foreign Assets Control, sanctions lists maintained by the U.S. Department of State, and any relevant lists maintained by the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority, all as may be amended from time to time; (iii) are, or who are acting directly or indirectly on behalf of or are beneficially owned or controlled by, persons or entities that are the subject of sanctions issued by the U.S. UN, EU, or UK; (iv) are, or who are acting directly or indirectly on behalf of or are beneficially owned or controlled by, persons or entities with which it would otherwise be impermissible for the Company, the Series, the Operating Manager, or their Affiliates to engage in transactions; or (v) are, or who are acting directly or indirectly on behalf of or are beneficially owned or controlled by, persons or entities who appear on any lists of known or suspected terrorists (collectively, "<u>Proscribed Investments</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement to the contrary, the Company and the Series, and the Operating Manager, in its own name and on behalf of the Company and/or the Series, shall be authorized, without the consent of any Person, including any Member, to take such action as it determines to be necessary or advisable to comply, or to cause the Company and the Series to comply, with any economic sanctions, anti-money laundering or anti-terrorism laws, rules, regulations, directives or special measures, including the actions contemplated by the Subscription Agreements. Notwithstanding anything to the contrary contained in any document (including any side letters or similar agreements), if, at any time following any Member's acquisition of its interest in the Company, it is discovered that such Member's investment is a Proscribed Investment or would cause the Company, the Series, the Operating Manager, or their respective Affiliates or service providers, to be in violation of applicable anti-money laundering, anti-corruption, or economic sanctions laws, the Company is authorized to take all steps it deems necessary to comply with the laws applicable to the Company, the Series, the Operating Manager, or their respective Affiliates or service providers, which may include freezing and blocking such Member's interest in the Company or such Member being deemed to have withdrawn from the Company effective immediately, and such Member shall have no claim arising out of such actions for any form of damages against the Company, the Series, the Operating Manager or any of their respective Affiliates or any of their respective directors, members, partners, shareholders, officers, employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company, the Series, the Operating Manager or their respective Affiliates or service providers, may request additional information about any Member's beneficial owners, control persons and/or anyone authorized to give instructions on the Member's behalf, to comply with applicable anti-money laundering or economic sanctions laws. The Member shall provide to the Company, the Series, the Operating Manager or their respective Affiliates and service providers, any information they reasonably deem necessary to comply with such laws, and if the Member fails to provide such information, the Company is authorized to take all steps it deems necessary to comply with the laws applicable to the Company, the Series, the Operating Manager, or their respective Affiliates or service providers, and such Member shall have no claim arising out of such actions for any form of damages against the Company, the Series, the Operating Manager, or any of their respective Affiliates or any of their respective directors, members, partners, shareholders, officers, employees or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company, the Series, or the Operating Manager may release confidential information about any Member and, if applicable, any beneficial owner(s) of such Member to proper authorities or third parties performing anti-money laundering or economic sanctions diligence on the Company, if the Company, the Series, the Operating Manager, or their respective Affiliates or service providers, in their sole discretion, determine that it is in the best interests of the Company, the Series, the Operating Manager, or any of their respective Affiliates to provide such information for purposes of complying with regulatory or law enforcement requests and/or applicable anti-money laundering, anti-corruption, or economic sanctions laws.

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**Section 19.15 No Third Party Beneficiaries**. For the avoidance of doubt, except for the Indemnified Parties, there are no intended or unintended third-party beneficiaries of this Agreement (it being understood that each Indemnified Party is an express third party beneficiary with respect to the provisions of this Agreement applicable to them as if they were parties to this Agreement).

**ARTICLE XX** 

**REIT PROVISIONS** 

**Section 20.1 Asset Acquisition Program**. The Company may (but is not required to) carry out the asset acquisition program by making a portion of its acquisitions through one or more REITs (each, a "**REIT Subsidiary**").

**Section 20.2 Transfers and Ownership of Interests in a REIT Subsidiary**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by law, but notwithstanding anything in this Agreement, the provisions of <u>E</u><u>xhibit II</u> shall be applied to the Company generally and the Series in the same manner as to any REIT Subsidiary *mutatis mutandis*. Specifically, but without limiting the application of the provisions of <u>Exhibit II</u>, in the event that (i) any Share is Transferred or any direct or indirect ownership interest in any Member is Transferred and (ii) as a result of such Transfer, the interests in any REIT Subsidiary that are held, directly or indirectly, by the Company and/or Series would otherwise be subject to <u>Section</u> <u>2.1.1</u> of <u>Exhibit II</u>, then provisions similar to those set forth in <u>Exhibit II</u> shall apply to Shares to which such purported Transfer relates. The Members agree that the Shares that were the subject of the purported Transfer shall be automatically transferred to a trust for the benefit of a Charitable Beneficiary in such amount as shall be sufficient to ensure that no equity interests of a REIT Subsidiary shall be automatically transferred to a Charitable Trust (or similar) under the applicable REIT Subsidiary Agreement. In the event of a transfer of Shares to a Charitable Trust (or similar), provisions comparable to <u>Sections 2.1.1(b)</u> and <u>2.2</u> of <u>Exhibit II</u> shall apply to the transferred Shares and such trust. The intention of this <u>Section</u> <u>20.2</u> is to cause each Member to bear the consequences of direct and indirect Transfers that relate to such Member's Shares that otherwise would have caused equity interests of a REIT Subsidiary to be automatically transferred to a Charitable Trust (or similar) under the applicable REIT Subsidiary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that (i) any Share is Transferred or any direct or indirect ownership interest in any Member is Transferred and (ii) notwithstanding <u>Section</u> <u>20.2(a)</u>, above, as a result of such Transfer, the interests in any REIT Subsidiary that are held by the Company generally and/or Series are subject to <u>Section</u> <u>2.1.1</u> of <u>Exhibit II</u>, then (A) the Member who is the transferee of the Shares or whose Shares are the subject of the Transfer of the direct or indirect ownership interest, as the case may be, shall (1) repay to the Company generally and/or Series the amount of any distributions received by it from the Company and/or Series that are attributable to any interests in such REIT Subsidiary that are held by the Company generally and/or Series, that are subject to <u>Section</u> <u>2.1.1</u> of <u>Exhibit II</u> and that were received on or after the date that such shares became subject to <u>Section</u> <u>2.1.1</u> of <u>Exhibit II</u>, and (2) have its right to receive future distributions and redemption proceeds pursuant to this Agreement reduced by an amount equal to the sum of the amount of cash and the fair market value of any property received by the Charitable Trust with respect to such Shares subject to <u>Section</u> <u>2.1.1</u> of

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 <u>Exhibit</u> <u>II</u>, (B) if applicable, the allocations of income, gain, loss or expense of the Company and/or Series pursuant to <u>Article 9</u> shall be adjusted to the extent necessary to reflect the rights and obligations of such transferee or Member as described in clause (A) of this sentence and (C) for purposes of determining such transferee's or Member's Constructive Ownership or Beneficial Ownership of the interests in such REIT Subsidiary, any interests in the REIT Subsidiary that otherwise would be Constructively Owned or Beneficially Owned by such transferee or Member (but for the transfer to the Charitable Trust) shall be reduced by such number of Shares subject to <u>Section</u> <u>2.1.1</u> of <u>Exhibit II</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, following the automatic divestment and transfers provided for in this <u>Section</u> <u>20.2</u> and <u>Exhibit II</u>, any REIT Subsidiary would, but for the application of this <u>Section</u> <u>20.2(c)</u>, be "closely held" within the meaning of Section 856(a)(6) of the Code at any time during the last half of any taxable year after the first year for which such REIT Subsidiary made or intends to make an election to be taxable as a REIT under Section 856(c)(1) of the Code, distributions otherwise payable to the Members and net income or gain otherwise allocable, if applicable, to Members pursuant to <u>Article IX</u> shall be decreased to the extent necessary to ensure that any REIT Subsidiary is not "closely held" within the meaning of Section 856(a)(6) of the Code at any time during the last half of any taxable year after the first year for which such REIT Subsidiary made or intends to make an election to be taxable as a REIT under Section 856(c)(1) of the Code, and such net income or gain shall instead be allocated to, or such cash distributed to, the applicable other Members. Any reduction in allocations, if applicable, or distributions pursuant to this <u>Section</u> <u>20.2(c)</u> shall be made proportionately by each of the Company generally and/or Series and among the Members therein. Allocations or distributions, as the case may be, in subsequent taxable years shall be made to the Members as necessary to cause the aggregate amount of net income and gain allocated or distributions made to each Member to be equal to or more closely approximate the aggregate amount that would have been allocated or distributed to each such Member if the adjustments required by this <u>Section</u> <u>20.2(c)</u> had not been made, but only to the extent consistent with the first sentence of this <u>Section</u> <u>20.2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Member shall comply with any requirements to provide information to the Company and the Series in accordance with <u>Section</u> <u>2.1.4</u> of <u>Exhibit II</u> or the principles thereof as determined by the Operating Manager in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of this <u>Section</u> <u>20.2</u> the terms "**Beneficial Ownership**" (and "**Beneficially Owned**"), "**Charitable Beneficiary**," "**Charitable Trust**," "**Constructive Ownership**" (and "**Constructively Owned**") and "**Transfer**" have the meanings set forth in <u>Exhibit II</u>.

[*signature page follows*]

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IN WITNESS WHEREOF, the undersigned has executed this Third Amended and Restated Limited Liability Company Agreement of the Company on this 15th day of June, 2026.

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| | |
|:---|:---|
| MEMBERS:<br> pursuant to the powers of attorney granted to PIMCO Asset-Based Lending Company LLC under their Subscription Agreements:<br>By: PIMCO Asset-Based Lending Company LLC as attorney-in-fact for the Members (other than the Sole Member) | MEMBERS:<br> pursuant to the powers of attorney granted to PIMCO Asset-Based Lending Company LLC under their Subscription Agreements:<br>By: PIMCO Asset-Based Lending Company LLC as attorney-in-fact for the Members (other than the Sole Member) |
| By: | /s/ Jason Mandinach |
| Name: | Jason Mandinach |
| Title: | Principal Executive Officer |
| SOLE MEMBER: | SOLE MEMBER: |
| PIMCO GP LXXXII, LLC | PIMCO GP LXXXII, LLC |
| By: | /s/ Jason Mandinach |
| Name: | Jason Mandinach |
| Title: | Managing Director |

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| | |
|:---|:---|
| OPERATING MANAGER:<br>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | OPERATING MANAGER:<br>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC |
| By: | /s/ Jason Mandinach |
| Name: | Jason Mandinach |
| Title: | Managing Director |

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[*Signature Page to Third Amended and Restated Limited Liability Company Agreement of PIMCO Asset-Based Lending Company LLC*]

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**<u>SCHEDULE A</u>**

**Amended and Restated** 

**Share Repurchase Plan** 

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**<u>SCHEDULE B</u>**

**Amended and Restated** 

**Distribution Reinvestment Plan** 

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**EXHIBIT I** 

**Series Agreement** 

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**EXHIBIT II** 

**LIMITATIONS ON TRANSFER AND OWNERSHIP OF INTERESTS IN A REIT SUBSIDIARY** 

This <u>Exhibit</u> <u>II</u> sets forth the provisions with respect to the limitation on Transfer and ownership of shares in a REIT Subsidiary. Such limitation provisions shall be included in the REIT Subsidiary Agreement of each REIT Subsidiary with such modifications as are necessary to take into account the form and jurisdiction of organization of each such REIT Subsidiary.

**ARTICLE I** 

**DEFINITIONS** 

Section 1.1 <u>Definitions</u>. For purposes of this <u>Exhibit</u> <u>II</u> to this Agreement, the following terms shall have the meanings set forth below. All other capitalized terms shall have the meanings ascribed to such terms in this Agreement. To the extent any term is defined on this <u>Exhibit</u> <u>II</u> and in this Agreement and the definitions for such term differ between this <u>Exhibit</u> <u>II</u> and this Agreement, the definition given to such term on this <u>Exhibit</u> <u>II</u> shall control for purposes of this <u>Exhibit</u> <u>II</u>. Unless otherwise stated, reference to any Section refers to a section of this <u>Exhibit</u> <u>II</u>.

"<u>Aggregate Share Ownership Limit</u>" shall mean 9.8%, in value or number of shares, whichever is more restrictive, of the aggregate of the outstanding Shares, or such other percentage determined by the Board of Directors in accordance with Section 2.1.8.

"<u>Beneficial Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms "<u>Beneficial Owner,</u>" "<u>Beneficially Owns</u>" and "<u>Beneficially Owned</u>" shall have the correlative meanings.

"<u>Board</u>" or "<u>Board of Directors</u>" shall mean the Board of Directors of the REITCo.

"<u>Business Day</u>" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

"<u>Charitable Beneficiary</u>" shall mean one or more beneficiaries of the Charitable Trust as determined pursuant to Section 2.2.6, provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

"<u>Charitable Trust</u>" shall mean any trust provided for in Section 2.2.1.

"<u>Charitable Trustee</u>" shall mean the Person unaffiliated with the REITCo and a Prohibited Owner that is appointed by the REITCo to serve as Trustee of the Charitable Trust.

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"<u>Charter</u>" shall mean the charter of the REITCo.

"<u>Code</u>" shall have the meaning as provided in Article II herein.

"<u>Common Share Ownership Limit</u>" shall mean 9.8% (in value or in number of Common Shares, whichever is more restrictive) of the aggregate of the outstanding Common Shares, or such other percentage determined by the Board of Directors in accordance with Section 2.1.8.

"<u>Common Shares</u>" shall mean the shares of common stock of the REITCo.

"<u>Constructive Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms "<u>Constructive Owner</u>," "<u>Constructively</u> <u>Owns</u>" and "<u>Constructively Owned</u>" shall have the correlative meanings.

"<u>Excepted Holder Limit</u>" shall mean, provided that the affected Excepted Holder agrees to comply with the requirements established by the Board of Directors pursuant to Section 2.1.7 and subject to adjustment pursuant to Section 2.1.8, the percentage limit established by the Board of Directors pursuant to Section 2.1.7.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto.

"<u>Initial Date</u>" shall mean the first day on which the Board of Directors determines that it is in the best interests of the REITCo to attempt to, or continue to, qualify or requalify as a REIT.

"<u>Market Price</u>" means the market price of such class of shares of Shares on the relevant date as determined in good faith by the Board of Directors.

"<u>Person</u>" shall mean an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity and, for purposes of Article II herein (and all defined terms used in such Article), also includes a group as that term is used for purposes of Section 13(d)(3) of the Exchange Act and a group to which an Excepted Holder Limit applies.

"<u>Prohibited Owner</u>" shall mean, with respect to any purported Transfer, any Person who, but for the provisions of Article II herein, would Beneficially Own or Constructively Own Shares in violation of Section 2.1.1, and, if appropriate in the context, shall also mean any Person who would have been the record owner of Shares that the Prohibited Owner would have so owned.

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"<u>REIT</u>" shall mean a corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both as defined pursuant to the REIT Provisions of the Code.

"<u>REIT Provisions of the Code</u>" shall mean Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

"<u>REITCo</u>" shall mean the relevant REIT Subsidiary, which may be formed a as general partnership, limited partnership, proprietorship, corporation, joint venture, joint-stock company, limited liability company, limited liability partnership, business trust, firm, trust, real estate investment trust, estate, governmental entity, cooperative, association, retirement system, public or private pension fund, foundation, endowment, international organization or other foreign or domestic entity or enterprise.

"<u>Restriction Termination Date</u>" shall mean the first day after the Initial Date on which the Board of Directors determines that it is no longer in the best interests of the REITCo to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of Shares set forth herein is no longer required in order for the REITCo to qualify as a REIT.

"<u>Shares</u>" shall mean shares of stock of the REITCo of any class or series, including Common Shares or preferred shares, if any.

"<u>Stockholders</u>" shall mean the holders of record of the Shares as maintained in the books and records of the REITCo or its transfer agent.

"<u>Transfer</u>" shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire Beneficial Ownership or Constructive Ownership of Shares or the right to vote or receive dividends on Shares, or any agreement to take any such actions or cause any such events, including (i) the granting or exercise of any option (or any disposition of any option), (ii) any disposition of any securities or rights convertible into or exchangeable for Shares or any interest in Shares or any exercise of any such conversion or exchange right and (iii) Transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Shares; in each case, whether voluntary or involuntary, whether owned of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms "<u>Transferring</u>" and "<u>Transferred</u>" shall have the correlative meanings.

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**ARTICLE II** 

**REIT MATTERS** 

Section 2.1 <u>Shares</u>.

Section 2.1.1 <u>Ownership Limitations</u>. During the period commencing on the Initial Date and prior to the Restriction Termination Date, but subject to Section 2.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Basic Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit, (2) no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Common Shares in excess of the Common Share Ownership Limit and (3) no Excepted Holder shall Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit for such Excepted Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Person shall Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the REITCo being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT (including, but not limited to, Beneficial Ownership or Constructive Ownership that would result in the REITCo owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the REITCo from such tenant would cause the REITCo to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer in Trust</u>. If any Transfer of Shares occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning Shares in violation of Section 2.1.1(a)(i) or (ii),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) then that number of Shares the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 2.1.1(a)(i) or (ii) (rounded up to the nearest whole share) shall be automatically Transferred to a Charitable Trust for the benefit of a Charitable Beneficiary, as described in Section 2.2, effective as of the close of business on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Transfer to the Charitable Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation of Section 2.1.1(a)(i) or (ii), then the Transfer of that number of Shares that otherwise would cause any Person to violate Section 2.1.1(a)(i) or (ii) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

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To the extent that, upon a transfer of Shares pursuant to this Section 2.1.1(b), a violation of any provision of this Article II would nonetheless be continuing (for example where the ownership of Shares by a single Charitable Trust would violate the 100 stockholder requirement applicable to REITs), then Shares shall be transferred to that number of Charitable Trusts, each having a distinct Charitable Trustee and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Charitable Trust, such that there is no violation of any provision of this Article II.

Section 2.1.2 <u>Remedies for Breach</u>. If the Board of Directors or its designee (including any duly authorized committee of the Board of Directors) shall at any time determine that a Transfer or other event has taken place that results in a violation of Section 2.1.1 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of Section 2.1.1 (whether or not such violation is intended), the Board of Directors or its designee shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the REITCo to redeem Shares, refusing to give effect to such Transfer on the books of the REITCo or instituting proceedings to enjoin such Transfer or other event; *provided*, *however*, that any Transfers or attempted Transfers or other events in violation of Section 2.1.1 shall automatically result in the Transfer to the Charitable Trust described above, and, where applicable, such Transfer (or other event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Board of Directors or its designee.

Section 2.1.3 <u>Notice of Restricted Transfer</u>. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Shares that will or may violate Section 2.1.1(a), or any Person who would have owned Shares that resulted in a Transfer to the Charitable Trust pursuant to the provisions of Section 2.1.1(b), shall immediately give written notice to the REITCo of such event, or in the case of such a proposed or attempted transaction, give at least 15 days prior written notice, and shall provide to the REITCo such other information as the REITCo may request in order to determine the effect, if any, of such Transfer on the REITCo's status as a REIT.

Section 2.1.4 <u>Owners Required To Provide Information</u>. From the Initial Date and prior to the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every owner of more than five percent (or such lower percentage as required by the Code or the Treasury regulations promulgated thereunder or as otherwise required by the Board of Directors) of the outstanding Shares, within 30 days after the end of each taxable year, shall give written notice to the REITCo stating the name and address of such owner, the number of Shares Beneficially Owned and a description of the manner in which such Shares are held. Each such owner shall provide to the REITCo such additional information as the REITCo may request in order to determine the effect, if any, of such Beneficial Ownership on the REITCo's status as a REIT and to ensure compliance with the Aggregate Share Ownership Limit, the Common Share Ownership Limit and the other restrictions set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Person who is a Beneficial or Constructive Owner of Shares and each Person (including the Stockholder of record) who is holding Shares for a Beneficial or Constructive Owner shall provide to the REITCo such information as the REITCo may request, in order to determine the REITCo's status as a REIT and to comply with requirements of any taxing authority or governmental authority or to determine such compliance.

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Section 2.1.5 <u>Remedies Not Limited</u>. Subject to Section 2.1.7, nothing contained in this Section 2.1 shall limit the authority of the Board of Directors to take such other action as it deems necessary or advisable to protect the REITCo and the interests of its Stockholders in preserving the REITCo's status as a REIT.

Section 2.1.6 <u>Ambiguity</u>. In the case of an ambiguity in the application of any of the provisions of this Section 2.1, Section 2.2 or any definition contained in Article I, the Board of Directors may determine the application of the provisions of this Section 2.1 or Section 2.2 with respect to any situation based on the facts known to it. In the event Section 2.1 or 2.2 requires an action by the Board of Directors and the Charter fails to provide specific guidance with respect to such action, the Board of Directors may determine the action to be taken so long as such action is not contrary to the provisions of Article I or Sections 2.1 or 2.2. Absent a decision to the contrary by the Board of Directors (which the Board of Directors may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Section 2.1.2) acquired Beneficial Ownership or Constructive Ownership of Shares in violation of Section 2.1.1, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Section 2.1.7 <u>Exceptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 2.1.1(a)(ii), the Board of Directors may exempt (prospectively or retroactively) a Person from the Aggregate Share Ownership Limit and the Common Share Ownership Limit, as the case may be, and may establish or increase an Excepted Holder Limit for such Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Directors obtains such representations and undertakings from such Person as are reasonably necessary for the Board of Directors to ascertain that no individual's Beneficial Ownership or Constructive Ownership of such Shares will violate Section 2.1.1(a)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Person does not and represents that it will not own, actually or Constructively, an interest in a tenant of the REITCo (or a tenant of any entity owned or controlled by the REITCo) that would cause the REITCo to own, actually or Constructively, more than a 9.8% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant and the Board of Directors obtains such representations and undertakings from such Person as are reasonably necessary to ascertain this fact (for this purpose, a tenant from whom the REITCo (or an entity owned or controlled by the REITCo) derives (and is expected to continue to derive) a sufficiently small amount of revenue such that, in the judgment of the Board of Directors, rent from such tenant would not adversely affect the REITCo's ability to qualify as a REIT, shall not be treated as a tenant of the REITCo); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Person agrees that any violation or attempted violation of such representations or undertakings (or other action which is contrary to the restrictions contained in Sections 2.1.1 through 2.1.6) will result in such Shares being automatically Transferred to a Charitable Trust in accordance with Sections 2.1.1(b) and 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to granting any exception pursuant to Section 2.1.7(a), the Board of Directors may require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the REITCo's status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board of Directors may impose such conditions or restrictions as it deems appropriate in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 2.1.1(a)(ii), an underwriter which participates in a public offering or a private placement of Shares (or securities convertible into or exchangeable for Shares) may Beneficially Own or Constructively Own Shares (or securities convertible into or exchangeable for Shares) in excess of the Aggregate Share Ownership Limit, the Common Share Ownership Limit or both such limits, but only to the extent necessary to facilitate such public offering or private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board of Directors may only reduce the Excepted Holder Limit for an Excepted Holder: (i) with the written consent of such Excepted Holder at any time, or (ii) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Common Share Ownership Limit.

Section 2.1.8 <u>Increase or Decrease in Aggregate Share Ownership and Common Share Ownership Limits</u>. Subject to Section 2.1.1(a)(ii), the Board of Directors may from time to time increase or decrease the Common Share Ownership Limit and the Aggregate Share Ownership Limit for one or more Persons and increase or decrease the Common Share Ownership Limit and the Aggregate Share Ownership Limit for all other Persons. No decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit will be effective for any Person whose percentage of ownership in Shares is in excess of such decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit, as applicable, until such time as such Person's percentage of ownership in Shares equals or falls below the decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit, but any further acquisition of Shares in excess of such percentage ownership of Shares will be in violation of the Common Share Ownership Limit and/or Aggregate Share Ownership Limit and, provided further, that the new Common Share Ownership Limit and/or Aggregate Share Ownership Limit would not allow five or fewer Persons to Beneficially Own more than 49.9% in value of the outstanding Shares.

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Section 2.2 <u>Transfer of Shares in Trust</u>.

Section 2.2.1 <u>Ownership in Trust</u>. Upon any purported Transfer or other event described in Section 2.1.1(b) that would result in a Transfer of Shares to a Charitable Trust, such Shares shall be deemed to have been Transferred to the Charitable Trustee as trustee of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such Transfer to the Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the Transfer to the Charitable Trust pursuant to Section 2.1.1(b). The Charitable Trustee shall be appointed by the REITCo and shall be a Person unaffiliated with the REITCo and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the REITCo as provided in Section 2.2.6.

Section 2.2.2 <u>Status of Shares Held by the Charitable Trustee</u>. Shares held by the Charitable Trustee shall continue to be issued and outstanding Shares. The Prohibited Owner shall have no rights in the Shares held by the Charitable Trustee. The Prohibited Owner shall not benefit economically from ownership of any Shares held in trust by the Charitable Trustee, shall have no rights to dividends or other distributions and shall not possess any rights to vote or other rights attributable to the Shares held in the Charitable Trust.

Section 2.2.3 <u>Dividend and Voting Rights</u>. The Charitable Trustee shall have all voting rights and rights to dividends or other distributions with respect to Shares held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other distribution paid prior to the discovery by the REITCo that Shares have been Transferred to the Charitable Trustee shall be paid by the recipient of such dividend or other distribution to the Charitable Trustee upon demand and any dividend or other distribution authorized but unpaid shall be paid when due to the Charitable Trustee. Any dividends or other distributions so paid over to the Charitable Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to Shares held in the Charitable Trust and, subject to applicable law, effective as of the date that Shares have been Transferred to the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee's sole discretion) (a) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the REITCo that Shares have been Transferred to the Charitable Trustee and (b) to recast such vote in accordance with the desires of the Charitable Trustee acting for the benefit of the Charitable Beneficiary; *provided*, *however*, that if the REITCo has already taken irreversible corporate action, then the Charitable Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Article II, until the REITCo has received notification that Shares have been Transferred into a Charitable Trust, the REITCo shall be entitled to rely on its share transfer and other Stockholder records for purposes of preparing lists of Stockholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes and determining the other rights of Stockholders.

Section 2.2.4 <u>Sale of Shares by Charitable Trustee</u>. Within 20 days of receiving notice from the REITCo that Shares have been Transferred to the Charitable Trust, the Charitable Trustee shall sell the Shares held in the Charitable Trust to a Person, designated by the Charitable Trustee, whose ownership of the Shares will not violate the ownership limitations set forth in Section 2.1.1(a). Upon such sale, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 2.2.4. The Prohibited Owner shall receive the lesser of (a) the price paid by the Prohibited Owner for the Shares or, if the Prohibited Owner did not give value for the Shares in connection with the event

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causing the Shares to be held in the Charitable Trust (*e.g.*, in the case of a gift, devise or other such transaction), the Market Price of the Shares on the day of the event causing the Shares to be held in the Charitable Trust and (b) the price per share received by the Charitable Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the Shares held in the Charitable Trust. The Charitable Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 2.2.3 of this Article II. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary. If, prior to the discovery by the REITCo that Shares have been Transferred to the Charitable Trustee, such Shares are sold by a Prohibited Owner, then (i) such Shares shall be deemed to have been sold on behalf of the Charitable Trust and (ii) to the extent that the Prohibited Owner received an amount for such Shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 2.2.4, such excess shall be paid to the Charitable Trustee upon demand.

Section 2.2.5 <u>Purchase Right in Shares Transferred to the Charitable Trustee</u>. Shares Transferred to the Charitable Trustee shall be deemed to have been offered for sale to the REITCo, or its designee, at a price per Share equal to the lesser of (a) the price per Share in the transaction that resulted in such Transfer to the Charitable Trust (or, in the case of a devise or gift, the Market Price at the time of such devise or gift) and (b) the Market Price on the date the REITCo, or its designee, accepts such offer. The REITCo shall have the right to accept such offer until the Charitable Trustee has sold the Shares held in the Charitable Trust pursuant to Section 2.2.4. Upon such a sale to the REITCo, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner. The REITCo may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 2.2.3 of this Article II. The REITCo may pay the amount of such reduction to the Charitable Trustee for the benefit of the Charitable Beneficiary.

Section 2.2.6 <u>Designation of Charitable Beneficiaries</u>. By written notice to the Charitable Trustee, the REITCo shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (a) Shares held in the Charitable Trust would not violate the restrictions set forth in Section 2.1.1(a) in the hands of such Charitable Beneficiary and (b) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

Section 2.3 <u>Enforcement</u>. The REITCo is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Article II.

Section 2.4 <u>Non-Waiver</u>. No delay or failure on the part of the REITCo or the Board of Directors in exercising any right hereunder shall operate as a waiver of any right of the REITCo or the Board of Directors, as the case may be, except to the extent specifically waived in writing.

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Section 2.5 <u>Determinations by Board of Directors</u>. The determination as to any interpretation or resolution of any ambiguity with respect to any provision or other organizational documents of the REITCo, made by or pursuant to the direction of the Board of Directors consistent with the Charter, shall be final and conclusive and shall be binding upon the REITCo and every holder of Shares.

Section 2.6 <u>REIT Qualification</u>. If the Board of Directors determines that it is no longer in the best interests of the REITCo to attempt to, or continue to qualify as a REIT, the Board of Directors may revoke or otherwise terminate the REITCo's REIT election pursuant to Section 856(g) of the Code. The Board of Directors also may determine that compliance with any restriction or limitation on stock ownership and Transfers set forth in Article II is no longer required for REIT qualification.

## Exhibit 10.1

**Exhibit 10.1** 

**THIRD AMENDED AND RESTATED OPERATING AGREEMENT** 

THIS THIRD AMENDED AND RESTATED OPERATING AGREEMENT is made as of June 15, 2026, by and between PIMCO ASSET-BASED LENDING COMPANY LLC, a Delaware series limited liability company (including, as context requires, the Series II (as defined below) and any other series thereof (if formed), the "<u>Company</u>"), and PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, a Delaware limited liability company (together with its permitted assignees, the "<u>Manager</u>").

WHEREAS, the Company and the Manager duly executed and delivered the initial Operating Agreement of the Company on June 12, 2025 (the "<u>Initial Operating Agreement</u>");

WHEREAS, the Initial Operating Agreement was amended and restated pursuant to the terms of the Amended and Restated Operating Agreement, dated as of October 1, 2025 (the "<u>Amended Operating Agreement</u>");

WHEREAS, the Amended Operating Agreement was amended and restated pursuant to the terms of the Amended and Restated Operating Agreement, dated as of March 4, 2026 (the "<u>Second Amended Operating Agreement</u>");

WHEREAS, the undersigned desire to amend and restate the Second Amended Operating Agreement in its entirety, and all requirements and conditions to amend and restate the Second Amended Operating Agreement have been satisfied and fulfilled;

WHEREAS, the Company is a holding company that (i) conducts a continuous private offering of its Shares (as defined below) in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended, and (ii) operates its business such that the Company is excluded from the definition of "investment company" in the Investment Company Act of 1940, as amended; and

WHEREAS, the Company and each of the Subsidiaries (as defined below) desire to retain the Manager to provide advisory and other services to the Company and the Subsidiaries on the terms and conditions hereinafter set forth, and the Manager wishes to be retained to provide such services.

NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

Section 1. <u>Definitions</u>. The following terms have the following meanings assigned to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Acquisition Committee</u>" means a committee of the Company who shall be appointed by the Board of Directors from time to time. As of the date hereof, the Acquisition Committee shall consist of Dan Ivascyn, Harin de Silva, Kristofer Kraus, Jason Steiner, Giang Bui, Ben Ensminger-Law, Craig Wunderlich and Michael Chiao, each as voting members, and Nick Mosich, as a non-voting member. The Board of Directors may appoint additional members of the Acquisition Committee, remove or replace any existing members from the Acquisition Committee, or eliminate the Acquisition Committee in its entirety, in each case, from time to time in its sole discretion and without the consent of or notice to the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>AEOI</u>" means: (a) legislation known as the U.S. Foreign Account Tax Compliance Act, sections 1471 through 1474 of the Code, and any associated or successor legislation, regulations (whether proposed, temporary or final) or guidance, any applicable intergovernmental agreement and related statutes, regulations or rules, and other guidance thereunder; (b) any other similar legislation, regulations or guidance enacted in any other jurisdiction which seeks to implement similar financial account information reporting and/or withholding tax regimes, including the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters – the Common Reporting Standard and any associated guidance; (c) Council Directive 2018/822/EU of May 25, 2018 (and any successor directive) amending Council Directive 2011/16/EU on mandatory automatic exchange of information and administrative cooperation in the field of taxation in relation to reportable cross-border tax arrangements and any regulation or law relating to, implementing or having similar effect to it in any relevant jurisdiction; (d) any other intergovernmental agreement, treaty, regulations, guidance, standard or other agreement entered into in order to comply with, facilitate, supplement or implement the legislation, regulations, guidance or standards described in clauses (a), (b) and (c) of this definition; and (e) any legislation, regulations or guidance in any jurisdiction that give effect to the matters outlined in the preceding clauses of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Affiliate</u>" means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Affiliated Service Provider</u>" refers to the affiliates and portfolio companies of PIMCO and PIMCO Clients that the Company and/or its existing and potential Portfolio Assets will engage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Agreement</u>" means this Operating Agreement, as amended, restated or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Amended Operating Agreement</u>" shall have the meaning set forth in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>AML/ABC Laws</u>" shall have the meaning set forth in <u>Section</u> <u>4(a)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Anchor I Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Anchor I-B Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Anchor II Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Anchor II-B Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Anchor III Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Asset-Backed Instruments</u>" means, individually and collectively, loans and other instruments that are collateralized by, or payable from a stream of payments generated by, a specified pool of real assets, financial assets, Insurance Assets or other assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Bankruptcy</u>" means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Bankruptcy Code or any other federal, state or foreign insolvency law, or such Person's filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the United States Bankruptcy Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law; *provided* that the same shall not have been vacated, set aside or stayed within such 60-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Board of Directors</u>" means the Board of Directors of the Company or any duly authorized committee, including, but not limited to, the Acquisition Committee, acting on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Bridge Financing</u>" means a financing transaction (including loan guarantees) intended to be repaid within 12 months or less entered into between the Company and a Portfolio Asset or another entity on an interim basis pending the expected refinancing, satisfaction or sale of such financing to another person or entity in connection with, or in order to facilitate, the consummation of the Company's acquisition of such Portfolio Asset or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>CDOs</u>" means collateralized debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>CLOs</u>" means collateralized loan obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Co-Investment</u>" refers to acquisition opportunities that are allocated to the Company based on its strategy and objectives and with respect to which the Manager has, in each case, in its discretion, determined that it is appropriate to offer the opportunity to co-invest alongside the Company to one or more co-investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Company</u>" shall have the meaning set forth in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Company Account</u>" shall have the meaning set forth in <u>Section</u> <u>6</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Company Indemnified Party</u>" shall have the meaning set forth in Section 12(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Dealer Manager</u>" means PIMCO Investments LLC, a Delaware limited liability company, or any other entity the Company may engage as its dealer manager from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>E Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Effective Termination Date</u>" shall have the meaning set forth in <u>Section</u> <u>17(a)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Excess Funds</u>" shall have the meaning set forth in <u>Section</u> <u>2(n)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Expenses</u>" shall have the meaning set forth in <u>Section</u> <u>10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>GAAP</u>" means generally accepted accounting principles, as applied in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Governing Instruments</u>" means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the certificate of formation and the limited liability company agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Hurdle Amoun</u>t" with respect to any Investor Shares means, for any period during a Reference Period, that amount that results in a 5.0% of annualized rate of return for such period on the NAV of such Investor Shares outstanding at the beginning of the then-current Reference Period and all Investor Shares issued since the beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Shares but excluding applicable expenses for the shareholder servicing fee. The ending NAV of Investor Shares used in calculating the annualized rate of return will be calculated before giving effect to any allocation/accrual to the Performance Fee and applicable shareholder servicing fee expenses; *provided* that the calculation of the Hurdle Amount for any period will exclude any such Shares repurchased during such period, which such Shares will be subject to the Performance Fee upon repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>Indemnitee</u>" shall have the meaning set forth in Section 12(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Indemnitor</u>" shall have the meaning set forth in Section 12(c) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Independent Directors</u>" means the members of the Board of Directors who are not officers, personnel or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise "independent" in accordance with the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Initial Operating Agreement</u>" shall have the meaning set forth in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Insurance Assets</u>" means annuities and other insurance or reinsurance-related assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Investment Company Act</u>" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>Investor Shares</u>" means the Series II Investor Shares and, as the context requires, any other Shares of the Company as designated by the Company with the exception of E Shares and V Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Joint Venture</u>" means an investment in more than one Asset-Backed Instrument partnering with a single operational management team or other acquisition of an Asset-Backed Instrument consisting of multiple assets or operating businesses, a series of related transactions, joint ventures or similar arrangements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "<u>LLC Agreement</u>" means the Company's amended and restated limited liability company agreement, as amended, restated or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Loss Carryforward Amount</u>" with respect to any Shares shall initially equal zero and shall cumulatively increase by the absolute value(s) of any negative annual Total Returns with respect to such Shares and decrease by any positive annual Total Returns with respect to such Shares; *provided* that the Loss Carryforward Amount shall at no time be less than zero; *provided*, *further*, that the calculation of the Loss Carryforward Amount shall exclude the Total Return related to any relevant Shares repurchased during the applicable Reference Period, which Shares shall be subject to the Performance Fee upon repurchase. For the avoidance of doubt, with respect to Shares repurchased during the applicable Reference Period, the Loss Carryforward Amount shall not include amounts that would have been attributable to such repurchased Shares had such Shares not been repurchased during the applicable Reference Period. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses shall offset the positive annual Total Return gain of the applicable Reference Period for purposes of the calculation of the Performance Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Management Fee</u>" means a management fee payable monthly in arrears in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to the Standard A Shares and Standard B Shares, (ii) 0.75% per annum of the month-end NAV attributable to the Anchor II Shares and Anchor II-B Shares, (iii) 0.50% per annum of the month-end NAV attributable to the Anchor I Shares, Anchor I-B Shares and Anchor III Shares; *provided* that the Management Fee for the Anchor III Shares shall be waived by the Manager for twelve (12) months following July 14, 2025; *provided further* that this Management Fee shall be reduced by any applicable Special Fees; *provided, however,* that this Management Fee shall not be reduced for any Other Fees. In calculating the Management Fee, the Company shall use its NAV before giving effect to accruals for the Management Fee, the Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Manager</u>" shall have the meaning set forth in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "<u>Manager Indemnified Party</u>" shall have the meaning set forth in <u>Section</u> <u>12(a)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "<u>Memorandum</u>" means the Confidential Private Placement Memorandum of the Company, as amended, supplemented, restated or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>NAV</u>" means the net asset value of the assets attributable to the Company or a class of Shares, as the case may be, determined in accordance with the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "<u>Operating Expenses</u>" refers to, with respect to the Company, payments, fees, costs and expenses and other liabilities (for the avoidance of doubt, including any applicable value-added tax) and obligations resulting from, related to, associated with, arising from or incurred in connection with: (i) (a) the discovery, evaluation, investigation, impact assessment, development, acquisition, consummation, structuring, ownership, maintenance, monitoring, hedging, portfolio and risk management or disposition of instruments (including brokerage, sales and underwriting commissions, private placement, syndication, solicitation, fairness opinions, pricing and valuation (including appraisal), consulting, arranger, transaction, advisory, investment banking, custodial, depositary, trustee, transfer agent, record-keeping and administrative fees, clearing, settlement and bank charges, deposits (including earnest money deposits), consent or other third-party fees or payments, closing, execution and transaction costs, other fees, costs and expenses in respect of derivative contracts (including any payments under, and any margin expenses relating to, such derivative contracts or any posting of margin or collateral with respect to such derivative

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contracts), investment costs, and other closing, execution and transaction costs, travel and related expenses and other administrative fees, costs and expenses), (b) any indebtedness, credit facility, guarantee (including any payments made under, or required by, any non-recourse carve out guarantees, completion guarantees, equity commitment letters, environmental indemnities, hedging guarantees or guarantees made in order to facilitate or finance investments, including in respect of customary key principal, "bad acts" or other performance-related matters), line of credit, loan commitment, letter of credit, equity commitment letter, hedging guarantee or similar credit support or other indebtedness involving the Company or any investment (including any fees, costs and expenses incurred in obtaining, negotiating, entering into, effecting, maintaining, varying, refinancing or terminating such borrowings, indebtedness, guarantees or obligations and interest arising out of such borrowings and indebtedness and in respect of customary key principal, "bad acts" or other performance-related matters) and (c) attending conferences in connection with the evaluation of future investments or particular sector opportunities, organizational memberships with impact-focus groups and compliance with any impact initiatives or principles; (ii) risk management assessments and analysis of the Company's assets; (iii) taxes and other governmental charges incurred or payable by the Company and taxes and other governmental charges incurred or payable by structuring or other investment vehicles through which the Company invests or formed for Shareholders (including any withholding taxes and entity-level taxes imposed on, with respect to, or otherwise borne by the Company or any structuring or other investment vehicle through which the Company invests or formed for Shareholders to the extent not allocated to one or more Shareholders); (iv) any actuaries, accountants, advisors, auditors, administrators, brokers (including prime-brokers), consultants, counsel, custodians, appraisers, depositaries, valuation experts and other Service Providers that provide services to or with respect to the Company, and legal expenses incurred in connection with claims or disputes related to the Company or one or more investments; (v) the engagement of professionals (including through PIMCO) (including all costs and expenses on account of compensation and benefits of its employees) and any industry executives, advisors, consultants (including operating consultants, sourcing consultants and any other third-party consultants), operating executives, subject matter experts (or other persons acting in a similar capacity) who provide services to or in respect of the Company or its operating entities, or other subsidiaries or related Portfolio Assets and potential Portfolio Assets related to, among other things, (A) conducting due diligence or analysis on industry, geopolitical or other operational issues and (B) operational improvement initiatives relating to such subsidiaries or the related Portfolio Assets, and developing and implementing such initiatives (including with respect to allocable overhead of PIMCO, including all costs and expenses on account of compensation and benefits of its employees); (vi) all allocable fees, costs and expenses in connection with entities comprising the Company or any affiliate thereof, including those incurred in the organization, operation, maintenance, restructuring and dissolution of such vehicles; (vii) obtaining research and other information for the benefit of the Company, including information service subscriptions, as well as the operation and maintenance of information systems used to obtain such research and other related information; (viii) developing, implementing or maintaining computer software and technological systems for the benefit of the Company, its Shareholders or its investments; (ix) premiums and fees for insurance (including costs, liabilities and expenses of any litigation, investigation, judgments or settlements paid in connection with the Company or a Related Acquisition Vehicle) allocated by the Manager (including PIMCO's group insurance policy, the Manager's, any general partners', directors' and officers' liability or other similar insurance policies, errors and omissions insurance, financial institution bond insurance and any other insurance for coverage of liabilities to any person or entity that are incurred in connection with the activities of the Company); (x) any governmental inquiry, investigation or proceeding or any litigation involving or otherwise applicable to the Company, the Manager or any of its affiliates in connection with the activities of the Company or any investment, any subsidiaries, or any Portfolio Assets or any potential Portfolio Assets or subsidiaries (including fees, costs and expenses incurred in connection with the investigation, prosecution, defense, judgment or settlement of any such inquiry, investigation, proceeding or litigation and the amount of any judgments, settlements or fines paid in connection therewith) and other extraordinary expenses related to the Company, any investment, subsidiary, Portfolio Asset, Asset-Backed Instrument or any potential investment, subsidiary, Portfolio

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Asset or Asset-Backed Instrument (including fees, costs and expenses that are classified as extraordinary expenses under GAAP); (xi) assessing and reporting information in relation to sustainability and environmental, social and governance related matters of investments and potential investments (including fees, costs and expenses payable to any third-party Service Provider or otherwise incurred in connection with designing, implementing and monitoring participation by Portfolio Assets in compliance and operational "best practices" programs and initiatives, and compensation and benefits of PIMCO employees engaged with respect thereto), all reports or information requests for one or more Shareholders, PIMCO, consultants or the Board of Directors and any committees thereof (including all fees, costs and expenses incurred to audit such reports, provide access to a database or other internet forum and for any other operational, legal or secretarial expenses relating thereto or arising in connection with the distribution of same), and any other financial, tax, accounting, legal or fund administration reporting functions for the benefit of the Company or any investment vehicle utilized by the Company or structuring vehicle or subsidiary through which the Company invests (including expenses associated with any compliance with, filings in respect of, or other obligations related to or arising out of AEOI, any "physical presence," "substance" or similar mandates under the Organization for Economic Development's Base Erosion and Profit Shifting Initiative or Luxembourg law with respect to the Company, its manager or other managing entities, compliance with the European Union's Anti-Tax Avoidance Directives, DAC6 mandatory tax disclosure regime or the United Kingdom's UK MDR regime, and any holding company regime (including the United Kingdom's "qualifying asset holding company regime")), the preparation of financial statements, tax returns and U.S. Internal Revenue Service Schedules K-1 (or equivalents thereof) or Form 1099-DIV, Luxembourg Forms 200 (to the extent applicable) or any successors thereto or equivalents thereof in any jurisdiction, and the representation of the Company, the Company vehicle or Subsidiary in a tax audit (including by the "partnership representative" of Series II and any Company vehicle or Subsidiary); (xii) meetings of consultants, the Board of Directors and any committees thereof (including travel, accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any such meetings), legal counsel, accountants, auditors, financial advisors or any other advisors or experts retained to assist the Manager, each consultant or the Board of Directors or any committee thereof, as applicable, and other expenses incurred in connection with the activities of each consultant, the Board of Directors and its committees; (xiii) meetings of the Manager with any Shareholder(s) (including travel and related expenses and other accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any such meetings); (xiv) the Company's indemnification obligations (including those incurred in connection with indemnifying any Indemnitees, and advancing fees, costs and expenses incurred by any such Indemnitee in defense or settlement of any claim that may be subject to a right of indemnification under the LLC Agreement); (xv) complying with (or facilitating compliance with) any applicable law, rule or regulation (including legal fees, costs and expenses), regulatory filing or other expenses of the Company, the Manager, including any compliance, filings or other obligations related to or arising out of AIFMD or the European Markets Infrastructure Regulation (Regulation (EU) No 648/2012), as amended from time to time, in each case, involving or otherwise related to the Company but, for the avoidance of doubt, excluding any ordinary course of compliance, filings or other obligations imposed on the Manager under the Advisers Act (such as the preparation and filing of the Manager's Form ADV), the Manager by the CSSF or by the United Kingdom Financial Conduct Authority, that, in either case, do not relate directly to the affairs of the Company; (xvi) a default by a defaulting investor (but only to the extent not paid by the defaulting investor); (xvii) a transfer of a Shareholder's Shares or a Shareholder's withdrawal or admission permissible or required under the LLC Agreement or any applicable series agreement of any Series (but only to the extent not paid by the Shareholder or the purchaser, assignee, pledgee, charge, transferee or withdrawing investor, as applicable); (xviii) any amendments, modifications, revisions or restatements to the constituent documents of the Company or the Manager (other than any such amendments, modifications, revisions or restatements related solely to the affairs of the Manager and not related to the affairs of the Company); (xix) distributions to the Shareholders (including in respect of any distributions in kind or activities necessary or appropriate to give effect thereto) or administering withholding tax with respect thereto; (xx) administering and operating the Company, preparing and

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maintaining the books and records of the Company, including internal costs that the Manager may incur to produce the Company's books and records, external costs in cases where the Manager hires a third-party administrator to maintain the Company's books and records and any costs of the Manager to oversee and manage such third-party administrator; (xxi) negotiating and entering into and compliance with any applicable other agreements, whether executed or not (which fees, costs and expenses may, in the sole discretion of the Manager, be allocated solely to the investor(s) to which they relate) and "most favored nations" election processes in connection therewith; (xxii) the dissolution, winding up and termination of the Company; (xxiii) all fees, costs and expenses incurred in connection with special purpose vehicles and subsidiaries of the Company or other investment structures (including any alternative investment vehicles and any platform entities used to facilitate one or more acquisitions, including any real estate investment trust within the meaning of Section 856 of the Code, by the Company) to facilitate the Company's investment activities, including those incurred in the organization, operation, maintenance, restructuring (including by way of a secondary transaction, strip sale or similar transaction to one or more third parties or other PIMCO Clients, in each case, whether or not consummated), liquidation, winding-up, dissolution and termination of such vehicles and including costs associated with establishing and maintaining a presence in certain jurisdictions (such as rent for office space, related overhead and employee salaries and benefits), unless, in each case, the Manager determines, in its sole discretion, that such fees, costs and expenses should be allocated solely to the Shareholder(s) or other PIMCO vehicles participating therein; (xxiv) all fees, costs and expenses in connection with forming, organizing, maintaining, administering, operating and negotiation of Joint Ventures or Programmatic Acquisitions not otherwise borne at the level of such Joint Ventures or Programmatic Acquisitions; (xxv) amounts incurred in connection with maintaining, administering and operating any entity that registers under AIFMD or any entity that serves as the alternative investment fund manager or general partner thereof or in a similar capacity (including rent, salaries and ancillary costs of such entities, and costs and expenses of Service Providers of such entities); (xxvi) amounts paid in respect of the services provided by, or overhead of, the Manager to the Company, which shall include an arm's-length net profit margin thereon determined in accordance with applicable transfer pricing standards; (xxvii) the Company's allocable portion of any performance fee, management fees or other similar fees, costs and expenses or compensation (including expense reimbursement), in each case, directly or indirectly, payable by or allocable to Joint Ventures or Programmatic Acquisitions of the Company, any special purpose vehicle, any subsidiary or any Portfolio Asset (including any Asset-Backed Instrument); (xxviii) to the extent agreed by the Manager in its sole discretion, all (a) organizational expenses and operating expenses of or with respect to and (b) servicing fees payable to the sponsor of, or placement agent engaged with respect to (but not, for the avoidance of doubt, the placement fees payable to), a joint venture partner that is sponsored or managed by a placement agent, bank, consultant or any affiliate thereof and which placement agent, bank, consultant or any related party thereof is entitled to receive placement fees in connection with or as a result of placing investors indirectly into the Company through such joint venture partner; (xxix) expenses and any placement or distribution platform fees payable to a financial intermediary (including any distribution platform provider) in respect of the subscription by Shareholders admitted through a financial intermediary (including any distribution platform provider) (to the extent such fees or expenses are not borne by such Shareholders directly); and (xxx) allocable costs of legal, finance and other support personnel of the Manager or its affiliates in connection with the operations and management of the Company.

For all purposes of this definition of "Operating Expenses", (i) "travel and related expenses" shall include all travel fees, costs and expenses (which may include use of private aircraft by professionals employed by PIMCO but charged to the Company at a comparable first-class commercial airline rate), accommodations, meals, events and entertainment and (ii) references herein to payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, a Portfolio Asset shall include all payments, fees, costs, expenses and other liabilities related to, associated with, arising from or incurred in connection with, potential or unconsummated Portfolio Assets. The Company shall also bear any other fees, costs and expenses and other liabilities that arise in connection with an unconsummated Portfolio Asset but that generally would not arise in connection with a consummated Portfolio Asset.

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If any Operating Expenses are incurred for the account or for the benefit of the Company or a Series and one or more other PIMCO Clients, the Manager shall allocate such Expenses among the Company or such Series and each such other PIMCO Client in proportion to the size of the investment made by each in the activity or entity to which such Expenses relate, to the extent applicable, or in such other manner as the Manager in good faith determines is fair and reasonable.

For purposes of item (v) of "Operating Expenses" above, PIMCO consists of any entity or group, including the Services Company or any Service Provider, established or utilized by affiliates of PIMCO, PIMCO Clients or their respective portfolio companies, that facilitates strategic arrangements with, or engagements (including on an independent contractor or employment basis) of, any persons that the Manager determines in good faith to be industry executives, advisors, consultants (including operating consultants and sourcing consultants), operating executives, subject matter experts or other persons acting in a similar capacity, to provide consulting, sourcing or other services to or in respect of the Company, Portfolio Assets, potential Portfolio Assets of the Company and other PIMCO Clients and their assets. To the extent that for legal, tax, regulatory or similar considerations or limitations it is necessary or desirable that the foregoing activities be conducted by, through or with one or more affiliates of the Manager, or other persons other than PIMCO, such activities shall be treated for purposes of this definition as if they were conducted by PIMCO or any affiliate thereof.

For the avoidance of doubt, "Operating Expenses" includes any such expenses of the Company and any Related Acquisition Vehicle (to the extent not paid by the applicable Related Acquisition Vehicle).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Organizational and Offering Expenses</u>" refers to, collectively, organizational and offering expenses in connection with the Company and Related Acquisition Vehicles (to the extent not paid by the applicable Related Acquisition Vehicles), including legal, accounting, printing, distribution, mailing and filing fees and expenses, taxes, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design, website and electronic database expenses, fees and expenses payable to State Street, or the then acting transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging and meals, and other similar fees, costs and expenses of the Company and Related Acquisition Vehicles (excluding upfront selling commissions, dealer manager fees, combined annual distribution fees and the shareholder servicing fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "<u>Other Fees</u>" means: (i) fees, costs and expenses that comprise or constitute Organizational and Offering Expenses or Operating Expenses; (ii) salary, fees, expenses or other compensation of any nature paid by a Portfolio Asset to any individual (or to the Manager or any of its affiliates with respect to such individual) who acts as an officer of, or in an active management role at, such Portfolio Asset (including industry executives, advisors, consultants (including operating consultants and sourcing consultants)), operating executives, subject matter experts or other persons acting in a similar capacity engaged or employed by PIMCO; (iii) without limiting the foregoing items (i) and (ii), fees, costs or expenses paid to or in respect of PIMCO or any industry executives, advisors, consultants (including operating consultants and sourcing consultants), operating executives, subject matter experts or other persons acting in a similar capacity who provide services to the Company or its Portfolio Assets (including allocable overhead or other amounts or compensation of PIMCO, including all costs and expenses on account of compensation and benefits of its employees); (iv) payments, fees, costs, expenses and other liabilities, allocable overhead or other amounts or compensation (such as arranger, brokerage, placement, syndication, solicitation, underwriting, agency, origination, sourcing, group purchasing, structuring, collateral management, special purpose vehicle (including any special purpose vehicle of a Portfolio Asset),

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capital markets syndication and advisory fees (including underwriting and debt advisory fees) or subsidiary management or administration, operation, asset service, advisory, commitment, facility, float, insurance, reinsurance or other fees, discounts, retainers, spreads, commissions and concessions or other fees associated with the effectuation of any securities or financing transactions, but not merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of a Portfolio Asset (including, for the avoidance of doubt, CLOs, CDOs, RMBSs, and other structures acquired by the Company) earned by or paid to (whether in cash or in kind) an Affiliated Service Provider, or another person with respect to services rendered by such Affiliated Service Provider or other person); *provided* that if such Affiliated Service Provider is engaged in the relevant activity or service on a for-profit basis, as determined by the Manager in good faith, then, unless approved by the Board of Directors, the applicable fees paid to it for such services shall be on terms as determined by the Manager which the Manager determines are not materially less favorable to the Company or the applicable Portfolio Asset than the fees that could be paid to a third party with commensurate skill, expertise or experience (to the extent applicable), in each case, as determined by the Manager in good faith; (v) amounts earned by or for the account of any PIMCO Client (directly or indirectly through an expense offset mechanism); (vi) fees, costs and expenses for any and all services whatsoever (including merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of an instrument) paid or otherwise borne by any Portfolio Asset or issuer of any securities or other financial instruments that constitute debt opportunities or opportunities with respect to which the Manager does not exercise control with respect to the decision to engage the services giving rise to such fees, costs and expenses; (vii) fees, costs and expenses or other amounts or compensation earned by any person or otherwise borne with respect to Portfolio Assets or transactions that are otherwise consented to or approved by a committee of the Board of Directors' independent directors (it being understood that in connection with obtaining such consent or approval, the Manager shall furnish or make available to the Board of Directors all material information, then actually known and available to the Manager, that the Manager determines in good faith is reasonably necessary for the Board of Directors to provide such consent or approval on a reasonably informed basis); (viii) any fees, costs or expenses paid to any Affiliated Service Provider, including where such fees, costs or expenses are structured as a performance fee; (ix) fees, costs and expenses or other amounts or compensation (including management fees, operating expenses, and performance fees) earned by any person or otherwise borne with respect to Portfolio Assets managed by the Manager or any of its affiliates that are acquired by the Company in the secondary market; and (x) any fees, costs or expenses determined by the Manager in good faith to be similar in nature to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "<u>Performance Fee</u>" is an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, if the Total Return with respect to Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares and Standard B Shares for the applicable period exceeds the sum, with respect to such relevant class of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "<u>Excess Profits</u>"), 100% of such Excess Profits until the total amount allocated to the Manager with respect to such class of Shares equals 12.5% (with respect to Standard A Shares or Standard B Shares), 7.5% (with respect to Anchor II Shares or Anchor II-B Shares) and 5.0% (with respect to Anchor I Shares, Anchor I-B Shares or Anchor III Shares) of the sum of (x) the Hurdle Amount with respect to such class of Shares for that period and (y) any amount allocated to the Manager with respect to such class of Shares pursuant to this clause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to the extent there are remaining Excess Profits, (i) with respect to Standard A Shares or Standard B Shares, 12.5% of such remaining Excess Profits, (ii) with respect to Anchor II Shares or Anchor II-B Shares, 7.5% of such remaining Excess Profits and (iii) with respect to Anchor I Shares, Anchor I-B Shares and Anchor III Shares, 5.0% of such remaining Excess Profits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "<u>Person</u>" means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "<u>PIMCO</u>" means Pacific Investment Management Company LLC, a Delaware limited liability company, together with its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "<u>PIMCO Client</u>" refers to the applicable fund, account, entity, vehicle, product and/or similar arrangement sponsored, managed or advised by PIMCO. For the avoidance of doubt, "<u>PIMCO Clients</u>," as used in this Agreement, does not include, and should not be read to include, (a) any alternative investment vehicle, special purpose vehicle, subsidiary of the Company, Co-Investment entity, master, joint or commingled account or investment vehicle, Joint Venture, Programmatic Acquisition or other person through which the Company can make an investment or group of investments, or (b) any Asset-Backed Instrument, portfolio investment and any asset or investment of any PIMCO Client (including the Company) or PIMCO and its subsidiaries, unless the Manager determines in its discretion that such person should be treated as an PIMCO Client under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "<u>PIMCO Shares</u>" means the Series II PIMCO Shares and, as the context requires, any other Shares as designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "<u>Portfolio Asset</u>" means any asset acquired by the Company generally or a Series, including, for the avoidance of doubt, any Asset-Backed Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "<u>Portfolio Management Services</u>" shall have the meaning set forth in <u>Section</u> <u>2(c)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "<u>Programmatic Acquisitions</u>" means portfolios of Asset-Backed Instruments which are part of the same acquisition strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "<u>Reference Period</u>" means each fiscal year commencing on January 1 and ending on December 31; *provided* that the initial Reference Period shall be the period ending on December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Related Acquisition Vehicle</u>" means any U.S. or non-U.S. partnership or other entity that will serve as a feeder or parallel entity and/or another entity or structure through which Shareholders will indirectly invest in or obtain exposure to the Company or some portion or all of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "<u>RMBSs</u>" means residential mortgage-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "<u>Second Amended Operating Agreement</u>" shall have the meaning set forth in the introductory paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "<u>Securities Act</u>" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "<u>Securitization</u>" means any proposed transaction or series of related transactions in which any assets or rights to other payments (whether existing or arising in the future) are directly or indirectly transferred into a special purpose vehicle that issues interests or securities sold to investors, the payments of which are primarily dependent upon the cash flows generated by such assets or rights to payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "<u>Series</u>" refers to the Series II and, as the context requires, any other series of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "<u>Series II</u>" refers to PIMCO Asset-Based Lending Company LLC - Series II, a registered series of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "<u>Series II Investor Shares</u>" refers to the seven classes of Shares available to Shareholders through Series II: Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, Standard A Shares and Standard B Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "<u>Series II PIMCO Shares</u>" refers to E Shares and V Shares of Series II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "<u>Series II Shares</u>" refers to Series II PIMCO Shares together with the Series II Investor Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "<u>Service Provider</u>" means consultants, advisors, transaction finders or sourcers, operating partners, loan and other servicers, loan and other originators, collateral managers, program managers, property and other asset managers, leasing agents, asset monitors and administrators (including copyright administrators), developers, development managers, project managers, investment bankers, brokers, accountants, valuation agents, waterfall agents, calculation agents, paying agents, transfer agents and intermediaries, billing and collection agents, trustees, master servicers, software providers, tax preparers and consultants, analytic service providers, data management and reporting providers, technology professionals, technology providers, investor subscription platform providers, transfer service providers, pricing/modeling service providers, insurance providers, legal counsel, appraisers, industry or sector experts, joint venture partners and development partners, regulatory and compliance service providers, contract employees, outside legal counsel and/or temporary employees (as well as secondees of any of the foregoing), other persons providing similar types of services, whether working onsite at PIMCO offices or offsite as well as Affiliated Service Providers, who provide services in respect of the Company, the Related Acquisition Vehicles, their parallel vehicles and/or Portfolio Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "<u>Services Company</u>" means PIMCO Aurora LLC, a Delaware limited liability company, a subsidiary of the Manager, and any successor thereto or any other subsidiary of the Manager designated as a "Services Company" by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "<u>Shareholders</u>" refers, individually and collectively, to holders of the Company's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "<u>Shares</u>" refers, individually and collectively, to Series II Shares and, as the context requires, any other shares of the Company as designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "<u>Special Fees</u>" refers to net consulting or monitoring fees, Portfolio Asset directors' fees, closing fees and advisory services fees and similar fees, whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions of or investments in Portfolio Assets (in each case allocable to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "<u>Standard A Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "<u>Standard B Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "<u>State Street</u>" refers to State Street Bank and Trust Company, which serves as the Company's custodian and transfer agent as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "<u>Subsidiary</u>" means any subsidiary of the Company (or a Series thereof); any partnership, the general partner of which is the Company or a Series or any subsidiary of the Company or a Series; any limited liability company, the managing member of which is the Company or a Series or any subsidiary of the Company or a Series; and any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company or a Series or any subsidiary of the Company or a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "<u>Term</u>" shall have the meaning set forth in <u>Section</u> <u>14(a)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "<u>Total Return</u>" with respect to any Shares for any period since the end of the prior Reference Period shall equal the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all distributions accrued or paid (without duplication) on such Shares outstanding at the end of such period since the beginning of the then-current Reference Period; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the change in aggregate NAV of such Shares since the beginning of the Reference Period, before giving effect to (x) changes resulting solely from the proceeds of issuances of additional Shares, (y) any fee/accrual to the Performance Fee and (z) applicable shareholder servicing fee expenses (including any payments made to the Company for payment of such expenses) allocable to such Shares.

For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the NAV of any relevant Shares issued during the then-current Reference Period, (ii) exclude the proceeds from the initial issuance of such Shares, (iii) treat any withholding tax on distributions paid by or received by the Company generally or any Series as part of the distributions accrued or paid on Shares and (iv) exclude any taxes (whether paid, payable, accrued or otherwise) of any intermediate entities, and may be calculated without taking into account certain deferred tax liabilities of such intermediate entities, as determined in the good faith judgment of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "<u>V Shares</u>" shall have the meaning set forth in the Company's Governing Instruments.

Section 2. <u>Appointment and Duties of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and each of the Subsidiaries hereby appoints the Manager to manage the assets of the Company and the Subsidiaries subject to the further terms and conditions set forth in this Agreement, to the directions of the Acquisition Committee and supervision of the Board of Directors, and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties acknowledge that (i) the Manager is registered under the Advisers Act; (ii) the Manager performs its services for the Company and the Subsidiaries through the personnel and facilities of PIMCO; (iii) the Manager has no, and will have no, employees or other persons acting on its behalf other than (A) officers, partners and employees of PIMCO, or (B) other persons who are subject to the supervision and control of PIMCO; and (iv) all of the investment advisory activities of the Manager are subject to the Advisers Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and the Subsidiaries, at all times shall be subject to the directions of the Acquisition Committee and supervision of the Board of Directors and shall have only such functions and authority as the Board of Directors may delegate to it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and the Subsidiaries; *provided* that, notwithstanding anything to the contrary herein, decisions with respect to Portfolio Assets shall require approval by the Acquisition Committee. The Manager shall perform (or cause to be performed) such services and activities relating to the assets and operations of the Company and the Subsidiaries as may be appropriate, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. originating and recommending opportunities to acquire Portfolio Assets, consistent with the business objectives
and strategy of the Company and the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. monitoring and evaluating the Company's and the Subsidiaries' Portfolio Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. analyzing and investigating potential dispositions of Portfolio Assets, including realization of the
Company's assets during a wind down and/or liquidation of the Company's affairs, identification of potential acquirers and evaluations of offers made by such potential acquirers, but excluding dispositions in connection with
Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. structuring of acquisitions of Portfolio Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. establishing, acquiring or acting through special purpose vehicles or subsidiaries (including subsidiaries
controlled by the Company) that do not involve Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. identifying bank and institutional sources of financing for the Company and its Portfolio Assets, arrangement
of appropriate introductions and marketing of financial proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. preparing, reviewing, executing and entering into, in each case on behalf of the Company, all agreements and
other documents required in connection with the acquisition, disposition or financing of each Portfolio Asset, except those transactions relating to Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. administering the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the management of the Company and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without
limitation, the collection of revenues and the payment of the debts and obligations of the Company and the Subsidiaries and maintenance of appropriate computer services to perform such administrative functions, in each case, for which the Company
shall reimburse the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. monitoring the performance of Portfolio Assets and, where appropriate, providing advice regarding the
management of Portfolio Assets, other than relating to Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. arranging and coordinating the services (including research services) of other professionals and consultants,
including PIMCO personnel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. making recommendations to the Company with respect to the Company's repurchase offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. originating, recommending opportunities to form, acquiring, structuring, coordinating and assisting with
managing operations of any joint venture or Portfolio Assets held by the Company or the Subsidiaries and conducting all matters with the joint venture or other partners consistent with the business objectives and strategies of the Company
(including, for the avoidance of doubt, the power to structure joint ventures that provide that any controlling interest of the Company shall be forfeited upon termination of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. advising the Company and the Subsidiaries on, preparing, negotiating and entering into, on behalf of the
Company or the Subsidiaries, applications and agreements relating to programs established by the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. coordinating with the Dealer Manager to arrange marketing materials, advertising, industry group activities
(such as conference participations and industry organization memberships) and other promotional efforts designed to promote the Company's and the Subsidiaries' business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. communicating on behalf of the Company and the Subsidiaries with, and servicing, the holders of any of their
equity or debt securities, including as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. counseling the Company in connection with policy decisions to be made by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on
behalf of the Company and the Subsidiaries, consistent with such strategies as so modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. counseling the Company and the Subsidiaries regarding the maintenance of their exclusion from the definition of
an investment company under the Investment Company Act, monitoring compliance with the requirements for maintaining such exclusion and using commercially reasonable efforts to cause them to maintain such exclusion from such status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. furnishing reports and statistical and economic research to the Company and the Subsidiaries regarding their
activities and services performed for the Company and the Subsidiaries by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. using information obtained by the Manager in its capacity as operating manager of the Company to provide
information to, or for the benefit of, the Shareholders, including without limitation reports on valuation, portfolio positions and portfolio risk profiles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi. providing periodic reports with respect thereto to the Board of Directors, including comparative information
with respect to such operating performance and budgeted or projected operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxii. investing and reinvesting any moneys and securities of the Company and the Subsidiaries (including investing in short-term investments pending the acquisition of Asset-Backed Instruments, payment of fees, costs and expenses, or payments of dividends or distributions to shareholders and members of the Company and the
Subsidiaries), subject to the directions and supervision of the Board of Directors, and advising the Company and the Subsidiaries as to their capital structure and capital raising;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiii. assisting the Company and the Subsidiaries in retaining qualified accountants and legal counsel, as applicable,
to assist in developing appropriate accounting systems and procedures, internal controls and other compliance procedures and testing systems with respect to financial reporting obligations and to conduct quarterly compliance reviews with respect
thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiv. assisting the Company and the Subsidiaries to qualify to do business in all applicable jurisdictions and to
obtain and maintain all appropriate licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxv. assisting the Company and the Subsidiaries in complying with all regulatory requirements applicable to them in
respect of their business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act or
the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvi. assisting the Company and the Subsidiaries in taking all necessary action to enable them to make required tax
filings and reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvii. placing, or facilitating the placement of, all orders pursuant to the Manager's acquisition
determinations for the Company and the Subsidiaries either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxviii. handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement
or other proceedings or negotiations) on the Company's and/or the Subsidiaries' behalf in which the Company and/or the Subsidiaries or their respective Portfolio Assets, may be involved or to which they may be subject arising out of
their day-to-day operations (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be imposed from time to time by the Board
of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxix. using commercially reasonable efforts to cause expenses incurred by the Company and the Subsidiaries or on
their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxx. advising the Company and the Subsidiaries with respect to and structuring long-term financing vehicles for the Portfolio Assets that do not involve Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxi. serving as the Company's and the Subsidiaries' consultant with respect to decisions
regarding any of their financings, hedging activities or borrowings undertaken by the Company and the Subsidiaries other than those involving Securitizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxii. pursuant to delegation from the Board of Directors, determining, maintaining, monitoring and evaluating
valuations with respect to the Portfolio Assets of the Company in accordance with the Pricing Policies adopted by the Company (as such is amended, updated and modified from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxiii. maintaining, monitoring and evaluating Information Security Program Policy, Privacy Policy and Policy for
Handling Client Information, each adopted by the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxiv. providing the Company and the Subsidiaries with such other services as the Board of Directors may, from time to
time, appoint the Manager to be responsible for and perform, consistent with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxv. using commercially reasonable efforts to cause the Company and the Subsidiaries to comply with all applicable
laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxvi. determining any requirement for Shareholders to provide information in accordance with the LLC Agreement or the
principles thereof.

