Document:

Second Amended and Restated Limited Liability Company Agreement

 

 
 Second Amended and Restated 

Limited Liability Company Operating Agreement of 

AB Commercial Real Estate Private Debt Fund, LLC 

THE LIMITED LIABILITY COMPANY INTERESTS IN AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC (THE “COMPANY”) ARE
SUBJECT TO RESTRICTIONS ON TRANSFER FOR THE PURPOSE OF THE COMPANY’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST (“REIT”) UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND TO PREVENT THE
COMPANY FROM BEING SUBJECT TO REGULATION UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. EXCEPT AS OTHERWISE PROVIDED PURSUANT TO THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF THE COMPANY, NO PERSON MAY
BENEFICIALLY OWN OR CONSTRUCTIVELY OWN SHARES TO THE EXTENT SUCH OWNERSHIP WOULD CAUSE THE COMPANY TO FAIL TO QUALIFY AS A REIT UNDER THE CODE. ANY PERSON WHO ATTEMPTS OR PROPOSES TO BENEFICIALLY OWN OR CONSTRUCTIVELY OWN SHARES IN EXCESS OF THE
ABOVE LIMITATIONS MUST NOTIFY THE COMPANY IN WRITING AT LEAST 15 DAYS PRIOR TO SUCH PROPOSED OR ATTEMPTED TRANSFER. ALL CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY
OPERATING AGREEMENT OF THE COMPANY, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER, WILL BE SENT WITHOUT CHARGE TO EACH MEMBER WHO SO REQUESTS. IF THE RESTRICTIONS ON TRANSFER ARE VIOLATED, THE SECURITIES REPRESENTED HEREBY SHALL BE
DESIGNATED AND TREATED AS EXCESS UNITS WHICH SHALL BE HELD IN TRUST BY THE EXCESS UNIT TRUSTEE FOR THE BENEFIT OF THE CHARITABLE BENEFICIARY. 

June 20, 2022 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I INTERPRETATION
	  	 	1	 
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Interpretation and Construction	  	 	11	 
	 Section 1.03
	 	Discretion; Good Faith	  	 	11	 
		
	 ARTICLE II GENERAL PROVISIONS
	  	 	12	 
	 Section 2.01
	 	Formation of the Company	  	 	12	 
	 Section 2.02
	 	Company Name and Address	  	 	12	 
	 Section 2.03
	 	Registered Agent and Registered Office	  	 	12	 
	 Section 2.04
	 	Fiscal Year	  	 	12	 
	 Section 2.05
	 	Purposes of the Company	  	 	12	 
		
	 ARTICLE III THE BOARD, OFFICERS AND MEMBERS
	  	 	12	 
	 Section 3.01
	 	The Board	  	 	12	 
	 Section 3.02
	 	Withdrawal of Initial Member; Admission of New Members	  	 	14	 
	 Section 3.03
	 	Liability of the Members	  	 	14	 
	 Section 3.04
	 	Capital Structure	  	 	14	 
	 Section 3.05
	 	Information for the Company	  	 	15	 
	 Section 3.06
	 	Officers	  	 	15	 
		
	 ARTICLE IV MANAGEMENT OF THE COMPANY
	  	 	15	 
	 Section 4.01
	 	General	  	 	15	 
	 Section 4.02
	 	Commitment Facilities	  	 	17	 
	 Section 4.03
	 	No Participation in Management by Members	  	 	18	 
	 Section 4.04
	 	Reliance by Third Parties	  	 	18	 
	 Section 4.05
	 	Other Activities of the	  	 	18	 
	 Section 4.06
	 	Exculpation	  	 	19	 
	 Section 4.07
	 	Indemnification	  	 	19	 
	 Section 4.08
	 	Management Fee; Payment of Certain Costs and Expenses	  	 	20	 
	 Section 4.09
	 	Incentive Fee	  	 	23	 
	 Section 4.10
	 	Principal Transactions and Other Related Party Transactions of the Company	  	 	24	 
	 Section 4.11
	 	Assignment of Investment Advisory Contract	  	 	24	 
		
	 ARTICLE V CAPITAL COMMITMENTS; LOCK-UP PERIOD;
COMMITMENT PERIOD; CAPITAL CALLS; DEFAULTS
	  	 	25	 
	 Section 5.01
	 	Capital Commitments	  	 	25	 
	 Section 5.02
	 	Lock-Up Period; Commitment Period	  	 	25	 
	 Section 5.03
	 	Capital Contributions	  	 	26	 
	 Section 5.04
	 	Reinvestment Election; Distribution Election	  	 	27	 
	 Section 5.05
	 	Automatic Payments and Funding Accounts	  	 	28	 
	 Section 5.06
	 	Defaults	  	 	28	 
	 Section 5.07
	 	Valuation of the Company’s Portfolio	  	 	30	 
	 Section 5.08
	 	Liabilities	  	 	31	 
	 Section 5.09
	 	Goodwill	  	 	31	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 5.10
	 	Determination by Company of Certain Matters	  	 	31	 
		
	 ARTICLE VI REPURCHASES AND DISTRIBUTIONS OF CAPITAL; WITHDRAWALS
	  	 	31	 
	 Section 6.01
	 	Repurchases and Distributions in General	  	 	31	 
	 Section 6.02
	 	Repurchases of Units	  	 	31	 
	 Section 6.03
	 	Termination of Units	  	 	33	 
	 Section 6.04
	 	Death, Disability, etc. of Members	  	 	33	 
	 Section 6.05
	 	Distributions	  	 	34	 
	 Section 6.06
	 	Effective Date of Repurchase	  	 	35	 
	 Section 6.07
	 	Additional Limitations on Repurchases of Units	  	 	36	 
	 Section 6.08
	 	Repurchase of Units Held by BHC Members	  	 	36	 
	 Section 6.09
	 	No Withdrawals	  	 	37	 
		
	 ARTICLE VII TRANSFERS OF UNITS
	  	 	37	 
	 Section 7.01
	 	Assignability of Units	  	 	37	 
	 Section 7.02
	 	Substitute Member	  	 	37	 
	 Section 7.03
	 	REIT Ownership Concentration Restrictions	  	 	38	 
	 Section 7.04
	 	Excess Units	  	 	39	 
		
	 ARTICLE VIII DURATION AND DISSOLUTION OF THE COMPANY
	  	 	41	 
	 Section 8.01
	 	Term	  	 	41	 
	 Section 8.02
	 	Dissolution	  	 	41	 
	 Section 8.03
	 	Winding Up	  	 	42	 
	 Section 8.04
	 	Time for Liquidation, etc.	  	 	42	 
		
	 ARTICLE IX TAX RETURNS AND REPORTS; REPORTS TO MEMBERS; BOOKS AND RECORDS; REIT
QUALIFICATION
	  	 	42	 
	 Section 9.01
	 	Independent Auditors	  	 	42	 
	 Section 9.02
	 	Filing of Tax Returns	  	 	43	 
	 Section 9.03
	 	Financial Statements	  	 	43	 
	 Section 9.04
	 	Reporting	  	 	43	 
	 Section 9.05
	 	Books and Records	  	 	43	 
	 Section 9.06
	 	REIT Qualification	  	 	43	 
		
	 ARTICLE X CONFIDENTIAL INFORMATION
	  	 	44	 
	 Section 10.01
	 	Confidentiality	  	 	44	 
	 Section 10.02
	 	Equitable and Injunctive Relief	  	 	45	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	45	 
	 Section 11.01
	 	Entire Agreement	  	 	45	 
	 Section 11.02
	 	Execution of Other Documents	  	 	45	 
	 Section 11.03
	 	Power of Attorney	  	 	45	 
	 Section 11.04
	 	Amendments to Agreement	  	 	46	 
	 Section 11.05
	 	Non-Voting Units of BHC Members	  	 	47	 
	 Section 11.06
	 	Non-Voting Units of Registered Fund Members	  	 	47	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 11.07
	 	Choice of Law	  	 	48	 
	 Section 11.08
	 	Severability	  	 	48	 
	 Section 11.09
	 	Dispute Resolution	  	 	48	 
	 Section 11.10
	 	Counterparts	  	 	49	 
	 Section 11.11
	 	Successors and Assigns	  	 	49	 
	 Section 11.12
	 	No Waiver	  	 	49	 
	 Section 11.13
	 	Notices	  	 	49	 
	 Section 11.14
	 	No Third-Party Rights	  	 	50	 
	 Section 11.15
	 	Headings	  	 	50	 
	 Section 11.16
	 	Counsel to the Company	  	 	50	 
	 Section 11.17
	 	Waiver of Partition	  	 	50	 
	 Section 11.18
	 	REIT Status	  	 	50	 
	 Section 11.19
	 	Ambiguities	  	 	50	 
	 Section 11.20
	 	Waiver of Jury Trial	  	 	50	 

  
 iii 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT 

OF 
 AB COMMERCIAL REAL ESTATE
PRIVATE DEBT FUND, LLC 
 Dated as of June 20, 2022 

This Second Amended and Restated Limited Liability Company Operating Agreement is made and entered into as of the date set forth above by and
among the undersigned Persons and shall hereafter govern the Company. Capitalized terms used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Article I. 

RECITALS: 
 WHEREAS, the
Company was formed as a limited liability company under the Act by the filing of the Certificate of Formation of the Company with the Office of the Secretary of State of the State of Delaware on June 1, 2021, and entered into the Limited
Liability Operating Agreement (the “Original Agreement”); 
 WHEREAS, the Original Agreement was amended and restated on
December 2, 2020 (the “Previous Agreement”) to reflect the withdrawal of the Initial Limited Partner and make certain modifications; and 

WHEREAS, the Members wish to amend and restate the Previous Agreement in its entirety and to enter into this Agreement. 

NOW, THEREFORE, the parties hereto hereby agree to continue the Company and hereby amend and restate the Previous Agreement, which is replaced
and superseded in its entirety by this Agreement, as follows: 
 ARTICLE I 

Interpretation 

Section 1.01 Definitions. Unless otherwise expressly provided in this Agreement, the following terms used in this
Agreement shall have the following meanings: 
  

			
	“Applicable Period”	  	means the calendar quarter (or part thereof) for which the calculation of the Incentive Fee is being made.
		
	“Act”	  	means the Delaware Limited Liability Company Act (6 Del. C. § 18-101 et seq.), as amended from time to
time.

			
	“Administrator”	  	means State Street Global Services or any other firm or firms as the Company may, in its sole discretion, select, at the expense of the Company, for the purpose of maintaining the Company’s books and records and performing
administrative services (which may include back-office and mid-office services) on behalf of the Company, including tax and accounting functions.
		
	“Advisers Act”	  	means the Investment Advisers Act of 1940, as amended.
		
	“Affiliate”	  	means, with respect to any specified Person:
		
		  	 (a)   any Person that directly or indirectly controls, is directly or indirectly
controlled by or is directly or indirectly under common control with such specified Person;

		
		  	 (b)   any Person that serves as a director, officer, trustee, employee, member,
partner or shareholder (or in any similar capacity) of such specified Person; and

		
		  	 (c)   any Person with respect to which such specified Person serves as a general
partner or trustee (or in any similar capacity).

		
		  	For purposes of this definition, “control” (including “controlling”, “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, including investment decisions, whether through the ownership of voting securities, by contract or otherwise. With respect to affiliates of the Investment Manager, control shall have such
other meaning as shall be determined by the Investment Manager in good faith to be consistent with, prescribed by, or recommended under GAAP.
		
	“Agreement”	  	means this Second Amended and Restated Limited Liability Company Operating Agreement.
		
	“Authorized Representative”	  	means, with respect to any Person, directors, employees, agents, advisers, or representatives responsible for matters relating to the Company or any other Person approved in writing by the Company.
		
	“Beneficially Own”	  	means ownership by a person who would be treated as an owner of the Member either directly or constructively through the application of Section 544 of the Code, as modified by Section 856(h) of the
Code.

  
 2 

			
	“Bernstein Member”	  	means each Member that is a client of Sanford C. Bernstein & Co., LLC, an affiliate of the Investment Manager.
		
	“BHCA”	  	means the Bank Holding Company Act of 1956, as amended.
		
	“BHC Member”	  	means any Member that is, or is a company that controls, is controlled by, or is under common control with, a bank holding company (as defined in Section 2(a) of the BHCA) that is subject to the provisions of Regulation Y
issued by the Board of Governors of the Federal Reserve System, unless such Member has requested, and the Company agrees, that the Member not be treated as a BHC Member.
		
	“Bloomberg Prime Rate”	  	means the rate of interest published from time to time by Bloomberg L.P. and designated as the prime rate.
		
	“Board”	  	shall have the meaning set forth in Section 3.01(a).
		
	“Business Day”	  	means a day the New York Stock Exchange, the NYSE Arca Equities or the NYSE MKT exchanges are open for business.
		
	“Capital Call”	  	shall have the meaning set forth in Section 5.03(b).
		
	“Capital Call Amount”	  	shall have the meaning set forth in Section 5.03(b).
		
	“Capital Call Notice”	  	shall have the meaning set forth in Section 5.03(b).
		
	“Capital Commitment”	  	means, with respect to each Member, the amount of cash such Member has agreed to contribute to the Company for the purchase of Units pursuant to the related Subscription Agreement, as may be adjusted pursuant to the terms of this
Agreement.
		
	“Capital Contribution”	  	means, with respect to each Member, the amount of cash contributed by such Member for the purchase of Units from time to time pursuant to Section 5.03 or otherwise pursuant to this Agreement.
		
	“Charitable Beneficiary”	  	means an organization or organizations described in Sections 170(b)(1)(A) and 170(c) of the Code and identified by the Company as the beneficiary or beneficiaries of the Excess Unit Trust.
		
	“Class”	  	means any class of Units as may from time to time be established by the Company.
		
	“Closing”	  	means the Initial Closing Date and any Subsequent Closing Date.

  
 3 

			
	“Code”	  	means the Internal Revenue Code of 1986, as amended.
		
	“Commitment Facility”	  	shall have the meaning set forth in Section 4.01(g).
		
	“Commitment Period”	  	shall have the meaning set forth in Section 5.02(b).
		
	“Commitment Shortfall”	  	shall have the meaning set forth in Section 5.03(c).
		
	“Company”	  	means AB Commercial Real Estate Private Debt Fund, LLC, a Delaware limited liability company.
		
	“Company Act”	  	means the Investment Company Act of 1940, as amended.
		
	“Company Counsel”	  	shall have the meaning set forth in Section 11.16.
		
	“Company Expenses”	  	shall have the meaning set forth in Section 4.08(c).
		
	“Confidential Information”	  	means all information concerning the business and affairs of the Company, the Board, the Investment Manager or their Affiliates that the Company in its sole discretion reasonably believes to be in the nature of trade secrets or
other information, the disclosure of which the Company in its sole discretion believes is not in the best interests of the Company or its Affiliates, or could damage the Company or its Affiliates or their respective businesses, or which the Company
or its Affiliates are required by law or agreement with a third party to keep confidential, including any information relating to the Company’s financial and investment strategy (e.g., portfolio positions, trades and contemplated
trades); all notices, letters and other communications whether written or oral between the Company or its Affiliates and any Member; the names and addresses of each of the Members and their initial and subsequent Capital Contributions.
		
	“Core Earnings”	  	shall have the meaning set forth in Section 4.09(b).
		
	“Current Income”	  	means cash dividends, interest and other similar cash distributions received by the Company in respect of its investments, net of any expenses or other obligations of the Company and reserves for existing or anticipated obligations
of the Company.
		