Without limiting the foregoing, the Manager shall perform portfolio management services (the "<u>Portfolio Management Services</u>") on behalf of the Company and the Subsidiaries with respect to the Portfolio Assets in accordance with the Company's acquisition objectives and acquisition strategy as stated in the Memorandum, subject to the directions and supervision of the Board of Directors. Such services will include, but not be limited to, consulting with the Company and the Subsidiaries on the purchase and sale of, and other opportunities in connection with, the Company's and the Subsidiaries' portfolios of assets; the collection of information and the submission of reports pertaining to the Company's and the Subsidiaries' assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company's and the Subsidiaries' portfolios of assets; acting as liaison between the Company and the Subsidiaries and banking, mortgage banking, investment banking and other parties with respect to the purchase, non-Securitization financing and disposition of assets; and other customary functions related to portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the period and on the terms and conditions set forth in this Agreement, the Company and each of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such credit finance, securities repurchase and reverse repurchase agreements and arrangements, warehouse finance, brokerage agreements, interest rate swap and other hedging agreements, custodial agreements and such other agreements, instruments and authorizations on their behalf, on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager may enter into agreements with other parties, including its Affiliates, for the purpose of engaging one or more parties for and on behalf, and at the sole cost and expense, of the Company and the Subsidiaries to provide loan origination services, asset management services, portfolio servicing, and/or other services to the Company and the Subsidiaries (including, without limitation, Portfolio Management Services) pursuant to agreement(s) with terms which are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value to the assets of the Company and the Subsidiaries; *provided* that (i) any such agreements entered into with Affiliates of the Manager and/or Affiliated Service Providers shall be (A) (1) on terms no more favorable to such Affiliate and/or Affiliated Service Provider than would be obtained from a third party on an arm's-length basis or (2) fair and reasonable to the Company taking into account the totality of the relationships among the parties involved, including other transactions that may be particularly favorable or advantageous to the Company, and (B) approved by a majority of the Independent Directors and (ii) (A) any such agreements shall be subject to the Company's prior written approval and (B) the Manager shall remain liable for the performance of such Portfolio Management Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition, to the extent that the Manager deems necessary or advisable, the Manager may, from time to time, propose to retain one or more additional entities for the provision of sub-advisory services to the Manager in order to enable the Manager to provide the services to the Company and the Subsidiaries specified by this Agreement; *provided* that any such agreement (i) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company and the Subsidiaries and (ii) shall be approved by the Independent Directors of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Manager may retain, for and on behalf and at the sole cost and expense of the Company and the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, valuation firms, financial advisors, due diligence firms, underwriting review firms, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company and the Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its personnel or Affiliates. Except as otherwise provided herein, the Company and the Subsidiaries shall pay or reimburse the Manager or its Affiliates performing such services for the cost thereof; *provided* that, subject to <u>Section</u> <u>10</u> of this Agreement, such costs and reimbursements are no greater than those which are expected to be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm's-length basis. The Manager shall keep the Board of Directors reasonably informed on a periodic basis as to any services provided by Affiliates of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Manager may effect transactions by or through the agency of another Person with it or its Affiliates which have an arrangement under which that party or its Affiliates shall from time to time provide to or procure for the Manager and/or its Affiliates goods, services or other benefits (including, but not limited to, research and advisory services; economic and political analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications), the nature of which is such that provision can reasonably be expected to benefit the Company and the Subsidiaries as a whole and may contribute to an improvement in the performance of the Company and the Subsidiaries or the Manager or its Affiliates in providing services to the Company and the Subsidiaries on terms that no direct payment is made but instead the Manager and/or its Affiliates undertake to place business with that party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In executing portfolio transactions and selecting brokers or dealers, the Manager shall use its commercially reasonable efforts to seek on behalf of the Company and the Subsidiaries the best overall terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors that it deems relevant, including, without limitation, the breadth of the market in the asset, the price of the asset, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker or dealer to execute a particular transaction, the Manager may also consider whether such broker or dealer furnishes research and other information or services to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subject to any internal operating policies to which the Manager is subject, the Manager has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or "posted" commission rate, but shall endeavor to be aware of the current level of charges of eligible broker-dealers and to minimize the expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies of the Company and the Subsidiaries. Although the Manager shall generally seek competitive commission rates, it is not required to pay the lowest commission or commission equivalent; *provided* that such decision is made in good faith to promote the best interests of the Company and the Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company and the Subsidiaries, prepare, or cause to be prepared, with respect to any Portfolio Asset, reports and other information with respect to such Portfolio Asset as may be reasonably requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company and the Subsidiaries, all reports, financial or otherwise, with respect to the Company and the Subsidiaries reasonably required by the Board of Directors in order for the Company and the Subsidiaries to comply with their Governing Instruments or any other materials required to be filed with any governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company's and the Subsidiaries' books of account by a nationally recognized registered independent public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company's and the Subsidiaries' acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the policies approved by the Board of Directors. The Manager shall furnish the Board of Directors with such periodic and special reports as the Board of Directors may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional moneys is proven by the Company to have been required as a direct result of the Manager's acts or omissions which result in the right of the Company and the Subsidiaries to terminate this Agreement pursuant to <u>Section</u> <u>16</u> of this Agreement, the Manager shall not be required to expend money ("<u>Excess Funds</u>") in connection with any expenses that are required to be paid for or reimbursed by the Company and the Subsidiaries pursuant to <u>Section</u> <u>10</u> in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company and the Subsidiaries to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company and the Subsidiaries under <u>Section</u> <u>14(a)</u> of this Agreement to terminate this Agreement due to the Manager's unsatisfactory performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Provided that the acquisition objectives of the Company are adhered to, the Company agrees that the Manager may aggregate sales and purchase orders of Portfolio Assets held by the Company with similar orders being made simultaneously for other accounts managed by the Manager or with accounts of the Affiliates of the Manager, if in the Manager's reasonable judgment such aggregation shall result in an overall economic benefit to the Company taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses, and the Manager may elect, where appropriate, any beneficial regulatory treatment, including real time reporting delays. The Company acknowledges that the determination of such economic benefit to the Company by the Manager represents the Manager's evaluation that the Company is benefited by relatively better purchase or sales prices, lower commission expenses and beneficial timing of transactions or a combination of these and other factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Subject to applicable law, the Manager is authorized to enter into cross trades in accordance with its cross trade policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) In performing its duties under this <u>Section</u> <u>2</u>, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other Service Providers) hired by the Manager at the Company's and the Subsidiaries' sole cost and expense. In performing its duties under this <u>Section</u> <u>2</u>, the Manager shall comply with the Code and all other applicable federal and state laws and regulations, and with any applicable policies or procedures of the Company adopted by the Board of Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Manager shall immediately notify the Board of Directors in the event the Manager or any of its Affiliates (i) becomes aware that it is subject to a statutory disqualification that prevents the Manager from serving as operating manager pursuant to this Agreement or (ii) becomes aware that it is the subject of an administrative proceeding or enforcement action by the U.S. Securities and Exchange Commission or other regulatory authority.

Section 3. <u>Devotion of Time; Additional Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager and its Affiliates shall provide the Company and the Subsidiaries with a management team, including Co-Presidents, a Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, Chief Legal Officer and Deputy Treasurer and other appropriate support personnel. The Manager is not obligated to dedicate any of its personnel exclusively to the Company, nor is the Manager or its personnel obligated to dedicate any specific portion of its or their time to the Company. The Manager's services under this Agreement shall not be exclusive, and the Manager, or any Affiliate thereof, shall be free to furnish similar services to other entities, and it intends to do so; *provided* that its services to the Company are not impaired. For the avoidance of doubt, the management, policies and operations of the Company shall be the ultimate responsibility of the Board of Directors acting pursuant to and in accordance with the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager agrees to offer the Company and the Subsidiaries the right to participate in all opportunities that the Manager determines are appropriate for the Company and the Subsidiaries in view of its objectives, policies and strategies, and other relevant factors, subject to the exception that the Company and the Subsidiaries might not participate in each such opportunity but shall on an overall basis equitably participate with the Manager's other funds and clients in relevant opportunities. Nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind to any other Person, including, without limitation, investing in, or rendering advisory services to others investing in or acquiring, any type of business (including, without limitation, acquisitions of assets that meet the principal objectives of the Company), whether or not the objectives or policies of any such other Person or entity are similar to those of the Company or the Subsidiaries or (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or assets for their own accounts or for the account of others for whom the Manager or any of its Affiliates, officers, directors, employees or personnel may be acting. When making decisions where a conflict of interest may arise, the Manager shall endeavor to allocate acquisition and financing opportunities in a fair and equitable manner over time as between the Company and the Subsidiaries and the Manager's other vehicles, funds and clients. The Manager shall keep the Board of Directors reasonably informed on a periodic basis in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Managers, partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as directors, officers, employees, personnel, agents, nominees or signatories for the Company and/or any Subsidiary, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to the Company's Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or the Subsidiaries, such persons shall use their respective titles in the Company or the Subsidiaries.

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Section 4. <u>Anti-Money Laundering and Anti-Corruption Compliance Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager acknowledges and agrees that the Company has adopted policies and procedures reasonably designed to ensure compliance with U.S. and other applicable anti-money laundering/countering the financing of terrorism and anti-corruption laws and regulations ("<u>AML/ABC Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager has reviewed the Company's Anti-Money Laundering and Economic Sanctions Policy and Anti-Corruption Policy, each as may be amended from time to time (the "<u>Policies</u>"), and acknowledges, represents, and warrants that the Company has delegated to the Manager the responsibility for achieving compliance by the Manager's personnel with the Policies and the AML/ABC Laws and that therefore (i) the Manager will comply with the Policies in performing under this Agreement; and (ii) the Manager will take all steps reasonably necessary to ensure compliance by the Company with the AML/ABC Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company acknowledges and agrees that it will promptly disclose to the Manager potentially suspicious or unusual activity detected in the course of the Company's business in order to enable the Manager and/or its delegates to comply with the AML/ABC Laws and/or the Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company acknowledges and agrees that it will, and it will take commercially reasonable actions to require any third-party administrators or agents engaged by the Company related to the offering and/or distribution of Shares to, promptly provide any documentation or other information requested by the Manager and/or its delegates as reasonably necessary or advisable in order to comply with the AML/ABC Laws and/or the Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company acknowledges that, due to AML/ABC Laws and related legislation and regulations, the Manager may require, record, and maintain further identification information from the Company and, as applicable, its Beneficial Owners,<sup>1</sup> control persons and/or anyone authorized to give instructions on the Company's behalf.

Section 5. <u>Agency</u>. The Manager shall act as agent of the Company and the Subsidiaries in acquiring, financing and disposing of Portfolio Assets, disbursing and collecting the funds of the Company and the Subsidiaries, paying the debts and fulfilling the obligations of the Company and the Subsidiaries, supervising the performance of professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and settling any claims of or against the Company and the Subsidiaries, the Board of Directors, holders of the Company's securities or representatives or property of the Company and the Subsidiaries.

Section 6. <u>Bank Accounts</u>. At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a "<u>Company Account</u>"), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary.

Section 7. <u>Records; Confidentiality</u>. The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company at any time during normal business hours upon reasonable advance notice. The Manager shall make available to the Company, the Company's administrator

<sup>1</sup> "<u>Beneficial Owner</u>" shall have the meaning given it under AML/ABC Laws, and such term shall have such meaning when used in this Agreement in the context of anti-money laundering and sanctions representations, warranties, covenants, acknowledgments, or when otherwise required. 

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and/or custodian such copies of its acquisition records and ledgers with respect to the Company as may be required to assist the administrator, the custodian and the Company in their compliance with applicable law. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and other professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company's business; (iv) to governmental officials having jurisdiction over the Company or any Subsidiary; (v) in connection with any governmental or regulatory filings of the Company or any Subsidiary or disclosure or presentations to the Company's Shareholders or prospective Shareholders; (vi) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise publicly available. The foregoing shall not apply to information which has previously become publicly available through the actions of a Person, other than the Manager, not resulting from the Manager's violation of this <u>Section</u> <u>7</u>. The provisions of this <u>Section</u> <u>7</u> shall survive the expiration or earlier termination of this Agreement for a period of one year.

Section 8. <u>Obligations of Manager; Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall require each seller or transferor of assets to the Company and the Subsidiaries to make such representations and warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Portfolio Assets, subject to the directions and supervision of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) would adversely and materially affect the Company's or any Subsidiary's status as an entity intended to be exempted or excluded from the definition of an investment company under the Investment Company Act or (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or that would otherwise not be permitted by the Company's Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager's judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, members, officers, shareholders, managers, personnel, employees and any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company's or any Subsidiary's shareholders, members or partners, for any act or omission by the Manager, its directors, members, officers, shareholders, managers, personnel, employees or any Person controlling or controlled by the Manager or any Person providing sub-advisory services to the Manager except as provided in <u>Section</u> <u>12</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors shall periodically review the Company's and the Subsidiaries' holdings of Portfolio Assets but will not review each proposed Portfolio Asset, except as otherwise provided herein. The Manager shall be permitted to rely upon the direction of the Secretary of the Company or other authorized officer to evidence the approval of the Board of Directors or the Independent Directors with respect to a proposed acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Company nor the Subsidiaries shall acquire any security structured or issued by an entity managed by the Manager or any Affiliate thereof, or purchase or sell any Portfolio Asset from or to any entity managed by the Manager or its Affiliates unless (i) the transaction is approved or pre-approved in advance by a majority of the Independent Directors; and (ii) the transaction is made in accordance with applicable laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager shall at all times during the term of this Agreement maintain "errors and omissions" insurance coverage and other insurance coverage which is customarily carried by asset and other managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company and the Subsidiaries, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Company or a Subsidiary invests in, acquires or sells assets to any joint ventures with PIMCO or its Affiliates or if it purchases assets from, sells assets to or arranges financing from or provides financing to PIMCO, PIMCO sponsored funds, including new affiliated potential pooled investment vehicles or managed accounts not yet established, whether managed or sponsored by PIMCO's Affiliates or the Manager, any such transactions shall require the approval or pre-approval of the Independent Directors.

Section 9. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Term, the Company shall pay the Manager the Management Fee monthly in arrears commencing with the month in which this Agreement was executed (with such initial payment pro-rated based on the number of days during such month that this Agreement was in effect). The Management Fee may alternatively, in the discretion of the Manager, instead be paid in whole or in part by the Company's subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Manager shall compute each installment of the Management Fee within 45 days after the end of the month with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any event to <u>Section</u> <u>11</u> of this Agreement, promptly be delivered to the Company and, upon such delivery, payment of such installment of the Management Fee shown therein shall be due and payable in cash no later than the date which is five business days after the date of delivery to the Company of such computations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of <u>Section</u> <u>11</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Management Fee may be paid, at the Manager's election, in cash or cash equivalent aggregate NAV amounts of E Shares. If the Manager elects to receive any portion of the Management Fee in E Shares, the Manager may elect to have the Company repurchase such E Shares from the Manager at a later date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Term, promptly following the end of each Reference Period (and at the other times described herein), the Manager shall be allocated Performance Fees with respect to the Investor Shares. Performance Fees shall be measured and allocated or paid on an annual basis (excluding the initial Reference Period, which will be measured and allocated or paid at the end of the initial Reference Period) and accrued monthly (subject to pro-rating for partial periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the avoidance of doubt, any applicable Shares which are repurchased during the applicable Reference Period shall be subject to the Performance Fees upon repurchase. The Manager shall be allocated a Performance Fee with respect to all Investor Shares that are repurchased in connection with the repurchase of such Shares in an amount calculated based upon the portion of the Reference Period for which such Shares were outstanding, and proceeds for any such Share repurchases shall be reduced by the amount of any such Performance Fees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Performance Fees may be paid, at the Manager's election, in cash or cash equivalent aggregate NAV amounts of E Shares or other Shares. If the Manager elects to receive any portion of the Performance Fees in E Shares or other Shares, the Manager may elect to have the Company repurchase such E Shares or other Shares from the Manager at a later date pursuant to an agreement between the Company and the Manager with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Manager shall not be obligated to return any portion of the Performance Fees paid due to the subsequent performance of the Company.

Section 10. <u>Expenses of the Company</u>. The Company shall pay all of its expenses and shall reimburse the Manager for documented expenses of the Manager incurred on its behalf (collectively, the "<u>Expenses</u>") excepting those expenses that are specifically the responsibility of the Manager as set forth herein. Expenses include all costs and expenses which are expressly designated elsewhere in this Agreement as the Company's, together with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Operating Expenses and Organization and Offering Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) expenses in connection with the issuance and transaction costs incident to the acquisition, disposition and
financing of Portfolio Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) costs of legal, tax, accounting, third party administrators for the establishment and maintenance of the books
and records, consulting, auditing, administrative and other similar services rendered for the Company, the Series and the Subsidiaries by providers retained by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the compensation and expenses of the Company's directors and the allocable share of cost of liability
insurance under a universal insurance policy covering the Manager, its Affiliates and/or the Company to indemnify the Company's directors and officers and in connection with obtaining and maintaining the insurance coverage referred to in <u>Section</u> <u>8(e)</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) costs associated with the establishment and maintenance of any of the Company's credit facilities,
repurchase agreements, and Securitization vehicles or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company's or any Subsidiary's securities
offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) expenses in connection with the application for, and participation in, programs established by the U.S.
government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) expenses connected with communications to holders of the Company's or any Subsidiary's securities
and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all
costs of preparing and filing required reports with the U.S. Securities and Exchange Commission, and the costs of preparing, printing and mailing the Company's annual report to its Shareholders and proxy materials, if any, with respect to any
meeting of the Company's Shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) costs associated with any computer software or hardware, electronic equipment or purchased information
technology services from third-party vendors that is used for the Company and the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) expenses incurred by managers, officers, personnel and agents of the Manager for travel on the Company's
behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale
or other disposition of a Portfolio Asset or establishment and maintenance of any of the Company's credit facilities, repurchase agreements, Securitization vehicles and borrowings under programs established by the U.S. government or any of the
Company's or any of the Subsidiary's securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs and expenses incurred with respect to market information systems and publications, pricing and valuation
services, research publications, and materials and settlement, clearing and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) compensation and expenses of the Company's custodian and escrow and transfer agent, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the costs of maintaining compliance with all federal, state and local rules and regulations or any other
regulatory agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all taxes and license fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all insurance costs incurred in connection with the operation of the Company's and the
Subsidiaries' business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) costs and expenses incurred in contracting with third parties, including Affiliates of the Manager, for the
servicing and special servicing of the assets of the Company and the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all other costs and expenses relating to the business operations of the Company and the Subsidiaries,
including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Portfolio Assets, including appraisal, reporting, audit and legal fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup
recovery sites and facilities, maintained for the Company and the Subsidiaries or Portfolio Assets separate from the office or offices of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) expenses connected with the payments of interest, dividends or distributions in cash or any other form
authorized or caused to be made by the Board of Directors to or on account of holders of the Company's or any Subsidiary's securities, including, without limitation, in connection with any dividend reinvestment plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise),
including any costs or expenses in connection therewith, against the Company or any Subsidiary, or against any trustee, director or officer of the Company or of any Subsidiary in his capacity as such for which the Company or any Subsidiary is
required to indemnify such trustee, director or officer by any court or governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) all costs and expenses relating to the development and management of the Company's website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) all other expenses actually incurred by the Manager (except as described below) which are reasonably necessary
for the performance by the Manager of its duties and functions under this Agreement.

The Company shall have no obligation to reimburse the Manager or its Affiliates for the salaries and other compensation of the Manager's acquisition professionals who provide services to the Company or the Subsidiaries under this Agreement except that, the Company shall reimburse the Manager or its Affiliates, as applicable, for the Company's allocable share of the compensation, including without limitation, annual base salary, bonus, any related withholding taxes and employee benefits, paid to (1) the Manager's personnel serving as the Company's Principal Financial Officer and Deputy Treasurer based on the percentage of their time spent managing the Company's affairs and (2) other legal and compliance, finance, accounting, operations, investor relations, tax, valuation, internal audit and other non-investment personnel of the Manager and its Affiliates who spend all or a portion of their time managing the Company's and the Subsidiaries' affairs. The Company's share of such costs shall be based upon the percentage of time devoted by such personnel of the Manager or its Affiliates to the Company's and the Subsidiaries' affairs. The Manager shall provide the Company with such written detail as the Company may reasonably request to support the determination of the Company's share of such costs.

In addition, the Company, at the option of the Manager, shall be required to pay the Company's *pro rata* portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses attributable to the personnel of the Manager and its Affiliates required for the operations of the Company and the Subsidiaries. These expenses shall be allocated to the Company based upon the percentage of time devoted by such personnel of the Manager or its Affiliates to the Company's and its Subsidiaries' affairs as calculated at each fiscal quarter end. The Manager and the Company may modify this allocation methodology, subject to the Independent Directors' approval.

The Manager may, at its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

In the event that there are more than one Series, the Manager shall allocate such Expenses among each Series in proportion to the size of the allocation made by each in the activity or entity to which such Expenses relate, to the extent applicable, or in such other manner as the Manager in good faith determines is fair and reasonable. In the event that there are more than one Series, each Series shall bear the fees, costs or expenses of certain services provided by, and allocable overhead of, PIMCO as well as industry executives, advisors, consultants and operating executives contracted or engaged directly or indirectly by such Series, the Manager or any Affiliated Service Provider. Certain industry executives, advisors, consultants and operating executives may be employees of PIMCO, and may be exclusive or non-exclusive independent contractors with respect to services provided to PIMCO or such Series; however, in each case, their compensation and allocable expenses shall be borne by such Series.

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The provisions of this <u>Section</u> <u>10</u> shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.

Section 11. <u>Calculations of Expenses</u>. The Manager shall prepare a statement documenting the Expenses of the Company and the Subsidiaries and the Expenses incurred by the Manager on behalf of the Company and the Subsidiaries during each calendar month, and shall deliver such statement to the Company within 45 days after the end of each calendar month. Expenses incurred by the Manager on behalf of the Company and the Subsidiaries, including expenses allocated to the Company pursuant to <u>Section</u> <u>10</u> above, may be offset by the Manager against amounts due to the Company and the Subsidiaries. The provisions of this <u>Section</u> <u>11</u> shall survive the expiration or earlier termination of this Agreement.

Section 12. <u>Limits of Manager Responsibility; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement and shall not be responsible for any action of the Acquisition Committee or the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in <u>Section</u> <u>8(b)</u> of this Agreement. The Manager, its officers, shareholders, members, managers, directors, employees, consultants, personnel, any Person controlling or controlled by the Manager and any of such Person's officers, shareholders, members, managers, directors, employees, consultants and personnel, and any Person providing sub-advisory services to the Manager (each a "<u>Manager Indemnified Party</u>") shall not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company's or any Subsidiary's shareholders, members or partners for any acts or omissions by any such Person (including, without limitation, trade errors that may result from ordinary negligence, such as errors in the decision making process or in the trade process), pursuant to or in accordance with this Agreement, except by reason of acts or omissions constituting actual fraud or willful misconduct, as determined by a final non-appealable order of a court of competent jurisdiction. The Company shall, to the full extent lawful, reimburse, indemnify and hold each Manager Indemnified Party harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys' fees) in respect of or arising from any acts or omissions of such Manager Indemnified Party made in good faith in the performance of the Manager's duties under this Agreement and not constituting such Manager Indemnified Party's actual fraud or willful misconduct; *provided* that a Manager Indemnified Party will not be entitled to indemnification under this Agreement for any losses, liabilities or damages arising out of an internal dispute solely between PIMCO, its Affiliates and their respective officers, partners, directors, shareholders, members, managers or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company (or any Subsidiary), its shareholders, members, directors, managers and officers and each other Person, if any, controlling the Company (each, a "<u>Company Indemnified Party</u>" and together with a Manager Indemnified Party, the "<u>Indemnitee</u>"), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys' fees) in respect of or arising from the Manager's actual fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indemnitee will promptly notify the party against whom indemnity is claimed (the "<u>Indemnitor</u>") of any claim for which it seeks indemnification; *provided*, *however*, that the failure to so notify the Indemnitor will not relieve the Indemnitor from any liability which it may have hereunder, except to the extent such failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such claim; *provided* that the Indemnitor notifies the Indemnitee of

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its election to assume such defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the Indemnitee will not settle or compromise such claim, and the Indemnitor will not be liable for any such settlement made without its prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor's counsel (which approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably request and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense.

Section 13. <u>No Joint Venture</u>. Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them.

Section 14. <u>Term; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect and shall continue in operation (the "<u>Term</u>") unless all of the Independent Directors agree that there has been unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries, taken as a whole. If the Company determines to terminate this Agreement as set forth above, the Company shall deliver to the Manager prior written notice of the Company's intention to terminate this Agreement based upon the terms set forth in this <u>Section</u> <u>14(a)</u> not less than 180 days prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may deliver written notice to the Company informing it of the Manager's intention to terminate this Agreement upon no less than 180 days' notice, whereupon this Agreement shall terminate effective on the latter of (i) 180 days from the day such notice is delivered or (ii) such latter date as the Manager may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company terminates this Agreement pursuant to this <u>Section</u> <u>14</u>, the Company shall forfeit any voting or other controlling interest in any Asset-Backed Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Company terminates this Agreement pursuant to this <u>Section</u> <u>14</u>, the Company shall, before the Effective Termination Date, cause the name of the Company to be changed to omit reference to "PIMCO," and the Company, any successor manager or any other Person shall make no further use of "PIMCO" or any similar name or any derivations thereof in relation to the activities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement is terminated pursuant to <u>Section</u> <u>14</u>, such termination shall be without any further liability or obligation of either party to the other, except as provided in <u>Sections</u> <u>7</u>, <u>10</u>, <u>11</u>, <u>16(b)</u> and <u>17</u> of this Agreement. In addition, <u>Sections</u> <u>12</u> and <u>22</u> of this Agreement shall survive termination of this Agreement.

Section 15. <u>Assignment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section</u> <u>15(b)</u> of this Agreement, this Agreement may not be assigned by the Manager, unless such assignment is consented to in writing by the Company, which consent shall be approved by a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another organization which is a successor (by merger, consolidation, purchase of assets, or similar transaction) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under <u>Sections</u> <u>2(c)</u>, <u>2(d)</u> and <u>2(e)</u> of this Agreement to any of its Affiliates in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the Company hereby consents to any such assignment and subcontracting. In addition, *provided* that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. In addition, the Manager may assign this Agreement to any of its Affiliates without the approval of the Independent Directors; *provided* that such assignment does not require the Company's approval under the Advisers Act.

Section 16. <u>Termination for Cause</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may terminate this Agreement effective upon 30 days' prior written notice of termination from the Board of Directors to the Manager if (i) the Manager, its agents or its assignees materially breaches any provision of this Agreement and such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or 60 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the written notice), (ii) the Manager engages in any act of actual fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary, (iii) there is an event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement, (iv) there is a commencement of any proceeding relating to the Manager's Bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition, (v) the Manager is convicted (including a plea of *nolo contendere*) of a felony, or (vi) there is a dissolution of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may terminate this Agreement effective upon 60 days' prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period (or 60 days after written notice of such breach if the Company takes steps to cure such breach within 30 days of the written notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager may terminate this Agreement in the event the Company becomes required to register as an "investment company" under the Investment Company Act, with such termination deemed to have occurred immediately prior to such event.

Section 17. <u>Action Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the effective date of termination of this Agreement (the "<u>Effective Termination Date</u>") pursuant to <u>Sections</u> <u>14</u> or <u>16</u> of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination. Upon such termination, the Manager shall forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay
over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it
and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the
custody of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If either the Company or the Manager terminates this Agreement pursuant to <u>Section</u> <u>14</u> or <u>Section</u> <u>16</u> of this Agreement, within 30 days of the Effective Termination Date, the Company shall repurchase all PIMCO Shares outstanding on the Effective Termination Date at a price equal to the net asset value per share as of the last day of the prior calendar quarter, regardless of any repurchase limitations described in the Company's Governing Instruments, share repurchase plan, or any other document describing the Company's repurchase limitations.

Section 18. <u>Release of Money or Other Property Upon Written Request</u>. The Manager agrees that any money or other property of the Company or any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the Manager's records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company's or a Subsidiary's shareholders, members or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second sentence of this <u>Section</u> <u>18</u>. The Company and each Subsidiary shall indemnify the Manager, its officers, shareholders, members, managers, directors, employees, consultants, personnel, any Person controlling or controlled by the Manager and any of such Person's officers, shareholders, members, managers, directors, employees, consultants and personnel, and any Person providing sub-advisory services to the Manager against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager's release of such money or other property to the Company or any Subsidiary in accordance with the terms of this <u>Section</u> <u>18</u>. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under <u>Section</u> <u>12</u> of this Agreement.

Section 19. <u>Notices</u>. Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by email transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Company:

PIMCO Asset-Based Lending Company LLC

650 Newport Center Drive

Newport Beach, California 92660

Attention: Crystal Porter

Email: crystal.porter@pimco.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Manager:

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, California 92660

Attention: Crystal Porter

Email: crystal.porter@pimco.com

Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this <u>Section</u> <u>19</u> for the giving of notice.

Section 20. <u>Binding Nature of Agreement; Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement.

Section 21. <u>Entire Agreement</u>. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing signed by the parties hereto.

Section 22. <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY LAWS, RULES OR PROVISIONS THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

Section 23. <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereunder shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

Section 24. <u>Headings</u>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement.

Section 25. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

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Section 26. <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 27. <u>Interpretation</u>. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

**[SIGNATURE PAGE FOLLOWS]** 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

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| | | |
|:---|:---|:---|
| PIMCO ASSET-BASED LENDING COMPANY LLC | PIMCO ASSET-BASED LENDING COMPANY LLC | PIMCO ASSET-BASED LENDING COMPANY LLC |
| By: | /s/ Jason Mandinach | /s/ Jason Mandinach |
|  | Name: | Jason Mandinach |
|  | Title: | Principal Executive Officer |
| PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | PACIFIC INVESTMENT MANAGEMENT COMPANY LLC |
| By: | /s/ Jason Mandinach | /s/ Jason Mandinach |
|  | Name: | Jason Mandinach |
|  | Title: | Managing Director |

---

[SIGNATURE PAGE OF THIRD AMENDED AND RESTATED OPERATING AGREEMENT OF

PIMCO ASSET-BASED LENDING COMPANY LLC]

## Exhibit 10.2

**Exhibit 10.2** 

**<u>INDEMNIFICATION AGREEMENT</u>**

THIS INDEMNIFICATION AGREEMENT ("Agreement") is made and entered into as of the _____ day of _______________, 2026, by and between PIMCO Asset-Based Lending Company LLC, a Delaware limited liability company ("Company") and PIMCO Asset-Based Lending Company LLC - Series II ("Series II" and together with any other series of the Company formed after the date hereof (if any), the "Series"), and _________________________ ("Indemnitee").

WHEREAS, at the request of the Company and the Series, as applicable, Indemnitee currently serves as a director or officer of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of such service or related service to the Company and the Series;

WHEREAS, as an inducement to Indemnitee to serve or continue to serve in such capacity, the Company and the Series have separately (but without duplication) agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings relating to the Company and the Series, as applicable; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Section 1. <u>Definitions</u>. For purposes of this Agreement:

(a) "Applicable Legal Rate" means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses.

(b) "Change in Control" means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date, (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company's then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person's attaining such percentage interest or (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter

(c) "Corporate Status" means the status of a person as a present or former director, manager, officer, employee or agent of the Company or a Series or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company or a Series. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company or a Series, service by Indemnitee shall be deemed to be at the request of the Company or a Series: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (A) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or a Series or (B) the management of which is controlled directly or indirectly by the Company or a Series or (ii) if, as a result of Indemnitee's service to the Company, or a Series, or any of its affiliated entities, Indemnitee is subject to duties to, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

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(d) "Disinterested Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

(e) "Effective Date" means the date set forth in the first paragraph of this Agreement.

(f) "Expenses" means any and all reasonable and out-of-pocket attorneys' fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness or deponent in or otherwise participating in a Proceeding. Expenses shall also include expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

(g) "LLCA" means the Limited Liability Company Agreement of the Company (as amended from time to time and including any schedules, exhibits, annexes or other documents attached to the LLCA).