	“Default”	  	shall have the meaning set forth in Section 5.06(a).
		
	“Defaulting Member”	  	shall have the meaning set forth in Section 5.06(a).
		
	“Director”	  	shall have the meaning set forth in Section 3.01(a).

  
 4 

			
	“Distribution Election”	  	shall have the meaning set forth in Section 5.04(a).
		
	“ERISA”	  	means the Employee Retirement Income Security Act of 1974, as amended.
		
	“Excess Unit Redemption Price”	  	shall have the meaning set forth in Section 7.04(g).
		
	“Excess Unit Trust”	  	means the trust created pursuant to the provisions of Section 7.04.
		
	“Excess Unit Trustee”	  	means a Person, who shall be unaffiliated with the Company, any Purported Beneficial Transferee and any Purported Record Transferee, identified by the Company as the trustee of the Excess Unit Trust.
		
	“Excess Units”	  	shall have the meaning set forth in Section 7.03(d).
		
	“Exchange Act”	  	means the Securities Exchange Act of 1934, as amended.
		
	“Financing Subsidiary”	  	means a direct or indirect Subsidiary of the Company, including but not limited to a bankruptcy remote special purpose entity, which will enter into a credit facility or issue debt.
		
	“Fiscal Year”	  	shall have the meaning set forth in Section 2.04.
		
	“Former Member”	  	means each such Person as hereafter from time to time ceases to be a Member, whether voluntarily or otherwise, in accordance with this Agreement.
		
	“Funding Account”	  	shall have the meaning set forth in Section 5.05(a).
		
	“GAAP”	  	means US generally accepted accounting principles, in effect from time to time.
		
	“Government Agencies”	  	shall have the meaning set forth in Section 10.01(b).
		
	“Incentive Fee”	  	shall have the meaning set forth in Section 4.09(a).
		
	“Income”	  	means ordinary income and capital gains (including short-term capital gains) for Federal income tax purposes.
		
	“Indemnified Losses”	  	shall have the meaning set forth in Section 4.06(a).
		
	“Indemnified Party”	  	means the Board, each Director, the Investment Manager, any Person selected to serve on a committee pursuant to Section 4.10 and each of their respective Affiliates, members, partners, officers, employees and legal
representatives (e.g., executors, guardians and trustees) of any of them, including Persons formerly serving in such capacities.

  
 5 

			
	“Initial Closing Date”	  	means the initial date on which Capital Commitments are first accepted by or on behalf of the Company from Members.
		
	“Initial Member”	  	means Alliance Capital Management LLC.
		
	“Initial Repurchase Date”	  	means, for each Capital Commitment, the last calendar day of the first calendar quarter that occurs after the expiration of the Lock-Up Period in respect of such Capital Commitment.
		
	“Investment Manager”	  	means AllianceBernstein L.P., a Delaware limited partnership, or other Persons selected by the Company to provide certain management and administrative services to the Company.
		
	“Investment Proceeds”	  	means amounts received by the Company from investments, excluding Current Income, and including without limitation principal repayment, sale or distribution proceeds, net of any expenses or other obligations of the Company and
reserves for existing or anticipated obligations of the Company.
		
	“IRS”	  	means the U.S. Internal Revenue Service.
		
	“Judicially Determined”	  	means found by a court of competent jurisdiction upon entry of a final judgment rendered and unappealable or not timely appealed.
		
	“Lenders”	  	shall have the meaning set forth in Section 4.01(g).
		
	“Lock-Up Period”	  	means, for each Capital Commitment, the period commencing on the applicable Closing on which the Capital Commitment was made and ending on the Business Day immediately preceding the three-year anniversary of the date of such
Closing.
		
	“Majority”	  	of the Members means, as of any date of determination, Members that hold a majority-in-interest of Units.
		
	“Management Agreement”	  	means the Investment Management Agreement entered by and between the Investment Manager and the Company.
		
	“Management Fee”	  	shall have the meaning set forth in Section 4.08(a).

  
 6 

			
	“Member”	  	means each Person admitted as a Member of the Company in accordance with this Agreement, including any Persons hereafter admitted as Members in accordance with this Agreement and excluding any Persons who cease to be Members in
accordance with this Agreement.
		
	“Memorandum”	  	means the Confidential Memorandum of the Company, as amended and/or supplemented from time to time.
		
	“Net Asset Value”	  	means the excess of the value of the Company’s assets over the value of its liabilities as determined in accordance with this Agreement. The Net Asset Value per Unit shall be determined by dividing the Net Asset Value of the
Company by the total number of Units outstanding as at any Valuation Date.
		
	“Nonaffiliated Members”	  	means Members that are not Affiliates of the Investment Manager.
		
	“Non-Defaulting Members”	  	shall have the meaning set forth in Section 5.06(a).
		
	“Non-Voting Units”	  	means Units, the holder of which is not entitled to vote, consent or withhold consent with respect to any Company matter, except as otherwise expressly provided in this Agreement.
		
	“NYSE Exchanges”	  	means the New York Stock Exchange (NYSE), the NYSE Arca Equities or the NYSE MKT exchanges.
		
	“Officer”	  	shall have the meaning set forth in Section 3.06(a).

  
 7 

			
	“Organizational Expenses”	  	means the legal, accounting, filing and other organizational and offering expenses of the Company incurred in the formation of the Company (including, without limitation, fees and other out-of-pocket expenses of counsel to, and accountants for, the Company, and other expenses, in each case, incurred in connection with the formation of the Company, the preparation of this Agreement, and other
documents and agreements relating to the organization of the Company and the offering of Units in the Company), any such shared legal, accounting, filing and other organizational and offering expenses of the Company’s predecessor fund that did
not ultimately commence investment operations as intended, and compliance with applicable laws or regulations relating thereto.
		
	“Original Agreement”	  	shall have the meaning set forth in the Recitals.
		
	“Other Accounts”	  	means other accounts to which the Investment Manager or any of its Affiliates provides investment services.
		
	“Other Agreements”	  	means side letters or similar separate written agreements, the provisions of which may modify the terms of this Agreement.
		
	“Person”	  	means a natural person, partnership, limited liability company, corporation, unincorporated association, joint venture, trust, state or any other entity or any governmental agency or political subdivision thereof.
		
	“Post Commitment Period Capital Call”	  	shall have the meaning set forth in Section 5.03(b).
		
	“Post Commitment Period Obligation”	  	shall have the meaning set forth in Section 5.02(c).
		
	“Previous Agreement”	  	shall have the meaning set forth in the Recitals.
		
	“Proceedings”	  	means claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative, which includes formal and informal inquiries and “sweep” examinations in connection with the Company’s investment
activity), actual or threatened.
		
	“Purported Beneficial Transferee”	  	means, with respect to any purported Transfer which results in Excess Units, the beneficial holder of the Units, if such Transfer had been valid under
Section 7.03.

  
 8 

			
	“Purported Record Transferee”	  	means, with respect to any purported Transfer which results in Excess Units, the record holder of the Units, if such Transfer had been valid under Section 7.03.
		
	“Registered Fund Member”	  	means a Member that is an investment fund registered as an investment company under the Company Act.
		
	“Regulations”	  	means the United States Treasury Regulations promulgated under the Code, as in effect from time to time.
		
	“REIT”	  	shall have the meaning set forth in Section 4.01(q).
		
	“Reinvestment Election”	  	shall have the meaning set forth in Section 5.04(a).
		
	“Reinvestment Plan”	  	shall have the meaning set forth in Section 5.04(a).
		
	“Related Investor”	  	means a Member that is a partner, member or employee of the Investment Manager or its Affiliates, such person’s family members and trusts or other entities established for the benefit of such person or his or her family
members.
		
	“Remaining Commitment”	  	means, with respect to any Member, as of any date, (a) the amount of such Member’s Capital Commitment reduced by amounts contributed to the Company in respect of Capital Calls and Post Commitment Period Capital Calls and
increased by (i) the amount of any unused Capital Contributions that are returned to such Member pursuant to Section 5.03(d) and (ii) distributions to such Member that represent a return of capital (and not distributions of Current
Income). Each Capital Commitment made by a Member shall be accounted for separately, including for purposes of determining Remaining Commitments and Capital Calls.
		
	“Repurchase Date”	  	shall have the meaning set forth in Section 6.02(b).
		
	“Repurchase Request Period”	  	shall have the meaning set forth in Section 6.02(b).
		
	“SEC”	  	means the U.S. Securities and Exchange Commission.
		
	“Securities Act”	  	means the Securities Act of 1933, as amended.
		
	“Security” and “Securities”	  	means (i) securities (including synthetic securities) of any kind (including, without limitation, “securities” as that term is defined in Section 2(l) of the Securities Act) and (ii) any other ownership or
beneficial interest in any asset.

  
 9 

			
	“Special Purpose Vehicle”	  	means one or more corporations or other entities to invest (whether alone or together with the Other Accounts), in securities or participations in securities of the Company.
		
	“Subscription Agreement”	  	means the subscription agreement (including the investor questionnaire attached to such Subscription Agreement as completed by each Member prior to the Company’s acceptance of such Member’s subscription) between each
Member and the Company pursuant to which such Member has subscribed for and purchased Units.
		
	“Subsequent Closing Date”	  	means any date after the Initial Closing Date on which Capital Commitments are accepted by or on behalf of the Company from Members.
		
	“Subsidiary”	  	means one or more subsidiary investment vehicles that are managed and/or sponsored by the Investment Manager that the Company may invest through or otherwise utilize in order to achieve certain tax, regulatory and/or administrative
efficiencies.
		
	“Substitute Member”	  	means a Transferee of Units who is admitted to all of the rights of a Member with respect to the Units transferred or assigned to it pursuant to Section 7.01.
		
	“Suspension”	  	shall have the meaning set forth in Section 6.07(b).
		
	“Transaction Fees”	  	shall have the meaning set forth in Section 4.08(g).
		
	“Transfer”	  	means any transaction by which a Member may directly, indirectly or synthetically sell, transfer, pledge, mortgage, assign, hypothecate, sell, convey, exchange, reference under a derivatives contract or any other arrangement or
otherwise dispose of all or any portion of its Units to any other beneficial owner or other Persons.
		
	“Transferee”	  	means any Person to which Units are transferred in accordance with Section 7.01.
		
	“Transferor”	  	means any Person that makes a Transfer of its Units in accordance with Section 7.01.
		
	“Units”	  	means limited liability company units issued by the Company to the Members in accordance with this Agreement.

  
 10 

			
	“Valuation Date”	  	means the last Business Day of each calendar quarter or such other date designated by the Company to accept the purchase of Units, as determined in its sole discretion.
		
	“Valuation Policy”	  	means the Investment Manager’s valuation policy and procedures, as may be amended from time to time.

 Section 1.02 Interpretation and Construction. 

(a) In this Agreement, unless a clear contrary intention appears: 

(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or
plural, as the identity of the Person, Persons or other reference in the context requires; 
 (ii) where specific language is
used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(iii) “any” shall mean “one or more”; 

(iv) “including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding such term; and 
 (v) all references to “funds”, “dollars” or
“payments” shall mean United States dollars. 
 (b) The language used in this Agreement has been chosen by the parties to express
their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any party shall apply. 

(c) Unless otherwise specified in this Agreement, all accounting terms used in this Agreement shall be interpreted and all accounting
determinations hereunder shall be made in accordance with GAAP. 
 Section 1.03 Discretion; Good Faith. Whenever in this
Agreement the Investment Manager is permitted or required to make a decision (i) in its “discretion” or under a grant of similar authority or latitude, the Investment Manager shall be entitled to consider such interests and factors as
it desires, including its own interests, or (ii) in its “good faith” or under another express standard, the Investment Manager shall act under such express standard, shall not be subject to any other or different standard imposed by
applicable law and may exercise its discretion differently with respect to different Members, provided that, in making any such decision described in clauses (i) and (ii) above, the Investment Manager shall act consistent with its
fiduciary duties to the Members. 

  
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 ARTICLE II 

General Provisions 

Section 2.01 Formation of the Company. The Company was formed as a limited liability company under the Act, by the filing of the
Certificate of Formation of the Company with the Office of the Secretary of State of the State of Delaware on June 1, 2021. Such action is hereby ratified and confirmed in all respects. In connection with the filing of the Certificate of
Formation, all of the actions of Bradford Stanley taken in his capacity as an authorized person of the Company are hereby ratified, approved and confirmed in all respects. 

Section 2.02 Company Name and Address. The name of the Company is “AB Commercial Real Estate Private Debt Fund, LLC.”
The principal office of the Company is located at 1345 Avenue of the Americas, New York, New York 10105, or at such other location as the Company in the future may designate. The Company shall promptly notify the Members of any change in the
Company’s address. 
 Section 2.03 Registered Agent and Registered Office. The registered agent for the Company is The
Corporation Trust Company. The address of the registered office of the Company in the State of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. 

Section 2.04 Fiscal Year. The fiscal year of the Company (the “Fiscal Year”) shall end on December 31
of each year. 
 Section 2.05 Purposes of the Company. The Company is organized for the purposes of engaging in the business
described in the Memorandum and engaging in all activities and transactions as the Investment Manager may deem necessary or advisable in connection therewith, including doing such other acts as are necessary or advisable in connection with the
maintenance and administration of the Company. Such business and investment activities are managed by the Board which has delegated such responsibilities to the Investment Manager as investment manager to the Company pursuant to the Management
Agreement, as further set forth in this Agreement. As the Company may make some or all of its investments through Subsidiaries, certain references to the term “Company,” as used in this Agreement in relation to the investment of the
Company’s assets, should be understood to include Subsidiaries. 
 ARTICLE III 

The Board, Officers and Members 

Section 3.01 The Board. 

(a) The board of directors of the Company (the “Board”, and each a “Director”) shall be comprised of at least
three (3) Directors but not more than nine (9) Directors. On the date of this Agreement, each Director shall be an employee of, or otherwise affiliated with, the Investment Manager or its Affiliates. From time to time after the date of
this Agreement, one or more additional or replacement Directors (including such Persons that may be affiliated with the Investment Manager or its Affiliates) may be appointed by the Board, as determined by the Board in its sole discretion. 

  
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 (b) Except as otherwise provided in this Agreement, the Board shall have the power and authority
to delegate to one or more other Persons its rights and powers to manage and control the business and affairs of the Company, including delegating such rights and powers to the Investment Manager. The Board may authorize any Persons (including,
without limitation, any Member or Affiliate of the Company or the Investment Manager) to enter into any document on behalf of the Company and perform obligations of the Company thereunder. 

(c) The Board shall have the power and authority to enter into the Management Agreement, in which the Board will delegate to the Investment
Manager all rights, power, authority, discretion, duties and responsibilities in respect of the Company, including without limitation, responsibility for the investment activities of the Company and Subsidiaries and the day-to-day management and administration of the Company and Subsidiaries. The Members have no authority or right to act on behalf of the Company in connection with any matter.

 (d) Each Director shall hold office until such Director’s earlier resignation, death or incapacity. Any Director may resign at any
time by submitting his or her written resignation to the Board. Such resignation shall take effect at the time of its receipt by the Company unless another time be fixed in the resignation, in which case it shall become effective at the time so
fixed. The acceptance of a resignation shall not be required to make it effective. 
 (e) The Board shall meet at such times as it determines
in its discretion. Written notice stating the place, day and hour of any meeting of the Board shall be delivered to each Director prior to such meeting. The Board shall have the power to adjourn such meeting from time to time, without any notice
other than announcement at the meeting of the time and place of the holding of the adjourned meeting. Upon the resumption of such adjourned meeting, any business may be transacted that might have been transacted at the meeting as originally called.

 (f) Except as may be otherwise specifically provided by law, the Certificate of Formation of the Company or this Agreement, at all
meetings of the Board, a majority of the entire Board shall constitute a quorum for the transaction of business and the act of Directors holding a majority of votes cast on a matter at any meeting at which there is a quorum shall be the act of the
Board. If a quorum shall not be present at any meeting of the Board, the Board may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. 

(g) Directors may participate in a meeting of the Board by means of conference telephone or similar communications equipment by means of which
all person participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 3.01(g) shall constitute presence in person at such meeting. 

  
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 (h) Subject to the provisions of this Agreement, any action which could be taken by the Board at
a meeting of the Board may be taken by the Board, without a meeting, without prior notice and without vote, if a written consent setting forth the action so taken is signed by at least a majority of the Directors. Any such written consent may be
executed and ascribed to by facsimile, electronic mail or similar electronic means. 
 Section 3.02 Withdrawal of Initial Member;
Admission of New Members. 
 (a) The Initial Member hereby withdraws from the Company upon the admission of the first additional Member
to the Company. 
 (b) Admission of a new Member in accordance with the terms and conditions set forth herein shall not be a cause for
dissolution of the Company. 
 Section 3.03 Liability of the Members. 

(a) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort
or otherwise, shall be solely the debts, obligations and liabilities of the Company, and a Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member. 

(b) Neither the Directors of the Board, the Investment Manager nor any of their Affiliates (other than the Company) shall be liable for the
return of the Capital Contributions of any Member, and each Member hereby waives any and all claims that it may have against the Investment Manager or any Affiliate thereof (other than the Company) in this regard. 

Section 3.04 Capital Structure.  

(a) As of the date of this Agreement, the Company shall offer one class of Units. 

(b) The Company, in the Company’s sole discretion, may establish additional Classes in the future (or enter into Other Agreements with
certain Members that alter, modify or change the terms of the Units held by such Members, including Related Investors) having different terms than those of the Units described in this Agreement, including different Incentive Fee, Management Fees,
repurchase rights, minimum and additional subscription amounts, informational rights, capacity rights and other rights. New Classes may be established by the Company without providing prior notice to, or receiving consent from, existing Members. The
terms of such Classes shall be determined by the Company in its sole discretion. 
 (c) The Company may issue Units in such amounts and to
such Members from time to time in order to give effect to the provisions of this Agreement. 

  
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 Section 3.05 Information for the Company. 

(a) Every beneficial owner of 1% or more (or such other percentage, between 1⁄2 of 1% and 5%, as provided in the Regulations) of the number or value of outstanding Units shall, within thirty (30) days after January 1 of each year, give written notice to the Company stating the
name and address of such beneficial owner, the number of Units Beneficially Owned, and a description of how such Units are held. Each such beneficial owner shall provide to the Company such additional information as the Company may reasonably
request in order to determine the effect, if any, of such beneficial ownership on the Company’s status as a REIT under the Code. 
 (b)
Each Person who is a beneficial owner of Units and each Person who is holding Units for a beneficial owner shall provide to the Company in writing such information with respect to direct, indirect and constructive ownership of Units as the Company
deems reasonably necessary to comply with the provisions of the Code applicable to a REIT, to determine the Company’s status as a REIT under the Code, to confirm the Company is not a “pension-held REIT” within the meaning of
Section 856(h)(3)(D) of the Code, to determine whether the Company is a “domestically-controlled REIT” within the meaning of Section 897(h)(4)(B) of the Code and to comply with the requirements of any taxing authority or
governmental agency or to determine any such compliance. 
 Section 3.06 Officers. 

(a) The Board may (but is not required to), from time to time, appoint such officers (“Officers”) as may be necessary or
appropriate for the conduct of the Company’s business (subject to the supervision and control of the Board). Any number of offices may be held by the same Person. In the Board’s discretion, it may choose not to fill any office for any
period as it may deem advisable. Officers need not be residents of the State of Delaware. Any Officer so designated shall have such authority and perform such duties as is customary for an officer of such type for a Delaware corporation or as the
Board may, from time to time, delegate to such Officer. The Board may assign titles to particular Officers. Each Officer shall hold office until his or her successor shall be duly designated and shall have qualified as an Officer or until his or her
death or until he or she shall resign or shall have been removed in the manner hereinafter provided. 
 (b) Any Officer may resign or be
removed as such at any time, subject to any employment agreement with the Company or any of its Affiliates. Designation of any Person as an Officer by the Board pursuant to the provisions of Section 3.06(a) shall not in and of itself vest in
such Person any contractual or employment rights with respect to the Company. 
 ARTICLE IV 

Management of the Company 

Section 4.01 General. The management and conduct of the business of the Company shall be vested in the Board (or the
Investment Manager as its delegate, pursuant to the Management Agreement). In such instance, the Board and/or the 

  
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Investment Manager shall have the authority, on behalf and in the name of the Company, to take any action or make any decisions on behalf of the Company hereunder, to carry out any and all of the
purposes of the Company set forth in Section 2.05, and to perform all acts and enter into and perform all contracts and other undertakings that it may deem necessary or advisable or incidental thereto, including to: 

(a) acquire, hold, manage, vote, own and dispose of Securities and any other assets held by the Company, including investing any portion of the
Company’s investible assets in one or more Subsidiaries; 
 (b) exercise any rights to foreclose on or otherwise exercise remedies with
respect to the investments; 
 (c) invest through one or more special purpose vehicles or taxable REIT subsidiaries of the Company which, in
turn, may enter into one or more service agreements with respect to one or more investments; 
 (d) invest through private pooled investment
vehicles that are managed and/or sponsored by third party managers, the Investment Manager or its Affiliates; 
 (e) open, maintain and close
accounts, including custodial accounts, with banks, including banks located outside the United States, and wire funds, draw checks, or make other orders for the payment of monies; 

(f) borrow or loan money and property (including Securities), including the purchase of Securities on margin, either with or without collateral
security, to mortgage, pledge, assign, or otherwise hypothecate any one or more of the Company’s properties or assets to secure any such borrowing on behalf of the Company, and to guarantee the obligations of other Persons; 

(g) either directly or through a Financing Subsidiary, borrow funds and otherwise incur indebtedness, obtain lines of credit, loan commitments
or letters of credit for the account of the Company, from one or more commercial banks, financial institutions or other sources (collectively, the “Lenders”), for working capital purposes (including, but not limited to, paying
Company Expenses or managing cash flows from Capital Commitments), and issue guaranties with respect to any such borrowings by any Financing Subsidiary; provided that in connection with the foregoing, any such financing and/or guaranty may be
secured by an assignment, pledge, mortgage, charge or other security interest in (i) the Capital Commitments, the Company’s right to initiate Capital Calls and Post Commitment Period Capital Calls and collect the Capital Contributions of
the Members and to enforce their obligations to make Capital Contributions to purchase Units, and (ii) a Company collateral account into which the payment by the Members of their Remaining Commitments are to be made, and all claims, rights and
interests relating to or arising from clause (i) or this clause (ii) (including, without limitation, the right to exercise any remedies of the Company under or related to this Agreement in respect of any such Capital Calls and Post Commitment
Period Capital Calls or such Capital Contribution), which may be granted to the Lenders pursuant to any security documentation entered into between the Company and any Lender (any such arrangement, a “Commitment Facility”); 

  
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 (h) retain the Administrator and to cause the Company to compensate the Administrator for
administrative services; 
 (i) enter into Other Agreements with Members containing such terms and conditions as determined by the Board,
which has delegated such authority to the Investment Manager pursuant to the Management Agreement; 
 (j) provide the Administrator or other
service providers to the Company with such information and instructions as may be necessary to enable such service providers to perform their duties in accordance with the applicable agreements; 

(k) engage attorneys, independent accountants, other service providers and such other Persons as the Company or Board may deem necessary or
advisable; 
 (l) authorize any partner, member, employee or other agent of the Board or Investment Manager or its Affiliates or other agent
of the Company to act for and on behalf of the Company in all matters incidental to the foregoing; 
 (m) take whatever steps are required by
governmental authorities having jurisdiction over the Company or its assets; 
 (n) possess and exercise all of the rights and powers
provided by law to a board in a limited liability company (or provided to the Investment Manger as the Board’s delegate pursuant to the Management Agreement); 

(o) do any and all acts on behalf of the Company as it may deem necessary or advisable in connection with the maintenance and administration of
the Company; 
 (p) take whatever steps are required in order to register the Units under the Exchange Act; and 

(q) take whatever steps are necessary to conduct the business, operations and affairs of the Company in a manner that permits the Company to
qualify as a “real estate investment trust” within the meaning of Section 856(a) of the Code (“REIT”) and the provisions of this Agreement shall be interpreted and applied in a manner consistent with this authorization. 

Section 4.02 Commitment Facilities. In the event the Company determines that it should enter into one or more Commitment
Facilities, each of the Members shall agree that the Lenders (or any administrative agent or collateral agent acting on behalf of the Lenders) may require the Members to comply with Capital Calls and Post Commitment Period Capital Calls consistent
with the terms of this Agreement, and in connection with such Commitment Facility each Member shall comply with any request by the Company or such Lender (if authorized to make such request under the relevant

  
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security documentation) to (a) confirm to such Lenders the terms of their Capital Commitments and the amount of their Remaining Commitments to the Company; (b) provide such financial
information as may be reasonably requested by such Lenders; and (c) execute and deliver such documents as may be reasonably requested in order to obtain such Commitment Facility. In connection with any Commitment Facility, the Company, on its
own behalf and on behalf of the Company, shall be authorized (i) to execute, deliver and perform the obligations of the Company under any credit agreement, guarantee and/or related documentation, and (ii) to pledge, hypothecate, mortgage,
charge, assign, transfer or grant security interests in or other liens on (A) the Members’ obligations to make Capital Contributions under this Agreement and (B) any other assets, rights or remedies of the Company hereunder,
including, without limitation, the Company’s right to initiate Capital Calls and Post Commitment Period Capital Calls, the Company’s right to accept additional Capital Contributions and to receive Capital Contributions and other payments
and to exercise remedies upon a Default by a Member in the payment of its Capital Contributions and (C) any other related rights, titles, interests, remedies, powers and privileges of the Company. In connection with any Commitment Facility,
each Member agrees and acknowledges for the benefit of the Lenders (1) to make Capital Contributions without defense, counterclaim or offset, all of which are hereby waived as against the Lenders (including any defense that may arise under
Section 365 of 11 USC §§ 101-1330, as amended from time to time); provided, that the foregoing waiver shall not affect the right of such Member to independently assert any defense, counterclaim
or offset against the Company, the Board, the Investment Manager or any other Member and (2) that all Capital Contributions made by such Member in connection with a Commitment Facility shall be made to an account (in which such Lenders shall
have a security interest) as directed by the Company or the Lenders. Further, each Member agrees that all of its claims against the Company, the Board and/or the Investment Manager shall be subordinate to all payments due to the applicable Lenders.
All rights granted to a Lender pursuant to this Section 4.02 shall apply to its agents and its successors and assigns. 

Section 4.03 No Participation in Management by Members. Except as authorized by the Investment Manager, the Members, in their
capacities as such, shall not take part in the management or control or conduct of the business of the Company, transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company. 

Section 4.04 Reliance by Third Parties. Persons dealing with the Company are entitled to rely conclusively upon the Investment
Manager’s representation that it is acting on behalf of and upon the authority of the Company as set forth in this Agreement and the Management Agreement. 

Section 4.05 Other Activities of the Investment Manager. The Investment Manager and its Affiliates shall devote so
much of their time to the affairs of the Company as in the judgment of the Investment Manager the conduct of its business shall reasonably require, and neither the Investment Manager nor its Affiliates shall be obligated to do or perform any
act or thing in connection with the business of the Company not expressly set forth in this Agreement or the Management Agreement. Nothing contained in this Section 4.05 shall be deemed to preclude the Investment Manager or its Affiliates from
exercising 

  
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investment responsibility, from engaging directly or indirectly in any other business or from directly or indirectly purchasing, selling, holding or otherwise dealing with any Securities for the
account of any such other business, for their own accounts, for any of their family members or for Other Accounts. No Member shall, by reason of being a Member in the Company, have any right to participate in any manner in any profits or income
earned, derived by or accruing to the Investment Manager or any Affiliate from the conduct of any business other than the business of the Company (to the extent provided in this Agreement and the Management Agreement) or from any transaction in
Securities effected by the Investment Manager or such Affiliate for any account other than that of the Company. 
 Section 4.06
Exculpation. 
 (a) No Indemnified Party shall be liable to any Member or the Company for any costs, losses, claims, damages,
liabilities, expenses (including reasonable legal and other professional fees and disbursements), judgments, fines or settlements (collectively, “Indemnified Losses”) arising out of, related to or in connection with any act
or omission of such Indemnified Party taken, or omitted to be taken, in connection with the Company or this Agreement, except for any Indemnified Losses arising out of, related to or in connection with any act or omission that is Judicially
Determined to be primarily attributable to the bad faith, gross negligence, willful misconduct or fraud of such Indemnified Party. In addition, no Indemnified Party shall be liable to any Member or the Company for any Indemnified Losses arising out
of, related to or in connection with any act or omission taken, or omitted to be taken, by any broker or agent of the Company if such broker or agent was selected, engaged or retained by such Indemnified Party directly or on behalf of the Company in
accordance with the standard of care set forth above. Any Indemnified Party may consult with counsel, accountants, investment bankers, financial advisers, appraisers and other specialized, reputable, professional consultants in respect of affairs of
the Company and be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such Persons; provided, that such Persons shall have been selected in accordance with the standard of care
set forth above. 
 (b) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 4.06 shall not be construed
so as to provide for the exculpation of any Indemnified Party for any liability (including liability under Federal securities laws which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only
to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 4.06 to the fullest extent permitted by law. 

Section 4.07 Indemnification. 

(a) To the fullest extent permitted by law, the Company shall indemnify and hold harmless each Indemnified Party from and against any and all
Indemnified Losses suffered or sustained by such Indemnified Party by reason of any act, omission or alleged act or omission arising out of, related to or in connection with the Company or this Agreement, or any and all Proceedings in which an
Indemnified Party may be involved, as 

  
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a party or otherwise, arising out of, related to or in connection with such Indemnified Party’s service to or on behalf of, or management of the affairs or assets of, the Company, or which
relate to the Company, except for any Indemnified Losses that are Judicially Determined to be primarily attributable to the bad faith, gross negligence, willful misconduct or fraud of such Indemnified Party. The Company shall also indemnify and hold
harmless each Indemnified Party from and against any and all Indemnified Losses suffered or sustained by such Indemnified Party by reason of any acts, omissions or alleged acts or omissions of any broker or agent of the Company; provided,
that such broker or agent was selected, engaged or retained by such Indemnified Party directly or on behalf of the Company in accordance with the standard of care set forth above. The termination of a Proceeding by settlement or upon a plea of
nolo contendere, or its equivalent, shall not, of itself, create a presumption that such Indemnified Party’s acts, omissions or alleged acts or omissions were primarily attributable to the bad faith, gross negligence, willful misconduct
or fraud of such Indemnified Party. Expenses (including legal and other professional fees and disbursements) incurred in any Proceeding may, with the consent of the Investment Manager, be paid by the Company in advance of the final disposition of
such Proceeding upon receipt of an undertaking by or on behalf of such Indemnified Party to repay such amount if it shall ultimately be determined that such Indemnified Party is not entitled to be indemnified by the Company as authorized hereunder.
If for any reason (other than the bad faith, gross negligence, willful misconduct or fraud of such Indemnified Party, as set forth above) the foregoing indemnification is unavailable to such Indemnified Party, or insufficient to hold it harmless,
then the Company shall contribute to the amount paid or payable by such Indemnified Party as a result of such Indemnified Losses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the
Indemnified Party on the other hand or, if such allocation is not permitted by applicable law or regulation, to reflect not only the relative benefits referred to above but also any other relevant equitable considerations. 