(h) "Person" means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign.

(i) "Proceeding" includes any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, counterclaim, crossclaim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, legislative, regulatory or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee's Corporate Status, by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee's part while acting pursuant to Indemnitee's Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

Section 2. <u>Services by Indemnitee</u>. Indemnitee serves as a director or officer of the Company, and in doing so has been performing services for or on behalf of the Series. However, this Agreement shall not impose any independent obligation on Indemnitee, the Company or any Series to continue Indemnitee's service to the Company or any Series. This Agreement shall not be deemed an employment contract between the Company or any Series (or any other Person) and Indemnitee.

Section 3. <u>General</u>. The Company and the Series separately (but without duplication) shall indemnify, and advance Expenses to, Indemnitee as provided in this Agreement and as otherwise permitted by Delaware law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Delaware law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Delaware law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include and be limited by, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification provided to Indemnitee permitted by the Delaware Limited Liability Company Act (the "Act"), including, without limitation, Section 18-108 of the Act.

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Section 4. <u>Standard for Indemnification</u>. If Indemnitee is, or threatened to be made, a party to or a participant in any Proceeding, the Company and the Series separately (but without duplication) shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (i) for an act or omission occurred after the appointment of the Indemnitee as a director or officer of the Company, as applicable, but prior to March 4, 2026, such act or omission constitutes actual fraud or willful misconduct or (ii) for an act or omission occurred after March 4, 2026, such act or omission constitutes actual fraud, willful misconduct, gross negligence, bad faith, or a willful material and adverse breach of the LLCA or applicable law. Additionally, the Indemnitee will not be liable to the Company, any Series, the Company's members (the "Members"), or any other person bound by the LLCA for any losses due to any act or omission by the Indemnitee in connection with the conduct of the Company's business unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, (i) for an act or omission occurred after the appointment of the Indemnitee as a director or officer of the Company, as applicable, but prior to March 4, 2026, such Indemnitee's act or omission constitutes actual fraud or willful misconduct or (ii) for an act or omission occurred after March 4, 2026, such Indemnitee's act or omission constitutes actual fraud, willful misconduct, gross negligence, bad faith, or a willful material and adverse breach of the LLCA or applicable law.

Section 5. <u>Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful</u>. To the extent that Indemnitee was or is a party to (or otherwise becomes a participant in) any Proceeding and is successful (in whole or in part), on the merits or otherwise, in the defense of such Proceeding, the Company and the Series (without duplication) shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company and the Series (without duplication) shall indemnify Indemnitee under this Section 5 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 5, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 6. <u>Advance of Expenses for Indemnitee</u>. If Indemnitee is, or is threatened to be, made a party to, a witness or other participant in any Proceeding, the Company and the Series (without duplication) shall, without requiring a preliminary determination of Indemnitee's ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with (a) such Proceeding if it is initiated by a third party who is not a Member of the Company or a Series or (b) such Proceeding if it is initiated by a Member of the Company or a Series acting in his or her capacity as such, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or a Series. The Company shall make such advance or advances of incurred Expenses within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding, which advance may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee's payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as <u>Exhibit A</u> or in such form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 6 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee's financial ability to repay such advanced Expenses and without any requirement to post security therefor.<u> </u>

Section 7. <u>Indemnification as a Witness or Other Participant</u>. To the extent that Indemnitee is or may be, by reason of service in Indemnitee's Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company, any Series or any other Person, and to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or

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statements shall reasonably evidence to the Board of Director's satisfaction the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an affirmation and undertaking substantially in the form attached hereto as <u>Exhibit A</u> or in such form as may be required under applicable law as in effect at the time of execution thereof.

Section 8. <u>Procedure for Determination of Entitlement to Indemnification</u>.

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee's sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

(b) Upon written request by Indemnitee for indemnification pursuant to Section 8(a) above, a determination with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case: (i) by the Board of Directors by a majority vote of the Disinterested Directors (even if less than a quorum) or by a majority vote of a committee of the Board of Directors consisting of one or more Disinterested Directors designated to act in the matter by a majority vote of the Disinterested Directors (even if less than a quorum), or (ii) if so directed by the Board of Directors, by the shareholders of the Company, other than directors or officers who are parties to the Proceeding. If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the Person or Persons making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such Person or Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors. Any Expenses incurred by Indemnitee in so cooperating with the Person or Persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

Section 9. <u>Presumptions and Effect of Certain Proceedings</u>.

(a) In making any determination with respect to entitlement to indemnification hereunder, the Person or Persons (including any court having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of <u>nolo</u> <u>contendere</u> or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

(c) The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or a Series or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

Section 10. <u>Remedies of Indemnitee</u>.

(a) If (i) a determination is made pursuant to Section 8(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 6 or 7 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 8(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of

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indemnification is not made pursuant to Section 5 or 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the LLCA of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Delaware, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee's entitlement to indemnification or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 10(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee's rights under Section 5 of this Agreement. Except as set forth herein, the provisions of Delaware law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

(b) In any judicial proceeding or arbitration commenced pursuant to this Section 10, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 10, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 6 of this Agreement until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

(c) If a determination shall have been made pursuant to Section 8(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 10, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

(d) In the event that Indemnitee is successful in seeking, pursuant to this Section 10, a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

(e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under Title 6, Section 2301 of the Delaware Code for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Section 6 or 7 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 8(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.

Section 11. <u>Defense of the Underlying Proceeding</u>.

(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

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(b) Subject to the provisions of the last sentence of this Section 11(b) and of Section 11(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 days following receipt of notice of any such Proceeding under Section 11(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise with respect to Indemnitee which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 11(b) shall not apply to a Proceeding brought by Indemnitee under Section 10 of this Agreement.

(c) Notwithstanding the provisions of Section 11(b) above, if in a Proceeding to which Indemnitee is a party (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 10(d) of this Agreement), to represent Indemnitee in connection with any such matter.

Section 12. <u>Non-Exclusivity; Survival of Rights; Subrogation</u>.

(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the LLCA, any agreement or a resolution of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the LLCA, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(c) The Company's obligation to indemnify or make advances hereunder to Indemnitee who is or was serving at the request of the Company as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advances from such other corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise.

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Section 13. <u>Insurance</u>.

(a) The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of service in Indemnitee's Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of service in Indemnitee's Corporate Status. In the event of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 300% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the Change in Control. In the event that 300% of the annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount.

(b) Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 13(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

(c) Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

Section 14. <u>Coordination of Payments</u>. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

Section 15. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

Section 16. <u>Reports to Shareholders</u>. To the extent required by the Act or the Exchange Act, the Company shall report in writing to its shareholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the Annual Report on Form 10-K of the Company next following the date of the payment of any such indemnification or advance of Expenses.

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Section 17. <u>Duration of Agreement; Binding Effect</u>.

(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, manager, officer, employee or agent of the Company or a Series or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company or a Series and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 10 of this Agreement).

(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company or a Series), shall continue as to an Indemnitee who has ceased to be a director, manager, officer, employee or agent of the Company or a Series or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company or a Series, and shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

(c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company or a Series, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

(d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

Section 18. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable that is not itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal or otherwise unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 19. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts (delivery of which may be by facsimile or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

Section 20. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

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Section 21. <u>Modification and Waiver</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

Section 22. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

(a) If to Indemnitee, to the address set forth on the signature page hereto.

(b) If to the Company or any Series, to:

PIMCO Asset-Based Lending Company LLC

650 Newport Center Drive

Newport Beach, California 92660

Attn: Ryan Leshaw

or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

Section 23. <u>Governing Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflicts of laws rules.

Section 24. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, among the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the LLCA, any directors' and officers' insurance maintained by the Company or any Series and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

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| | |
|:---|:---|
| PIMCO ASSET-BASED LENDING COMPANY LLC | PIMCO ASSET-BASED LENDING COMPANY LLC |
| By: |  |
|  | Name: |
|  | Title: |
| PIMCO ASSET-BASED LENDING COMPANY LLC - SERIES II | PIMCO ASSET-BASED LENDING COMPANY LLC - SERIES II |
| By: |  |
|  | Name: |
|  | Title: |

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| |
|:---|
| INDEMNITEE |
| <br> Name: |
| Address: |

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**EXHIBIT A** 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

To: The Board of Directors of PIMCO Asset-Based Lending Company LLC

Re: Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the _____ day of _______________, 2026, by and between PIMCO Asset-Based Lending Company LLC, a Delaware limited liability company ("PALCO") and PIMCO Asset-Based Lending Company LLC - Series II ("Series II" and together with any other Series of PALCO formed after the date hereof (if any), the "Series", and the Series together with PALCO, the "Company"), and the undersigned Indemnitee (the "Indemnification Agreement"), pursuant to which I am entitled to advance of Expenses in connection with **[Description of Proceeding]** (the "Proceeding").

Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

I am subject to the Proceeding by reason of service in my Corporate Status. I hereby affirm my good faith belief that at all times, insofar as I was involved as a director, manager or officer of the Company, in any of the facts or events giving rise to the Proceeding, (i) after my appointment as a director or officer of the Company, as applicable, but prior to March 4, 2026, I did not act or omit to act with actual fraud or willful misconduct and (ii) after March 4, 2026, I did not act or omit to act with actual fraud, willful misconduct, gross negligence, bad faith, or commit a willful material and adverse breach of the Limited Liability Company Agreement of the Company ("LLCA") or applicable law.

In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the "Advanced Expenses"), I hereby agree that if, in connection with the Proceeding, it is established by a final and non-appealable judgment entered by a court of competent jurisdiction that (1) (a) an act or omission by me occurred after my appointment as a director or officer of the Company, as applicable, but prior to March 4, 2026 constituted actual fraud or willful misconduct or (b) an act or omission by me occurred after March 4, 2026 constituted actual fraud, willful misconduct, gross negligence, bad faith, or a willful material and adverse breach of the LLCA or applicable law or (2) in the case of any alleged federal or state securities law violation by me, (a) there was not a successful adjudication on the merits of each count involving alleged securities law violations, (b) such claims were not dismissed with prejudice on the merits by a court of competent jurisdiction or (c) a court of competent jurisdiction, which had been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws, did not approve a settlement of such claims and find that indemnification of the settlement and related costs should be made, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this day of____________, 20 __.

<br> Name:<br>

## Exhibit 10.3

**Exhibit 10.3** 

**PIMCO ASSET-BASED LENDING COMPANY LLC** 

Second Amended and Restated Distribution Reinvestment Plan

Effective as of June 15, 2026

PIMCO Asset-Based Lending Company LLC ("PALCO"), PIMCO Asset-Based Lending Company LLC - Series II ("Series II", together with any other series (if formed), the "Series", and the Series together with PALCO, the "Company"), hereby adopts the following Second Amended and Restated Distribution Reinvestment Plan (the "Plan") with respect to distributions declared by its board of directors (the "Board") and issued by the Series, on shares of PALCO's limited liability interests in the Series (the "Shares"). This Plan amends and restates in its entirety the Amended and Restated Distribution Reinvestment Plan adopted by the Company on November 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Participation; Agent</u>. The Company's Plan is available to shareholders of record (the "Shareholders") of the Shares. State Street Bank and Trust Company (the "Plan Administrator") acting as agent for each participant in the Plan, will apply distributions from the Series (each, a "Distribution" and collectively, "Distributions"), net of any applicable withholding taxes, that become payable to such participating Shareholder on Shares (including Shares held in the participating Shareholder's name and Shares accumulated under the Plan), to the purchase of additional whole and fractional Shares for such participating Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Eli</u>g<u>ibility, Participation and Election to Withdraw</u>. Participation in the Plan is limited to Shareholders that are registered owners of Shares, and is subject to any limitations on the Share ownership and Share transfers described in our private placement memorandum, as may be amended and/or supplemented from time to time (the "PPM"). The Board reserves the right to amend or terminate the Plan. Shareholders automatically participate in the Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating Shareholder. If participating in the Plan, a Shareholder is required to include all of the Shares owned by such Shareholder in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Share Purchases</u>. When the Company declares a Distribution, the Plan Administrator, on the Shareholder's behalf, will receive additional authorized Shares from the Series either newly issued or repurchased from Shareholders by the Company and held as treasury shares. The number of Shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution, net of any applicable withholding taxes, by the Series' net asset value per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charged on Shares issued to a Shareholder under the Plan. All Shares purchased under the Plan will be held in the name of the relevant participant. In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the Plan, the Plan Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the Plan. If a Shareholder requests that the Company repurchase all of the Shareholder's Shares, any Shares issued to the Shareholder under the Plan subsequent to the expiration of the repurchase offer will be considered part of the Shareholder's repurchase request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Timing of Purchases</u>. The Company expects to issue Shares pursuant to the Plan, immediately following each Distribution payment date and the Plan Administrator will make every reasonable effort to reinvest all Distributions on the day the Distribution is paid (except where necessary to comply with applicable securities laws) by the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Account Statements</u>. The Plan Administrator will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Plan Administrator will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the Plan. The Plan Administrator will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable but not later than 10 business days after the date thereof. No less frequently than quarterly, the Plan Administrator will provide to each participant an account statement showing (i) the Distributions reinvested during the quarter; (ii) the number, Series, and type of Shares purchased pursuant to the Plan during the quarter; (iii) the per share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the participant under the Plan. On an annual basis, tax information with respect to income earned on Shares under the Plan for the calendar year will be provided to each applicable participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. There will be no direct expenses to participants for the administration of the Plan. There is no direct service charge to participants with regard to purchases under the Plan; however, the Company reserves the right to amend the Plan to include a service charge payable by the participants. All fees associated with the Plan will be paid by the Company or the respective Series, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Taxation of Distributions</u>. Each shareholder of Series II ("Series II Shareholder") is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of Series II in computing its U.S. federal income tax liability, regardless of whether Distributions are made. Distributions of cash by Series II to a Series II Shareholder generally are not taxable to such Series II Shareholder unless the amount of cash distributed to such Series II Shareholder is in excess of the Series II Shareholder's adjusted basis in its Series II Shares. Accordingly, a Series II Shareholder participating in the Plan may need to use cash from other sources in order to pay any tax liability in respect of its allocable share of items of income and gain allocated to such Series II Shareholder by Series II. Participants in the Plan are urged to refer to "Section VII. 4. Certain United States Federal Income Tax Considerations" of the PPM for additional information regarding the tax consequences of the purchase, ownership and disposition of Series II Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Absence of Liabilit</u>y. Neither the Company nor the Plan Administrator shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Company nor the Plan Administrator shall be liable for any act done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a participant's account prior to receipt of written notice of such participant's death, or (b) with respect to the time and the prices at which Shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination of Participation</u>. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the Plan at any time by written instructions to that effect to the Plan Administrator. Such written instructions must be received by the Plan Administrator ten (10) business days prior to the record date of the Distribution or the Shareholder will receive such Distribution in Shares through the Plan. Any transfer of Shares by a participant to a non-participant will terminate participation in the Plan with respect to the transferred Shares. If a Shareholder requests that the Company repurchase all or any portion of the Shareholder's Shares, the Shareholder's participation in the Plan with respect to the Shareholder's Shares for which repurchase was requested but that were not repurchased will be terminated. If a Shareholder terminates Plan participation, the Company may, at its option, ensure that the terminating Shareholder's account will reflect the whole number of Shares in such Shareholder's account and provide a check or other instrument of payment for the cash value of any fractional share in such account. Upon termination of participation in the Plan for any reason, future distributions will be distributed to the Shareholder in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or terminated by the Company at any time in its sole and absolute discretion. The Company intends to file such amendment or supplement with the Securities and Exchange Commission as an exhibit to a subsequent appropriate filing made by the Company and shall be deemed to be accepted by each participant unless, prior to its effective date thereof, the Plan Administrator receives written notice of termination of the participant's account. Amendment may include an appointment by the Company or the Plan Administrator with the approval of the Company of a successor agent, in which event such successor shall have all of the rights and obligations of the Plan Administrator under this Plan. The Company may suspend the Plan at any time without notice to the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governin</u>g <u>Law</u>. This Plan and the authorization form signed by the participant (which is deemed a part of this Plan) and the participant's account shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Definitions</u>. Capitalized terms used but not defined herein will be given the meaning ascribed to them in the PPM.

## Exhibit 10.4

**Exhibit 10.4** 

**PIMCO ASSET-BASED LENDING COMPANY LLC** 

Amended and Restated Share Repurchase Plan

Effective as of June 15, 2026

**Definitions** 

*Operating Manager –* shall mean Pacific Investment Management Company LLC, a Delaware limited liability company.

*Anchor Shares* – shall mean the Anchor I Shares, the Anchor I-B Shares, the Anchor II Shares, the Anchor II-B Shares and the Anchor III Shares.

*Anchor I Shares* – shall mean the limited liability company interests designated as Anchor I Shares of Series II.

*Anchor I-B Shares* – shall mean the limited liability company interests designated as Anchor I-B Shares of Series II.

*Anchor II Shares* – shall mean the limited liability company interests designated as Anchor II Shares of Series II.

*Anchor II-B Shares* – shall mean the limited liability company interests designated as Anchor II-B Shares of Series II.

*Anchor III Shares* – shall mean the limited liability company interests designated as Anchor III Shares of Series II.

*E Shares* – shall mean the limited liability company interests designated as E Shares of Series II.

*Standard A Shares* – shall mean the limited liability company interests designated as Standard A Shares of Series II.

*Standard B Shares* – shall mean the limited liability company interests designated as Standard B Shares of Series II.

*Company* – shall mean PIMCO Asset-Based Lending Company LLC, a Delaware limited liability company and, as context requires, any or all Series thereof.

*Dealer Manager* – shall mean PIMCO Investments LLC.

*NAV* – shall mean the net asset value of the Company attributable to its Shareholders or the net asset value of a class of its Shares, as the context requires, determined in accordance with the Company's valuation policies and procedures.

*NAV per Share* – shall mean the NAV for the applicable type of Share.

*Plan* – shall mean this Share Repurchase Plan of the Company.

*Shares* – shall mean the Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, E Shares, Standard A Shares and Standard B Shares of Series II, as applicable.

*Shareholders* – shall mean the holders of Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, E Shares, Standard A Shares or Standard B Shares of Series II, as applicable.

*Transaction Price* – shall mean the repurchase price per Share for each type of Shares, which shall be equal to the then-current offering price before withholding taxes, applicable selling commissions and dealer manager fees.

Any terms used herein but not defined shall have the meaning given them in the Company's registration statement on Form 10 on file with the U.S. Securities and Exchange Commission (the "SEC"), or as otherwise defined in more recent Exchange Act filings by the Company.

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**Share Repurchase Plan** 

Shareholders may request that the Company repurchase its Shares through their financial advisor or directly with the Company's transfer agent. The procedures relating to the repurchase of the Company's Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may
impact the time necessary to process such repurchase request, impose more restrictive deadlines than described under this Plan, impact the timing of a Shareholder receiving repurchase proceeds and require different paperwork or process than
described in this Plan. Shareholders should contact their broker-dealer first if they want to request the repurchase of their Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under this Plan, the Company may choose to, or choose not to, conduct repurchases for any particular quarter. To
the extent the Company chooses to repurchase Shares in any particular quarter, the Company will only repurchase Shares during the repurchase window, which the Company expects (but does not guarantee and may change in its sole discretion) will open
at least 10 business days before the publishing of the prior-quarter NAV during each quarter, and remain open until the <u>later of</u> (a) 20 business days in total have elapsed since the opening of the repurchase window or (b) 10 business days
have elapsed following the date on which NAV per Share as to each type of Share is made publicly available. To have Shares repurchased, a Shareholder's repurchase request and required documentation must be received by the Company's
transfer agent in good order by 4:00 p.m. (Eastern time) no later than the last business day of the repurchase window (such last business day, the "Repurchase Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company expects settlements of Share repurchases to be made within three to five business days of the
Repurchase Date. Repurchase requests received and processed by the Company's transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date (which will generally be equal to the
applicable NAV per Share as of the last day of the prior quarter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Shareholder may withdraw its, his or her repurchase request by notifying the transfer agent directly or through
the Shareholder's financial intermediary. Repurchase requests must be cancelled (by notice to the Company) before 4:00 p.m. (Eastern time) on the applicable Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase requests received and processed by the Company's transfer agent on a business day, but after the
close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be
determined by the Company, in its sole discretion, and such determination shall be final and binding.

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders may also receive repurchase proceeds via wire transfer; provided that wiring instructions for their
brokerage account or designated U.S. bank account are provided. For all repurchases paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another financial institution; provided that
the Shareholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating a bank or brokerage account on file. Funds will be wired
only to U.S. financial institutions (ACH network members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A medallion signature guarantee will be required in certain circumstances described below. A medallion signature
guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The
three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that
are not participating in any of these medallion programs will not be accepted.

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A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Shareholder wishes to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Shareholder's address of record for the past 30 days; or (3) the Company's transfer agent cannot confirm a Shareholder's identity or suspects fraudulent activity. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Shareholder has made multiple purchases of the Company's Shares, any of the Shareholder's
repurchase requests will be processed on a first in/first out basis unless otherwise requested in the repurchase request.

***Minimum Account Repurchases***

In the event that any Shareholder fails to maintain the minimum balance of $500 of the Company's Shares, the Company may repurchase all of the Shares held by that Shareholder at the repurchase price in effect on the date the Company determines that such Shareholder has failed to meet the minimum balance. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV per Share.

***Early Repurchase Fee***

Requests for repurchase will be subject to an early repurchase fee (the "Early Repurchase Fee") of 5% of the NAV of any Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares and/or Anchor III Shares repurchased from a Shareholder, in each case, if such Shares are repurchased within 24 months of the date at which the Company first issues Anchor Shares to third-party investors (the "Launch Date"). For the avoidance of doubt, E Shares, Standard A Shares and Standard B Shares will not be subject to an Early Repurchase Fee.

Any Early Repurchase Fee will inure to the benefit of the Company. The Company may, from time to time, waive the Early Repurchase Fee in the case of repurchases resulting from death, qualifying disability or divorce.

For certain feeder vehicles and similar arrangements in certain markets, the Company may not apply the Early Repurchase Fee to the feeder vehicles or underlying investors, often because of administrative or systems limitations. Further, the Company may not apply the Early Repurchase Fee on repurchases of the Company's Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

All questions as to the applicability of the Early Repurchase Fee including the specific facts pertaining thereto and the validity, form and eligibility (including time of receipt of required documents) of a waiver from the Early Repurchase Fee will be determined by the Company or the Operating Manager, in their sole discretion, and their determination will be final and binding.

***Sources of Funds for Repurchases***

The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds and the sale of the Company's assets, and the Company has no limits on the amounts it may fund from such sources, as long as the Company is able to pay its indebtedness as it becomes due in the usual course of business and its total assets are not less than its total liabilities.

***Repurchase Limitations***

The Company may repurchase fewer Shares than have been requested in any particular calendar quarter to be repurchased under this Repurchase Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, E Shares, Standard A Shares and Standard B Shares (including repurchases at certain non-U.S. investor access funds primarily created to hold Shares of the Company, if applicable) will be limited to no more than 5.0% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months).

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In the event that the Company determines to repurchase some but not all of the Shares submitted for repurchase during any quarter, Shares submitted for repurchase during such quarter will be repurchased on a pro rata basis after the Company has repurchased all Shares for which repurchase has been requested due to death, disability, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the Shareholder and any minimum account repurchases made by the Company. Any such repurchase requests due to death, disability, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence will be subject to the Company's approval following a review of supporting documents evidencing the applicable event, and the applicable event must have occurred <u>post</u> purchase of the Shares by the relevant Shareholder. All unsatisfied repurchase requests must be resubmitted in a later quarter. The Transaction Price for each quarter will be available on the Company's website at <u>www.pimco.com/palcoseriesii</u> and in Exchange Act filings filed with the SEC.

Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in illiquid instruments rather than repurchasing the Company's Shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer Shares in any particular quarter than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend this Plan if, in its reasonable judgment, it deems such action to be in the best interest of the Company and its Shareholders. Alternatively, in the event that we receive repurchase requests in excess of applicable limits, the Board may consider, in its sole discretion, steps in order to provide additional liquidity to Shareholders, including tender offers or other measures. In addition, the Board may make the determination to terminate our Repurchase Plan, temporarily or permanently, and institute a tender offer or other liquidity plan, in compliance with applicable law, regulation and policy, in its place. Material modifications, including any amendment to the 5.0% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Shareholders in an Exchange Act filing by us. Material modifications will also be disclosed on the Company's website. In addition, the Company may determine to suspend this Plan due to regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before Shares are repurchased. Once this Plan is suspended, this Plan requires the Company's board of directors to consider the recommencement of the plan at least quarterly. Continued suspension of this Plan would only be permitted under the Plan if the Board determines that the continued suspension of the Plan is in the best interest of the Company and its Shareholders. The Company's board of directors must affirmatively authorize the recommencement of this Plan before Shareholder requests will be considered again. The Company's board of directors cannot terminate this Plan absent a liquidity event which results in Shareholders receiving cash or securities listed on a national securities exchange, or results in the Shares being quoted on the over the counter market or otherwise becoming traded on a secondary market or where otherwise required by law.

Shareholders who are exchanging a type of the Company's Shares for Shares of a type with an equivalent aggregate NAV will not be subject to, and will not be treated as repurchase for the calculation of, the 5% quarterly limitations on repurchases.

***Items of Note***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders will not receive interest on amounts represented by uncashed repurchase checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be
suspended, restricted or canceled and the proceeds may be withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of the Company's Shares requested to be repurchased must be beneficially owned by the Shareholder of
record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Shareholder of record of the Shares or his or her estate, heir or beneficiary, and such Shares must be
fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the Shares requested for repurchase are not subject to any liens or
encumbrances. If the Company determines that a lien exists against the Shares, the Company will not be obligated to repurchase any Shares subject to the lien.

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**Mail and Telephone Instructions** 

The Company and its transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Shareholder transactions if they reasonably believe that such instructions were genuine. The Company's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Shareholder to provide certain specific identifying information on file and sending written confirmation to Shareholders of record no later than five days following execution of the instruction. Failure by the Shareholder or its agent to notify the Company's transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy will relieve the Company, the Company's transfer agent and the financial advisor of any liability with respect to the discrepancy.

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PIMCO Asset-Based Lending Company LLC Repurchase Authorization Use this form to request repurchase of your shares in PIMCO Asset-Based Lending Company LLC. Please complete all sections below. PIMCO Asset-Based Lending Company LLC Repurchase Authorization Use this form to request repurchase of your shares in PIMCO Asset-Based Lending Company LLC. Please complete all sections below. (1) REPURCHASE FROM THE FOLLOWING ACCOUNT NAME(S) ON THE ACCOUNT TELEPHONE NUMBER ACCOUNT NUMBER SOCIAL SECURITY NUMBER/TIN FINANCIAL ADVISOR NAME FINANCIAL ADVISOR PHONE NUMBER (2) REPURCHASE AMOUNT Type of Share Class to be repurchased: (Check one) ☐ All Shares ☐ Number of Shares ☐ Dollar Amount (3) REPURCHASE TYPE (Check one) ☐ Normal ☐ Death ☐ Disability ☐ Divorce ☐ Dissolution ☐ Bankruptcy ☐ Insolvency ☐ Adjudicated Incompetence Additional documentation is required if repurchasing due to Death, Disability, Divorce, Dissolution, Bankruptcy, Insolvency, or Adjudicated Incompetence. Contact Investor Relations for detailed instructions at PALCOTA_INQ@statestreet.com. (4) PAYMENT INSTRUCTIONS Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the Custodian or Broker/Dealer of record, as applicable. All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature. (Check one) ☐ Cash/Check Mailed to Address of Record (Only available for Non-Custodial and Non-Broker Controlled Accounts) ☐ Cash/Check Mailed to Third Party/Custodian (Signature Guarantee required) ☐ I authorize PIMCO Asset-Based Lending Company LLC or its agent to deposit my distribution into my checking or savings account. NAME / ENTITY NAME / FINANCIAL INSTITUTION MAILING ADDRESS CITY STATE ZIP CODE ACCOUNT NUMBER Cash/Direct Deposit Attach a pre-printed voided check. (Non-Custodian Investors Only) I authorize PIMCO Asset-Based Lending Company LLC or its agent to deposit my distribution into my checking or savings account. In the event that PIMCO Asset-Based Lending Company LLC deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit. FINANCIAL INSTITUTION NAME MAILING ADDRESS CITY STATE ZIP CODE ACCOUNT NUMBER YOUR BANK'S ABA ROUTING NUMBER YOUR BANK ACCOUNT NUMBER PLEASE ATTACH A PRE-PRINTED VOIDED CHECK

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PIMCO Asset-Based Lending Company LLC Repurchase Authorization (5) AUTHORIZATION AND SIGNATURE IMPORTANT: Signature Guarantee may be required if any of the following applies: Amount to be repurchased is $500,000 or more. The repurchase is to be sent to an address other than the address we have had on record for the past 30 days. The repurchase is to be sent to an address other than the address on record. If an individual's name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name. The repurchase proceeds are deposited directly according to banking instructions provided on this form. (Non Custodial Investors Only) INVESTOR NAME SIGNATURE DATE CO-INVESTOR NAME SIGNATURE DATE CUSTODIAN AND/OR BROKER/DEALER AUTHORIZATION SIGNATURE OF AUTHORIZED PERSON Medallion Signature Guarantee (REQUIRED)

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www.pimco.com/palcoseriesiiwww.pimco.com/palcoseriesii PIMCO Asset-Based Lending Company LLC Repurchase Authorization (5) AUTHORIZATION AND SIGNATURE Please refer to the private placement memorandum you received in connection with your initial investment in PIMCO Asset-Based Lending Company LLC, as amended by any amendments or supplements to that private placement memorandum for a description of the current terms of our share repurchase plan. The repurchase price and repurchase window dates will be available at www.pimco.com/palcoseriesii and with the U.S. Securities and Exchange Commission. There are various limitations on your ability to request that we repurchase your shares. In addition, the aggregate NAV of total repurchases of Anchor I Shares, Anchor I-B Shares, Anchor II Shares, Anchor II-B Shares, Anchor III Shares, E Shares, Standard A Shares and Standard B Shares (collectively, "Shares") will be limited up to 5% of the aggregate NAV of our outstanding Shares at a price based on the NAV per Share for each applicable type as of the last business day of the quarter prior to the commencement of the share repurchase. Our board of directors may determine to make exceptions to amend or suspend our share repurchase plan without shareholder approval. Material modifications to and suspensions of the share repurchase plan will be made available at www.pimco.com/palcoseriesii. Repurchase of shares, when requested, will generally be made quarterly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the last business day of the repurchase window for the applicable quarter. A shareholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the shareholder's financial intermediary, on our toll-free, automated telephone line, (844) 705-0386. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the last business day of the repurchase window for the applicable quarter. We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. If share repurchases are conducted in a given quarter, such share repurchases under our share repurchase plan will be effectuated within 3 to 5 business days of the closing of the repurchase window of each calendar quarter and we expect to declare monthly distributions at the discretion of the board of directors with a record date as of the close of business of the last calendar day of each month commencing with the end of the first full calendar quarter after PIMCO Asset-Based Lending Company LLC accepts the first subscriptions from third-party investors. You will not be entitled to receive a distribution if your shares are repurchased prior to the applicable time of the record date. Questions regarding your account should be directed to: PALCOTA_INQ@statestreet.com Regular Mail To: PIMCO Asset-Based Lending Company LLC P.O. Box 5493 Boston, MA 02206 Overnight To: PIMCO Asset-Based Lending Company LLC 1776 Heritage Drive Mail Code: JAB/3 North Quincy, MA 02206 www.pimco.com/palcoseriesiiwww.pimco.com/palcoseriesii

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PIMCO Asset-Based Lending Company LLC Repurchase Authorization Required Pre-Clearance Questions If you are a PIMCO or PALCO employee, certain non-employee personnel1, officer, director, or an Immediate Family Member thereof,2 please select one or more applicable option(s) below (required) and complete the Pre-Clearance Questions below: ☐ PIMCO employee/personnel or Immediate Family Member PALCO officer or director (including PIMCO employee who is PALCO officer or director) or Immediate Family Member For all transactions via the Executive Deferred Compensation Plan or otherwise in respect of PALCO, please answer the following questions to the best of your knowledge and belief: Yes No Do you have any questions about the fact that written approval is required prior to (i) transferring an interest in or (ii) partially or fully requesting repurchases of shares of in PALCO prior to PALCO being wound down an that requests to transfer or have shares repurchased will be reviewed on a case-by-case basis and there is no guarantee that the request will be approved? ☐ ☐ Do you possess information regarding any material and nonpublic changes to PALCO (e.g., pending changes in the share repurchase plan withdrawal rights, changes to the strategy, key personnel, material changes to NAV or otherwise)? ☐ ☐ Do you have any questions regarding your obligations under PIMCO's MNPI Policy, which prohibits (i) sharing material non-public information about PALCO or PALCO's holdings with any individual who is not authorized to possess such information; or (ii) using such information to make or influence others to make an investment decision with respect to PALCO? ☐ ☐ Are you a Section 16 filer of PALCO? ☐ ☐ If yes, have you engaged in any opposite way transaction with PALCO, including compensation with PALCO, within the last 180 days? ☐ ☐ 1 personnel includes certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO or its affiliates and subject to PIMCO's Code of Ethics. 2 "Immediate Family Member" means the child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, or mother-, father-, son-, daughter-, brother-, or sister in-law of an officer or director, and includes adoptive relationships.

## Exhibit 10.5

**Exhibit 10.5**![LOGO](g116335dsp141.jpg)

Exhibit10.5 PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors The undersigned (the "Subscriber") hereby tenders this Subscription Agreement and applies for the purchase of the dollar amount of limited liability company interests (the "Shares") in Series II of PIMCO Asset-Based Lending Company LLC ("PALCO" or the "Company") set forth below. PALCO is managed by its operating manager, Pacific Investment Management Company LLC (the "Manager" and together with its affiliates and subsidiaries, "PIMCO"). Please see the confidential private placement memorandum, as may be amended and/or supplemented from time to time ("PPM"), for complete details regarding the offering by PALCO. This Subscription Agreement must be used only for the purpose of purchasing the Shares in Series II of PALCO. (1) A. Investment YOUR Investment Amount $($10,000 minimum initial investment) INVESTMENT For your subscription request to be accepted for any given month, the full investment amount above must be received by PALCO's custodian or its designee no later than 4 PM EST five (5) business days prior to the first calendar day of the applicable month (unless waived). B. Investment Method Please identify the bank or other financial institution from which the Subscriber's funds will be wired. Name of U.S. financial institution: Address: Routing Number (ABA): Beneficiary Number: Beneficiary Account Name: Account Number: Account Name: Account Representative: Telephone: Intermediary Bank Name Intermediary Bank SWIFT Code: Beneficiary Bank Name: Beneficiary Bank SWIFT Code: Beneficiary Bank Account Number: Remittance Remarks: Repurchase proceeds will only be remitted to the financial institution from which the investment amounts originated, unless PALCO consents otherwise in its sole discretion. In the event that you elect to opt out of the Distribution Reinvestment Plan, any distributions will be remitted to the financial institution from which the investment amounts originated, unless PALCO consents otherwise in its sole discretion. Repurchase requests may be submitted to PALCO's administrator (the "Administrator"), provided that the signed repurchase request is received by the Administrator prior to the end of the repurchase window in accordance with the PPM. If requested, the Administrator will undertake to promptly confirm in writing all repurchase requests which are received in good order. Subscribers failing to receive such requested written confirmation from the Administrator should contact the Administrator to obtain the same. C. Share Selection (required) Series II – Anchor I Shares Series II – Anchor I-B Shares Series II – Anchor II Shares Series II – Anchor II-B Shares Series II – Anchor III Shares Series II – Standard A Shares Series II – Standard B Shares Series II – E Shares (2) Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other Trustee(s) and/or authorized signatory(s) information MUST be provided in Sections 3.A and 3.B OWNERSHIP TYPE (Select Only One) Entity Name Tax ID Number Date of Trust Exemptions or Formation (See Form W-9 instructions at www.irs.gov) Entity Type (Select one. Required) Retirement Plan Trust S-Corp C-Corp LLC Partnership Other If you are applying for the purchase of Shares in Series II and you (i) checked "Trust" above, (ii) checked "LLC" above and are treated as a partnership for U.S. federal income tax purposes or (iii) checked "Other" above and are an estate, please check this box if you have any foreign partners, owners, or beneficiaries. Jurisdiction (if Non-U.S.) Exempt payee code (if any) Exemption from FATCA reporting code (if any) (Attach completed applicable Form W-8) (3) A. Investor Name (Investor / Trustee / Executor / Authorized Signatory Information) INVESTOR (Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address.) INFORMATION Subscriber Name (if an entity, state the entity name): Contact Person: Mailing Address: Telephone: Page 1 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (3) Facsimile: INVESTOR Email: INFORMATION Year of Organization (entities): (Cont'd) Date of Birth (individuals): Social Security Number / Tax ID: The subscriber will hold the investment in PALCO: as principal as agent, nominee, or on behalf of another member Residence/Principal Place of Business (if different from the mailing address indicated above): Address: Registered Address (if different from the mailing address indicated above): Address: Address to which duplicate correspondence should be sent (if applicable): Address: Contact Person: Telephone: Facsimile: E-mail: Relationship to the Subscriber: If you are an "Institutional Account" as defined in the Financial Industry Regulatory Authority Rule 4512(c), please complete and sign the Institutional Suitability Certificate (attached hereto as Appendix B).1 If you are a PIMCO or PALCO employee, certain non-employee personnel, officer, director, or an Immediate Family Member2 thereof, please complete the Pre-Clearance Questions (attached hereto as Appendix E). B. Co-Investor Name (Co-Investor / Co-Trustee / Co-Executor / Co-Authorized Signatory Information, if applicable.) (Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address.) Subscriber Name (if an entity, state the entity name): Contact Person: Mailing Address: Telephone: Facsimile: Email: Year of Organization (entities): Date of Birth (individuals): Social Security Number / Tax ID: The subscriber will hold the investment in PALCO: as principal as agent, nominee, or on behalf of another member Residence/Principal Place of Business (if different from the mailing address indicated above): Address: Registered Address (if different from the mailing address indicated above): Address: Address to which duplicate correspondence should be sent (if applicable): Address: Contact Person: 1 An "Institutional Account" means the account of: (a) a bank, savings and loan association, insurance company or registered investment company; (b) an investment adviser registered either with the U.S. Securities and Exchange Commission under Section 203 of the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"), or with a state securities commission (or any agency or office performing like functions); or (c) any other person (whether an individual / natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million as of the date the subscriber executes this Subscription Agreement (whether such assets are invested for such person's own account or under management for the account of others). 2 "Immediate Family Member" means (1) an employee's spouse; (2) any of the following persons sharing the same household with the employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the employee (which does not include temporary house guests) that holds an account in which the employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the employee in which the employee contributes to the maintenance of the household and material financial support of such person. Page 2 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (3) Telephone: INVESTOR Facsimile: INFORMATION E-mail: (Cont'd) Relationship to the Subscriber: C. Financial Intermediary Name (Street address MUST be provided.) Entity Name: Mailing Address: (4) Address: CONTACT INFORMATION (If different than Telephone: provided in Section 3.A) Facsimile: E-mail: (5) FIRST NAME (MI) LAST NAME DAYTIME PHONE NUMBER INTERESTED PARTY INFORMATION RESIDENTIAL STREET ADDRESS CITY STATE ZIP (For mailed statements) (6) Please read entire section carefully. SELECT HOW A. You are automatically enrolled in our Distribution Reinvestment Plan. If you do NOT wish to be enrolled in our Distribution Reinvestment Plan, and you instead YOU WANT TO elect to receive cash distributions, check this box and complete the information in Section 6.B : RECEIVE YOUR DISTRIBUTIONS B. Complete the section below by selecting one of the four methods to receive cash distributions ONLY if you are NOT participating in the Distribution (Select only one) Reinvestment Plan and you instead have elected above to receive cash distributions per Section 6.A above. For Custodial held accounts, if you elect cash distributions the funds must be sent to the Custodian. 1. Wire transfer per the information set forth in Section 1.B above. 2. Cash/Check Mailed to the address set forth above (Available for Non-Custodial Investors only.) 3. Cash/Check Mailed to Third Party/Custodian NAME / ENTITY NAME / FINANCIAL INSTITUTION MAILING ADDRESS CITY STATE ZIP ACCOUNT NUMBER (required) 4. Cash/Direct Deposit Attach a pre-printed voided check. (Non-Custodial Investors Only) I authorize PALCO or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify PALCO in writing to cancel it. In the event that PALCO deposits funds erroneously into my account, PALCO is authorized to debit my account for an amount not to exceed the amount of the erroneous deposit. FINANCIAL INSTITUTION NAME MAILING ADDRESS CITY STATE ZIP YOUR BANK'S ABA ROUTING NUMBER YOUR BANK ACCOUNT NUMBER (7) By providing the Subscriber's initial and email address in this Section (7) below, the Subscriber consents to the delivery by PALCO, the Manager and/or the Administrator to the Subscriber (or the Subscriber's designated agents) of statements related to the Subscriber's investment in PALCO, reports and other ELECTRONIC communications relating to PALCO and/or the Subscriber's investment in PALCO (including, without limitation, net asset value information, subscription and DELIVERY FORM repurchase activity, annual, quarterly or other reports, any notice (or updates thereto) from time to time required to be provided under applicable privacy and data (Optional) protection laws that may be enacted or amended from time to time, including the California Consumer Privacy Act (the "CCPA"), the Data Protection Act, 2017 of the Cayman Islands (the "Cayman DPA"), the General Data Protection Regulation 2016/679 (the "GDPR"), the UK Data Protection Act 2018 (the "UK DPA") and the "UK GDPR" (as defined in the UK DPA as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019, and together with the CCPA, Cayman DPA, GDPR and UK DPA, the "Data Protection Legislation"), and any updates of consumer privacy policies and procedures) in electronic form, such as email or a password-protected website maintained by PIMCO or a third party, in lieu of or in addition to the delivery of such information through mail or fax transmission, unless the Subscriber has made a request in writing to the contrary. Please note that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. None of PALCO, the Manager or the Administrator makes any warranties in relation to these matters. Please note that PALCO, the Manager and the Administrator reserve the right to intercept, monitor and retain email messages to and from their systems as permitted by applicable law. If you have any doubts about the authenticity of an email purportedly sent by PALCO, the Manager or the Administrator, you would be required to contact the purported sender immediately. If the Subscriber consents to the electronic delivery as described above, the Subscriber must notify PALCO in writing if the Subscriber's email address listed herein changes. The Subscriber agrees and acknowledges that none of PALCO, the Manager, the Administrator or their agents or affiliates will incur any liability for any misdirected or intercepted communications, including those sent by email or any other electronic means. Please initial to consent to electronic delivery EMAIL (If blank, the email provided in Section 4 or Section 3.A will be used.) Page 3 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (8) By executing this Subscription Agreement and subscribing for Shares, the Subscriber hereby irrevocably makes, constitutes, and appoints the Manager and PALCO with full power of substitution, the true and lawful representatives and attorney-in-fact of, and in the name, place and stead of, such Subscriber with power POWER OF from time to time to make, execute, sign, acknowledge, swear to verify, deliver, record, file and/or publish (a) the limited liability company agreement of PALCO ATTORNEY (as amended, restated, supplemented or otherwise modified from time to time, the "LLC Agreement") and any instrument, document or certificate necessary or appropriate thereto on behalf of such Subscriber; (b) any amendment, restatement or supplement to the LLC Agreement that complies with the provisions of the LLC Agreement; (c) the certificate of formation of PALCO and any amendment thereof required because the LLC Agreement is amended, including, without limitation, an amendment to effectuate any change in the membership of PALCO, the capital contributions of other investors of PALCO, the name of PALCO or the structure of PALCO; and (d) all such other instruments, documents and certificates that, in the opinion of legal counsel to PALCO, may from time to time be required by the laws of the United States, the State of Delaware, the Cayman Islands or any other jurisdiction in which PALCO shall determine to do business, or any political subdivision or agency thereof, or that such legal counsel may deem necessary for PALCO to implement and continue the valid and subsisting existence and business of PALCO in its current form of organization or to effect a change of name of PALCO or to effect the dissolution or winding up, as the case may be, or termination of PALCO. The foregoing power of attorney (i) is intended to secure an interest in property, and the obligation of the Subscriber under this Subscription Agreement, is irrevocable and shall be deemed to be coupled with an interest sufficient in law to support an irrevocable power; (ii) shall not be affected by subsequent death, disability, dissolution, bankruptcy, insolvency or incapacity of the principal Subscriber; and (iii) shall be governed, construed and enforced in accordance with the laws of the State of Delaware. If required, the Subscriber shall execute and deliver to the Manager or PALCO, within five business days after receipt of a request therefor, such further designations, powers of attorney or other instruments as PIMCO shall determine to be necessary for the purposes hereof consistent with the provisions of the LLC Agreement. To the fullest extent permitted by applicable law, the Subscriber hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of PALCO, PIMCO, the Administrator or their affiliates taken in good faith under this power of attorney. Any attorney-in-fact appointed pursuant to this Section 8 may execute any document on behalf of any or all investors in PALCO without the need to list all of the investors in PALCO. The execution of this power of attorney is not intended to, and does not, revoke any prior powers of attorney. (9) The Subscriber acknowledges that, due to applicable anti-money laundering and anti-terrorist and proliferation finance and related legislation and regulations ("Applicable AML Laws"), PALCO, the Manager on PALCO's behalf, the Administrator, and/or any of their designees may require further identification information ANTI-MONEY from the Subscriber and, as applicable, its Beneficial Owners3, control persons and/or anyone authorized to give instructions on the Subscriber's behalf, and may LAUNDERING also require receipt of the information from the Subscriber's remitting financial institution before the Subscriber's Subscription Agreement can be processed. In addition, PALCO, the Manager on PALCO's behalf, the Administrator and/or any of their designees may request such information or documentation as is necessary to verify (a) the identity of the Subscriber, its Beneficial Owners, control persons, and/or anyone authorized to give instructions on the Subscriber's behalf; and (b) the source of the Subscriber's wealth and subscription funds. In the event of delay or failure by the Subscriber to produce the requested information (or any additional information or documentation subsequently requested by PALCO, the Administrator, and/or their designees), PALCO or the Administrator may refuse to process a subscription or accept any monies from the Subscriber or process any redemption requests from or pay any distributions to the Subscriber until proper information has been provided. The Subscriber acknowledges and agrees that PALCO's Board of Directors (and each Director), PALCO, the Manager, the Administrator and each of their respective affiliates shall be held harmless and indemnified against any loss arising as a result of a failure to process a subscription or redemption request or pay any distributions if the Subscriber has not provided documentation or information requested or required by PALCO, the Manager on PALCO's behalf, and/or the Administrator to the satisfaction of PALCO, the Manager on PALCO's behalf, and/or the Administrator. The Subscriber also acknowledges and agrees that waiver of any secrecy or privacy rights to which it is otherwise entitled is a condition of PALCO's acceptance of the Subscriber's subscription, to the extent necessary in order for PALCO to satisfy its obligations under Applicable AML Laws or Applicable Sanctions Laws, as defined below. The Subscriber acknowledges and agrees that (i) PALCO is not required to accept the Subscriber's subscription or the subscription of any other person, (ii) all or a portion of the subscription payment of the Subscriber may therefore be returned at any time prior to the sale of shares, and (iii) the offering may be suspended or terminated at any time. The Subscriber acknowledges and agrees that PALCO generally prohibits any investment in PALCO by, on behalf of, or through the following persons, directly or indirectly (each, a "Prohibited Investor"): (a) A person or entity that is subject to economic or trade sanctions administered by the United States (including, but not limited to, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") or the U.S. State Department), the UK (including by HM Treasury), the European Union ("EU") and its member states, the United Nations Security Council ("UNSC"), or any other relevant sanctions authority (together with U.S., UK, EU, and UNSC laws, "Applicable Sanctions Laws," and persons or entities sanctioned under such laws, "Sanctioned Persons"); (b) Any entity owned or controlled by a Sanctioned Person; (c) A person or entity that is located, organized or ordinarily resident in a jurisdiction subject to comprehensive sanctions under Applicable Sanctions Laws (as of the time of this agreement, the Crimea, the so-called Luhansk People's Republic and so-called Donetsk People's Republic regions of Ukraine, the non-governmental controlled oblasts of Kherson and Zaporizhzhia, Cuba, Iran, North Korea and Syria) (a "Sanctioned Country"); (d) A person or entity with whom PALCO is otherwise prohibited from dealing under Applicable Sanctions Laws; (e) A Foreign Shell Bank (as defined herein). A "Foreign Shell Bank" means a Foreign Bank (as defined herein) without a physical presence in any country, but does not include a Regulated Affiliate (as defined herein). A "Foreign Bank" means an organization that (a) is organized under the laws of a country outside the United States; (b) engages in the business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. A "Regulated Affiliate" means a Foreign Shell Bank that (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a physical presence in the United States or a foreign country; and (b) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank; (f) A person or entity that has been designated by, or is resident in, or organized or chartered under the laws of, a jurisdiction that has been designated as a "primary money laundering concern" by the Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 or Section 9714 of the Combatting Russian Money Laundering Act, unless waived by PALCO after conducting enhanced due diligence; (g) A person that appears on a list of known or suspected terrorists designated pursuant to the customer identification program regulations adopted under 31 U.S.C. §5318(l); or (h) A person or entity that has been convicted of or is under investigation for financial crimes, including activity that violates Applicable AML Laws, Applicable Sanctions Laws, or applicable anti-corruption or anti-bribery laws ("Applicable Anti-Corruption Laws"), unless waived by PALCO after conducting enhanced due diligence. The Subscriber represents and warrants that none of the Subscriber nor any person or entity controlling, controlled by, or, to the knowledge of the Subscriber, under common control with, such Subscriber, nor any Beneficial Owner or underlying investor of such Subscriber, is a Prohibited Investor. The Subscriber represents and warrants that none of the funds used by the Subscriber to fund its investment will be derived directly or indirectly from activity that violates Applicable Sanctions Laws or dealings with Sanctioned Persons or Sanctioned Countries. The Subscriber represents and warrants that none of the Subscriber, any Beneficial Owner, underlying investor, or any party acting on behalf of the Subscriber or any Beneficial Owner, has received, made, offered, or promised any unlawful payment or benefit in furtherance of its potential investment in PALCO. The Subscriber represents and warrants that, if the Subscriber is an entity, including a fund-of-funds, trust, pension plan, nominee, or any other entity that is not a natural person, the Subscriber: (a) has adopted policies and procedures designed to comply with Applicable AML Laws and, pursuant to those policies and procedures, it (i) has carried out thorough due diligence (and, as applicable, enhanced due diligence) as to, and has established the identities of, any Beneficial Owner of the Subscriber, (ii) holds the evidence of such identities, (iii) as required or appropriate, has identified the source of funds or source of wealth of any Beneficial Owner, (iv) will maintain all such evidence for the period required by applicable law (and in any event at least ten years from the date of the Subscriber's complete redemption from PALCO), (v) will make such information available to PALCO or any of its designees upon their 3 "Beneficial Owner" shall have the meaning given it under Applicable AML Laws, and such term shall have such meaning when used in this Subscription Agreement in the context of anti-money laundering and sanctions representations, warranties, covenants, acknowledgments, or when otherwise required. 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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (9) reasonable request and (vi) monitors for, and reports suspicious activity of, such persons or entities, and complies with relevant transaction and/or currency reporting requirements as required by Applicable AML Laws; ANTI-MONEY (b) will obtain from its underlying investors a waiver of such investors' secrecy and privacy rights as a condition of investment, to the extent necessary in LAUNDERING order for the Subscriber and PALCO to satisfy their respective obligations under Applicable AML Laws, and the Subscriber will reject or terminate (Cont'd) the investment of any underlying investor who refuses to provide, or attempts to revoke, such waiver; (c) has adopted and adhered to policies and procedures reasonably designed to comply with Applicable Sanctions Laws and Applicable Anti-Corruption Laws, and to identify underlying investors who might be Prohibited Investors; and (d) based on application of its policies and procedures designed to comply with Applicable AML Laws, Anti-Money Laundering Laws, Applicable Anti- Corruption Laws, and Applicable Sanctions Laws, Subscriber has no reason to believe that any underlying investor is a Prohibited Investor or is engaged in suspicious activity by, through or at PALCO. The Subscriber represents and warrants that the money that the Subscriber seeks to invest (a) is not derived from, or related to, money laundering, terrorism, illegal drug activity, or any other activity that is deemed criminal under U.S. or other applicable law; (b) will not cause PALCO, the Manager, the Administrator or any of their respective affiliates to be in violation of Applicable AML Laws, Applicable Sanctions Laws, or Applicable Anti-Corruption Laws; and (c) will not originate from, be routed through, or be transferred from or through an account maintained at a Foreign Shell Bank, an "offshore bank," or a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction or Territory4. The Subscriber represents and warrants that it does not know, or have reason to suspect, that the proceeds of its investment will be used in any manner that would cause PALCO, the Manager, the Administrator or any of their respective affiliates to be in violation of Applicable AML Laws, Applicable Sanctions Laws, or Applicable Anti-Corruption Laws. The Subscriber represents and warrants that it will provide to PALCO, the Manager, and/or the Administrator such information and documentation as PALCO, the Administrator, the Manager or any of their affiliates may require to comply with Applicable AML Laws, Applicable Sanctions Laws, and/or Applicable Anti-Corruption Laws. The representations and warranties set forth in this Section 9 are ongoing and shall be deemed repeated at the time of each subscription and repurchase. The Subscriber agrees to notify PALCO and/or the Administrator immediately of any change in information affecting the representations and covenants in this Section 9. The Subscriber acknowledges that (a) if the Subscriber is, or PALCO, Manager or the Administrator reasonably believes that the Subscriber or any of its Beneficial Owners, underlying investors or control persons is, a Prohibited Investor, (b) the foregoing representations in this Section 9 are incorrect, (c) if otherwise required by applicable law or regulation related to money laundering, economic sanctions, and similar activities, or (d) if PALCO, the Manager and/or the Administrator deems it reasonably necessary for the commercial best interests of other investors in PALCO, the Manager and/or the Administrator may, in their sole discretion, undertake appropriate actions to ensure compliance with applicable law or regulations or commercial best interests of other investors, including but not limited to freezing, segregating or redeeming the Subscriber's subscription in PALCO. Freezing the Subscriber's subscription in PALCO may mean that the Subscriber's subscription cannot be redeemed. In the event that a redemption notice has been or is submitted in relation to frozen assets, either prior to or after assets are required by applicable law or regulations to be frozen, but the redemption has not yet completed, PALCO, the Manager and/or the Administrator may, in their sole discretion, disregard the redemption notice in question. PALCO, the Manager, and/or the Administrator shall be under no obligation to communicate with a Prohibited Investor in relation to the appropriate actions taken. In this event, the Subscriber shall have no claim against PALCO, the Manager, the Administrator, or any of their respective affiliates, for any form of damages that result from any of the aforementioned actions. The Subscriber represents and covenants that if it is or becomes, or any of its Beneficial Owners are or become, a Senior Foreign Political Figure5 or Politically Exposed Person6, it has provided or will provide notice of such status to PALCO, the Manager, and/or the Administrator and will provide any information requested by PALCO, the Manager, the Administrator, and/or their designees to conduct any enhanced due diligence as may be appropriate in PALCO's, the Manager's, and/or the Administrator's sole discretion. The Subscriber likewise represents and covenants that if it is investing on behalf of others, it will conduct or has conducted enhanced due diligence on underlying investors who are or become Senior Foreign Political Figures or Politically Exposed Persons to confirm that such investors' source of wealth or funds is not derived from corruption or other illegal activity. The Subscriber is advised that PALCO could be requested or required to disclose confidential information about the Subscriber and, if applicable, any of the Subscriber's Beneficial Owners, underlying investors, control persons and/or persons authorized to give instructions on the Subscriber's behalf, to governmental, regulatory or other authorities or to financial intermediaries if PALCO, Manager and/or the Administrator, in their sole discretion, determine that it is in their best interests in light of relevant laws or regulations concerning money laundering, economic sanctions, and similar activities. Notwithstanding any other provision of this Subscription Agreement to the contrary, PALCO, and the Manager, in its own name and on behalf of PALCO, shall be authorized, without the consent of any person or entity, including the undersigned, to take such action as it determines to be necessary or advisable to comply, or to cause PALCO to comply, with any anti-money laundering, economic sanctions, or anti-terrorist laws, rules, regulations, directives or special measures. Subscriber represents and warrants that it has read and completed "Appendix C: Information Regarding Applicability of Rule 506(d)" and "Appendix D: AML Subscriber Identification Questionnaire" herein and the information supplied is true and correct and may be relied upon by PALCO. Subscriber represents and warrants that neither investor nor (if investor is an entity) any shareholders, partners or other holders of equity or beneficial interests (including any person reasonably known to be controlling investor) is: a person or entity (a) whose name appears on the List of Specially Designated Nationals and Blocked Persons administered by the OFAC of the U.S. Department of Treasury or any similar list of sanctioned persons maintained by the United Nations, EU, or UK, as such lists may be amended from time to time; (b) who is incorporated, ordinarily resident, or located in a country or territory subject to comprehensive sanctions (at the time of this agreement the Crimea, the so-called Luhansk People's Republic and so-called Donetsk People's Republic regions of Ukraine, the non-governmental controlled oblasts of Kherson and Zaporizhzhia, Cuba, Iran, North Korea, and Syria); or (c) with whom dealings are restricted, prohibited, or sanctionable pursuant to applicable sanctions, including the sanctions programs administered by OFAC. Subscriber represents and warrants that (a) the amounts contributed by investor to PALCO were not and are not directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations; (b) no contribution by the you to PALCO will result in a violation by PALCO or the Manager of any U.S. federal or any state or non-U.S. laws and regulations, including anti-money laundering, economic sanctions, or anti-terrorist laws and regulations, and (c) none of the proceeds from investor's investment in PALCO will be used to finance any activities that contravene laws or regulations or in any other manner that would cause PALCO or the Manager to be in violation of laws or regulations. 4 "Non-Cooperative Jurisdiction or Territory" means any non-U.S. country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization concurs. 5 "Senior Foreign Political Figure" means (a) a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S. government-owned commercial enterprise, (b) a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual, (c) an Immediate Family Member of any such individual, and (d) a person who is widely and publicly known (or is actually known) to be a Close Associate of such individual. For purposes of this definition, a "senior official" or "senior executive" means an individual with substantial authority over policy, operations, or the use of government-owned resources. "Close Associate" means, with respect to a Senior Foreign Political Figure or a Politically Exposed Person, a person who is widely and publicly known internationally (or actually known to the Subscriber) to maintain an unusually close relationship with the Senior Foreign Political Figure or Politically Exposed Person, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure or Politically Exposed Person. For the purposes of this Part 9, "Immediate Family Member" means a spouse or a person considered to be the equivalent of a spouse, parent, sibling, children and their spouses or persons considered to be equivalent of a spouse, or a spouse's parents and siblings. 6 "Politically Exposed Person" means individuals who are or have been entrusted with prominent public functions in a foreign or domestic country, including heads of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations or international organizations, important political party officials, and family members or Close Associates of any of the foregoing. In addition, a Politically Exposed Person includes any corporation, business or other entity that has been formed by, or for the benefit of, a Politically Exposed Person, as well as Immediate Family Member (as defined in footnote 5) and Close Associates of Politically Exposed Persons. 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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (10) This Subscription Agreement will be governed by and construed in accordance with the laws of the State of Delaware (without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware). GOVERNING LAW (11) This Subscription Agreement, the LLC Agreement and the other agreements or documents referred to herein or in the LLC Agreement contain the entire agreement of the parties hereto or therein with respect to the subject matter hereof and thereof, and there are no representations, covenants or other agreements ENTIRE except as set forth herein or therein. AGREEMENT (12) PALCO is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish the account. Required information includes name, date of birth, permanent residential address and social security/ taxpayer identification number. We may also ask to see other SUBSCRIBER identifying documents. If you do not provide the information, PALCO may not be able to open your account. By signing this Subscription Agreement, you agree to SIGNATURES provide this information and confirm that this information is true and correct. If we are unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if we believe we have identified potentially criminal activity, we reserve the right to take action as we deem appropriate which may include closing your account. The undersigned's signature pages to this Subscription Agreement shall also constitute a counterpart signature page to the LLC Agreement upon acceptance thereof by PALCO. Please separately initial each of the representations below. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make the representations on your behalf. In order to induce PALCO to accept this subscription, I hereby represent and warrant to you as follows: INVESTOR CO-INVESTOR I have received a copy of the PPM. INITIALS INITIALS I am an "accredited investor" as defined in Rule 501 promulgated under Regulation D under the U.S. Securities Act of 1933, as amended (the "Securities Act"). All investors please also complete the INITIALS INITIALS questionnaires in Appendix A and D. I acknowledge that there is no public market for the Shares and, thus, my investment in Shares is not liquid. INITIALS INITIALS I acknowledge that the Shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the INITIALS INITIALS PPM. I am purchasing the Shares for my own account. INITIALS INITIALS I understand that the transaction price per Share at which my investment will be executed will be made available on PALCO's website at www.pimco.com/palcoseriesii. INITIALS INITIALS I understand that I am not committed to purchase Shares at the time my subscription order is submitted and I may cancel my subscription at any time before five business days prior to the last business day of the month. I understand that I may withdraw my purchase request by notifying the INITIALS INITIALS transfer agent, through my financial intermediary or directly on PALCO's toll-free, automated telephone line, (844) 705-0386. I am a benefit plan investor within the meaning of Section 3(42) of the Employee Retirement Income Security Act of 1974 ("ERISA").7 (Initial ONLY if applicable) INITIALS INITIALS I declare that the information supplied in this Subscription Agreement (including, without limitation, Appendices) is true and correct and may be relied upon by PALCO. I acknowledge that the Broker-Dealer/Registered Representative (Broker-Dealer/Registered Representative of record) and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including tax documents) and redemption information. Subscriber may change the Broker-Dealer/Registered Representative of record at any time by contacting PALCO at the number indicated below. SUBSTITUTE IRS FORM W-9 CERTIFICATIONS (required for U.S. investors): Under penalties of perjury, I certify that: (1) The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for a number to be issued to me) and the information provided in Section 2 (Ownership Type) and Section 3 (Investor Information), as applicable, is correct; and (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service ("IRS") that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and (3) I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); (4) The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct; and (5) The information contained in the executed copy (or copies) of IRS Form W-9 (and any accompanying required documentation) and any Cayman Islands self-certification, when submitted to PALCO will, in each case, be true, correct and complete. In the event of any change in the applicable status of the Subscriber or in the event that any IRS Form W-9 or a Cayman Islands self-certification (or other applicable tax form) previously provided becomes incorrect or obsolete, including by operation of law, the Subscriber will promptly inform the Administrator thereof and execute and deliver a new IRS Form W-9 or a Cayman Islands self-certification (or other applicable tax form). Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. 7 The term "benefit plan investor" is defined to include (i) employee benefit plans subject to Title I of ERISA (e.g., US corporate pension plans, Taft-Hartley plans, and 401(k) plans), (ii) plans subject to Section 4975 of the Internal Revenue Code (e.g., "Keogh" plans and individual retirement accounts and arrangements ("IRAs")), and (iii) entities (e.g., a fund-of-funds and a collective investment trust) whose underlying assets are deemed to constitute "plan assets" under ERISA due to a failure of the entity to meet one of the regulatory exceptions under ERISA. Governmental plans and non-US plans are not included in this definition. Page 6 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (12) ERISA INVESTORS SUBSCRIBER If I am, or am investing on behalf of, any plan that is subject to Title I of ERISA, Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the SIGNATURES "Code") or any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction (Cont'd) provisions of Title I of ERISA or the Code (collectively, "Other Plan Laws"): (1) I represent and warrant that my acquisition and holding of the Shares will not violate or otherwise result in a non-exempt prohibited transaction under ERISA, the Code or a violation of, or otherwise subject PALCO or PIMCO to, any applicable Other Plan Law. (2) I acknowledge and agree that I have neither sought, nor received, any advice, including, without limitation, in a fiduciary capacity, from PIMCO in connection with the purchase and holding of the Shares. (3) I have independently determined that the purchase and holding of the Shares is in accordance with the terms of my governing instruments, if any, and complies with all applicable requirements of ERISA, the Code and any applicable Other Plan Law. (MUST BE SIGNED BY CUSTODIAN OR TRUSTEE IF PLAN IS ADMINISTERED BY A THIRD PARTY) SIGNATURE OF INVESTOR DATE SIGNATURE OF CO-INVESTOR OR CUSTODIAN (If DATE applicable) (13a) Please note that unless previously agreed to in writing by PALCO, all sales of securities must be made through a Broker-Dealer or a Registered Investment Adviser firm ("RIA"). This Section 13a must be completed for shares being purchased directly through a Broker-Dealer. If the shares are being purchased through an RIA, REGISTERED please complete Section 13b of this Subscription Agreement instead. REPRESENTATIVE (Please complete The Registered Representative must sign below to complete the order. Registered Representative hereby warrants that he/she is duly licensed and may lawfully ONLY if you are sell shares in the state designated as the investor's legal residence. a Registered Representative BROKER-DEALER REGISTERED REP otherwise skip to Section 13b.) BROKER-DEALER ADVISOR MAILING ADDRESS (Required information for sales made directly CITY STATE ZIP through a Broker-Dealer. If the shares are being purchased FIRM CRD NUMBER REP/RIA CRD NUMBER TELEPHONE NUMBER through an RIA, please complete Section 13b instead.) E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm(s), which confirmation is made on behalf of the Broker-Dealer with respect to sales of securities made through a Broker-Dealer, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor's prospective purchase of Shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the Shares; (iv) have delivered or made available the PPM to such investor; (v) have reasonable grounds to believe that the investor is purchasing these Shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of Shares is a suitable investment for such investor, that such investor meets the suitability standards applicable to such investor set forth in the PPM and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the Shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the PPM. The undersigned Registered Representative represents and certifies that, if the investor is a "retail customer" as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rule 15l-1 ("Regulation Best Interest"), (i) the undersigned has a reasonable basis to believe that (a) a purchase of Shares would be in the best interest of the investor based upon the investor's investment profile and the potential risks, rewards, and costs associated with such an investment and (b)(i) the undersigned has not placed its interests or those of the Registered Representative ahead of the interest of the investor in recommending such investment and (ii) undersigned and the Registered Representative have complied with any applicable enhanced standard of conduct, including but not limited to, the other requirements of Regulation Best Interest in relation to the proposed purchase of Shares. The undersigned Registered Representative further represents and certifies that, in connection with this subscription for Shares, he or she has complied with and has followed all applicable policies and procedures under his or her firm's existing anti-money laundering program and customer identification program, including applicable document/information retention requirements. The undersigned Registered Representative further represents and certifies that, upon request from PALCO or an affiliate, such Registered Representative will provide PALCO with identification documentation and other information about the investor collected pursuant to these policies and procedures. During the life of the investment, but no more than annually, the undersigned Registered Representative agrees to provide, upon request from PALCO or an affiliate, a verification of continued compliance with this section 13a. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. BRANCH MANAGER SIGNATURE REGISTERED REP DATE (If required by Broker-Dealer) DATE (13b) The Investment Advisor Representative ("Representative"), on behalf of the Representative and the RIA, must sign below to complete the order. A principal or other authorized signatory of the RIA must also sign if required by the RIA. Representative hereby warrants that Representative is duly licensed and authorized to INVESTMENT execute this Subscription Agreement on behalf of Representative and the RIA, and may lawfully provide investment advice regarding the shares in the state ADVISOR designated as the investor's legal residence. REPRESENTATIVE/ RIA INFORMATION RIA FIRM INVESTMENT ADVISOR REPRESENTATIVE NAME (Required information for sales made through an RIA. If the shares are Page 7 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors being purchased MAILING ADDRESS directly through a Broker-Dealer, please complete CITY STATE ZIP Section 13a instead.) IARD NUMBER (if known) RIA NUMBER TELEPHONE NUMBER E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm by their signature, on behalf of the Representative and RIA, that Representative and RIA: (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have verified, if other than individual ownership, that the individual executing on behalf of the investor is properly authorized and identified; (iii) have discussed such investor's prospective purchase of shares with such investor; and (iv) have advised such investor of all pertinent facts with regard to the liquidity and marketability of the shares. The Representative and RIA are not authorized or permitted to give, and represents that they have not given to a prospective investor, any information or any representation concerning the shares except (i) as set forth in the PPM and (ii) any sales literature which has been approved in advance in writing by PALCO (such information, the "Supplemental Information"). The Representative represents that Representative has not used or will not use any unapproved materials related to PALCO. The Representative has delivered a copy of the PPM, to each investor to whom an offer is made prior to or simultaneously with the execution of this Subscription Agreement. The Representative and RIA represent that it has not shown or given to the investor any material marked "RIA only," "For Financial Advisor Use Only" or otherwise bearing a legend denoting that it is not to be shared with or given to prospective investors. The Representative and RIA hereby agree to, and shall, indemnify and hold harmless PALCO, its respective affiliates, and any directors, officers, partners, employees or agents of the foregoing (collectively, "PALCO Affiliates"), against any and all direct or third-party claims, losses, damages, or liabilities, joint or several, including but not limited to any claims, losses, damages, or liabilities relating to or regarding the suitability of the investment for the investor, whether or not the investment was in the best interest of the investor, and/or any claims relating to statements made by the RIA to the investor with respect to the purchase of shares or otherwise with respect to PALCO (including any investigative, legal, and other costs and expenses reasonably incurred in connection with, and any amounts paid in settlement of any action, suit, proceeding, or legislative or regulatory inquiry) (collectively "Claims"), for which any of the PALCO Affiliates may become subject, to the extent that such Claims arise out of or are based upon: (i) the Representative or RIA's fraud, willful default, or negligence; or (ii) the Representative or RIA's (a) violation of applicable law or regulation, (b) misrepresentation to the investor(s), (c) breach of any warranty or representation of the Representative or RIA herein, or (d) failure to fulfill any covenant or agreement of the Representative or RIA contained herein. The Representative and RIA shall not be liable under the indemnification provisions of this Subscription Agreement with respect to a party or other person entitled to indemnification hereunder (the "Indemnified Party") unless such Indemnified Party shall have notified the Representative and RIA in writing within a reasonable time after notice giving information of the nature of the claim shall have been received by such Indemnified Party, but failure to notify the Representative or RIA of any such claim shall not relieve the Representative or RIA from any liability that it may have to the Indemnified Party against whom such claim is made, except to the extent that the failure to notify results in the failure of actual notice to the Representative or RIA and such indemnifying party is materially damaged by being unable effectively to defend such claim solely as a result of failure to give or delay in giving such notice. In case an action is brought directly against the Indemnified Party, or the Indemnified Party becomes directly involved in the action, the Representative or RIA will be entitled to participate, at their own expense, in the defense thereof. The Representative and RIA also shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnified Party in its reasonable judgment. After notice from the Representative or RIA to the Indemnified Party of the Representative's or RIA's election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Representative or RIA will not be liable to such party under this Subscription Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless (i) the Representative or RIA and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the RIA and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between or among them. Neither the Representative nor the RIA shall be liable for any settlement of any proceeding effected without its written consent but if settled with such consent, the Representative and RIA agree to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement. The RIA may settle any Claim covered by indemnification hereunder, provided such settlement involves solely the payment of money and a complete and total release from said Claim. A successor by law of the Indemnified Parties shall be entitled to the benefits of the indemnification contained in this Subscription Agreement. The RIA represents that it is properly licensed and presently registered as an investment adviser under the Advisers Act, and has complied with registration or notice filing requirements of the appropriate regulatory agency of each state in which the RIA has clients or is exempt from such registration requirements. The Representative and RIA represent that each is in compliance with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act, and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") promulgated under both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state and federal laws and regulations applicable to the activities of the Representative or RIA pursuant to this Subscription Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC; and d) this Subscription Agreement and the PPM. The RIA agrees to comply with the record-keeping requirements imposed by federal and state laws, including those records related to suitability and to make the suitability records available to PALCO upon request. The Representative and RIA represent that the investor meets the suitability and financial qualifications set forth in Section 12 and Appendix A of this Subscription Agreement and the PPM, and is a person who is eligible to purchase the applicable type of shares as described in the PPM. The Representative and RIA have reasonable grounds to believe that the purchase of shares by the investor is a suitable and appropriate investment for such investor. In making this determination, the RIA has reasonable grounds to believe that the investor: (a) can reasonably benefit from an investment in PALCO based on the prospective investor's overall investment objectives and portfolio structure; (b) is able to bear the economic risk of the investment based on the prospective investor's overall financial situation; and (c) has apparent understanding of (1) the fundamental risks of the investment, (2) the risk that the investor may lose the entire investment, (3) the lack of liquidity of the shares, (4) the restrictions on transferability of the shares, (5) the tax consequences of the investment, and (6) the background and qualifications of PIMCO. The Representative and RIA have made this determination on the basis of information it has obtained from the investor, including at least the age, investment objectives, investment experiences, income, net worth, financial situation, and other investments of the prospective investor, as well as any other pertinent factors. Page 8 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors (13b) The Representative and RIA represent further that they have conducted, or have directed an agent or the account custodian to conduct on the RIA's behalf, all necessary due diligence and "know your customer" checks on the investor in order to comply with any and all applicable laws, rules, and regulations including, but INVESTMENT not limited to, the USA Patriot Act of 2001, the Bank Secrecy Act of 1970, as amended, regulations or orders issued by OFAC, and any other applicable anti-ADVISOR money laundering laws, rules, or regulations. REPRESENTATIVE/ RIA INFORMATION With respect to any use by the Representative and RIA of electronic delivery of the PPM and Supplemental Information and electronic signature of the Subscription (Required Agreement, the Representative and RIA represent and warrant that each will comply with (a) all applicable rules, regulations and guidelines issued by the SEC and information for sales any other applicable laws or regulations and guidelines; and (b) the Electronic Signatures in the Global and National Commerce Act and the Uniform Electronic made through an Transactions Act, to the extent applicable, as adopted in each applicable jurisdiction and any other applicable laws. RIA. If the shares are being purchased The undersigned represents that the shares will be purchased through the RIA listed above. RIA and PALCO acknowledge that if RIA and PALCO have executed directly through a an RIA selected dealer (or other comparable) agreement for the offering of shares of PALCO, then such agreement shall supersede any conflicting representations Broker-Dealer, contained herein in this Section 13b. please complete THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS Section 13a instead.) OF THE STATE OF DELAWARE. (Continued) INVESTMENT ADVISOR REPRESENTATIVE SIGNATURE DATE PRINCIPAL OR OTHER RIA AUTHORIZED SIGNATORY SIGNATURE (if required by RIA) (14) If investors participating in the Distribution Reinvestment Plan or making subsequent purchases of Shares of PALCO experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in Section 12 above, they are asked to promptly notify PALCO and the MISCELLANEOUS Broker-Dealer in writing. The Broker-Dealer may notify PALCO if an investor participating in the Distribution Reinvestment Plan can no longer make the representations or warranties set forth in Section 12 above, and PALCO may rely on such notification to terminate such investor's participation in the Distribution Reinvestment Plan. All items on this Subscription Agreement must be completed in order for your subscription to be processed. For your subscription request to be accepted for any given month, the completed and executed Subscription Agreement and the full subscription amount must be received by PALCO or its designee no later than 4 PM EST five (5) business days prior to the first calendar day of the applicable month (unless waived). Upon acceptance of your subscription request, you will receive a written confirmation of your purchase. Subscribers are encouraged to read the PPM in its entirety for a complete explanation of an investment in the Shares of PALCO. Return the completed Subscription Agreement to: Regular Mail To: Overnight To: PIMCO Asset-Based Lending Company LLC – Series II PIMCO Asset-Based Lending Company LLC – Series II 650 Newport Center Drive, Newport Beach, CA 92660 650 Newport Center Drive, Newport Beach, CA 92660 PIMCO Asset-Based Lending Company LLC – Series II Investor Relations: (212) 776-1689 Email: AltsInvestorServicing@pimco.com Submit the Investment Amount provided in Section I: By Mail — Attach a check made payable to By Wire — Bank Name: State Street Bank and Trust Company Account Name: Address: John Adams Building, 1776 Heritage Dr, North Quincy, MA 02171 ABA Routing Number: Demand Deposit Account Number: Please request when sending a wire that the wire reference the subscriber's name in order to assure that the wire is credited to the proper account. Page 9 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix A The Subscriber qualifies as an "accredited investor" within the meaning of Regulation D under the Securities Act. The Subscriber is eligible to invest in PALCO as an accredited investor if the Subscriber is able to affirmatively check one of the boxes below (please check each box that accurately describes the Subscriber): (a) ☐ The Subscriber is a natural person who had an income in excess of $200,000 in each of the two most recent years (or joint income with the Subscriber's spouse or "spousal equivalent"8 in excess of $300,000 in each of those years) and has a reasonable expectation of reaching the same income level in the current year. (b) ☐ The Subscriber is a natural person who has a net worth (or joint net worth with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000.9 NOTE: When calculating net worth,  exclude from the calculation the estimated fair market value of the Subscriber's primary residence at the time of the sale of the Shares;  exclude from the calculation all indebtedness (e.g., a mortgage or home equity loan or line of credit) secured by the Subscriber's primary residence, up to the estimated fair market value of such primary residence at the time of the sale of the Shares; and  include in the calculation as a liability the indebtedness secured by the Subscriber's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of the Shares. NOTE: When calculating joint net worth,  can aggregate the net worth of the Subscriber and the Subscriber's spouse or spousal equivalent;  to include assets in the calculation, the assets need not be held jointly; and  • to rely on this joint net worth standard, securities need not be purchased jointly. (c) ☐ The Subscriber is a natural person holding in good standing the General Securities Representative license (Series 7), the Investment Adviser Representative license (Series 65), the Private Securities Offerings Representative license (Series 82), and/or any other professional certifications or designations or credentials from an accredited educational institution that the U.S. Securities and Exchange Commission ("SEC") has designated as qualifying an individual for accredited investor status.10 (d) ☐ The Subscriber is a "family office,"11 as defined under the Advisers Act, (x) with assets under management in excess of $5,000,000; (y) that was not formed for the specific purpose of acquiring the securities offered, and (z) whose subscription in PALCO is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment and does not rely on PALCO or its affiliates for a recommendation. (e) ☐ The Subscriber is a "family client," as defined under the Advisers Act, that meets the requirements (x), (y), and (z) set forth in paragraph (2)(d) above, whose subscription in PALCO is directed by such "family office" pursuant to the Advisers Act. (f) ☐ The Subscriber is a trust (e.g., a personal trust) (i) with total assets in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in PALCO, and (iii) whose selected person responsible for directing the investment of assets of the trust in PALCO has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of an investment in PALCO. (g) ☐ The Subscriber is an entity with total assets in excess of $5,000,000 which was not formed for the specific purpose of investing in PALCO and which is one of the following: (i) ☐ a corporation; or (ii) ☐ a partnership; or (iii) ☐ a limited liability company; or (iv) ☐ a Massachusetts or similar business trust; or (v) ☐ an organization described in Section 501(c)(3) of the Code. (h) ☐ The Subscriber is a revocable trust which may be amended or revoked at any time by the grantors thereof, and of which all of the grantors are "accredited investors" because each grantor is an individual who (i) has a net worth (or joint net worth with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000 (calculated in the manner set forth in paragraph (2)(b) above); (ii) had individual income in excess of $200,000 in each of the two most recent years and expects to have individual income in excess of $200,000 in the current year; or (iii) had joint income together with the Subscriber's spouse or spousal equivalent in excess of $300,000 in each of the two most recent years and expects to have joint income in excess of $300,000 in the current year.12 (i) ☐ The Subscriber is licensed, or subject to supervision, by U.S. federal or state examining authorities as a "bank" (as defined in Section 3(a)(2) of the Securities Act), a "savings and loan association" (or other institution described in Section 3(a)(5)(A) of the Securities Act) or an "insurance company" (as defined in Section 2(a)(13) of the Securities Act), or is an account for which a bank or savings and loan association is subscribing in a fiduciary capacity. (j) ☐ The Subscriber is registered with the SEC as a broker or dealer under the Exchange Act, or is an investment company registered under the Investment Company Act, or has elected to be treated or qualifies as a "business development company" (within the meaning of Section 2(a)(48) of the Investment Company Act). (k) ☐ The Subscriber is an investment adviser registered pursuant to Section 203 of the Advisers Act or registered pursuant to the laws of a state. (l) ☐ The Subscriber is an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Advisers Act. (m) ☐ The Subscriber is a Small Business Investment Company ("SBIC") licensed by the Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958, as amended. (n) ☐ The Subscriber is a Rural Business Investment Company ("RBIC")13 as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended. 8 The term "spousal equivalent" shall mean a cohabitant occupying a relationship generally equivalent to that of a spouse. Spousal equivalents may pool their finances for the purposes of qualifying as accredited investors. 9 If the Subscriber has increased the amount of indebtedness secured by the Subscriber's primary residence within 60 days prior to the sale of the Shares and such increase is not as a result of the acquisition of the primary residence, the Subscriber must include in the calculation as a liability such increase regardless of whether the amount of overall indebtedness is less than the estimated fair market value of the residence. 10 For purposes of this item, eligible professional certifications, designations and credentials are set forth at sec.gov/rules/other/2020/33-10823.pdf. 11 "Family offices" are entities established by families to manage their assets, plan for their families' financial future, and provide other services to family members. Subscribers who check this box under the capacity of "family office" are expected to have no clients other than "family clients." "Family clients" generally are family members, former family members, and certain key employees of the family office, as well as certain of their charitable organizations, trusts, and other types of entities. Although the definition of "family client" from Rule 501(a)(13) includes both natural persons and institutions, only family clients that are institutions may be considered institutional accredited investors. 12 In general, a trust other than a revocable grantor trust will not qualify as an "accredited investor" solely because all of its grantors and/or all of its beneficiaries are "accredited investors." 13 An RBIC is a company that is approved by the Secretary of Agriculture and that has entered into a participation agreement with the Secretary of Agriculture. Page 10 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix A (o) ☐ The Subscriber is a private business development company as defined in Section 202(a)(22) of the Advisers Act. (p) ☐ The Subscriber is an employee benefit plan (other than a participant-directed plan) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, with total assets in excess of $5,000,000. (q) ☐ The Subscriber is an employee benefit plan within the meaning of ERISA, (i) which has total assets in excess of $5,000,000, (ii) for which investment decisions are made by a plan fiduciary which is a bank, savings and loan association, insurance company, or registered investment adviser, or (iii) if a self-directed plan, in which investment decisions are made solely by persons that are "accredited investors." (r) ☐ The Subscriber is an entity in which all of the equity owners are directly or indirectly persons described in this Appendix A.14 (s) ☐ The Subscriber is any entity of a type not listed in (f) through (r) above, (x) that owns "investments," as defined in Rule 2a51-1(b) under the Investment Company Act, (y) in excess of $5,000,000 and (z) that was not formed for the specific purpose of acquiring the securities offered.15 14 In determining accredited investor status under Rule 501(a)(8), one may look through various forms of equity ownership to natural persons. If those natural persons are themselves accredited investors, and if all other equity owners of the entity are accredited investors, the entity would be an accredited investor under Rule 501(a)(8). 15 For example, the Subscriber may be an Indian tribe, governmental body, fund, or entity organized under the laws of a foreign country, (i) that owns "investments," as defined in Rule 2a51-1(b) under the Investment Company Act, (ii) in excess of $5,000,000 and (iii) that was not formed for the specific purpose of investing in the securities offered. Page 11 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix B INSTITUTIONAL SUITABILITY CERTIFICATE AFFIRMATIVE INDICATION OF EXERCISE OF INDEPENDENT JUDGMENT (Pursuant to FINRA Rule 2111) 1 Please fill out this form, sign, and reply via email: PALCOTA_INQ@statestreet.com In connection with any recommended2 transaction or investment strategy by a registered broker-dealer, the undersigned acknowledges on behalf of the Institution named below that: I. It is an Institutional Account as defined in FINRA Rule 4512(c)3 or is a "family office" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) with assets under management in excess of $50,000,000 or more, not formed for the specific purpose of acquiring the Shares offered, and whose purchase of the Shares is directed by one or more experienced securities or financial services professionals who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the purchase of the Shares and does not rely on PALCO or its affiliates for a recommendation4; II. It (1) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; and (2) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; III. It will notify PIMCO if anything in this Certificate ceases to be true; IV. This Certificate and the information contained herein may be shared with broker-dealers or third parties, including via a secure database or electronic platform established by PIMCO; and V. He or she is authorized to sign on behalf of the Institutional Account named below. NOTE: This Certificate shall apply with respect to all recommended transactions and investment strategies involving securities that are entered into by the "Institutional Account" named in this Certificate, whether for the account of such Institutional Account or for the account of any beneficial owner that has delegated decision making authority to such Institutional Account. Institutional Account Name: Address, City, State, Zip: Name of Authorized Signatory: U.S. Tax ID/EIN (if applicable): Title of Authorized Signatory: Telephone: Email Address: Signature of Authorized Signatory: Date: Name of Contact at Institution (for questions and updates) Telephone: Email Address: 1 Available at http://www.finra.org/Industry/Regulation/FINRARules/. 2 As defined in FINRA Rules. 3 The term "Institutional Account" means the account of: (1) a bank, savings and loan association, insurance company or registered investment company; (2) an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission (or any agency or office performing like functions); or (3) any other person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million as of the date of this Certificate (whether such assets are invested for such person's own account or under management for the account of others). 4 "Family offices" that meet these criteria are not considered "retail customers" for the purposes of the SEC's Regulation Best Interest and Form CRS under the Exchange Act. Page 12 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix C Information Regarding Applicability of Rule 506(d) Rule 506(d) Representations The Subscriber should answer each of the statements below in respect of the Beneficial Owner and any other person who could be deemed to be a "beneficial owner"16 of the Shares held by the Beneficial Owner (collectively with the Beneficial Owner, the "Covered Party"). The Subscriber represents and warrants: True False The Covered Party has not been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities. The Covered Party is not subject to any order, judgment or decree of any court of competent jurisdiction that restrains or enjoins it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities. The Covered Party is not subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission ("CFTC"); or the National Credit Union Administration that: (i) bars it from association with an entity regulated by such commission, authority, agency, or officer; (ii) bars it from engaging in the business of securities, insurance or banking; (iii) bars it from engaging in savings association or credit union activities; or (iv) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct. The Covered Party is not subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act (15 U.S.C. 78o(b) or 78o-4(c)) or Section 203(e) or (f) of the Advisers Act (15 U.S.C. 80b-3(e) or (f)) that: (i) suspends or revokes its registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on its activities, functions or operations; or (iii) bars it from being associated with any entity or from participating in the offering of any penny stock. The Covered Party is not subject to any order of the SEC that orders it to cease and desist from committing or causing a violation or future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws or any other rule or regulation thereunder;17 or (ii) Section 5 of the Securities Act (15 U.S.C. 77e). The Covered Party is not suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade. The Covered Party has not filed (as a registrant or issuer), and was not, and was not named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, and is not the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued. The Covered Party is not subject to a U.S. Postal Service false representation order entered within five years of the date of this Subscription Agreement and the Covered Party is not subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property by means of false representations. There is no action, suit, claim, proceeding, arbitration, inquiry or investigation pending or, to the Subscriber's knowledge, threatened against the Covered Party, which if adversely determined, would give rise to any of the events described in (a) through (h) above. If the Subscriber responded "False" to any question above, please provide a description of the event, including the date or dates that each conviction, order, judgment, decree, suspension, expulsion or bar occurred or was issued, or a description of the status of any action, suit, claim, proceeding, arbitration, inquiry or investigation. Please also include any additional relevant information as attachments to this Subscription Agreement. _____________________________________ _____________________________________ _____________________________________ _____________________________________ The representations and warranties in clauses (a) through (i) above shall be true and correct at all times while the Subscriber holds Shares in PALCO, and, notwithstanding any other provisions of this Subscription Agreement, if such representations and warranties are no longer true and correct then the Subscriber shall immediately notify PIMCO in 16 "Beneficial owner" of a security under the Rule 506(d) of the Securities Act has the same meaning as it does under Rule 13d-3 of the Exchange Act, which defines it to include any person who directly or indirectly has or shares voting power (including the power to vote, or to direct the voting of, such security) and/or investment power (including the power to dispose, or to direct the disposition of, such security). 17 Scienter-based anti-fraud provisions of the federal securities laws include section 17(a)(1) of the Securities Act (15 U.S.C. 77q(a)(1)), Section 10(b) of the Exchange Act (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act (15 U.S.C. 78o(c)(1)) and Section 206(1) of the Advisers Act (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder. Page 13 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix C writing. The Subscriber shall also immediately notify PIMCO upon the occurrence of any pending investigation, proceeding, or other action that could give rise to an occurrence described in the prior clauses (a) through (i). PALCO may, in its sole discretion, cause the Subscriber to compulsorily withdraw from PALCO, in whole or in part, at any time if PIMCO knows or has reason to believe that the Subscriber has breached or may breach one or more of the representations and warranties set forth above. In addition, Subscribers that are not able to check "True" with respect to the representations (a) through (i) above are hereby notified that they may be required as a condition to their holding the Shares and not being withdrawn from PALCO in whole or in part to provide a description in writing on a form acceptable to PIMCO in its sole discretion of any matters covered in (a) through (i) and that such description may be disclosed to investors in PALCO. Page 14 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D AML Subscriber Identification Questionnaire Please fill out this form, sign, and reply via email or fax. (a) General Information (1) Subscriber full name, including any aliases (2) Subscriber Physical or Residential Address (3) Principal Business Address (if different address above) (4) Nature / Purpose / Objective of Entity, if applicable (5) Domicile of Formation, if applicable (6) Subscriber's Nationality (Individual) (7) Subscriber's Place of Birth (Individual) (8) Subscriber's Occupation (Individual) (b) Senior Political Figure Status (1) Is the Subscriber or any of the Beneficial Owners or Control Persons (as defined below) a Senior Political Figure or Politically Exposed Person, as defined in Section (o)? ☐Yes ☐No (2) If "Yes," provide relationship of Senior Political Figure or Politically Exposed Person to Subscriber. (c) Source of Funds (1) Please indicate the source of funds to be invested: (2) Is the source of funds family capital or is the Subscriber a family office? ☐ Yes ☐ No (d) Business / Source of Wealth Please provide an explanation of the Subscriber's Business / Source of Wealth (e) Indication of Expected Turnover Please indicate the number of expected transactions through the account Page 15 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D (f) Subscription Status Is the amount of the Subscriber's subscription (as set forth in this Subscription Agreement, combined with any previous investments in the Company) 40% or more of the total assets and committed capital of the Subscriber? ☐ Yes ☐ No (g) Agent or Nominee Status (1) Is the Subscriber investing as an agent, nominee, or on behalf of another person? ☐ Yes ☐ No (2) If "Yes," provide name of such person and briefly describe their relationship to the Subscriber. (h) Bearer Shares Has the Subscriber issued, or does or will it issue, bearer shares or bearer instruments? ☐ Yes ☐ No (i) Beneficial Owners For Legal Entity Subscribers, unless one of the exceptions in Section (n) applies, please identify each natural person who holds 10% or greater direct or indirect equity interest in the Subscriber. Note: The Company may seek additional information on beneficial owners. Name and any Date of Place of Nationality SSN Residential Address Percentage Ownership Aliases Birth Birth Page 16 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D (j) Control Persons For Legal Entity Subscribers, unless one of the exceptions in Section (n) applies, please identify at least one "Control Person" of the Entity, meaning any individual with significant responsibility to control, manage, or direct the legal entity. A Control Person may be an executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Treasurer). For Trusts, identify any Trustees, Grantors, Settlor, Protector (if any), of the Trust, and the beneficiaries (including every beneficiary that falls within a designated characteristic or class) or the Trust. Name and any Aliases Date of Birth Place of Birth Nationality SSN Residential Address (k) Power of Attorney For legal entities, unless one of the exceptions in Section (n) applies, please identify any natural persons having powers of attorney over the Subscriber, if applicable. For each such person, provide a copy of a current photographic ID and copy of proof of address. Name and any Aliases Residential Address Page 17 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D (l) Identity Verification (1) Natural Persons Subscribers: Provide a copy of a current valid passport, national ID card, driver's license (bearing photo and signature) and a copy or original of a bank reference, professional character reference, utility bill, or bank statement dated within the past 6 months that confirms the Subscriber's address. (2) Legal Entity Subscribers: a. Proof of Legal Existence: Provide the following, as applicable: Companies (a) A copy of certificate of incorporation (or equivalent) or copy of verification from a government registry website or a copy of a certificate of incorporation (or equivalent) and a copy of verification from government registry website; and a copy of the company constitution, memorandum and articles of association, or equivalent and (b) The directors' register and (c) A copy of the mandate authorizing the director(s) to enter the subscription (i.e., a board resolution or reference in constitutional document) Partnerships (a) A copy of certificate of registration (or equivalent) or copy of certificate of registration (or equivalent) and a copy of verification from a government registry website; and A copy of the partnership agreement or equivalent and (b) A copy of the mandate authorizing the general partner to enter into the subscription (board resolution or reference in constitutional document) Trusts (a) Copy of the trust deed (this may be redacted if one can clearly identify the information required) Unregistered Pension, (a) The articles of incorporation/corporate charter/extract from approved government registry and proof of tax exempt status of the Government Entity, Charities, legal entity (including obtaining a copy of a form submitted to the government tax collection body within the Subscriber's Clubs and Societies jurisdiction) b. Beneficial and Control Persons: Unless one of the exceptions in Section (n) applies, for each Beneficial Owner listed in Section (i) and/or Control Person listed in Section (j) above, provide a copy of a current valid passport, national ID card, driver's license (bearing photo and signature) and a copy or original of a bank reference, professional character reference, utility bill or bank statement dated within the past 6 months that confirms the person's address. Page 18 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D (m) Authorized Signatories Please provide below or attach a list of authorized signatories for this investment and their signature specimens and provide evidence of appointment. Full Name Signature Specimen (n) Exceptions (1) If the Subscriber qualifies under any of the categories below, the Subscriber does not need to identify Beneficial Owners in Section (i) or Control Persons in Section (j). Please check any that apply and provide proof of status as indicated. Subscriber Type Applies (A) A Bank regulated by a U.S. Federal Functional Regulator or by a State bank regulator; a Banking Holding Company; or a Savings and Loan Bank Holding Company (provide proof of regulation) (B) A U.S. Government, U.S. Government Agency, and U.S. Central Bank / Monetary Authority18 (provide proof of government affiliation) (C) An Insurance Company regulated by a State (provide proof of regulation) (D) An Investment Adviser registered with the SEC under Section 202(a)(11) of the Investment Advisers Act of 1940 (provide proof of regulation) (E) A Mutual Fund regulated by the OCC or the SEC OR a company registered with the SEC under the Investment Company Act of 1940 (provide proof of regulation) (F) A Non-Financial Institution Public Company listed on the New York Stock Exchange, American Stock exchange, or NASDAQ Stock Market19 OR has a class of equity securities that is held of record by either (i) 2,000 persons, or (ii) 500 persons who are not accredited investors and, and on the last day of the subscriber's fiscal year, its total assets exceed $10 million (provide proof of listing) OR has issued equity or debt securities to the public in a registered offering and is required to file a registration statement under the Securities Act of 1933 (provide evidence of exchange registration) (G) A Securities and Commodities Broker/Dealer regulated by the SEC or the CFTC OR registered with the SEC under the Securities Exchange Act of 1934. The Securities Exchange Act of 1934 requires, without limitation, the following entities to be registered with SEC: Securities brokers or dealers; or an association of brokers and dealers registered as a national securities association OR registered with the CFTC (provide proof of government affiliation) (H) A Foreign Financial Institution that is required to provide beneficial ownership information to a collector (provide proof of regulation AND frequency and form in which it reports UBO information to their regulator and the regulatory citation that requires such reporting) (I) A non-U.S. Government, Non-U.S. Government Agency, Non-U.S. Central Bank/Monetary Authority or Supra-national Organization20 (provide proof of government affiliation) (J) A pension fund for a professional association or trade union or that is acting on behalf of employees of the entities listed above, including a plan established under the Employee Retirement Income Security Act of 1974 ("ERISA") in the U.S., or its equivalent outside of the U.S.; a Defined Contribution / Benefit Plan; an Individual Retirement Account (Employer sponsored only); Pension Schemes; a Superannuation Plan; and Registered Retirement Savings Plan (provide evidence of license to operate under the regulatory body; evidence of filings of required documentation with the regulatory body; letter of good standing from the regulatory body; or name of regulator and screenshot from the regulator's website showing proof of regulation by the regulatory body). (K) Any direct majority-owned subsidiary or direct or indirect wholly-owned subsidiary of any of the above (please provide copy of corporate structure depicting relationship and including all layers of ownership AND the proof of status required for the exempt parent entity). (2) If the Subscriber qualifies under any of these categories and provides the required documentation, the Subscriber does not need to identify Beneficial Owners in Section (i). Control Persons do need to be identified in Section (j) and such Control Persons need to provide the relevant identity verification information requested in Section (l). Please check any that apply and provide proof of status as indicated. Subscriber Type Applies (A) A charity, religious group or non-profit that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (B) A Foundation or Endowment that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (C) A University or Hospital that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (D) A pooled investment vehicle that is operated or advised by a financial institution excluded under Section (n). 18 For the purposes of this exception, the Subscriber may be a department or agency of the U.S. OR the Subscriber may be a "subsidiary" of such department or agency. To meet the subsidiary test and qualify for the exclusion, the entity must: (1) be wholly or majority owned or controlled by the U.S. government; AND (2) exercise governmental authority on behalf of the U.S. 19 The non-FI public company must be designated as a "NASDAQ National Market Security" (except stock or interests listed under the separate "NASDAQ Capital Markets Companies" heading). 20 This exception includes a department or agency of a non-US government so long as the non-US government department or agency does not engage in the type of activity a private citizen or company can also participate in (i.e., standard financial transactions or business transactions). Page 19 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix D (o) Anti-Money Laundering and Sanctions Compliance Definitions As used in this Appendix D, the following terms shall have the following meanings: 1. Close Associate. "Close Associate" means, with respect to a Senior Foreign Political Figure or a Politically Exposed Person, a person who is widely and publicly known internationally (or actually known to the Subscriber) to maintain an unusually close relationship with the Senior Foreign Political Figure or Politically Exposed Person, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure or Politically Exposed Person. 2. Foreign Bank. "Foreign Bank" means an organization that (a) is organized under the laws of a country outside the United States; (b) engages in the business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. 3. Foreign Shell Bank. "Foreign Shell Bank" means a Foreign Bank without a physical presence in any country, but does not include a Regulated Affiliate. 4. Immediate Family Member. Immediate Family Member means, for the purposes of this Appendix D, a spouse or a person considered to be the equivalent of a spouse, parent, sibling, children and their spouses or persons considered to be equivalent of a spouse, or a spouse's parents and siblings. 5. Non-Cooperative Jurisdiction or Territory. "Non-Cooperative Jurisdiction or Territory" means any non-U.S. country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization concurs. 6. Politically Exposed Person. "Politically Exposed Person" means individuals who are or have been entrusted with prominent public functions in a foreign or domestic country, including heads of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations or international organizations, important political party officials, and family members or Close Associates of any of the foregoing. In addition, a Politically Exposed Person includes any corporation, business or other entity that has been formed by, or for the benefit of, a Politically Exposed Person, as well as Immediate Family Members (as defined in this Appendix D) and Close Associates of Politically Exposed Persons. 7. Regulated Affiliate. "Regulated Affiliate" means a Foreign Shell Bank that (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a physical presence in the United States or a foreign country; and (b) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign 8. Senior Political Figure. "Senior Political Figure" means (a) a current or former senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), a current or former senior official of a major political party, or a current or former senior executive of a government-owned commercial enterprise, (b) a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual, (c) an Immediate Family Member (as defined in this Appendix D) of any such individual, and (d) a person who is widely and publicly known (or is actually known) to be a Close Associate of such individual. For purposes of this definition, a "senior official" or "senior executive" means an individual with substantial authority over policy, operations, or the use of government-owned resources. Page 20 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for US Investors Appendix E Required Pre-Clearance Questions If you are a PIMCO or PALCO employee, certain non-employee personnel, officer, director, or an Immediate Family Member21 thereof, please select one or more applicable option(s) below (required) and complete the below Pre-Clearance Questions in this Appendix E: PIMCO employee/personnel or Immediate Family Member PALCO officer or director (including PIMCO employee who is PALCO officer or director) or Immediate Family Member For all transactions via the Executive Deferred Compensation Plan or otherwise in respect of PALCO, please answer the following questions to the best of your knowledge and belief: Yes No Do you have any questions about the fact that written approval is required prior to (i) transferring an interest in or (ii) partially or fully requesting repurchases of shares of PALCO prior to PALCO being wound down and that requests to transfer or have shares repurchased will be reviewed on a case-by-case basis and there is no guarantee that the request will be approved? Do you possess information regarding any material and nonpublic changes to PALCO (e.g., pending changes in the share repurchase plan withdrawal rights, changes to the strategy, key personnel, material changes to NAV or otherwise)? Do you have any questions regarding your obligations under PIMCO's MNPI Policy, which prohibits (i) sharing material non-public information about PALCO or PALCO's holdings with any individual who is not authorized to possess such information; or (ii) using such information to make or influence others to make an investment decision with respect to PALCO? Are you a Section 16 filer of PALCO?  If yes, have you engaged in any opposite way transaction with PALCO, including compensation with PALCO, within the last 180 days? 21 "Immediate Family Member" (for the purpose of this Appendix E) means (1) an employee's spouse; (2) any of the following persons sharing the same household with the employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the employee (which does not include temporary house guests) that holds an account in which the employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the employee in which the employee contributes to the maintenance of the household and material financial support of such person. Page 21 of 21