(b) The rights accruing to any Indemnified Party under the indemnification provisions shall not exclude any other right to which such
Indemnified Party may be lawfully entitled and shall survive the termination of such Indemnified Party in any capacity relating to the Company. 

(c) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 4.07 shall not be construed so as to provide for
the indemnification of any Indemnified Party for any liability (including liability under Federal securities laws which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent)
that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 4.07 to the fullest extent permitted by law. 

Section 4.08 Management Fee; Payment of Certain Costs and Expenses. 

(a) The Investment Manager shall be entitled to receive a fee for investment management services in the amount set forth in the Management
Agreement (the “Management Fee”). The Investment Manager may, in its discretion, reduce, waive or calculate differently the Management Fee charged to certain Members, including, without limitation, Members that are Related
Investors, so long as such reduction, waiver or calculation does not result in a preferential dividend under Section 562(c) of the Code. 

  
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 (b) Except as provided herein, the Investment Manager shall be responsible for the expenses of
their respective operations, including rent, salaries, furniture and fixtures, and other office equipment. 
 (c) The Company shall bear all
direct costs, fees and expenses incurred in connection with its management and operations, including but not limited to: investment expenses (including any expenses that the Investment Manager reasonably determines to be related to investments,
including expenses related to due diligence, sourcing, purchasing, structuring, originating, disposing, monitoring, financing or hedging of the Company’s or each Subsidiary’s assets, such as brokerage commissions, expenses relating to
clearing and settlement charges, custodial fees, bank service fees and interest expense, whether or not the investment was consummated); expenses related to owning and operating real assets; servicing fees and expenses including such expenses
incurred or such fees paid to the Investment Manager or its Affiliates in its capacity as servicer if the Company believes the Investment Manager or its Affiliates can provide such services more effectively and at a costs that is comparable to
prevailing market rates for such services; expenses incurred in connection with collection of monies owed to the Company or any Subsidiary; expenses relating to compliance with REIT qualification requirements; costs for forming and maintaining any
Subsidiaries; expenses arising out or related to the foreclosure on collateral securing one or more investments of the Company, and, thereafter, expenses associated with holding, valuing, disposing of, trading, financing, negotiating, and
structuring such foreclosed collateral (including the costs of structuring, establishing, maintaining and liquidating any vehicles established to hold or facilitate the holding of such foreclosed collateral); legal expenses; professional fees
(including, without limitation, expenses of consultants and experts or special servicing fees payable to a third party servicer or to the Investment Manager or its Affiliates) relating to investments; accounting expenses; auditing and tax
preparation and other tax related expenses; research-related expenses to the extent that such services fall within the safe harbor of Section 28(e) of the Exchange Act (including, without limitation, news and quotation services, market data
services, and fees to third-party providers of research and/or portfolio risk management services); travel-related expenses (including costs related to transportation, lodging and accommodations, meals and entertainment); interest expense, initial
and variation margin, appraisal fees and expenses; broken deal expenses and other transactional charges; fees or costs, all other out-of-pocket expenses incurred in
connection with the preparation and distribution of reports to the Members and the operation and administration of the Company’s costs and expenses incurred in connection with the organization and offering and sale of Units (including, without
limitation, all legal expenses, printing and mailing costs, insurance costs, filing and registration fees); the Management Fee; the Incentive Fee; the costs and expenses of third-party risk management products and services (including, without
limitation, the costs of risk management software or database packages); any insurance, indemnity or litigation expense (including premiums for policies taken out to cover members of the Board and officers of the Investment Manager, regardless of
whether or not those policies cover liability that is not indemnifiable pursuant to the terms of this Agreement); fees of the Administrator; expenses associated with the Company’s or any 

  
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Subsidiary’s administrative and reporting costs, financial statements and tax returns, including the meeting expenses of the Board or the Members; expenses related to regulatory compliance;
expenses related to the procurement, maintenance, enhancement and use of software programs and systems; expenses of certain in-house services performed by the Investment Manager in respect of the Company if
the Investment Manager believes it can provide such services more effectively and at a cost that is comparable to prevailing market rates for such services; compensation payable to the Company’s chief financial officer, chief accounting officer
and other staff of the Company (which such compensation shall be allocated among the Company and other applicable clients of the Investment Manager on a basis that the Investment Manager believes in good faith to be fair and reasonable); expenses
incurred in connection with complying with provisions in Other Agreements, including “most favored nations” provisions; any extraordinary expenses (including, to the extent permitted by law, if applicable, indemnification or litigation
expenses and any judgments or settlements paid in connection therewith or other costs or expenses arising therefrom); any taxes, fees or other governmental charges levied against the Company; wind-up and
liquidation expenses (and expenses comparable to the foregoing); and other similar expenses related to the Company (collectively, “Company Expenses”). 

(d) The Investment Manager shall be reimbursed by the Company for Organizational Expenses. Pursuant to an Expense Limitation Agreement, the
Investment Manager may determine to limit Organizational Expenses and Company Expenses in the aggregate that are borne by the Company to the extent necessary to prevent Organizational Expenses and Company Expenses, on an annualized basis, from
exceeding a percentage determined by the Investment Manager in its discretion. This limit shall be maintained until the third anniversary of the Initial Closing Date. Pursuant to such limit, any fees waived and expenses borne by the Investment
Manager may be reimbursed by the Company during the three year period that such limit is in place, provided that no reimbursement payment will be made that would cause the Company’s expenses to exceed the same limit. Notwithstanding the
foregoing, extraordinary expenses (including, but not limited to, litigation expenses, indemnification expenses, lender liability expenses and other expenses not incurred in the ordinary course of the Company’s business), the Management Fee,
the Incentive Fee, interest expenses, financing costs and expenses, reserves for and costs associated with determining current expected credit losses, loan servicing fees and expenses, and other fees and expenses incurred in connection with the
acquisition, disposition, ownership and operation of the Portfolio Investments shall not be included as Company Expenses for purposes of calculating the foregoing expense limit. 

(e) Generally, Company Expenses (other than any expenses that the Company determines in its sole discretion should be reflected in the Net
Asset Value of the Units held by a particular Member or Member), shall be reflected in the Net Asset Value of Units of all Members on a pro rata basis. To the extent that Company Expenses are borne by the Investment Manager or its Affiliates, the
Company shall reimburse such party for such expenses. 

  
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 (f) If any of the expenses listed in Section 4.08(c) are incurred jointly for the account of
the Company and any Other Accounts, such expenses shall be allocated among the Company and such Other Accounts in proportion to the size of the investment made by each to which such expense relates, or in such other manner as the Investment Manager
considers fair and equitable. 
 (g) Any transaction or similar fees (such as acquisition, disposition, financing or other similar fees, but
not including servicing fees) from third parties (“Transaction Fees”) shall be paid to the Company (and thereby reflected in the Net Asset Value of Units held by all of the Members on a pro rata basis), subject to compliance with
the REIT qualification requirements. The Company may retain the Investment Manager and/or one or more Affiliates of the Investment Manager to perform and receive fees for asset management, leasing, construction management, loan servicing, special
servicing or other similar services, which fees will not cause a reduction in the Management Fee or otherwise be deemed to constitute Transaction Fees, if the Company believes that the Investment Manager or its Affiliates can provide such services
more effectively and at a cost that is comparable to prevailing market rates for such services. 
 (h) For the avoidance of doubt, each
Member shall be solely responsible for its own legal and tax counsel and any out-of-pocket expenses incurred in connection with its investment in the Company. 

Section 4.09 Incentive Fee. 

(a) At the end of each calendar quarter, the Investment Manager shall be entitled to receive an incentive fee (the “Incentive
Fee”) equal to the difference between (x) the product of (A) 15% and (B) the difference between (1) Core Earnings of the Company for the most recent 12 month period (or such lesser number of completed calendar quarters, if
applicable), and (2) the product of (I) the weighted average of the Company’s Net Asset Value of the three previous calendar quarters (or such lesser number of completed calendar quarters, if applicable) and the Company’s Net
Asset Value as of the beginning of the then current calendar quarter, and (II) 6% per annum, and (y) the sum of the Incentive Fee previously paid to the Investment Manager with respect to the first three calendar quarters of the most recent 12
month period (or such lesser number of completed calendar quarters, if applicable); provided, that no Incentive Fee shall be payable to the Investment Manager with respect to any calendar quarter unless the Core Earnings for the twelve
(12) most recently completed calendar quarters (or such lesser number of completed calendar quarters following the Initial Closing Date) is greater than zero. The Incentive Fee shall be prorated for partial periods, to the extent
necessary, based on the number of days elapsed or remaining in such periods as the case may be. Unless otherwise determined by the Investment Manager, the Company’s Net Asset Value at the beginning of a calendar quarter for purposes of
this Incentive Fee calculation shall be equal to the Company’s Net Asset Value as of the end of the previous calendar quarter as increased by Capital Contributions and decreased by repurchases. 

(b) For purposes of the foregoing, “Core Earnings” means the net income (loss) attributable to the holders of Units, computed
in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), and excluding (i) the Incentive Fee, (ii) depreciation and amortization, (iii) any unrealized

  
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gains or losses or other similar non-cash items that are included in net income for the Applicable Period, regardless of whether such items are included in
other comprehensive income or loss or in net income and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in
each case after discussions between the Investment Manager and the Board and approved by a majority of the Board. 
 (c) For the avoidance of
doubt, the Investment Manager shall also be entitled to receive an Incentive Fee with respect to any Units that are repurchased at the end of any calendar quarter (in connection with repurchases of such Units pursuant to the Repurchase Plan) in an
amount calculated as described above with the relevant period being the portion of the calendar quarter for which such Unit was outstanding, and proceeds for any such Unit repurchase shall be reduced by the amount of any such Incentive Fee. 

(d) In the sole discretion of the Company, the Incentive Fee may be waived, reduced or calculated differently with respect to the Units held by
certain Members, including, without limitation, a Related Investor, so long as such waiver, reduction or calculation does not result in a preferential dividend under Section 562(c) of the Code. 

Section 4.10 Principal Transactions and Other Related Party Transactions of the Company. Each Member hereby authorizes the
Investment Manager, on behalf of such Member, to select one or more Persons, who shall not be an Affiliate of the Investment Manager, to serve on a committee at the Company level, the purpose of which shall be to consider on behalf of the Members
and approve or disapprove, to the extent required by applicable law or deemed advisable by the Investment Manager, principal transactions, certain other related party transactions and certain other transactions and matters involving potential
conflicts of interest. In no event shall any such transaction be entered into unless it complies with applicable law. Each Member acknowledges that such committee may approve of such transactions prior to or contemporaneous with, or ratify such
transactions subsequent to, the consummation of such transactions and that the actions of the committee shall bind the Members and the Company. In no event shall any such transaction be entered into unless it complies with applicable law. The
Person(s) so selected may be exculpated and indemnified by the Company in the same manner and to the same extent as the Investment Manager is so exculpated and indemnified. 

Section 4.11 Assignment of Investment Advisory Contract. Without the consent of a Majority of the Nonaffiliated Members, the
Company may not enter into any transaction, with respect to this Agreement or any investment advisory contract between the Company and the Investment Manager, that would constitute an “assignment” as such term is defined under the Advisers
Act. 

  
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 ARTICLE V 

Capital Commitments; Lock-Up Period; Commitment Period; Capital Calls; Defaults 

Section 5.01 Capital Commitments. 

(a) The Capital Commitment of each Member shall be the amount of cash such Member has agreed to contribute pursuant to its Subscription
Agreement, as may be adjusted pursuant to the terms of this Agreement. Closings shall be held as of the end of a calendar quarter, subject to the Company’s discretion to hold Closings at any other time. 

(b) Each Member is irrevocably and unconditionally obligated to fund its Capital Commitment in accordance with the terms and conditions set
forth in this Agreement, in each case, without any set-off, defense or reduction. 

Section 5.02 Lock-Up Period; Commitment Period. 

(a) Each Capital Commitment made by a Member at a Closing shall have its own Lock-Up Period. Upon the
expiration of a Member’s Lock-Up Period, such Member may choose to be released from its Remaining Commitment, subject to certain Post Commitment Period Obligations. 

(b) Each Capital Commitment (or a portion thereof, as applicable) of a Member shall last until (i) the Company determines to repurchase
all or any portion of such Member’s Units that are attributable to such Capital Commitment (or such portion thereof, as applicable), in accordance with the terms and conditions set forth in this Agreement (which for the avoidance of doubt,
shall not become available pursuant to a Member’s repurchase request until the expiration of the Lock-Up Period), (ii) such Member has chosen to be released from its Remaining Commitments after the
expiration of its Lock-Up Period (except with respect to Post Commitment Period Obligations) or (iii) the Company has elected to wind up (the “Commitment Period”).

(c) During the applicable Commitment Period for a Member, such Member shall be required to purchase Units for funding drawdowns up to the
amount of its Remaining Commitment, in accordance with the terms and conditions set forth in this Agreement. Following the Commitment Period for a Member, such Member shall be released from any further obligation with respect to its Remaining
Commitment (and will thereby be released from any further obligation to purchase Units), except to the extent necessary to: (i) cover the expenses or other obligations or liabilities of the Company, including the Management Fee;
(ii) complete investments by the Company in respect of transactions in process prior to the end of the Commitment Period; (iii) make follow-on investments; (iv) repay borrowings; (v) make
investments for purposes of protecting or enhancing the value of an investment; and (vi) satisfy guarantees or other obligations of the Company, including the Company’s indemnification obligations (whether incurred before or after the
Commitment Period) ((i)-(vi) above shall be referred to herein as a “Post Commitment Period Obligation”). 

  
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 (d) For the avoidance of doubt, in the event that a Member submits a request for the Company to
repurchase a portion of such Member’s Units, the Commitment Period shall continue in the ordinary course in respect of the remaining portion of the Capital Commitment for which such Member has not submitted a repurchase request. 

(e) Notwithstanding anything to the contrary in this Agreement, any Member whose Units are repurchased by the Company as set forth in this
Agreement shall not be required to fund its Remaining Commitment with respect to such Units. 
 Section 5.03 Capital
Contributions. 
 (a) Each Member shall be required to make a Capital Contribution to the Company for the purchase of Units up to
an aggregate amount equal to such Member’s Remaining Commitment from time to time, as provided in this Section 5.03. Subject to the Act, no Member shall be obligated to make any additional Capital Contributions for the purchase of Units in
excess of such Member’s Remaining Commitment. No Member shall be entitled to interest on its Capital Contributions. All payments by the Members to the Company pursuant to this Section 5.03 shall be made in US dollars and other immediately
available funds denominated in US dollars. 
 (b) Each Member’s Remaining Commitment shall be paid to the Company to make investments,
and at the Company’s discretion, to pay Company Expenses (without duplication) from time to time, in each case, in such amounts (the “Capital Call Amounts”) and on such dates as shall be specified by the Company upon at least
five (5) Business Days’ written notice (the “Capital Call Notice”), by the Company, which notice shall be delivered by facsimile, electronic transmission, Federal Express or other overnight courier. The duration of the
Capital Call Notice may be extended by the Company with respect to certain Members, as determined in the sole discretion of the Company. Capital calls (other than those that include calls for Post Commitment Period Obligations) for the purchase of
Units by Members shall generally be made by the Company pro rata based on the Capital Commitments of the Members that are still within their respective Commitment Periods (each, a “Capital Call”). Capital Calls to fund a Post
Commitment Period Obligation shall generally be made pro rata based on each Member’s share (which shall include Members currently in their respective Commitment Periods for any common investments or Company Expenses) of such Post Commitment
Period Obligation, as determined by the Company (each, a “Post Commitment Period Capital Call”). 
 (c) If either a Capital
Call or a Post Commitment Period Capital Call to purchase Units exceeds a Member’s Remaining Commitment (such excess, the “Commitment Shortfall”), the Company shall generally call the full amount of such Member’s Remaining
Commitment, and the Company shall generally increase the Capital Calls or the Post Commitment Period Capital Calls, as applicable, to the other Members by an amount equal to the Commitment Shortfall, which amount shall be called pro rata in
accordance with such other Members’ Capital Commitments. If one or more Commitment Shortfalls arise due to the increase to cover the first Commitment Shortfall, the same methodology shall be used to determine the amount to be called from each
Member. 

  
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 (d) Any amounts contributed by the Members to the Company as Capital Contributions and not
invested or otherwise employed for Company purposes (including the payment of Company Expenses) may be returned by the Company to the Members who have contributed such amounts pro rata in proportion to the amounts so contributed by the Members and
if returned, will increase the Remaining Commitments of such Members. 
 Section 5.04 Reinvestment Election; Distribution
Election. 
 (a) With respect to each Capital Commitment made by a Member at a Closing, the Member shall be required to either
(i) opt into to the Reinvestment Plan of the Company, as described in the Memorandum (the “Reinvestment Plan,” and any such opt in, a “Reinvestment Election”), whereby the Member shall have its Current Income
distributions automatically withheld and reinvested into the Company (with additional Units of the Company corresponding to such reinvestment being issued to such Member), or (ii) opt out of the Reinvestment Plan (any such opt out, a
“Distribution Election”), in each case, as elected in the Subscription Agreement of such Member. Any Member that does not make any such election in its Subscription Agreement shall, by default, be deemed to have made a Distribution
Election. 
 (b) A Member may elect to change its election from a Distribution Election to a Reinvestment Election (and vice-versa) by
providing written notice to the Company no later than September 30th in any given Fiscal Year, to go into effect for the following Fiscal Year. Notwithstanding the foregoing, the Company may, in its sole and absolute discretion, accept such written
notices on a later date. Such election may only be revoked prior to September 30th of such Fiscal Year unless otherwise determined by the Company. A Member who provides timely notice in a Fiscal Year to change its election from a Reinvestment
Election to a Distribution Election for the upcoming Fiscal Year shall not receive Current Income distributions for income generated during the fourth calendar quarter as the amount of such distributions shall be reflected in the Net Asset Value per
Unit as of the date of the change in election. Accordingly, the first applicable distribution or reinvestment of Current Income (as applicable) with respect to such Member will not reflect such Member’s election change. 

(c) The Company shall confirm to each Member each distribution or reinvestment of Current Income (as applicable) made pursuant to the
Reinvestment Plan as soon as practicable following the date of such distribution or reinvestment of Current Income. With respect to Units that are subject to a reduced Management Fee, such reduced Management Fee shall attach and apply to any
corresponding Units issued pursuant to the Reinvestment Plan. Expenses for administering the Reinvestment Plan shall be paid for by the Company. The Reinvestment Plan may be terminated by the Company upon notice in writing mailed to each Member at
least thirty (30) days prior to the effectiveness of such termination. The Company shall at all times act in good faith and use its best efforts within reasonable limits to ensure the full and timely performance of all services to be performed
pursuant to the Reinvestment Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors. 

  
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 (d) With respect to any Member that submits a request for the Company to repurchase all of such
Member’s Units that are attributable to its Capital Commitment, such Member shall be automatically be deemed to have made a Distribution Election with respect to such Capital Commitment. 

Section 5.05 Automatic Payments and Funding Accounts. 

(a) Upon making a Capital Commitment as of the applicable Closing, each Bernstein Member shall agree in its Subscription Agreement to fund all
of such Capital Commitment to an investment account of such Bernstein Member that is administered by the Investment Manager or its affiliates and that has been designated by the Bernstein Member as a funding account with respect to the Company (such
account, the “Funding Account”). A Bernstein Member’s Funding Account shall be used to fund the Capital Calls related to its Capital Commitment(s). As Capital Calls are made, the Funding Account shall automatically fund, on
behalf of each Bernstein Member, an amount equal to the Capital Call made with respect to the Bernstein Member, and such funding by the Funding Account shall be treated as a capital contribution to the Company by the Bernstein Member. Each capital
contribution made by the Funding Account to the Company on behalf of a Bernstein Member shall correspondingly reduce the Remaining Commitment of such Bernstein Member to the Company at the time such capital contribution is made on a dollar-for-dollar basis. A Bernstein Member that has funded a Funding Account shall be notified of capital contributions from the Funding Account to the Company made on its
behalf. 
 (b) Each Bernstein Member shall be responsible for maintaining a balance in their Funding Account in an amount equal to or greater
than their Remaining Commitment. Each Bernstein Member shall be responsible for funding the portion of its Capital Commitment(s) to the Company that are not able to be funded by its Funding Account (if any), including in the event of a shortfall due
to losses in such Funding Account. Accordingly, in the event that there are losses in a Bernstein Member’s Funding Account, such Bernstein Member shall need to have another source of capital to fund its Capital Commitment(s). 

Section 5.06 Defaults. 

(a) If any Member shall fail to contribute all or a portion of any Capital Call Amount as set forth in a Capital Call Notice on or before the
date such Capital Call Amount is required to be contributed, and shall fail to make such payment within five (5) Business Days after written notice of such failure from the Company (such Member being herein referred to as a “Defaulting
Member” and such failure to cure as a “Default”), the Company may, in its discretion, require the remaining Members (the “Non-Defaulting Members”), to fund all or any
portion of the Capital Call Amount that is in Default (the “Open Capital Call Amount”) up to the amount of their respective Remaining Commitment. In the sole discretion of the Company, each
Non-Defaulting Member may have the obligation to fund its pro rata share of the Open Capital Call Amount (except with respect to the Defaulting Member’s Management Fees) in the same ratio as such Non-Defaulting Member’s Remaining Commitment bears to the aggregate Remaining 

  
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Commitments of all Non-Defaulting Members; provided, that for any Capital Call Notice made in connection with a Commitment Facility, each Non-Defaulting Member shall have the obligation to fund its pro rata share of the Open Capital Call Amount (except with respect to the Defaulting Member’s Management Fees) in the same ratio as such Non-Defaulting Member’s Remaining Commitment bears to the aggregate Remaining Commitments of all Non-Defaulting Members; provided, further that no Member shall be
required to fund amounts in excess of its Remaining Commitments. 
 (b) If the Company elects not to require the funding of the entire Open
Capital Call Amount or if the Non-Defaulting Members do not fund the entire Open Capital Call Amount for any reason, then the Company shall have the right to: (i) admit to the Company an additional Member
(or Members) for the sole purpose of assuming all or a portion of the Capital Commitment of the Defaulting Member (to the extent of the Open Capital Call Amount not so funded) and all or a portion of the balance of the Remaining Commitment of such
Defaulting Member; (ii) offer to the Non-Defaulting Members the right to increase further their Capital Commitments pro rata in accordance with their Capital Commitments (with the right to increase
proportionately their respective share in the event that one or more Non-Defaulting Members decline such offer), in an aggregate amount equal to the balance of the Remaining Commitment of such Defaulting
Member; and/or (iii) terminate the right of the Defaulting Member to cast votes, give consents or provide or withhold approvals in respect of any matter under this Agreement or the Act. 

(c) In the sole and absolute discretion of the Company, all or a portion of a Defaulting Member’s Units may immediately be forfeited upon
any Default by such Member and in such case the Defaulting Member shall not be entitled to any distributions under this Agreement in respect of such forfeited Units, except as otherwise determined by the Company. In addition, at the discretion of
the Company, the Defaulting Member may be charged an additional amount on the Open Capital Call Amount at the Bloomberg Prime Rate plus two percent (2%) (which amount shall be classified as interest proceeds) from the date such Open Capital Call
Amount was due and payable through the date that full payment for such Open Capital Call Amount is actually made by the Defaulting Member, and to the extent such additional amount is not otherwise paid such additional amount may be deducted from any
distribution to such Defaulting Member. Any such charge collected by the Company shall be allocated to the Non-Defaulting Members based on the number of Units held. 

(d) For so long as the Defaulting Member remains a Defaulting Member, its Units shall not be entitled to share in any increase of the Net Asset
Value of the Company realized after the Default from investments of the Company made prior to such Default; provided that the Units held by such Defaulting Member shall be subject to any decrease of the Net Asset Value of the Company relating to
such investments. Defaulting Members (including Defaulting Members removed as Members) shall not be entitled to any distributions under this Agreement. 

  
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 (e) To the extent permitted by law, each Defaulting Member waives any rights to receive any
payments. Each Defaulting Member (including Defaulting Members removed as Members) shall remain fully liable with respect to its Company obligations, to the extent provided by law, as if such Default had not occurred. Each Defaulting Member shall
also pay to the Company its pro rata portion (based on the aggregate Capital Commitments of all Members immediately prior to the Default by such Defaulting Member or as otherwise provided in this Agreement) of other Company Expenses. The Company
shall have the right, in its discretion, to offset amounts payable by any Defaulting Member pursuant to this Agreement (including, without limitation, Company Expenses and amounts payable under this Section 5.06 against amounts payable by the
Company to such Defaulting Member). 
 (f) Notwithstanding any other provision of this Agreement, each Defaulting Member agrees to pay on
demand all reasonable losses, costs and expenses incurred by or on behalf of the Company (including, without limitation, legal fees and expenses as incurred), if any, in connection with the enforcement of this Agreement against such Defaulting
Member sustained as a result of a Default by such Member; it being understood that no such payment shall be treated as a Capital Contribution that reduces such Defaulting Member’s Remaining Commitment and any such payment shall be payable
without regard to such Member’s Capital Commitment and notwithstanding the termination of the Commitment Period. 
 Section 5.07
Valuation of the Company’s Portfolio. 
 (a) In determining the value of a Security or any other asset held by the
Company on a Valuation Date, the Company shall value its portfolio in accordance with the Valuation Policy. To the extent that Securities of the Company are held by the Subsidiaries, the Company shall be able to rely on the valuations of such
Securities provided by the Subsidiaries. In determining the value of a Security or any other asset held by the Subsidiaries on a given date, the Subsidiaries shall value its portfolio in accordance with the Valuation Policy. The Company may delegate
the calculation of the value of the Company’s and the Subsidiaries’ assets to the Administrator. 
 (b) All values assigned to
Securities and other assets by the Company pursuant to this Section 5.07 shall be final and conclusive as to all of the Members. 
 (c)
In connection with any Capital Call or Post Commitment Period Capital Call, the per Unit price for the corresponding purchase of Units shall be determined by the Company in accordance with the policies described in this Agreement and the Memorandum.
In particular, in the event that Units are issued as of the first Business Day of a calendar quarter, the per Unit price of such Units shall be equal to the Net Asset Value per Unit established by the Company as of the immediately preceding
Valuation Date (i.e., the last Business Day of the immediately preceding calendar quarter). In the event that Units are issued on any day that is not the first Business Day of the calendar quarter, the Company shall use the methods described in this
Agreement and the Memorandum, to the extent reasonably possible, to determine the Net Asset Value per Unit as of such issuance date. 

  
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 Section 5.08 Liabilities. Liabilities shall be determined using GAAP, applied on a
consistent basis; provided, however, that the Company in its sole discretion may provide reserves and holdbacks for estimated accrued expenses, liabilities or contingencies, including general reserves and holdbacks for unspecified
contingencies (even if such reserves or holdbacks are not required by GAAP). 
 Section 5.09 Goodwill. No value shall be placed
on the name or goodwill, if any, of the Company, which shall belong exclusively to the Investment Manager. 
 Section 5.10
Determination by Company of Certain Matters. All matters concerning the valuation of securities and other assets and liabilities of the Company, distributions, and accounting procedures not expressly provided for by the terms of this
Agreement shall be determined by the Company, whose determination shall be final and conclusive as to all of the Members. 
 ARTICLE VI 

Repurchases and Distributions 
 of
Capital; Withdrawals 
 Section 6.01 Repurchases and Distributions in General. 

(a) No Member shall be entitled to (i) receive distributions from the Company, except as provided in Sections 6.05 and 8.03 or
(ii) request repurchases of its Units, except as provided in Section 6.02 or upon the consent of, and upon such terms as may be determined by, the Company in its sole discretion. 

(b) A Member shall cease to be a Member (i) as of the effective date of the repurchase by the Company of all of its Units, (ii) as of
the effective date of the Transfer of all of such Member’s Units in accordance with Section 7.01, or (iii) in the event of the dissolution of the Company, as of the final distribution of the assets of the Company. As of the effective
date of a the Company’s repurchase of a Member’s Units, solely with respect to the repurchase proceeds, the applicable Member shall be considered a creditor of the Company and shall have no rights or obligations with respect to the Company
except that such Member shall (i) have the right to receive, as a creditor, repurchase proceeds and (ii) continue to be bound by the Sections of this Agreement governing the payment of repurchase proceeds, including the right of suspension
of such payment pursuant to Section 6.07(b). 
 Section 6.02 Repurchases of Units. 

(a) As of the last calendar day of the first calendar quarter that occurs after the expiration of the
Lock-Up Period in respect of a Member’s Capital Commitment (the “Initial Repurchase Date”), the Company may offer, and such Member may submit a request for, the Company to repurchase all
or any portion of such Member’s Units that are attributable to such Capital Commitment, subject to the limitations set forth in this Agreement. Thereafter, as of the last calendar day of each calendar quarter (together with the Initial
Repurchase Date, each a “Repurchase Date”), the Company may offer, and such Member may submit a request for, the Company to repurchase all or any portion of such Member’s Units that are attributable to such Capital Commitment,
subject to the limitations 

  
 31 

 
set forth in this Agreement. For the avoidance of doubt, any Member who submits a request for the Company to repurchase all of its Units attributable to a Capital Commitment shall not be subject
to the Reinvestment Plan, but rather shall be deemed to have made a Distribution Election with respect to such Capital Commitment. A Member submitting a partial repurchase request that holds Units subject to different Management Fee rates may elect
which Units it wishes to be subject to such repurchase request. 
 (b) To the extent the Company chooses to repurchase Units on a Repurchase
Date, the Company shall only repurchase such Units as of the opening of such Repurchase Date. In order to have its Units repurchased as of a Repurchase Date, a Members shall be required to submit a repurchase request and required documentation no
later than ninety (90) days prior to the applicable Repurchase Date (the “Repurchase Request Period”). Repurchase requests shall be effected at a repurchase price equal to the transaction price on the applicable Repurchase Date
(which shall generally be equal to the Net Asset Value per Unit calculated as of the end of the calendar quarter applicable to applicable Repurchase Date. 

(c) The total amount of aggregate repurchases of Units from Members as of any Repurchase Date shall be limited to no more than 5% of the
aggregate Net Asset Value of the Units as of such Repurchase Date, subject to increase by the Company as determined in its sole discretion. 