## Exhibit 10.6

**Exhibit 10.6**![LOGO](g116335dsp162.jpg)

Exhibit10.6 PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors The undersigned (the "Subscriber") hereby tenders this Subscription Agreement and applies for the purchase of the dollar amount of limited liability company interests (the "Shares") in Series II of PIMCO Asset-Based Lending Company LLC ("PALCO" or the "Company") set forth below. PALCO is managed by its operating manager, Pacific Investment Management Company LLC (the "Manager" and together with its affiliates and subsidiaries, "PIMCO"). Please see the confidential private placement memorandum, as may be amended and/or supplemented from time to time ("PPM"), for complete details regarding the offering by PALCO. This Subscription Agreement must be used only for the purpose of purchasing the Shares in Series II of PALCO. (1) A. Investment YOUR Investment Amount $($1 million minimum initial investment) INVESTMENT For your subscription request to be accepted for any given month, the full investment amount above must be received by PALCO's custodian or its designee no later than 4 PM EST five (5) business days prior to the first calendar day of the applicable month (unless waived). B. Investment Method Please identify the bank or other financial institution from which the Subscriber's funds will be wired. Name of U.S. financial institution: Address: Routing Number (ABA): Beneficiary Number: Beneficiary Account Name: Account Number: Account Name: Account Representative: Telephone: Intermediary Bank Name Intermediary Bank SWIFT Code: Beneficiary Bank Name: Beneficiary Bank SWIFT Code: Beneficiary Bank Account Number: Remittance Remarks: Repurchase proceeds will only be remitted to the financial institution from which the investment amounts originated, unless PALCO consents otherwise in its sole discretion. In the event that you elect to opt out of the Distribution Reinvestment Plan, any distributions will be remitted to the financial institution from which the investment amounts originated, unless PALCO consents otherwise in its sole discretion. Repurchase requests may be submitted to PALCO's administrator (the "Administrator"), provided that the signed repurchase request is received by the Administrator prior to the end of the repurchase window in accordance with the PPM. If requested, the Administrator will undertake to promptly confirm in writing all repurchase requests which are received in good order. Subscribers failing to receive such requested written confirmation from the Administrator should contact the Administrator to obtain the same. C. Share Selection (required) Series II – Anchor I Shares Series II – Anchor I-B Shares Series II – Anchor II Shares Series II – Anchor II-B Shares Series II – Anchor III Shares Series II – Standard A Shares Series II – Standard B Shares Series II – E Shares (2) Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other Trustee(s) and/or authorized signatory(s) information MUST be provided in Sections 3.A and 3.B OWNERSHIP TYPE (Select Only One) Entity Name Tax ID Number Date of Trust or Formation Entity Type (Select one. Required) Retirement Plan Trust Corp LLC Partnership Other Non-U.S. Jurisdiction Attach completed applicable Form(s) W-8BEN, W-8BEN-E, W-8IMY, W-8ECI and/or W-8EXP. (3) A. Investor Name (Investor / Trustee / Executor / Authorized Signatory Information) INVESTOR (Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address.) INFORMATION Subscriber Name (if an entity, state the entity name): Contact Person: Mailing Address: (3) Telephone: Page 1 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors INVESTOR Facsimile: INFORMATION Email: (Cont'd) Year of Organization (entities): Date of Birth (individuals): Tax ID Number: The subscriber will hold the investment in PALCO: Attach completed applicable Form(s) W-8BEN, W-8BEN-E, W-8IMY, W-8ECI and/or W- as principal 8EXP. as agent, nominee, or on behalf of another member Residence/Principal Place of Business (if different from the mailing address indicated above): Address: Registered Address (if different from the mailing address indicated above): Address: Address to which duplicate correspondence should be sent (if applicable): Address: Contact Person: Telephone: Facsimile: E-mail: Relationship to the Subscriber: If you are an "Institutional Account" as defined in the Financial Industry Regulatory Authority Rule 4512(c), please complete and sign the Institutional Suitability Certificate (attached hereto as Appendix B).1 If you are a PIMCO or PALCO employee, certain non-employee personnel, officer, director, or an Immediate Family Member2 thereof, please complete the Pre-Clearance Questions (attached hereto as Appendix E). B. Co-Investor Name (Co-Investor / Co-Trustee / Co-Executor / Co-Authorized Signatory Information, if applicable.) (Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address.) Subscriber Name (if an entity, state the entity name): Contact Person: Mailing Address: Telephone: Facsimile: Email: Year of Organization (entities): Date of Birth (individuals): Tax ID Number: The subscriber will hold the investment in PALCO: Attach completed applicable Form(s) W-8BEN, W-8BEN-E, W-8IMY, W-8ECI and/or W- as principal 8EXP. as agent, nominee, or on behalf of another member Residence/Principal Place of Business (if different from the mailing address indicated above): Address: Registered Address (if different from the mailing address indicated above): Address: Address to which duplicate correspondence should be sent (if applicable): Address: Contact Person: 1 An "Institutional Account" means the account of: (a) a bank, savings and loan association, insurance company or registered investment company; (b) an investment adviser registered either with the U.S. Securities and Exchange Commission under Section 203 of the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"), or with a state securities commission (or any agency or office performing like functions); or (c) any other person (whether an individual / natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million as of the date the subscriber executes this Subscription Agreement (whether such assets are invested for such person's own account or under management for the account of others). 2 Immediate Family Member" means (1) an employee's spouse; (2) any of the following persons sharing the same household with the employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the employee (which does not include temporary house guests) that holds an account in which the employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the employee in which the employee contributes to the maintenance of the household and material financial support of such person. Page 2 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors (3) Telephone: INVESTOR Facsimile: INFORMATION E-mail: (Cont'd) Relationship to the Subscriber: C. Financial Intermediary Name (Street address MUST be provided.) Entity Name: Mailing Address: (4) Address: CONTACT INFORMATION (If different than Telephone: provided in Section 3.A) Facsimile: E-mail: (5) FIRST NAME (MI) LAST NAME DAYTIME PHONE NUMBER INTERESTED PARTY INFORMATION RESIDENTIAL STREET ADDRESS CITY STATE ZIP (For mailed statements) (6) Please read entire section carefully. SELECT HOW A. You are automatically enrolled in our Distribution Reinvestment Plan. If you do NOT wish to be enrolled in our Distribution Reinvestment Plan, and you instead YOU WANT TO elect to receive cash distributions, check this box and complete the information in Section 6.B : RECEIVE YOUR DISTRIBUTIONS B. Complete the section below by selecting one of the four methods to receive cash distributions ONLY if you are NOT participating in the Distribution (Select only one) Reinvestment Plan and you instead have elected above to receive cash distributions per Section 6.A above. For Custodial held accounts, if you elect cash distributions the funds must be sent to the Custodian. 1. Wire transfer per the information set forth in Section 1.B above. 2. Cash/Check Mailed to the address set forth above (Available for Non-Custodial Investors only.) 3. Cash/Check Mailed to Third Party/Custodian NAME / ENTITY NAME / FINANCIAL INSTITUTION MAILING ADDRESS CITY STATE ZIP ACCOUNT NUMBER (required) 4. Cash/Direct Deposit Attach a pre-printed voided check. (Non-Custodial Investors Only) I authorize PALCO or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify PALCO in writing to cancel it. In the event that PALCO deposits funds erroneously into my account, PALCO is authorized to debit my account for an amount not to exceed the amount of the erroneous deposit. FINANCIAL INSTITUTION NAME MAILING ADDRESS CITY STATE ZIP YOUR BANK'S ABA ROUTING NUMBER YOUR BANK ACCOUNT NUMBER (7) By providing the Subscriber's initial and email address in this Section (7) below, the Subscriber consents to the delivery by PALCO, the Manager and/or the Administrator to the Subscriber (or the Subscriber's designated agents) of statements related to the Subscriber's investment in PALCO, reports and other ELECTRONIC communications relating to PALCO and/or the Subscriber's investment in PALCO (including, without limitation, net asset value information, subscription and DELIVERY FORM repurchase activity, annual, quarterly or other reports, any notice (or updates thereto) from time to time required to be provided under applicable privacy and data (Optional) protection laws that may be enacted or amended from time to time, including the California Consumer Privacy Act (the "CCPA"), the Data Protection Act, 2017 of the Cayman Islands (the "Cayman DPA"), the General Data Protection Regulation 2016/679 (the "GDPR"), the UK Data Protection Act 2018 (the "UK DPA") and the "UK GDPR" (as defined in the UK DPA as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019, and together with the CCPA, Cayman DPA, GDPR and UK DPA, the "Data Protection Legislation"), and any updates of consumer privacy policies and procedures) in electronic form, such as email or a password-protected website maintained by PIMCO or a third party, in lieu of or in addition to the delivery of such information through mail or fax transmission, unless the Subscriber has made a request in writing to the contrary. Please note that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. None of PALCO, the Manager or the Administrator makes any warranties in relation to these matters. Please note that PALCO, the Manager and the Administrator reserve the right to intercept, monitor and retain email messages to and from their systems as permitted by applicable law. If you have any doubts about the authenticity of an email purportedly sent by PALCO, the Manager or the Administrator, you would be required to contact the purported sender immediately. If the Subscriber consents to the electronic delivery as described above, the Subscriber must notify PALCO in writing if the Subscriber's email address listed herein changes. The Subscriber agrees and acknowledges that none of PALCO, the Manager, the Administrator or their agents or affiliates will incur any liability for any misdirected or intercepted communications, including those sent by email or any other electronic means. Please initial to consent to electronic delivery EMAIL (If blank, the email provided in Section 4 or Section 3.A will be used.) Page 3 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors (8) By executing this Subscription Agreement and subscribing for Shares, the Subscriber hereby irrevocably makes, constitutes, and appoints the Manager and PALCO with full power of substitution, the true and lawful representatives and attorney-in-fact of, and in the name, place and stead of, such Subscriber with power POWER OF from time to time to make, execute, sign, acknowledge, swear to verify, deliver, record, file and/or publish (a) the limited liability company agreement of PALCO ATTORNEY (as amended, restated, supplemented or otherwise modified from time to time, the "LLC Agreement") and any instrument, document or certificate necessary or appropriate thereto on behalf of such Subscriber; (b) any amendment, restatement or supplement to the LLC Agreement that complies with the provisions of the LLC Agreement; (c) the certificate of formation of PALCO and any amendment thereof required because the LLC Agreement is amended, including, without limitation, an amendment to effectuate any change in the membership of PALCO, the capital contributions of other investors of PALCO, the name of PALCO or the structure of PALCO; and (d) all such other instruments, documents and certificates that, in the opinion of legal counsel to PALCO, may from time to time be required by the laws of the United States, the State of Delaware, the Cayman Islands or any other jurisdiction in which PALCO shall determine to do business, or any political subdivision or agency thereof, or that such legal counsel may deem necessary for PALCO to implement and continue the valid and subsisting existence and business of PALCO in its current form of organization or to effect a change of name of PALCO or to effect the dissolution or winding up, as the case may be, or termination of PALCO. The foregoing power of attorney (i) is intended to secure an interest in property, and the obligation of the Subscriber under this Subscription Agreement, is irrevocable and shall be deemed to be coupled with an interest sufficient in law to support an irrevocable power; (ii) shall not be affected by subsequent death, disability, dissolution, bankruptcy, insolvency or incapacity of the principal Subscriber; and (iii) shall be governed, construed and enforced in accordance with the laws of the State of Delaware. If required, the Subscriber shall execute and deliver to the Manager or PALCO, within five business days after receipt of a request therefor, such further designations, powers of attorney or other instruments as PIMCO shall determine to be necessary for the purposes hereof consistent with the provisions of the LLC Agreement. To the fullest extent permitted by applicable law, the Subscriber hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of PALCO, PIMCO, the Administrator or their affiliates taken in good faith under this power of attorney. Any attorney-in-fact appointed pursuant to this Section 8 may execute any document on behalf of any or all investors in PALCO without the need to list all of the investors in PALCO. The execution of this power of attorney is not intended to, and does not, revoke any prior powers of attorney. (9) The Subscriber acknowledges that, due to applicable anti-money laundering and anti-terrorist and proliferation finance and related legislation and regulations ("Applicable AML Laws"), PALCO, the Manager on PALCO's behalf, the Administrator, and/or any of their designees may require further identification information ANTI-MONEY from the Subscriber and, as applicable, its Beneficial Owners3, control persons and/or anyone authorized to give instructions on the Subscriber's behalf, and may LAUNDERING also require receipt of the information from the Subscriber's remitting financial institution before the Subscriber's Subscription Agreement can be processed. In addition, PALCO, the Manager on PALCO's behalf, the Administrator and/or any of their designees may request such information or documentation as is necessary to verify (a) the identity of the Subscriber, its Beneficial Owners, control persons, and/or anyone authorized to give instructions on the Subscriber's behalf; and (b) the source of the Subscriber's wealth and subscription funds. In the event of delay or failure by the Subscriber to produce the requested information (or any additional information or documentation subsequently requested by PALCO, the Administrator, and/or their designees), PALCO or the Administrator may refuse to process a subscription or accept any monies from the Subscriber or process any redemption requests from or pay any distributions to the Subscriber until proper information has been provided. The Subscriber acknowledges and agrees that PALCO's Board of Directors (and each Director), PALCO, the Manager, the Administrator and each of their respective affiliates shall be held harmless and indemnified against any loss arising as a result of a failure to process a subscription or redemption request or pay any distributions if the Subscriber has not provided documentation or information requested or required by PALCO, the Manager on PALCO's behalf, and/or the Administrator to the satisfaction of PALCO, the Manager on PALCO's behalf, and/or the Administrator. The Subscriber also acknowledges and agrees that waiver of any secrecy or privacy rights to which it is otherwise entitled is a condition of PALCO's acceptance of the Subscriber's subscription, to the extent necessary in order for PALCO to satisfy its obligations under Applicable AML Laws or Applicable Sanctions Laws, as defined below. The Subscriber acknowledges and agrees that (i) PALCO is not required to accept the Subscriber's subscription or the subscription of any other person, (ii) all or a portion of the subscription payment of the Subscriber may therefore be returned at any time prior to the sale of shares, and (iii) the offering may be suspended or terminated at any time. The Subscriber acknowledges and agrees that PALCO generally prohibits any investment in PALCO by, on behalf of, or through the following persons, directly or indirectly (each, a "Prohibited Investor"): (a) A person or entity that is subject to economic or trade sanctions administered by the United States (including, but not limited to, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") or the U.S. State Department), the UK (including by HM Treasury), the European Union ("EU") and its member states, the United Nations Security Council ("UNSC"), or any other relevant sanctions authority (together with U.S., UK, EU, and UNSC laws, "Applicable Sanctions Laws," and persons or entities sanctioned under such laws, "Sanctioned Persons"); (b) Any entity owned or controlled by a Sanctioned Person; (c) A person or entity that is located, organized or ordinarily resident in a jurisdiction subject to comprehensive sanctions under Applicable Sanctions Laws (as of the time of this agreement, the Crimea, the so-called Luhansk People's Republic and so-called Donetsk People's Republic regions of Ukraine, the non-governmental controlled oblasts of Kherson and Zaporizhzhia, Cuba, Iran, North Korea and Syria) (a "Sanctioned Country"); (d) A person or entity with whom PALCO is otherwise prohibited from dealing under Applicable Sanctions Laws; (e) A Foreign Shell Bank (as defined herein). A "Foreign Shell Bank" means a Foreign Bank (as defined herein) without a physical presence in any country, but does not include a Regulated Affiliate (as defined herein). A "Foreign Bank" means an organization that (a) is organized under the laws of a country outside the United States; (b) engages in the business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. A "Regulated Affiliate" means a Foreign Shell Bank that (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a physical presence in the United States or a foreign country; and (b) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank; (f) A person or entity that has been designated by, or is resident in, or organized or chartered under the laws of, a jurisdiction that has been designated as a "primary money laundering concern" by the Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 or Section 9714 of the Combatting Russian Money Laundering Act, unless waived by PALCO after conducting enhanced due diligence; (g) A person that appears on a list of known or suspected terrorists designated pursuant to the customer identification program regulations adopted under 31 U.S.C. §5318(l); or (h) A person or entity that has been convicted of or is under investigation for financial crimes, including activity that violates Applicable AML Laws, Applicable Sanctions Laws, or applicable anti-corruption or anti-bribery laws ("Applicable Anti-Corruption Laws"), unless waived by PALCO after conducting enhanced due diligence. The Subscriber represents and warrants that none of the Subscriber nor any person or entity controlling, controlled by, or, to the knowledge of the Subscriber, under common control with, such Subscriber, nor any Beneficial Owner or underlying investor of such Subscriber, is a Prohibited Investor. The Subscriber represents and warrants that none of the funds used by the Subscriber to fund its investment will be derived directly or indirectly from activity that violates Applicable Sanctions Laws or dealings with Sanctioned Persons or Sanctioned Countries. The Subscriber represents and warrants that none of the Subscriber, any Beneficial Owner, underlying investor, or any party acting on behalf of the Subscriber or any Beneficial Owner, has received, made, offered, or promised any unlawful payment or benefit in furtherance of its potential investment in PALCO. The Subscriber represents and warrants that, if the Subscriber is an entity, including a fund-of-funds, trust, pension plan, nominee, or any other entity that is not a natural person, the Subscriber: (a) has adopted policies and procedures designed to comply with Applicable AML Laws and, pursuant to those policies and procedures, it (i) has carried out thorough due diligence (and, as applicable, enhanced due diligence) as to, and has established the identities of, any Beneficial Owner of the Subscriber, (ii) holds the evidence of such identities, (iii) as required or appropriate, has identified the source of funds or source of wealth of any Beneficial Owner, (iv) will maintain all such evidence for the period required by applicable law (and in any event at least ten years from the date of the Subscriber's complete redemption from PALCO), (v) will make such information available to PALCO or any of its designees upon their 3 "Beneficial Owner" shall have the meaning given it under Applicable AML Laws, and such term shall have such meaning when used in this Subscription Agreement in the context of anti-money laundering and sanctions representations, warranties, covenants, acknowledgments, or when otherwise required. 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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors (9) reasonable request and (vi) monitors for, and reports suspicious activity of, such persons or entities, and complies with relevant transaction and/or currency reporting requirements as required by Applicable AML Laws; ANTI-MONEY (b) will obtain from its underlying investors a waiver of such investors' secrecy and privacy rights as a condition of investment, to the extent necessary in LAUNDERING order for the Subscriber and PALCO to satisfy their respective obligations under Applicable AML Laws, and the Subscriber will reject or terminate (Cont'd) the investment of any underlying investor who refuses to provide, or attempts to revoke, such waiver; (c) has adopted and adhered to policies and procedures reasonably designed to comply with Applicable Sanctions Laws and Applicable Anti-Corruption Laws, and to identify underlying investors who might be Prohibited Investors; and (d) based on application of its policies and procedures designed to comply with Applicable AML Laws, Anti-Money Laundering Laws, Applicable Anti- Corruption Laws, and Applicable Sanctions Laws, Subscriber has no reason to believe that any underlying investor is a Prohibited Investor or is engaged in suspicious activity by, through or at PALCO. The Subscriber represents and warrants that the money that the Subscriber seeks to invest (a) is not derived from, or related to, money laundering, terrorism, illegal drug activity, or any other activity that is deemed criminal under U.S. or other applicable law; (b) will not cause PALCO, the Manager, the Administrator or any of their respective affiliates to be in violation of Applicable AML Laws, Applicable Sanctions Laws, or Applicable Anti-Corruption Laws; and (c) will not originate from, be routed through, or be transferred from or through an account maintained at a Foreign Shell Bank, an "offshore bank," or a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction or Territory4. The Subscriber represents and warrants that it does not know, or have reason to suspect, that the proceeds of its investment will be used in any manner that would cause PALCO, the Manager, the Administrator or any of their respective affiliates to be in violation of Applicable AML Laws, Applicable Sanctions Laws, or Applicable Anti-Corruption Laws. The Subscriber represents and warrants that it will provide to PALCO, the Manager, and/or the Administrator such information and documentation as PALCO, the Administrator, the Manager or any of their affiliates may require to comply with Applicable AML Laws, Applicable Sanctions Laws, and/or Applicable Anti-Corruption Laws. The representations and warranties set forth in this Section 9 are ongoing and shall be deemed repeated at the time of each subscription and repurchase. The Subscriber agrees to notify PALCO and/or the Administrator immediately of any change in information affecting the representations and covenants in this Section 9. The Subscriber acknowledges that (a) if the Subscriber is, or PALCO, Manager or the Administrator reasonably believes that the Subscriber or any of its Beneficial Owners, underlying investors or control persons is, a Prohibited Investor, (b) the foregoing representations in this Section 9 are incorrect, (c) if otherwise required by applicable law or regulation related to money laundering, economic sanctions, and similar activities, or (d) if PALCO, the Manager and/or the Administrator deems it reasonably necessary for the commercial best interests of other investors in PALCO, the Manager and/or the Administrator may, in their sole discretion, undertake appropriate actions to ensure compliance with applicable law or regulations or commercial best interests of other investors, including but not limited to freezing, segregating or redeeming the Subscriber's subscription in PALCO. Freezing the Subscriber's subscription in PALCO may mean that the Subscriber's subscription cannot be redeemed. In the event that a redemption notice has been or is submitted in relation to frozen assets, either prior to or after assets are required by applicable law or regulations to be frozen, but the redemption has not yet completed, PALCO, the Manager and/or the Administrator may, in their sole discretion, disregard the redemption notice in question. PALCO, the Manager, and/or the Administrator shall be under no obligation to communicate with a Prohibited Investor in relation to the appropriate actions taken. In this event, the Subscriber shall have no claim against PALCO, the Manager, the Administrator, or any of their respective affiliates, for any form of damages that result from any of the aforementioned actions. The Subscriber represents and covenants that if it is or becomes, or any of its Beneficial Owners are or become, a Senior Foreign Political Figure5 or Politically Exposed Person6, it has provided or will provide notice of such status to PALCO, the Manager, and/or the Administrator and will provide any information requested by PALCO, the Manager, the Administrator, and/or their designees to conduct any enhanced due diligence as may be appropriate in PALCO's, the Manager's, and/or the Administrator's sole discretion. The Subscriber likewise represents and covenants that if it is investing on behalf of others, it will conduct or has conducted enhanced due diligence on underlying investors who are or become Senior Foreign Political Figures or Politically Exposed Persons to confirm that such investors' source of wealth or funds is not derived from corruption or other illegal activity. The Subscriber is advised that PALCO could be requested or required to disclose confidential information about the Subscriber and, if applicable, any of the Subscriber's Beneficial Owners, underlying investors, control persons and/or persons authorized to give instructions on the Subscriber's behalf, to governmental, regulatory or other authorities or to financial intermediaries if PALCO, Manager and/or the Administrator, in their sole discretion, determine that it is in their best interests in light of relevant laws or regulations concerning money laundering, economic sanctions, and similar activities. Notwithstanding any other provision of this Subscription Agreement to the contrary, PALCO, and the Manager, in its own name and on behalf of PALCO, shall be authorized, without the consent of any person or entity, including the undersigned, to take such action as it determines to be necessary or advisable to comply, or to cause PALCO to comply, with any anti-money laundering, economic sanctions, or anti-terrorist laws, rules, regulations, directives or special measures. Subscriber represents and warrants that it has read and completed "Appendix C: Information Regarding Applicability of Rule 506(d)" and "Appendix D: AML Subscriber Identification Questionnaire" herein and the information supplied is true and correct and may be relied upon by PALCO. Subscriber represents and warrants that neither investor nor (if investor is an entity) any shareholders, partners or other holders of equity or beneficial interests (including any person reasonably known to be controlling investor) is: a person or entity (a) whose name appears on the List of Specially Designated Nationals and Blocked Persons administered by the OFAC of the U.S. Department of Treasury or any similar list of sanctioned persons maintained by the United Nations, EU, or UK, as such lists may be amended from time to time; (b) who is incorporated, ordinarily resident, or located in a country or territory subject to comprehensive sanctions (at the time of this agreement the Crimea, the so-called Luhansk People's Republic and so-called Donetsk People's Republic regions of Ukraine, the non-governmental controlled oblasts of Kherson and Zaporizhzhia, Cuba, Iran, North Korea, and Syria); or (c) with whom dealings are restricted, prohibited, or sanctionable pursuant to applicable sanctions, including the sanctions programs administered by OFAC. Subscriber represents and warrants that (a) the amounts contributed by investor to PALCO were not and are not directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations; (b) no contribution by the you to PALCO will result in a violation by PALCO or the Manager of any U.S. federal or any state or non-U.S. laws and regulations, including anti-money laundering, economic sanctions, or anti-terrorist laws and regulations, and (c) none of the proceeds from investor's investment in PALCO will be used to finance any activities that contravene laws or regulations or in any other manner that would cause PALCO or the Manager to be in violation of laws or regulations. 4 "Non-Cooperative Jurisdiction or Territory" means any non-U.S. country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization concurs. 5 "Senior Foreign Political Figure" means (a) a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S. government-owned commercial enterprise, (b) a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual, (c) an Immediate Family Member of any such individual, and (d) a person who is widely and publicly known (or is actually known) to be a Close Associate of such individual. For purposes of this definition, a "senior official" or "senior executive" means an individual with substantial authority over policy, operations, or the use of government-owned resources. "Close Associate" means, with respect to a Senior Foreign Political Figure or a Politically Exposed Person, a person who is widely and publicly known internationally (or actually known to the Subscriber) to maintain an unusually close relationship with the Senior Foreign Political Figure or Politically Exposed Person, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure or Politically Exposed Person. For the purposes of this Part 9, "Immediate Family Member" means a spouse or a person considered to be the equivalent of a spouse, parent, sibling, children and their spouses or persons considered to be equivalent of a spouse, or a spouse's parents and siblings. 6 "Politically Exposed Person" means individuals who are or have been entrusted with prominent public functions in a foreign or domestic country, including heads of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations or international organizations, important political party officials, and family members or Close Associates of any of the foregoing. In addition, a Politically Exposed Person includes any corporation, business or other entity that has been formed by, or for the benefit of, a Politically Exposed Person, as well as Immediate Family Members (as defined in footnote 5) and Close Associates of Politically Exposed Persons. 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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors (10) This Subscription Agreement will be governed by and construed in accordance with the laws of the State of Delaware (without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware). GOVERNING LAW (11) This Subscription Agreement, the LLC Agreement and the other agreements or documents referred to herein or in the LLC Agreement contain the entire agreement of the parties hereto or therein with respect to the subject matter hereof and thereof, and there are no representations, covenants or other agreements ENTIRE except as set forth herein or therein. AGREEMENT (12) PALCO is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish the account. Required information includes name, date of birth, permanent residential address and social security/ taxpayer identification number. We may also ask to see other SUBSCRIBER identifying documents. If you do not provide the information, PALCO may not be able to open your account. By signing this Subscription Agreement, you agree to SIGNATURES provide this information and confirm that this information is true and correct. If we are unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if we believe we have identified potentially criminal activity, we reserve the right to take action as we deem appropriate which may include closing your account. The undersigned's signature pages to this Subscription Agreement shall also constitute a counterpart signature page to the LLC Agreement upon acceptance thereof by PALCO. Please separately initial each of the representations below. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make the representations on your behalf. In order to induce PALCO to accept this subscription, I hereby represent and warrant to you as follows: INVESTOR CO-INVESTOR I have received a copy of the PPM. INITIALS INITIALS I am a non-"U.S. Person" as defined in U.S. Securities Act of 1933, as amended (the "Securities Act") and an "accredited investor" as defined in Rule 501 promulgated under Regulation D under the INITIALS INITIALS Securities Act. All investors must complete the questionnaires in Appendices A and D I acknowledge that there is no public market for the Shares and, thus, my investment in Shares is not liquid. INITIALS INITIALS I acknowledge that the Shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the INITIALS INITIALS PPM. I am purchasing the Shares for my own account. INITIALS INITIALS I understand that the transaction price per Share at which my investment will be executed will be made available on PALCO's website at www.pimco.com/palcoseriesii. INITIALS INITIALS I understand that I am not committed to purchase Shares at the time my subscription order is submitted and I may cancel my subscription at any time before five business days prior to the last business day of the month. I understand that I may withdraw my purchase request by notifying the INITIALS INITIALS transfer agent, through my financial intermediary or directly on PALCO's toll-free, automated telephone line, (844) 705-0386. I am a benefit plan investor within the meaning of Section 3(42) of the Employee Retirement Income Security Act of 1974 ("ERISA").7 (Initial ONLY if applicable) INITIALS INITIALS I declare that the information supplied in this Subscription Agreement (including, without limitation, Appendices) is true and correct and may be relied upon by PALCO. I acknowledge that the Broker-Dealer/Registered Representative (Broker-Dealer/Registered Representative of record) and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including tax documents) and redemption information. Subscriber may change the Broker-Dealer/Registered Representative of record at any time by contacting PALCO at the number indicated below. ERISA INVESTORS If I am, or am investing on behalf of, any plan that is subject to Title I of ERISA, Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") or any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or the Code (collectively, "Other Plan Laws"): (1) I represent and warrant that my acquisition and holding of the Shares will not violate or otherwise result in a non-exempt prohibited transaction under ERISA, the Code or a violation of, or otherwise subject PALCO or PIMCO to, any applicable Other Plan Law. (2) I acknowledge and agree that I have neither sought, nor received, any advice, including, without limitation, in a fiduciary capacity, from PIMCO in connection with the purchase and holding of the Shares. (3) I have independently determined that the purchase and holding of the Shares is in accordance with the terms of my governing instruments, if any, and complies with all applicable requirements of ERISA, the Code and any applicable Other Plan Law. (13a) Please note that unless previously agreed to in writing by PALCO, all sales of securities must be made through a Broker-Dealer or a Registered Investment Adviser firm ("RIA"). This Section 13a must be completed for shares being purchased directly through a Broker-Dealer. If the shares are being purchased through REGISTERED an RIA, please complete Section 13b of this Subscription Agreement instead. REPRESENTATIVE (Please complete The Registered Representative must sign below to complete the order. Registered Representative hereby warrants that he/she is duly licensed and may lawfully ONLY if you are sell shares in the state designated as the investor's legal residence. a Registered Representative BROKER-DEALER REGISTERED REP 7 The term "benefit plan investor" is defined to include (i) employee benefit plans subject to Title I of ERISA (e.g., US corporate pension plans, Taft-Hartley plans, and 401(k) plans), (ii) plans subject to Section 4975 of the Internal Revenue Code (e.g., "Keogh" plans and individual retirement accounts and arrangements ("IRAs")), and (iii) entities (e.g., a fund-of-funds and a collective investment trust) whose underlying assets are deemed to constitute "plan assets" under ERISA due to a failure of the entity to meet one of the regulatory exceptions under ERISA. Governmental plans and non-US plans are not included in this definition. Page 6 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors otherwise skip to Section 13b.) ADVISOR MAILING ADDRESS BROKER-DEALER (Required information for sales made directly CITY STATE ZIP through a Broker- Dealer. If the shares FIRM CRD NUMBER REP/RIA CRD NUMBER TELEPHONE NUMBER are being purchased through an RIA, please complete Section 13b instead.) E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm(s), which confirmation is made on behalf of the Broker-Dealer with respect to sales of securities made through a Broker-Dealer, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor's prospective purchase of Shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the Shares; (iv) have delivered or made available the PPM to such investor; (v) have reasonable grounds to believe that the investor is purchasing these Shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of Shares is a suitable investment for such investor, that such investor meets the suitability standards applicable to such investor set forth in the PPM and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the Shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the PPM. The undersigned Registered Representative represents and certifies that, if the investor is a "retail customer" as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rule 15l-1 ("Regulation Best Interest"), (i) the undersigned has a reasonable basis to believe that (a) a purchase of Shares would be in the best interest of the investor based upon the investor's investment profile and the potential risks, rewards, and costs associated with such an investment and (b)(i) the undersigned has not placed its interests or those of the Registered Representative ahead of the interest of the investor in recommending such investment and (ii) undersigned and the Registered Representative have complied with any applicable enhanced standard of conduct, including but not limited to, the other requirements of Regulation Best Interest in relation to the proposed purchase of Shares. The undersigned Registered Representative further represents and certifies that, in connection with this subscription for Shares, he or she has complied with and has followed all applicable policies and procedures under his or her firm's existing anti-money laundering program and customer identification program, including applicable document/information retention requirements. The undersigned Registered Representative further represents and certifies that, upon request from PALCO or an affiliate, such Registered Representative will provide PALCO with identification documentation and other information about the investor collected pursuant to these policies and procedures. During the life of the investment, but no more than annually, the undersigned Registered Representative agrees to provide, upon request from PALCO or an affiliate, a verification of continued compliance with this section 13a. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. BRANCH MANAGER SIGNATURE REGISTERED REP DATE (If required by Broker-Dealer) DATE (13b) The Investment Advisor Representative ("Representative"), on behalf of the Representative and the RIA, must sign below to complete the order. A principal or other authorized signatory of the RIA must also sign if required by the RIA. Representative hereby warrants that Representative is duly licensed and authorized to INVESTMENT execute this Subscription Agreement on behalf of Representative and the RIA, and may lawfully provide investment advice regarding the shares in the state ADVISOR designated as the investor's legal residence. REPRESENTATIVE/ RIA INFORMATION RIA FIRM INVESTMENT ADVISOR REPRESENTATIVE NAME (Required information for sales made through an MAILING ADDRESS RIA. If the shares are being purchased directly through a Broker-Dealer, CITY STATE ZIP please complete Section 13a instead.) IARD NUMBER (if known) RIA NUMBER TELEPHONE NUMBER E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm by their signature, on behalf of the Representative and RIA, that Representative and RIA: (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have verified, if other than individual ownership, that the individual executing on behalf of the investor is properly authorized and identified; (iii) have discussed such investor's prospective purchase of shares with such investor; and (iv) have advised such investor of all pertinent facts with regard to the liquidity and marketability of the shares. The Representative and RIA are not authorized or permitted to give, and represents that they have not given to a prospective investor, any information or any representation concerning the shares except (i) as set forth in the PPM and (ii) any sales literature which has been approved in advance in writing by PALCO (such information, the "Supplemental Information"). The Representative represents that Representative has not used or will not use any unapproved materials related to PALCO. The Representative has delivered a copy of the PPM, to each investor to whom an offer is made prior to or simultaneously with the execution of this Subscription Agreement. The Representative and RIA represent that it has not shown or given to the investor any material marked "RIA only," "For Financial Advisor Use Only" or otherwise bearing a legend denoting that it is not to be shared with or given to prospective investors. The Representative and RIA hereby agree to, and shall, indemnify and hold harmless PALCO, its respective affiliates, and any directors, officers, partners, employees or agents of the foregoing (collectively, "PALCO Affiliates"), against any and all direct or third-party claims, losses, damages, or liabilities, joint or several, including but not limited to any claims, losses, damages, or liabilities relating to or regarding the suitability of the investment for the investor, whether or not the investment was in the best interest of the investor, and/or any claims relating to statements made by the RIA to the investor with respect to the purchase of shares or otherwise with respect to PALCO (including any investigative, legal, and other costs and expenses reasonably incurred in connection with, and any Page 7 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors (13b) amounts paid in settlement of any action, suit, proceeding, or legislative or regulatory inquiry) (collectively "Claims"), for which any of the PALCO Affiliates may become subject, to the extent that such Claims arise out of or are based upon: (i) the Representative or RIA's fraud, willful default, or negligence; or (ii) the INVESTMENT Representative or RIA's (a) violation of applicable law or regulation, (b) misrepresentation to the investor(s), (c) breach of any warranty or representation of the ADVISOR Representative or RIA herein, or (d) failure to fulfill any covenant or agreement of the Representative or RIA contained herein. REPRESENTATIVE/ RIA INFORMATION The Representative and RIA shall not be liable under the indemnification provisions of this Subscription Agreement with respect to a party or other person entitled (Required to indemnification hereunder (the "Indemnified Party") unless such Indemnified Party shall have notified the Representative and RIA in writing within a reasonable information for sales time after notice giving information of the nature of the claim shall have been received by such Indemnified Party, but failure to notify the Representative or RIA of made through an any such claim shall not relieve the Representative or RIA from any liability that it may have to the Indemnified Party against whom such claim is made, except to RIA. If the shares the extent that the failure to notify results in the failure of actual notice to the Representative or RIA and such indemnifying party is materially damaged by being are being purchased unable effectively to defend such claim solely as a result of failure to give or delay in giving such notice. In case an action is brought directly against the directly through a Indemnified Party, or the Indemnified Party becomes directly involved in the action, the Representative or RIA will be entitled to participate, at their own expense, Broker-Dealer, in the defense thereof. The Representative and RIA also shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnified Party in its please complete reasonable judgment. After notice from the Representative or RIA to the Indemnified Party of the Representative's or RIA's election to assume the defense Section 13a thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Representative or RIA will not be liable to such instead.) party under this Subscription Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense (Continued) thereof other than reasonable costs of investigation, unless (i) the Representative or RIA and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the RIA and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between or among them. Neither the Representative nor the RIA shall be liable for any settlement of any proceeding effected without its written consent but if settled with such consent, the Representative and RIA agree to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement. The RIA may settle any Claim covered by indemnification hereunder, provided such settlement involves solely the payment of money and a complete and total release from said Claim. A successor by law of the Indemnified Parties shall be entitled to the benefits of the indemnification contained in this Subscription Agreement. The RIA represents that it is properly licensed and presently registered as an investment adviser under the Advisers Act, and has complied with registration or notice filing requirements of the appropriate regulatory agency of each state in which the RIA has clients or is exempt from such registration requirements. The Representative and RIA represent that each is in compliance with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act, and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") promulgated under both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state and federal laws and regulations applicable to the activities of the Representative or RIA pursuant to this Subscription Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC; and d) this Subscription Agreement and the PPM. The RIA agrees to comply with the record-keeping requirements imposed by federal and state laws, including those records related to suitability and to make the suitability records available to PALCO upon request. The Representative and RIA represent that the investor meets the suitability and financial qualifications set forth in Section 12 and Appendix A of this Subscription Agreement and the PPM, and is a person who is eligible to purchase the applicable type of shares as described in the PPM. The Representative and RIA have reasonable grounds to believe that the purchase of shares by the investor is a suitable and appropriate investment for such investor. In making this determination, the RIA has reasonable grounds to believe that the investor: (a) can reasonably benefit from an investment in PALCO based on the prospective investor's overall investment objectives and portfolio structure; (b) is able to bear the economic risk of the investment based on the prospective investor's overall financial situation; and (c) has apparent understanding of (1) the fundamental risks of the investment, (2) the risk that the investor may lose the entire investment, (3) the lack of liquidity of the shares, (4) the restrictions on transferability of the shares, (5) the tax consequences of the investment, and (6) the background and qualifications of PIMCO. The Representative and RIA have made this determination on the basis of information it has obtained from the investor, including at least the age, investment objectives, investment experiences, income, net worth, financial situation, and other investments of the prospective investor, as well as any other pertinent factors. The Representative and RIA represent further that they have conducted, or have directed an agent or the account custodian to conduct on the RIA's behalf, all necessary due diligence and "know your customer" checks on the investor in order to comply with any and all applicable laws, rules, and regulations including, but not limited to, the USA Patriot Act of 2001, the Bank Secrecy Act of 1970, as amended, regulations or orders issued by OFAC, and any other applicable anti-money laundering laws, rules, or regulations. With respect to any use by the Representative and RIA of electronic delivery of the PPM and Supplemental Information and electronic signature of the Subscription Agreement, the Representative and RIA represent and warrant that each will comply with (a) all applicable rules, regulations and guidelines issued by the SEC and any other applicable laws or regulations and guidelines; and (b) the Electronic Signatures in the Global and National Commerce Act and the Uniform Electronic Transactions Act, to the extent applicable, as adopted in each applicable jurisdiction and any other applicable laws. The undersigned represents that the shares will be purchased through the RIA listed above. RIA and PALCO acknowledge that if RIA and PALCO have executed an RIA selected dealer (or other comparable) agreement for the offering of shares of PALCO, then such agreement shall supersede any conflicting representations contained herein in this Section 13b. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. INVESTMENT ADVISOR REPRESENTATIVE SIGNATURE DATE PRINCIPAL OR OTHER RIA AUTHORIZED SIGNATORY SIGNATURE (if required by RIA) (14) If investors participating in the Distribution Reinvestment Plan or making subsequent purchases of Shares of PALCO experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in Section 12 above, they are asked to promptly notify PALCO and the MISCELLANEOUS Broker-Dealer in writing. The Broker-Dealer may notify PALCO if an investor participating in the Distribution Reinvestment Plan can no longer make the representations or warranties set forth in Section 12 above, and PALCO may rely on such notification to terminate such investor's participation in the Distribution Reinvestment Plan. All items on this Subscription Agreement must be completed in order for your subscription to be processed. For your subscription request to be accepted for any given month, the completed and executed Subscription Agreement and the full subscription amount must be received by PALCO or its designee no later than 4 PM EST five (5) business days prior to the first calendar day of the applicable month (unless waived). Upon acceptance of your subscription request, you will receive a written confirmation of your purchase. Subscribers are encouraged to read the PPM in its entirety for a complete explanation of an investment in the Shares of PALCO. Page 8 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Return the completed Subscription Agreement to: Regular Mail To: Overnight To: PIMCO Asset-Based Lending Company LLC – Series II PIMCO Asset-Based Lending Company LLC – Series II 650 Newport Center Drive, Newport Beach, CA 92660 650 Newport Center Drive, Newport Beach, CA 92660 PIMCO Asset-Based Lending Company LLC – Series II Investor Relations: (212) 776-1689 Email: AltsInvestorServicing@pimco.com Submit the Investment Amount provided in Section I: By Mail — Attach a check made payable to By Wire — Bank Name: State Street Bank and Trust Company Account Name: Address: John Adams Building, 1776 Heritage Dr, North Quincy, MA 02171 ABA Routing Number: Demand Deposit Account Number: Please request when sending a wire that the wire reference the subscriber's name in order to assure that the wire is credited to the proper account. Page 9 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix A The Subscriber qualifies as an "accredited investor" within the meaning of Regulation D under the Securities Act. The Subscriber is eligible to invest in PALCO as an accredited investor if the Subscriber is able to affirmatively check one of the boxes below (please check each box that accurately describes the Subscriber): (a) ☐ The Subscriber is a natural person who had an income in excess of $200,000 in each of the two most recent years (or joint income with the Subscriber's spouse or "spousal equivalent"8 in excess of $300,000 in each of those years) and has a reasonable expectation of reaching the same income level in the current year. (b) ☐ The Subscriber is a natural person who has a net worth (or joint net worth with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000.9 NOTE: When calculating net worth,  exclude from the calculation the estimated fair market value of the Subscriber's primary residence at the time of the sale of the Shares;  exclude from the calculation all indebtedness (e.g., a mortgage or home equity loan or line of credit) secured by the Subscriber's primary residence, up to the estimated fair market value of such primary residence at the time of the sale of the Shares; and  include in the calculation as a liability the indebtedness secured by the Subscriber's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of the Shares. NOTE: When calculating joint net worth,  can aggregate the net worth of the Subscriber and the Subscriber's spouse or spousal equivalent;  to include assets in the calculation, the assets need not be held jointly; and  • to rely on this joint net worth standard, securities need not be purchased jointly. (c) ☐ The Subscriber is a natural person holding in good standing the General Securities Representative license (Series 7), the Investment Adviser Representative license (Series 65), the Private Securities Offerings Representative license (Series 82), and/or any other professional certifications or designations or credentials from an accredited educational institution that the U.S. Securities and Exchange Commission ("SEC") has designated as qualifying an individual for accredited investor status.10 (d) ☐ The Subscriber is a "family office,"11 as defined under the Advisers Act, (x) with assets under management in excess of $5,000,000; (y) that was not formed for the specific purpose of acquiring the securities offered, and (z) whose subscription in PALCO is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment and does not rely on PALCO or its affiliates for a recommendation. (e) ☐ The Subscriber is a "family client," as defined under the Advisers Act, that meets the requirements (x), (y), and (z) set forth in paragraph (2)(d) above, whose subscription in PALCO is directed by such "family office" pursuant to the Advisers Act. (f) ☐ The Subscriber is a trust (e.g., a personal trust) (i) with total assets in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in PALCO, and (iii) whose selected person responsible for directing the investment of assets of the trust in PALCO has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of an investment in PALCO. (g) ☐ The Subscriber is an entity with total assets in excess of $5,000,000 which was not formed for the specific purpose of investing in PALCO and which is one of the following: (i) ☐ a corporation; or (ii) ☐ a partnership; or (iii) ☐ a limited liability company; or (iv) ☐ a Massachusetts or similar business trust; or (v) ☐ an organization described in Section 501(c)(3) of the Code. (h) ☐ The Subscriber is a revocable trust which may be amended or revoked at any time by the grantors thereof, and of which all of the grantors are "accredited investors" because each grantor is an individual who (i) has a net worth (or joint net worth with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000 (calculated in the manner set forth in paragraph (2)(b) above); (ii) had individual income in excess of $200,000 in each of the two most recent years and expects to have individual income in excess of $200,000 in the current year; or (iii) had joint income together with the Subscriber's spouse or spousal equivalent in excess of $300,000 in each of the two most recent years and expects to have joint income in excess of $300,000 in the current year.12 (i) ☐ The Subscriber is licensed, or subject to supervision, by U.S. federal or state examining authorities as a "bank" (as defined in Section 3(a)(2) of the Securities Act), a "savings and loan association" (or other institution described in Section 3(a)(5)(A) of the Securities Act) or an "insurance company" (as defined in Section 2(a)(13) of the Securities Act), or is an account for which a bank or savings and loan association is subscribing in a fiduciary capacity. (j) ☐ The Subscriber is registered with the SEC as a broker or dealer under the Exchange Act, or is an investment company registered under the Investment Company Act, or has elected to be treated or qualifies as a "business development company" (within the meaning of Section 2(a)(48) of the Investment Company Act). (k) ☐ The Subscriber is an investment adviser registered pursuant to Section 203 of the Advisers Act or registered pursuant to the laws of a state. (l) ☐ The Subscriber is an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Advisers Act. (m) ☐ The Subscriber is a Small Business Investment Company ("SBIC") licensed by the Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958, as amended. (n) ☐ The Subscriber is a Rural Business Investment Company ("RBIC")13 as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended. (o) ☐ The Subscriber is a private business development company as defined in Section 202(a)(22) of the Advisers Act. 8 The term "spousal equivalent" shall mean a cohabitant occupying a relationship generally equivalent to that of a spouse. Spousal equivalents may pool their finances for the purposes of qualifying as accredited investors. 9 If the Subscriber has increased the amount of indebtedness secured by the Subscriber's primary residence within 60 days prior to the sale of the Shares and such increase is not as a result of the acquisition of the primary residence, the Subscriber must include in the calculation as a liability such increase regardless of whether the amount of overall indebtedness is less than the estimated fair market value of the residence. 10 For purposes of this item, eligible professional certifications, designations and credentials are set forth at sec.gov/rules/other/2020/33-10823.pdf. 11 "Family offices" are entities established by families to manage their assets, plan for their families' financial future, and provide other services to family members. Subscribers who check this box under the capacity of "family office" are expected to have no clients other than "family clients." "Family clients" generally are family members, former family members, and certain key employees of the family office, as well as certain of their charitable organizations, trusts, and other types of entities. Although the definition of "family client" from Rule 501(a)(13) includes both natural persons and institutions, only family clients that are institutions may be considered institutional accredited investors. 12 In general, a trust other than a revocable grantor trust will not qualify as an "accredited investor" solely because all of its grantors and/or all of its beneficiaries are "accredited investors." 13 An RBIC is a company that is approved by the Secretary of Agriculture and that has entered into a participation agreement with the Secretary of Agriculture. Page 10 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix A (p) ☐ The Subscriber is an employee benefit plan (other than a participant-directed plan) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, with total assets in excess of $5,000,000. (q) ☐ The Subscriber is an employee benefit plan within the meaning of ERISA, (i) which has total assets in excess of $5,000,000, (ii) for which investment decisions are made by a plan fiduciary which is a bank, savings and loan association, insurance company, or registered investment adviser, or (iii) if a self-directed plan, in which investment decisions are made solely by persons that are "accredited investors." (r) ☐ The Subscriber is an entity in which all of the equity owners are directly or indirectly persons described in this Appendix A.14 (s) ☐ The Subscriber is any entity of a type not listed in (f) through (r) above, (x) that owns "investments," as defined in Rule 2a51-1(b) under the Investment Company Act, (y) in excess of $5,000,000 and (z) that was not formed for the specific purpose of acquiring the securities offered.15 14 In determining accredited investor status under Rule 501(a)(8), one may look through various forms of equity ownership to natural persons. If those natural persons are themselves accredited investors, and if all other equity owners of the entity are accredited investors, the entity would be an accredited investor under Rule 501(a)(8). 15 For example, the Subscriber may be an Indian tribe, governmental body, fund, or entity organized under the laws of a foreign country, (i) that owns "investments," as defined in Rule 2a51-1(b) under the Investment Company Act, (ii) in excess of $5,000,000 and (iii) that was not formed for the specific purpose of investing in the securities offered. Page 11 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix B INSTITUTIONAL SUITABILITY CERTIFICATE AFFIRMATIVE INDICATION OF EXERCISE OF INDEPENDENT JUDGMENT (Pursuant to FINRA Rule 2111) 1 Please fill out this form, sign, and reply via email: PALCOTA_INQ@statestreet.com In connection with any recommended2 transaction or investment strategy by a registered broker-dealer, the undersigned acknowledges on behalf of the Institution named below that: I. It is an Institutional Account as defined in FINRA Rule 4512(c)3 or is a "family office" (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act) with assets under management in excess of $50,000,000 or more, not formed for the specific purpose of acquiring the Shares offered, and whose purchase of the Shares is directed by one or more experienced securities or financial services professionals who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the purchase of the Shares and does not rely on PALCO or its affiliates for a recommendation4; II. It (1) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; and (2) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; III. It will notify PIMCO if anything in this Certificate ceases to be true; IV. This Certificate and the information contained herein may be shared with broker-dealers or third parties, including via a secure database or electronic platform established by PIMCO; and V. He or she is authorized to sign on behalf of the Institutional Account named below. NOTE: This Certificate shall apply with respect to all recommended transactions and investment strategies involving securities that are entered into by the "Institutional Account" named in this Certificate, whether for the account of such Institutional Account or for the account of any beneficial owner that has delegated decision making authority to such Institutional Account. Institutional Account Name: Address, City, State, Zip: Name of Authorized Signatory: U.S. Tax ID/EIN (if applicable): Title of Authorized Signatory: Telephone: Email Address: Signature of Authorized Signatory: Date: Name of Contact at Institution (for questions and updates) Telephone: Email Address: 1 Available at http://www.finra.org/Industry/Regulation/FINRARules/. 2 As defined in FINRA Rules. 3 The term "Institutional Account" means the account of: (1) a bank, savings and loan association, insurance company or registered investment company; (2) an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission (or any agency or office performing like functions); or (3) any other person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million as of the date of this Certificate (whether such assets are invested for such person's own account or under management for the account of others). 4 "Family offices" that meet these criteria are not considered "retail customers" for the purposes of the SEC's Regulation Best Interest and Form CRS under the Exchange Act. Page 12 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix C Information Regarding Applicability of Rule 506(d) Rule 506(d) Representations The Subscriber should answer each of the statements below in respect of the Beneficial Owner and any other person who could be deemed to be a "beneficial owner"16 of the Shares held by the Beneficial Owner (collectively with the Beneficial Owner, the "Covered Party"). The Subscriber represents and warrants: True False The Covered Party has not been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities. The Covered Party is not subject to any order, judgment or decree of any court of competent jurisdiction that restrains or enjoins it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities. The Covered Party is not subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission ("CFTC"); or the National Credit Union Administration that: (i) bars it from association with an entity regulated by such commission, authority, agency, or officer; (ii) bars it from engaging in the business of securities, insurance or banking; (iii) bars it from engaging in savings association or credit union activities; or (iv) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct. The Covered Party is not subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act (15 U.S.C. 78o(b) or 78o-4(c)) or Section 203(e) or (f) of the Advisers Act (15 U.S.C. 80b-3(e) or (f)) that: (i) suspends or revokes its registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on its activities, functions or operations; or (iii) bars it from being associated with any entity or from participating in the offering of any penny stock. The Covered Party is not subject to any order of the SEC that orders it to cease and desist from committing or causing a violation or future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws or any other rule or regulation thereunder;17 or (ii) Section 5 of the Securities Act (15 U.S.C. 77e). The Covered Party is not suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade. The Covered Party has not filed (as a registrant or issuer), and was not, and was not named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, and is not the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued. The Covered Party is not subject to a U.S. Postal Service false representation order entered within five years of the date of this Subscription Agreement and the Covered Party is not subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property by means of false representations. There is no action, suit, claim, proceeding, arbitration, inquiry or investigation pending or, to the Subscriber's knowledge, threatened against the Covered Party, which if adversely determined, would give rise to any of the events described in (a) through (h) above. If the Subscriber responded "False" to any question above, please provide a description of the event, including the date or dates that each conviction, order, judgment, decree, suspension, expulsion or bar occurred or was issued, or a description of the status of any action, suit, claim, proceeding, arbitration, inquiry or investigation. Please also include any additional relevant information as attachments to this Subscription Agreement. _______________________________ _______________________________ _______________________________ _______________________________ The representations and warranties in clauses (a) through (i) above shall be true and correct at all times while the Subscriber holds Shares in PALCO, and, notwithstanding any other provisions of this Subscription Agreement, if such representations and warranties are no longer true and correct then the Subscriber shall immediately notify PIMCO in 16 "Beneficial owner" of a security under the Rule 506(d) of the Securities Act has the same meaning as it does under Rule 13d-3 of the Exchange Act, which defines it to include any person who directly or indirectly has or shares voting power (including the power to vote, or to direct the voting of, such security) and/or investment power (including the power to dispose, or to direct the disposition of, such security). 17 Scienter-based anti-fraud provisions of the federal securities laws include section 17(a)(1) of the Securities Act (15 U.S.C. 77q(a)(1)), Section 10(b) of the Exchange Act (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act (15 U.S.C. 78o(c)(1)) and Section 206(1) of the Advisers Act (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder. 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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix C writing. The Subscriber shall also immediately notify PIMCO upon the occurrence of any pending investigation, proceeding, or other action that could give rise to an occurrence described in the prior clauses (a) through (i). PALCO may, in its sole discretion, cause the Subscriber to compulsorily withdraw from PALCO, in whole or in part, at any time if PIMCO knows or has reason to believe that the Subscriber has breached or may breach one or more of the representations and warranties set forth above. In addition, Subscribers that are not able to check "True" with respect to the representations (a) through (i) above are hereby notified that they may be required as a condition to their holding the Shares and not being withdrawn from PALCO in whole or in part to provide a description in writing on a form acceptable to PIMCO in its sole discretion of any matters covered in (a) through (i) and that such description may be disclosed to investors in PALCO. Page 14 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D AML Subscriber Identification Questionnaire Please fill out this form, sign, and reply via email or fax. (a) General Information (1) Subscriber full name, including any aliases (2) Subscriber Physical or Residential Address (3) Principal Business Address (if different address above) (4) Nature / Purpose / Objective of Entity, if applicable (5) Domicile of Formation, if applicable (6) Subscriber's Nationality (Individual) (7) Subscriber's Place of Birth (Individual) (8) Subscriber's Occupation (Individual) (b) Senior Political Figure Status (1) Is the Subscriber or any of the Beneficial Owners or Control Persons (as defined below) a Senior Political Figure or Politically Exposed Person, as defined in Section (o)? ☐Yes ☐No (2) If "Yes," provide relationship of Senior Political Figure or Politically Exposed Person to Subscriber. (c) Source of Funds (1) Please indicate the source of funds to be invested: (2) Is the source of funds family capital or is the Subscriber a family office? ☐ Yes ☐ No (d) Business / Source of Wealth Please provide an explanation of the Subscriber's Business / Source of Wealth (e) Indication of Expected Turnover Please indicate the number of expected transactions through the account Page 15 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D (f) Subscription Status Is the amount of the Subscriber's subscription (as set forth in this Subscription Agreement, combined with any previous investments in the Company) 40% or more of the total assets and committed capital of the Subscriber? ☐ Yes ☐ No (g) Agent or Nominee Status (1) Is the Subscriber investing as an agent, nominee, or on behalf of another person? ☐ Yes ☐ No (2) If "Yes," provide name of such person and briefly describe their relationship to the Subscriber. (h) Bearer Shares Has the Subscriber issued, or does or will it issue, bearer shares or bearer instruments? ☐ Yes ☐ No (i) Beneficial Owners For Legal Entity Subscribers, unless one of the exceptions in Section (n) applies, please identify each natural person who holds 10% or greater direct or indirect equity interest in the Subscriber. Note: The Company may seek additional information on beneficial owners. Name and any Date of Place of Nationality SSN, passport Residential Address Percentage Ownership Aliases Birth Birth number, or other similar Identification Number Page 16 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D (j) Control Persons For Legal Entity Subscribers, unless one of the exceptions in Section (n) applies, please identify at least one "Control Person" of the Entity, meaning any individual with significant responsibility to control, manage, or direct the legal entity. A Control Person may be an executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Treasurer). For Trusts, identify any Trustees, Grantors, Settlor, Protector (if any), of the Trust, and the beneficiaries (including every beneficiary that falls within a designated characteristic or class) or the Trust. Name and any Aliases Date of Birth Place of Birth Nationality SSN, passport Residential Address number, or other similar Identification Number (k) Power of Attorney For legal entities, unless one of the exceptions in Section (n) applies, please identify any natural persons having powers of attorney over the Subscriber, if applicable. For each such person, provide a copy of a current photographic ID and copy of proof of address. Name and any Aliases Residential Address Page 17 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D (l) Identity Verification (1) Natural Persons Subscribers: Provide a copy of a current valid passport, national ID card, driver's license (bearing photo and signature) and a copy or original of a bank reference, professional character reference, utility bill, or bank statement dated within the past 6 months that confirms the Subscriber's address. (2) Legal Entity Subscribers: a. Proof of Legal Existence: Provide the following, as applicable: Companies (a) A copy of certificate of incorporation (or equivalent) or copy of verification from a government registry website or a copy of a certificate of incorporation (or equivalent) and a copy of verification from government registry website; and a copy of the company constitution, memorandum and articles of association, or equivalent and (b) The directors' register and (c) A copy of the mandate authorizing the director(s) to enter the subscription (i.e., a board resolution or reference in constitutional document) Partnerships (a) A copy of certificate of registration (or equivalent) or copy of certificate of registration (or equivalent) and a copy of verification from a government registry website; and A copy of the partnership agreement or equivalent and (b) A copy of the mandate authorizing the general partner to enter into the subscription (board resolution or reference in constitutional document) Trusts (a) Copy of the trust deed (this may be redacted if one can clearly identify the information required) Unregistered Pension, (a) The articles of incorporation/corporate charter/extract from approved government registry and proof of tax exempt status of Government Entity, Charities, the legal entity (including obtaining a copy of a form submitted to the government tax collection body within the Subscriber's Clubs and Societies jurisdiction) b. Beneficial and Control Persons: Unless one of the exceptions in Section (n) applies, for each Beneficial Owner listed in Section (i) and/or Control Person listed in Section (j) above, provide a copy of a current valid passport, national ID card, driver's license (bearing photo and signature) and a copy or original of a bank reference, professional character reference, utility bill or bank statement dated within the past 6 months that confirms the person's address. Page 18 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D (m) Authorized Signatories Please provide below or attach a list of authorized signatories for this investment and their signature specimens and provide evidence of appointment. Full Name Signature Specimen (n) Exceptions (1) If the Subscriber qualifies under any of the categories below, the Subscriber does not need to identify Beneficial Owners in Section (i) or Control Persons in Section (j). Please check any that apply and provide proof of status as indicated. Subscriber Type Applies (A) A Bank regulated by a U.S. Federal Functional Regulator or by a State bank regulator; a Banking Holding Company; or a Savings and Loan Bank Holding Company (provide proof of regulation) (B) A U.S. Government, U.S. Government Agency, and U.S. Central Bank / Monetary Authority18 (provide proof of government affiliation) (C) An Insurance Company regulated by a State (provide proof of regulation) (D) An Investment Adviser registered with the SEC under Section 202(a)(11) of the Investment Advisers Act of 1940 (provide proof of regulation) (E) A Mutual Fund regulated by the OCC or the SEC OR a company registered with the SEC under the Investment Company Act of 1940 (provide proof of regulation) (F) A Non-Financial Institution Public Company listed on the New York Stock Exchange, American Stock exchange, or NASDAQ Stock Market19 OR has a class of equity securities that is held of record by either (i) 2,000 persons, or (ii) 500 persons who are not accredited investors and, and on the last day of the subscriber's fiscal year, its total assets exceed $10 million (provide proof of listing) OR has issued equity or debt securities to the public in a registered offering and is required to file a registration statement under the Securities Act of 1933 (provide evidence of exchange registration) (G) A Securities and Commodities Broker/Dealer regulated by the SEC or the CFTC OR registered with the SEC under the Securities Exchange Act of 1934. The Securities Exchange Act of 1934 requires, without limitation, the following entities to be registered with SEC: Securities brokers or dealers; or an association of brokers and dealers registered as a national securities association OR registered with the CFTC (provide proof of government affiliation) (H) A Foreign Financial Institution that is required to provide beneficial ownership information to a collector (provide proof of regulation AND frequency and form in which it reports UBO information to their regulator and the regulatory citation that requires such reporting) (I) A non-U.S. Government, Non-U.S. Government Agency, Non-U.S. Central Bank/Monetary Authority or Supra-national Organization20 (provide proof of government affiliation) (J) A pension fund for a professional association or trade union or that is acting on behalf of employees of the entities listed above, including a plan established under the Employee Retirement Income Security Act of 1974 ("ERISA") in the U.S., or its equivalent outside of the U.S.; a Defined Contribution / Benefit Plan; an Individual Retirement Account (Employer sponsored only); Pension Schemes; a Superannuation Plan; and Registered Retirement Savings Plan (provide evidence of license to operate under the regulatory body; evidence of filings of required documentation with the regulatory body; letter of good standing from the regulatory body; or name of regulator and screenshot from the regulator's website showing proof of regulation by the regulatory body). (K) Any direct majority-owned subsidiary or direct or indirect wholly-owned subsidiary of any of the above (please provide copy of corporate structure depicting relationship and including all layers of ownership AND the proof of status required for the exempt parent entity). (2) If the Subscriber qualifies under any of these categories and provides the required documentation, the Subscriber does not need to identify Beneficial Owners in Section (i). Control Persons do need to be identified in Section (j) and such Control Persons need to provide the relevant identity verification information requested in Section (l). Please check any that apply and provide proof of status as indicated. Subscriber Type Applies (A) A charity, religious group or non-profit that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (B) A Foundation or Endowment that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (C) A University or Hospital that is a nonprofit corporation or similar entity and filed its organizational documents with the appropriate State Authority (provide completed legal documentation for the entity type) (D) A pooled investment vehicle that is operated or advised by a financial institution excluded under Section (n). 18 For the purposes of this exception, the Subscriber may be a department or agency of the U.S. OR the Subscriber may be a "subsidiary" of such department or agency. To meet the subsidiary test and qualify for the exclusion, the entity must: (1) be wholly or majority owned or controlled by the U.S. government; AND (2) exercise governmental authority on behalf of the U.S. 19 The non-FI public company must be designated as a "NASDAQ National Market Security" (except stock or interests listed under the separate "NASDAQ Capital Markets Companies" heading). 20 This exception includes a department or agency of a non-US government so long as the non-US government department or agency does not engage in the type of activity a private citizen or company can also participate in (i.e., standard financial transactions or business transactions). Page 19 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix D (o) Anti-Money Laundering and Sanctions Compliance Definitions As used in this Appendix D, the following terms shall have the following meanings: 1. Close Associate. "Close Associate" means, with respect to a Senior Foreign Political Figure or a Politically Exposed Person, a person who is widely and publicly known internationally (or actually known to the Subscriber) to maintain an unusually close relationship with the Senior Foreign Political Figure or Politically Exposed Person, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure or Politically Exposed Person. 2. Foreign Bank. "Foreign Bank" means an organization that (a) is organized under the laws of a country outside the United States; (b) engages in the business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a substantial extent in the regular course of its business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. 3. Foreign Shell Bank. "Foreign Shell Bank" means a Foreign Bank without a physical presence in any country, but does not include a Regulated Affiliate. 4. Immediate Family Member. Immediate Family Member means, for the purposes of this Appendix D, a spouse or a person considered to be the equivalent of a spouse, parent, sibling, children and their spouses or persons considered to be equivalent of a spouse, or a spouse's parents and siblings. 5. Non-Cooperative Jurisdiction or Territory. "Non-Cooperative Jurisdiction or Territory" means any non-U.S. country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization concurs. 6. Politically Exposed Person. "Politically Exposed Person" means individuals who are or have been entrusted with prominent public functions in a foreign or domestic country, including heads of state or of government, senior politicians, senior government, judicial or military officials, senior executives of state-owned corporations or international organizations, important political party officials, and family members or Close Associates of any of the foregoing. In addition, a Politically Exposed Person includes any corporation, business or other entity that has been formed by, or for the benefit of, a Politically Exposed Person, as well as Immediate Family Members (as defined in this Appendix D) and Close Associates of Politically Exposed Persons. 7. Regulated Affiliate. "Regulated Affiliate" means a Foreign Shell Bank that (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a physical presence in the United States or a foreign country; and (b) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign 8. Senior Political Figure. "Senior Political Figure" means (a) a current or former senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), a current or former senior official of a major political party, or a current or former senior executive of a government-owned commercial enterprise, (b) a corporation, business, or other entity that has been formed by, or for the benefit of, any such individual, (c) an Immediate Family Member (as defined in this Appendix D) of any such individual, and (d) a person who is widely and publicly known (or is actually known) to be a Close Associate of such individual. For purposes of this definition, a "senior official" or "senior executive" means an individual with substantial authority over policy, operations, or the use of government-owned resources. Page 20 of 21

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PIMCO Asset-Based Lending Company LLC – Series II Subscription Agreement for Non-US Investors Appendix E Required Pre-Clearance Questions If you are a PIMCO or PALCO employee, certain non-employee personnel, officer, director, or an Immediate Family Member21 thereof, please select one or more applicable option(s) below (required) and complete the below Pre-Clearance Questions in this Appendix E: PIMCO employee/personnel or Immediate Family Member PALCO officer or director (including PIMCO employee who is PALCO officer or director) or Immediate Family Member For all transactions via the Executive Deferred Compensation Plan or otherwise in respect of PALCO, please answer the following questions to the best of your knowledge and belief: Yes No Do you have any questions about the fact that written approval is required prior to (i) transferring an interest in or (ii) partially or fully requesting repurchases of shares of PALCO prior to PALCO being wound down and that requests to transfer or have shares repurchased will be reviewed on a case-by-case basis and there is no guarantee that the request will be approved? Do you possess information regarding any material and nonpublic changes to PALCO (e.g., pending changes in the share repurchase plan withdrawal rights, changes to the strategy, key personnel, material changes to NAV or otherwise)? Do you have any questions regarding your obligations under PIMCO's MNPI Policy, which prohibits (i) sharing material non-public information about PALCO or PALCO's holdings with any individual who is not authorized to possess such information; or (ii) using such information to make or influence others to make an investment decision with respect to PALCO? Are you a Section 16 filer of PALCO? If yes, have you engaged in any opposite way transaction with PALCO, including compensation with PALCO, within the last 180 days? 21 "Immediate Family Member" (for the purpose of this Appendix E) means (1) an employee's spouse; (2) any of the following persons sharing the same household with the employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the employee (which does not include temporary house guests) that holds an account in which the employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the employee in which the employee contributes to the maintenance of the household and material financial support of such person. Page 21 of 21