(d) In the event the Company determines to repurchase some but not all of the Units submitted for repurchase during any calendar quarter, Units
submitted for repurchase during such calendar quarter shall be repurchased on a pro rata basis among such Members who submitted a repurchase request with respect to such calendar quarter. All unsatisfied repurchase requests shall roll over and be
automatically resubmitted upon the recommencement of the repurchase plan set forth in this Agreement and such resubmitted repurchase requests shall be satisfied prior to and without taking into account any subsequent repurchase requests (i.e.,
repurchases of Units will be made on a first-in, first-out basis). 

(e) Repurchase requests received after the Repurchase Request Period, shall be executed, at the discretion of the Company, on the next
available Repurchase Date at the repurchase price equal to the transaction price applicable such next available Repurchase Date. 
 (f)
Repurchase requests are irrevocable by the Members upon receipt by the Company, but such irrevocability may be waived in the Company’s sole discretion. 

(g) The Company may waive or reduce the Repurchase Request Period in its sole discretion and/or permit repurchases at other times in its sole
discretion. 
 (h) Repurchase proceeds shall typically be paid within forty-five (45) days after the Repurchase Date. In the event of a
complete repurchase, at least 95% of the amount distributable to the Member shall be paid within forty-five (45) days after the Repurchase Date, and the remaining balance of the distribution shall be paid without

  
 32 

 
interest (although the Company reserves the right to pay interest in its sole discretion) within a reasonable time following the completion of the Company’s audit for the Fiscal Year in
which the repurchase occurs, subject to the right of the Company to establish reasonable reserves in the event that the Company is subject to a contingent liability at the time of the repurchase. 

(i) Notwithstanding anything to the contrary set forth in this Agreement, the Company shall not be permitted to repurchase all or any portion
of a Member’s Units if the Company determines that such repurchase would itself cause a REIT qualification issue, cause the assets of the Company to be deemed to be “plan assets” for purposes of ERISA or Section 4975 of the Code
or violate any other provision of this Agreement. 
 (j) For the avoidance of doubt, while Members may request that the Company repurchase
all or any portion of their Units pursuant to the repurchase plan upon the Company’s offer to repurchase such Units, the Company shall not be obligated to repurchase any Units and may choose to repurchase only some, or even none, of the Units
that have been requested to be repurchased in any particular quarter, as determined in the sole discretion of the Company. 

Section 6.03 Termination of Units. The Company may, in its sole discretion, terminate all or any portion of the Units of any
Member upon at least five (5) days’ prior written notice to such Member, for any reason or no reason; provided, however, if the Company has not otherwise provided notice to terminate the Units of a Member, the Company may not
terminate the Units of such Member who has submitted a request to call a meeting for the purpose of terminating the Company solely for the purpose of preventing such termination. The Member receiving such notice shall be treated for all purposes and
in all respects as a Member who has given notice of repurchase of all or a portion of its Units, as the case may be, under Section 6.02. 

Section 6.04 Death, Disability, etc. of Members. 

(a) The death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Member shall not
dissolve the Company. The legal representatives of a Member shall succeed as assignee to the Member’s Units upon the death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of such Member,
but shall not be admitted as a substituted Member without the consent of the Company, in its sole discretion. 
 (b) In the event of the
death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of a Member or if the legal representatives of such Member provide notice of a complete repurchase request by the Member, the Units of
such Member shall be repurchased as of the next occurring Repurchase Date upon at least ninety (90) calendar days’ prior written notice to the Company. Until such repurchase occurs, the Units of such Member shall continue to remain
invested in the Company (and thereby be subject to the risk of investment loss) until the effective date of the repurchase or the earlier termination of the Company. Payment to the legal representatives shall be made on the same terms, and shall be
subject to the same conditions, as set forth in Section 6.02(a) in respect of a repurchase of all of its Units. 

  
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 Section 6.05 Distributions. 

(a) The Company may, in its sole discretion, make distributions in cash or in kind, or in a combination thereof, in connection with the
Company’s repurchase of Units or pursuant to Section 6.03. In each case, the assets to be distributed in kind to any such Member whose Units are being repurchased may be distributed to such Member in such amounts, as determined by the
Company in its sole discretion. Distributions that are made in kind are not required to represent a pro rata portion of the portfolio to the extent that a pro rata distribution is not practicable or is not in the best interest of the
Company (or the remaining Members), in each case, as determined by the Company in its sole discretion. Except as set forth in Section 6.05(f), the Company also may, in its sole discretion, make distributions in cash or in kind, or in a
combination thereof, at any time to all of the Members on a pro rata basis in accordance with the number of Units held by Members. 

(b) The Company may choose, in its sole discretion, which assets of the Company to distribute in kind. If a distribution is made in kind,
immediately prior to such distribution, the Company shall determine the fair value of the assets distributed and adjust the Net Asset Value of the Units held by Members upwards or downwards to reflect the difference between the book value and the
fair value thereof. In-kind distributions may be comprised of, among other things, interests in Special Purpose Vehicles holding the actual investment or participations in the actual investment owned by the
Company or participation notes (or similar derivative instruments), which provide a return with respect to certain Securities of the Company. The holders of interests in a Special Purpose Vehicle shall bear the expenses of such Special Purpose
Vehicle. 
 (c) The provisions of this Section 6.05(a)-(e) shall apply to distributions made in connection with any repurchase of Units
under Article VI and in connection with dissolution pursuant to Article VIII. 
 (d) The Company shall give at least 15 days’ prior
written notice to each Member that is a BHC Member of any proposal to distribute property in-kind to such Member and the proposed date of such distribution, and shall not make any such distribution in-kind to the extent that such BHC Member advises the Company at least five days prior to the date set forth in such notice for such distribution that such distribution
in-kind could reasonably be expected to cause it to violate the BHCA. 
 (e) Notwithstanding anything
to the contrary contained in this Agreement, the Company, and the Investment Manager on behalf of the Company, shall not be required to make a distribution to any Member on account of its Units if such distribution would violate the Act or other
applicable law. 

  
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 (f) The Company shall make sufficient distributions to maintain its qualification as a REIT and
retains ultimate discretion on whether to make distributions and the timing thereof. 
 (g) Current Income in respect of a Member may be
reinvested by the Company (pursuant to a Reinvestment Election) or distributed (pursuant to a Distribution Election), in each case, in accordance with the terms and conditions set forth in this Agreement. Distributions made to a Member that
represent a return of capital (and not Current Income) shall increase such Member’s Remaining Commitment, provided that in no event shall a Member’s Remaining Commitment be increased above its Capital Commitment. 

(h) The right of any Member to receive distributions shall be subject to the provision by the Company for all Company liabilities in accordance
with the Act and for estimated accrued expenses, liabilities or contingencies, even if such reserves are not required by U.S. GAAP. 
 (i)
The Company may make distributions to the Members at such times and in such amounts each Fiscal Year in order to qualify as a REIT and to preserve its status as a REIT. 

(j) The Company may withhold from any amounts distributable to any Member any amounts of any tax required to be withheld by the Company in
regard to such Member under the Code or the Regulations or the tax laws of any jurisdiction. Such amounts withheld by the Company shall be treated as a distribution to such Member, including for purposes of Section 4.09, and paid by such Member
to the relevant tax authority. If the Company is required to withhold taxes with respect to any amounts that are not currently distributed to a Member, the Member shall pay to the Company an amount equal to the amount required to be withheld by the
Company. The payment of this amount by the Member to the Company shall not be considered a Capital Contribution. 
 (k) The Company shall use
reasonable efforts to make distributions each year in an amount that will cause the Company’s “dividends paid deduction” (as defined in Section 561 of the Code) to at least equal the Company’s taxable income for the year
(determined without regard to the dividends paid deduction). If there are not sufficient Investment Proceeds to make such distributions, the Company is authorized to take such actions (including a declaration of consent dividends) as the Company
determines is appropriate to cause the dividends paid deduction to equal the Company’s taxable income. Each Member agrees that, upon the request of the Company, it will promptly execute and return to the Company an IRS Form 2848 (Power of
Attorney and Declaration of Representative) to permit the preparation and filing of IRS Form 972 (Consent of Shareholder to Include Specific Amount in Gross Income) on such Member’s behalf. 

Section 6.06 Effective Date of Repurchase. Unless otherwise specified in this Agreement, the effective date of the
repurchase by the Company of a Member’s Units shall mean the day immediately following: (i) the Repurchase Date in the case of a repurchase pursuant to Section 6.02(a); (ii) the date determined by the Company pursuant to
Section 6.07(c) if a Suspension has been lifted; or (iii) the date determined by the Company if such Member’s Units are subject to termination pursuant to Section 6.03. 

  
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 Section 6.07 Additional Limitations on Repurchases of Units. 

(a) The right of any Member or its legal representatives to request the repurchase of Units and to have distributed to it any such amount (or
any portion thereof) pursuant to this Article VI is subject to the provision by the Company for all Company liabilities in accordance with the Act and for reserves and holdbacks in accordance with Section 5.08. The unused portion of any reserve
shall be distributed to the Members to which the reserve applied, with interest, after the Company shall have determined that the need therefor shall have ceased. 

(b) The Company may, in its sole and absolute discretion, suspend repurchases of Units, distributions and/or the calculation of its Net Asset
Value (each, a “Suspension”), including, without limitation, as a result of adverse economic or market conditions, tax considerations, or due to adverse business conditions for the Company, the Investment Manager or their respective
Affiliates. For example, a Suspension may occur to effect an orderly liquidation of the Company’s assets necessary to effect repurchase of Units or due to other legal, regulatory or judicial limitations. 

(c) The Company shall provide written notice to each Member of a Suspension. Throughout the entire period of any Suspension, the Management Fee
and the Incentive Fee shall continue to apply and the Members shall continue to be exposed to the investment risks of the Company and subject to the profits and losses thereof. Any Suspension shall take effect at such time as the Company shall
declare and, thereafter, no repurchases of Units or distributions may be made until the Company declares any such Suspension to be at an end. Upon the determination by the Company that the above-mentioned conditions no longer apply with respect to
any Suspension, repurchase and distribution rights shall be promptly reinstated. 
 (d) Without limiting the foregoing, In addition, the
Company may impose a Suspension if the Company reasonably deems it necessary to do so to comply with laws and regulations applicable to the Company, the Investment Manager or any of the Company’s other service providers. 

(e) Units may not be repurchased if such repurchase would result in the Company (i) becoming “closely held” within the meaning
of Section 856(h) of the Code, (ii) becoming a “pension-held REIT” within the meaning of Section 856(h)(3)(D) of the Code, (iii) being beneficially owned by fewer than 100 Persons (as provided in Section 856(a) of
the Code), or (iv) otherwise failing to qualify or maintain its qualification as a REIT under the Code. 
 Section 6.08
Repurchase of Units Held by BHC Members. If at any time, as a result of proposed repurchase of Units with respect to or distributions to other Members, or for any other reason, the Company expects a BHC Member’s Units to equal or exceed
25% of the aggregate Units of all of the Members, the Company shall immediately notify such BHC Member and permit such BHC Member to have its Units repurchased by the Company in such amount as shall be necessary to maintain such BHC Member’s
total investment in the Company at a level below 25% of the aggregate Units of all of the Members. 

  
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 Section 6.09 No Withdrawals. Members may not withdraw from the Company, except
with the prior written consent of the Company. 
 ARTICLE VII 

Transfers of Units 

Section 7.01 Assignability of Units. Members may not make Transfers of Units, in whole or in part, except in accordance
with Section 6.04 or by other operation of law, or in accordance with the terms and conditions set forth in this Article VII or otherwise in this Agreement. Each holder of Units agrees and acknowledges that the Units have not been registered
under the Securities Act, and that the Units may not be transferred except in a transaction exempt from, or not subject to, the registration requirements of the Securities Act or any other applicable federal or state securities laws or regulations,
in which case the Investment Manager may require that the Member provide certain supporting evidence regarding satisfaction of this condition (including a legal opinion in writing and in form and substance reasonably satisfactory to the Investment
Manager). Transfers shall not violate any applicable economic sanctions or anti-money laundering laws and must be consistent with the Company’s REIT qualification requirements, as determined by the Company in its sole discretion. 

Section 7.02 Substitute Member. No Transferee of Units shall become a Substitute Member unless all of the following conditions
have been satisfied, within such reasonable time period as the Company shall determine: 
 (a) The Transfer is permitted under
Section 7.01; 
 (b) The Company receives a duplicate original of all documents effecting the Transfer from the Transferor to the
Transferee; 
 (c) The Company consents to the admission of the Transferee as a Substitute Member, which consent may be granted or withheld
in the Company’s sole discretion; 
 (d) The Transferee has executed an instrument, in form and substance satisfactory to the Company,
accepting and agreeing to be bound by all terms and conditions of this Agreement; and 
 (e) The Transfer shall not cause the Company to hold
“plan assets” or require the Company to qualify as a “venture capital operating company,” both terms as defined in the Department of Labor Regulation 29 C.F.R. Section 2510.3-101
promulgated under and as modified by Section 3(42) of ERISA, in order to prevent its assets from being treated as plan assets. 

  
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 Section 7.03 REIT Ownership Concentration Restrictions. 

(a) Units may not be transferred if such transfer would result in the Company (i) becoming “closely held” within the meaning of
Section 856(h) of the Code, (ii) becoming a “pension-held REIT” within the meaning of Section 856(h)(3)(D) of the Code, (iii) being beneficially owned by fewer than 100 Persons (as provided in Section 856(a) of the
Code), or (iv) otherwise failing to qualify or maintain its qualification as a REIT under the Code. 
 (b) If the Company determines
that the commitments or Capital Contributions of a Member is so large that there is a reasonable likelihood that the Company (i) will be deemed to be “closely held” within the meaning of Section 856(h) of the Code, (ii) will
be deemed to be a “pension-held REIT” within the meaning of Section 856(h)(3)(D) of the Code, or (iii) the Company otherwise fails to qualify or maintain its qualification as a REIT, the Company will notify such Member and
provide the Member with appropriate details. Following such notice, such Member may: 
 (i) request the Company to make an
appropriate exemption, but only to the extent such exemption is available in this Agreement and can be made without jeopardizing the qualification of the Company as a REIT, as determined in the judgment of the Company; or 

(ii) assign all or any portion of its Units to a third party whose acquisition of such Units would result in elimination of the
issues related to REIT qualification in a transaction that complies with this Article VII. 
 (c) Units may not be transferred if such
transfer would result in a Person beneficially or constructively owning more than 9.8% by value or number of Units, whichever is more restrictive, of the outstanding Units of the Company. 

(d) Any such transfer as described in Section 7.03(a), (b) and (c) shall be void ab initio and the Company shall cause such
Units that are in excess of the restrictions set forth in this Section 7.03 to be classified as “Excess Units.” 
 (e) If the
Member has not taken an action under Section 7.03(b) that results, in the judgment of the Company, in elimination of the REIT qualification issues, then the Company shall have the right, but not the obligation, upon fifteen (15) days prior
written notice, to do, in its sole discretion, any or all of the following: 
 (i) prohibit the Member from making a Capital
Contribution with respect to any and all future investments and reduce the Member’s Remaining Commitment to any amount greater than or equal to zero; 

(ii) offer to each other Member the opportunity to purchase a portion of the Member’s Units at the fair market value
thereof (such Units may, in the Company’s sole discretion, include all or any portion of the Member’s Remaining Commitment to the Company), provided that, no Member shall be entitled to purchase a percentage of such Units if the Company
determines that such purchase would itself cause a REIT qualification issue or violate any other provision of this Agreement; 

  
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 (iii) offer to any Person the opportunity to purchase, or purchase itself, at the
fair market value thereof, all or any portion of the Member’s Interest that remains after operation of Section 7.03(e)(ii) (such interest may, in the Company’s sole discretion, include all or any portion of the Member’s Remaining
Commitment to the Company); 
 (iv) liquidate all or any portion of the Member’s Units or make a special distribution in
respect of such Units to such Member, in which case such Member’s right to receive future distributions pursuant to Sections 6.05 and 8.03 shall be appropriately adjusted in good faith by the Company and the Company may, in its sole discretion,
choose to distribute cash, cash equivalents and Securities or any combination of the foregoing, in an amount (or having a fair market value) equal to the fair market value of such Units; or 

(v) dissolve and terminate the Company and distribute the Company assets in accordance with Section 8.03. 

(f) In determining the appropriate action to take under this Section 7.03, the Company shall take into consideration the effect of such
action on all of the Members, including those Members that have not caused the Company to consider any of the foregoing actions. 
 (g) The
Company shall be entitled to treat the record owner (on the books of the Company) of any Units as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property made in good faith to such owner
until such time as a written instrument of assignment of such Unit has been received by the Company and recorded on the books of the Company. 

Section 7.04 Excess Units. 

(a) Any Person who acquires or attempts to acquire Units in violation of Section 7.03, or any Person who is a transferee such that Excess
Units result under Section 7.03(d), shall immediately give written notice or, in the event of a proposed or attempted Transfer, shall give at least fifteen (15) days prior written notice to the Company of such event and shall provide to
the Company such other information as the Company may request in order to determine the effect, if any, of such Transfer or attempted Transfer on the Company’s status as a REIT. 

(b) Upon any purported Transfer that results in Excess Units, such Excess Units shall be deemed to have been transferred to the Excess Unit
Trustee, as trustee of the Excess Unit Trust for the exclusive benefit of the Charitable Beneficiary. Excess Units so held in trust shall be issued and outstanding Units of the Company. The Purported Beneficial Transferee shall have no rights in
such Excess Units except as provided in this section. 

  
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 (c) Any distributions (whether as dividends, distributions upon liquidation, dissolution or
winding up or otherwise) on Excess Units shall be paid to the Excess Unit Trust for the benefit of the Charitable Beneficiary. Upon liquidation, dissolution or winding up, the Purported Record Transferee shall receive the lesser of (a) the
amount of any distribution made upon liquidation, dissolution or winding up or (b) the price paid by the Purported Record Transferee for the Units, or if the Purported Record Transferee did not give value for the Units, the market price of the
Units on the day of the event causing the Units to be held in trust. Any such dividend paid or distribution paid to the Purported Record Transferee in excess of the amount provided in the preceding sentence prior to the discovery by the Company that
the Units with respect to which the dividend or distribution was made had been exchanged for Excess Units shall be repaid by the Purported Record Transferee to the Excess Unit Trust for the benefit of the Charitable Beneficiary. 

(d) The Excess Unit Trustee shall be entitled to vote the Excess Units for the benefit of the Charitable Beneficiary on any matter. Subject to
Delaware law, any vote taken by a Purported Record Transferee prior to the discovery by the Company that the Excess Units were held in trust shall be rescinded ab initio. The owner of the Excess Units shall be deemed to have given an
irrevocable proxy to the Excess Unit Trustee to vote the Excess Units for the benefit of the Charitable Beneficiary. 
 (e) Excess Units
shall be transferable only as provided in this Section 7.04. At the direction of the Company, the Excess Unit Trustee shall transfer the Units held in the Excess Unit Trust to a person whose ownership of the Units shall not violate the
restrictions set forth in Section 7.03. Such transfer shall be made within sixty (60) days after the latest of (x) the date of the Transfer which resulted in such Excess Units and (y) the date the Company determines in good faith
that a Transfer resulting in Excess Units has occurred, if the Company does not receive a notice of such Transfer pursuant to Section 7.03. If such a transfer is made, the interest of the Charitable Beneficiary shall terminate and proceeds of
the sale shall be payable to the Purported Record Transferee and to the Charitable Beneficiary. The Purported Record Transferee shall receive the lesser of the price paid by the Purported Record Transferee for the Units or, if the Purported Record
Transferee did not give value for the Units, the market price of the Units on the day of the event causing the Units to be held in trust, and the price received by the Excess Unit Trust from the sale or other disposition of the Units. Any proceeds
in excess of the amount payable to the Purported Record Transferee shall be paid to the Charitable Beneficiary. Prior to any transfer of any Excess Units by the Excess Unit Trustee, the Company must have waived in writing its repurchase rights under
this Agreement. It is expressly understood that the Purported Record Transferee may enforce the non-transferability provisions of this section against the Charitable Beneficiary. 

(f) If any of the foregoing restrictions on transfer of Excess Units is determined to be void, invalid or unenforceable by any court of
competent jurisdiction, then the Purported Record Transferee may be deemed, at the option of the Company, to have acted as an agent of the Company in acquiring such Excess Units and to hold such Excess Units on behalf of the Company. 

  
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 (g) Excess Units shall be deemed to have been offered for sale to the Company, or its designee,
at a price per Unit equal to the lesser of the price per Unit in the transaction that created such Excess Units (or, in the case of a devise, gift or other transaction in which no value was given for such Excess Units, the market price at the time
of such devise, gift or other transaction) and the market price of the Units to which such Excess Units relates on the date the Company, or its designee, accepts such offer (the “Excess Unit Redemption Price”). The Company
shall have the right to accept such offer for a period of ninety (90) days after the later of (x) the date of the Transfer which resulted in such Excess Units and (y) the date the Company determines in good faith that a Transfer
resulting in Excess Units has occurred, if the Company does not receive a notice of such Transfer pursuant to this section but in no event later than a permitted Transfer pursuant to and in compliance with the terms of this section. Unless the
General Partner determines that it is in the interests of the Company to make earlier payments of all of the amount determined as the Excess Unit Redemption Price per Unit in accordance with the preceding sentence, the Excess Unit Redemption Price
may be payable at the option of the Company at any time up to but not later than one year after the date the Company accepts the offer to purchase the Excess Units. In no event shall the Company have an obligation to pay interest to the Purported
Record Transferee. 
 ARTICLE VIII 

Duration and Dissolution of the Company 

Section 8.01 Term. The term of the Company began on the date the Certificate of Formation of the Company was filed. 

Section 8.02 Dissolution. 

(a) The Company shall be terminated and dissolved upon the happening of any of the following events: 

(i) a determination by the Investment Manager to terminate the Company; 

(ii) the occurrence of any event that would make unlawful the continued existence of the Company; 

(iii) the Investment Manager resigns as such and no successor manager is appointed; or 

(iv) the vote by non-Affiliated Members holding in the aggregate a Majority of all
Units held by non-Affiliated Members to dissolve the Company (which vote may be taken at a meeting called at the request of non-Affiliated Members holding Units of not
less than 10% of the Net Asset Value of all Units held by non-Affiliated Members). 

  
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 (b) Notwithstanding any inconsistent or contrary provision in this Agreement, the Company shall
not unreasonably limit or restrict the Members’ right and ability to meet, conduct a dissolution vote, or dissolve the Company pursuant to this Section 8.02, including by the exercise of the Company’s right to terminate a
Member’s Units pursuant to Section 6.03 hereof. 
 (c) Upon a determination to dissolve the Company, repurchase requests and
distributions in respect of pending repurchases of Units may not be made. 
 Section 8.03 Winding Up. 

(a) Upon dissolution of the Company, the Investment Manager shall, within no more than 30 days after completion of a final audit of the
Company’s financial statements, make distributions out of the Company’s assets, in the following manner and order: 

(i) to creditors, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities
of the Company (whether by payment or by establishment of reserves); and 
 (ii) to the Members in the proportion of their
respective interest in Units as of the date of such distribution. 
 (b) The Investment Manager, in its sole discretion, or a Majority of
Members if the Company no longer has an Investment Manager, may at any time and from time to time, designate one or more liquidators, including one or more members of the Investment Manager, who shall have full authority to wind up and liquidate the
business of the Company and to make final distributions as provided in this Section 8.03. The appointment of any liquidator may be revoked or a successor or additional liquidator or liquidators may be appointed at any time by an instrument in
writing signed by the Investment Manager or a Majority of Members, as the case may be. Any such liquidator may receive compensation as shall be fixed, from time to time, by the Investment Manager or a Majority of Members, as the case may be. 

Section 8.04 Time for Liquidation, etc. A reasonable time period shall be allowed for the orderly winding up and liquidation of
the assets of the Company and the discharge of liabilities to creditors so as to enable the Company to seek to minimize potential losses upon such liquidation. The provisions of this Agreement shall remain in full force and effect during the period
of winding up and until the filing of a certificate of cancellation of the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. 

ARTICLE IX 
 Tax Returns and
Reports; Reports to Members; Books and Records; REIT Qualification 
 Section 9.01 Independent Auditors. The financial
statements of the Company shall be audited by an independent certified public accountant selected by the Company as of the end of each Fiscal Year. 

  
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 Section 9.02 Filing of Tax Returns. The Company or its designated agent shall prepare
and file, or cause the accountants of the Company to prepare and file, any information, reports, tax returns or other documents required or requested to be filed, as and when due (including IRS Form 1120-REIT), whether at the Federal, state or local
level. 
 Section 9.03 Financial Statements. Within ninety (90) days after the end of each Fiscal Year or as soon as
reasonably practicable thereafter, the Company shall prepare and mail to each Member and, to the extent necessary, to each Former Member (or its legal representatives) financial statements of the Company (which need not include the list of the
Company’s investments that may be required by GAAP), audited by the independent certified public accountant selected by the Company. In addition, on a monthly basis, the Company shall also provide each Member with an estimated, unofficial
statement as to its Units. 
 Section 9.04 Reporting. The Company will provide Members with audited annual financial
reports prepared in compliance with GAAP. The Company also expects to provide each Member with quarterly letters regarding financial market commentary. Amounts paid to Members as dividends from the Company, or as gross proceeds from a repurchase of
Units, generally will be reported to such Members and the IRS on an IRS Form 1099. In addition, it is expected that the Company shall be required to comply with certain reporting requirements set forth in the Exchange Act, including the filing of
annual, quarterly and current reports, proxy statements and other information with the SEC. 
 Section 9.05 Books and Records.

 (a) The Company shall keep books and records pertaining to the Company’s affairs showing all of its assets and liabilities, receipts
and disbursements, gains and losses, Members’ interest in Units and all transactions entered into by the Company. Such books and records of the Company shall be kept at the Company’s office or at the office of an agent of the Company. The
Company shall maintain all records required to be maintained by a REIT pursuant to Sections 856 to 860 of the Code and the Regulations promulgated thereunder. 

(b) Pursuant to Section 17-305(f) of the Act, except as otherwise expressly provided in this
Agreement or any Other Agreement, no Member shall have any right to obtain any information contained in the books and records of the Company, including any information relating to any other Member or the Company’s trading activity. 

Section 9.06 REIT Qualification. 

(a) The Company intends to qualify and elect to be taxed as a REIT, beginning with its taxable year that begins on the Initial Closing Date.

 (b) The Company is authorized to conduct its business in such manner as is necessary to qualify as a REIT under Sections 856-860 of the Code and maintain such qualification until such time as the Company determines that it is no longer in the best interests of the Members to do so. In furtherance of the foregoing, the Company shall be
authorized to take any and all actions from time to time as may be necessary or appropriate in its judgment and discretion to preserve its status as a REIT. 

  
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 (c) REIT status requires that the Company be classified for Federal income tax purposes as a
corporation and not as a partnership. As a result, the Company intends to file an election under the Regulations to be treated as an association taxable as a corporation. Each Member agrees to the making of this election and expressly authorizes the
Company to make this election with the IRS in any suitable manner pursuant to the Regulations. 
 ARTICLE X 

Confidential Information 

Section 10.01 Confidentiality. 

(a) In connection with the organization of the Company and its ongoing business, the Members will receive or have access to Confidential
Information. Subject to permissions granted under any Other Agreement between a Member and the Company (including a Subscription Agreement), each Member agrees to keep confidential, and not to make any use of (other than for purposes reasonably
related to its Units or for purposes of filing such Member’s tax returns) or disclose to any Person, any Confidential Information except to its Authorized Representatives on a need to know basis or as otherwise required by any regulatory
authority, law or regulation, or by legal process. Notwithstanding anything in this Agreement to the contrary, each Member (and each employee, representative, or other agent of such Member) may disclose to any and all Persons, without limitation of
any kind, the tax treatment and tax structure of (i) the Company and the Subsidiaries and (ii) any of the Company’s or the Subsidiaries’ transactions, and all materials of any kind (including opinions or other tax analyses) that
are provided to such Member relating to such tax treatment and tax structure, it being understood that “tax treatment” and “tax structure” do not include the name or the identifying information of (i) the Company or the
Subsidiaries or (ii) the parties to a transaction. Prior to making any disclosure required by any regulatory authority, law or regulation, or by legal process, each Member shall use its reasonable best efforts to notify the Company of such
disclosure. Prior to any disclosure to any Authorized Representative of a Member, such Member must advise such Authorized Representative of the obligations set forth in this Section 10.01. 

(b) Notwithstanding anything to the contrary, in connection with applicable “whistleblower” rules and regulations, no Member shall be
prohibited under this Agreement from (i) communicating with the SEC or any other federal, state or local governmental agency or commission (“Government Agencies”) or (ii) otherwise participating in any investigation or
proceeding that may be conducted by any Government Agency (including providing documents or other information), and shall not be required to provide notice of the foregoing to the Company. 

  
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 (c) Each Member agrees that the Company has the right to keep confidential from the Members, for
such period of time as the Company in its sole discretion deems reasonable, any Confidential Information. 
 Section 10.02 Equitable
and Injunctive Relief. The Members acknowledge that (a) the provisions of Section 10.01 hereof are intended to preserve the unique relationship between the Members and (b) the provisions of Section 10.01 are intended
to preserve the value and goodwill of the Company’s business; and that, in the event of a breach or a threatened breach by any Member of its obligations under Section 10.01, the others will not have an adequate remedy at law. Accordingly,
in the event of any such breach or threatened breach by a Member, any of the other Members shall be entitled to such equitable and injunctive relief as may be available to restrain such Member and any Person participating in such breach or
threatened breach from the violation of the provisions thereof. Nothing in this Agreement shall be construed as prohibiting a Member from pursuing any other remedies available at law or in equity for such breach or threatened breach, including the
recovery of damages. 
 ARTICLE XI 

Miscellaneous 

Section 11.01 Entire Agreement. This Agreement, each Subscription Agreement and, with reference to a Member that has entered into
an Other Agreement, such Other Agreement, supersede any and all existing agreements, oral or written, between or among the Company, the Investment Manager and the Members, with respect to the Company. 

Section 11.02 Execution of Other Documents. Each of the Members agrees to execute upon demand such certificates, counterparts,
instruments and documents as may from time to time be required to be filed or recorded by law. 
 Section 11.03 Power of
Attorney. Each of the Members hereby appoints the Investment Manager as its true and lawful representative and attorney-in-fact, in its name, place and stead to
make, execute, sign, acknowledge, swear to and file: 
 (a) a Certificate of Formation of the Company and any amendments thereto as may be
required under the Act; 
 (b) any duly adopted amendment to this Agreement; 

(c) any and all instruments, certificates and other documents that may be deemed necessary or desirable to effect the dissolution and winding-up of the Company (including, but not limited to, a Certificate of Cancellation of the Certificate of Formation); and 

(d) any business certificate, fictitious name certificate, amendment thereto or other instrument or document of any kind necessary or desirable
to accomplish the business, purpose and objectives of the Company, or required by any applicable Federal, state or local law. 

  
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 The power of attorney hereby granted by each of the Members is coupled with an interest, is
irrevocable and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of such Member; provided, however, that such
power of attorney shall terminate upon the substitution of another limited partner for all of such Member’s interest in the Company or upon the complete withdrawal of such Member from participation in the Company. 

Section 11.04 Amendments to Agreement. 

(a) The terms and provisions of this Agreement may be modified or amended at any time and from time to time by the consent of a
Majority of the Members, which consent may be written or passive (i.e., Members shall be deemed to have consented to such modification or amendment if they fail to object to such modification or amendment within a specific period of time set
by the Company, which period of time shall be at least thirty (30) days from the date such Members are notified of such modification or amendment), and the affirmative vote of the Board, insofar as is consistent with the laws governing this
Agreement, except that: 
 (i) without the consent of the Members, the Company may amend this Agreement to: (A) reflect
a change in the name of the Company; (B) make any change that is necessary or, in the opinion of the Board, advisable to qualify the Company as a REIT under the Code and Regulations; (C) make any change that is necessary or, in the opinion
of the Company, advisable to ensure the Company’s qualification as a publicly-offered REIT (within the meaning of Section 562(c)(2) of the Code); (D) make any change that does not adversely affect all Members in any material respect;
(E) make any change that is necessary or desirable to cure any ambiguity, to correct or supplement any provision in this Agreement that would be inconsistent with any other provision in this Agreement, or to make any other provision with
respect to matters or questions arising under this Agreement that will not be inconsistent with the provisions of this Agreement, in each case so long as such change does not adversely affect all Members in any material respect; (F) correct any
printing, stenographic or clerical error or effect changes of an administrative or ministerial nature which do not increase the authority of the Board in any material respect or adversely affect the Members in any material respect; (G) make any
change that is necessary or desirable to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, statute, ruling or regulation of any Federal, state or non-US
governmental entity, so long as such change is made in a manner that minimizes any adverse effect on the Members; (H) prevent the Company from in any manner being deemed an “investment company” subject to the provisions of the Company
Act; (I) prevent the assets of the Company from being treated for any purpose of ERISA or Section 4975 of the Code as assets of any “employee benefit plan” as defined in and subject to the fiduciary responsibility provisions of
Title I of ERISA or of any plan or account subject to Section 4975 of the Code (or any corresponding provisions of succeeding law); (J) amend or supplement the Reinvestment Plan set forth in Section 5.04 hereof; or (K) make any other
amendments similar to the foregoing; and 

  
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 (ii) Except with respect to amendments described in Section 11.04(a)(i)(B)
& (C), each Member must approve of any amendment that would (x) limit its right of distributions; or (y) amend the provisions of this Agreement relating to amendments; provided, that Members that hold in excess of two-thirds of the outstanding Units of a particular Class may approve any amendment that would restrict the distribution rights of all Members holding Units of such Class. 

(b) A Member may divide its Units for purposes of exercising any voting rights under this Agreement. 

Section 11.05 Non-Voting Units of BHC Members. 

(a) The portion of any Units held for their own account by a BHC Member whose Units are determined, at any time, to be in excess of 4.99% (or
such greater or lesser percentage as may be permitted or required under Section 4(c)(6) of the BHCA) of the total outstanding aggregate voting Units of all Members, excluding any other Units that are
Non-Voting Units pursuant to this Section 11.05, shall be deemed to be Non-Voting Interests to the extent of such excess above 4.99% (whether or not subsequently
transferred, in whole or in part, to any other Person); provided, that such Non-Voting Units shall be permitted to vote (i) on any proposal to dissolve or continue the business of the Company, and
(ii) on matters with respect to which voting rights are not considered to be “voting securities” under 12 C.F.R. § 225.2(q)(2), including such matters which may “significantly and adversely” affect a BHC
Member (such as amendments to this Agreement or modifications of the terms of its Units). To the extent permitted by the BHCA, and except as otherwise provided in this Section 11.05 and Section 11.06,
Non-Voting Units shall not be counted as Units held by any Member for purposes of determining whether any vote or consent required by this Agreement has been approved or given by the requisite percentage of
the Members. 
 (b) A BHC Member shall be permitted to vote on the removal of the Investment Manager and the selection of any successor
Investment Manager only to the extent of its voting Units, and each BHC Member irrevocably waives its right to vote its Non-Voting Units on the selection of a successor Investment Manager under the Act, which
waiver shall be binding upon such BHC Member or any Person that succeeds to its Interest. 
 (c) Except as provided in this
Section 11.05, Units held by a Member as Non-Voting Units shall be identical in all regards to all other Units held by Members. 

Section 11.06 Non-Voting Units of Registered Fund Members. 

(a) Units owned, controlled or held with power to vote by a Registered Fund Member, by an affiliated person (as such term is defined under the
Company Act) of a Registered Fund Member or by an affiliated person of such a Person, shall be a Non-Voting Units; provided, however, that such Non-Voting
Units shall be permitted to vote on matters as to which the exercise of voting rights would not cause the Non-Voting Units to be deemed a “voting security” as defined under Section 2(a)(42) of
the Company Act. 

  
 47 

 (b) Except as provided in this Section 11.06, Units held by a Registered Fund Member as Non-Voting Units shall be identical in all regards to all other Units held by Members. 

Section 11.07 Choice of Law. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the
parties expressly agree that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of Delaware applicable to contracts made and to be entirely performed in such state and, without limitation thereof,
that the Act as now adopted or as may be hereafter amended shall govern all partnership aspects of this Agreement. 
 Section 11.08
Severability. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with
such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be
severable. 
 Section 11.09 Dispute Resolution. 

(a) The parties agree to submit all controversies arising among them in connection with the Company or its businesses or concerning
any transaction, dispute or the construction, performance or breach of this, or any other agreement, whether entered into prior, on or subsequent to the date set forth above to arbitration in accordance with the provisions set forth below and
understand that: (i) arbitration is final and binding on the parties; (ii) the parties are waiving their rights to seek remedies in court, including the right to JURY TRIAL; and (iii) pre-arbitration discovery generally is more limited than and different from court proceedings. 

(b) Controversies shall be determined by arbitration before, and only before, an arbitration panel convened by JAMS. The parties may also
select any national securities exchange’s arbitration forum upon which a party is legally required to arbitrate the controversy. Such arbitration shall be governed by the rules of the organization convening the panel.  

(c) Arbitrations conducted pursuant to this provision shall be before a panel of one arbitrator. The arbitrator’s award shall not
include factual findings or legal reasoning and every aspect of the arbitration, including the award, shall be treated as Confidential Information. Judgment on any award of any such arbitration may be entered in the Supreme Court of the State of New
York or in any other court having jurisdiction of the party or parties against whom such award is rendered. Each party agrees that the determination of the arbitrator shall be binding and conclusive upon them. 

  
 48 

 (d) No party shall bring a putative or certified class action to arbitration, nor seek to
enforce any pre-dispute arbitration agreement against any party who has initiated in court a putative class action or who is a member of a putative class who has not opted out of the class with respect to any
claims encompassed by the putative class action unless and until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the party is excluded from the class by court.
 
 (e) The forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except
to the extent stated in this Agreement. 
 Section 11.10 Counterparts. Counterparts may be executed through the use of
separate signature pages (or the Subscription Agreement) or in any number of counterparts with the same effect as if the parties executing such counterparts had all executed one counterpart. Each party understands and agrees that any portable
document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any
court or arbitral panel of competent jurisdiction. 
 Section 11.11 Successors and Assigns. This Agreement shall inure to the
benefit of each Member and the executors, administrators, estates, heirs, legal successors and representatives of such Member. 

Section 11.12 No Waiver. The failure of a party to insist upon strict adherence to any term or provision of this Agreement on any
occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or provision or any other term or provision of this Agreement. 

Section 11.13 Notices. Each notice relating to this Agreement shall be in writing and delivered in person, by registered or
certified mail, by Federal Express or similar overnight courier service, by electronic mail (e-mail) or by facsimile. All notices to the Company shall be addressed to its principal office and place of business
(if delivered personally or by post), to facsimile number (212) 969-2293 for the attention of the Office of the General Counsel. All notices addressed to a Member shall be addressed to such Member at the
address set forth on the books and records of the Company. Any Member may designate a new address by notice to that effect given to the Company. Unless otherwise specifically provided in this Agreement, a notice shall be deemed to have been
effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a Business Day; four Business Days after being deposited in the United States
mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or similar overnight courier; when sent, if e-mailed on a
Business Day; the next Business Day following the day on which the e-mail is sent if e-mailed on a day that is not a Business Day; when receipt is acknowledged, if
facsimiled on a Business Day; and the next Business Day following the day on which receipt is acknowledged if facsimiled on a day that is not a Business Day. 

  
 49 

 Section 11.14 No Third-Party Rights. Except for the provisions of Sections 4.06 and
4.07, the provisions of this Agreement, including the provisions of Sections 3.03 and 6.02, are not intended to be for the benefit of any creditor or other Person (other than the Members in their capacities as such) to which any debts, liabilities
or obligations are owed by (or who otherwise have a claim against or dealings with) the Company or any Member, and, to the fullest extent permitted by law, no such creditor or other Person shall obtain any rights under any of such provisions
(whether as a third-party beneficiary or otherwise) or shall by reason of any such provisions have a right to make any claim in respect to any debt, liability or obligation (or otherwise) including any debt, liability or obligation against the
Company or any Member. 
 Section 11.15 Headings. The table of contents, titles of the Articles and the headings of the Sections
of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to “Article” or “Section” in this Agreement shall be deemed to refer to
the indicated Article or Section of this Agreement, unless the context clearly indicates otherwise. 
 Section 11.16 Counsel to the
Company. The Company has initially selected Dechert LLP (“Company Counsel”) as legal counsel to the Company. Company Counsel may also serve as counsel to the Board and the Investment Manager. The Company may execute any consent
to the representation of the Company that Company Counsel may request pursuant to the applicable rules of professional conduct in any jurisdiction. Company Counsel is not representing any Member with respect to its becoming a Member, or with respect
to any action taken by the Company, whether or not Company Counsel has represented such Member with respect to other matters. 

Section 11.17 Waiver of Partition. Except as may otherwise be required by law in connection with the winding-up, liquidation and dissolution of the Company, each Member hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Company’s property. 

Section 11.18 REIT Status. Nothing contained in this Agreement shall limit the ability of the Company to take such actions as it
deems necessary or advisable to protect the Company and the interests of its Members by preservation of the Company’s status as a REIT. 

Section 11.19 Ambiguities. In the case of an ambiguity in the application of any of the provisions of Section 3.05, 7.03,
9.06 or 11.18, the Company shall have the power to interpret and determine the application of the provisions of such Sections with respect to any situation based on the facts known to the Company. 

Section 11.20 Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO THE
EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF
COMPETENT COUNSEL. 

  
 50 

 IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date first set forth
above. 
 INVESTMENT MANAGER: 
 ALLIANCEBERNSTEIN L.P. 

 

			
	By:	 	 /s/ Bradford Stanley

	Name:	 	Bradford Stanley
	Title:	 	Assistant Secretary

 INITIAL MEMBER: 
 ALLIANCE
CAPITAL MANAGEMENT LLC 
  

					
	By:	 	AllianceBernstein L.P., its sole member
			
		 	    By:	 	 /s/ Bradford Stanley

		 		 	Name: Bradford Stanley
		 		 	Title:   Assistant Secretary

  

			
	MEMBERS:	 	
		
	Each Person that shall sign a Signature Page in the form attached in the Subscription Agreement (which signature page constitutes a counterpart signature page to this Agreement) and that shall be accepted by the Company as a
Member.Exhibit 4.1

 

SCHOLAR ROCK HOLDING CORPORATION

WARRANT TO PURCHASE COMMON STOCK

 

Number of Shares: [●]

 

(subject to adjustment)

 

	Warrant No. [●]	 	Original Issue Date: June [●], 2022

 

Scholar Rock Holding Corporation, a Delaware corporation (the “Company”),
hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [●] or
its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company
up to a total of [●] shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company
(each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price
per share equal to $0.0001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise
Price”) upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original
Issue Date”), subject to the following terms and conditions:

 

1. Definitions. For purposes of this Warrant, the following
terms shall have the following meanings:

 

(a) “Affiliate” means
any Person directly or indirectly controlled by, controlling or under common control with, a Holder, as such terms are used in and construed
under Rule 405 under the Securities Act, but only for so long as such control shall continue.

 

(b) “Commission” means
the United States Securities and Exchange Commission.

 

(c) “Closing Sale Price”
means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported
by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade
price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg L.P., or if the security
is not listed for trading on a national securities exchange or other trading market on the relevant date, the last quoted bid price for
the security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar organization or agency
succeeding to its functions of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on
any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the
Board of Directors of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’
determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(d) “Principal Trading Market”
means the national securities exchange or other trading market on which the Common Stock is primarily listed on and quoted for trading,
which, as of the Original Issue Date, shall be the Nasdaq Global Select Market.

 

(e) “Registration Statement”
means the Company’s Registration Statement on Form S-3 (File No. 333- 254057) as amended and, declared effective on April 13,
2022.

 

(f) “Securities Act” means
the Securities Act of 1933, as amended.

 

(g) “Trading Day” means
any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not listed or admitted for trading, “Trading
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on
which banking institutions in New York City are authorized or required by law or other governmental action to close.

 

(h) “Transfer Agent” means
Computershare Trust Company, N.A., the Company’s transfer agent and registrar for the Common Stock, and any successor appointed
in such capacity.

 

    	 		 

     

    

 

2. Issuance of Securities; Registration of Warrants. The Warrant,
as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original Issue Date, the Warrant
Shares are issuable under the Registration Statement. Accordingly, the Warrant and, assuming issuance pursuant to the Registration Statement
or an exchange meeting the requirements of Section 3(a)(9) of the Securities Act as in effect on the Original Issue Date, the
Warrant Shares, are not “restricted securities” under Rule 144 promulgated under the Securities Act as of the Original
Issue Date. The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to
which this Warrant is assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary.

 

3. Registration of Transfers. Subject to compliance with all
applicable securities laws and the rules of the Principal Trading Market, the Company shall, or will cause its Transfer Agent to,
register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all
applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the
form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred
shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall
be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company
shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3.
Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all
purposes, and the Company shall not be affected by any notice to the contrary.

 

4. Exercise and Duration of Warrants.

 

(a) All or any part of this Warrant shall
be exercisable by the registered Holder in any manner permitted by this Warrant at any time and from time to time on or after the Original
Issue Date.

 

(b) The Holder may exercise this Warrant
by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”),
completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being
exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice pursuant to Section 10
below). The date on which such exercise notice is delivered to the Company (as determined in accordance with the notice provisions hereof)
is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance
of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The aggregate exercise price of this
Warrant, except for the Exercise Price, was pre-funded to the Company on or before the Original Issue Date, and consequently no additional
consideration (other than the Exercise Price) shall be required by to be paid by the Holder to effect any exercise of this Warrant. The
Holder shall not be entitled to the return or refund of all, or any portion, of such pre-funded exercise price under any circumstance
or for any reason whatsoever. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

5. Delivery of Warrant Shares.

 

(a) Upon exercise of this Warrant, the Company
shall promptly (but in no event later than three (3) Trading Days after the Exercise Date), upon the request of the Holder, cause
the Transfer Agent to credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise
to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”) through its
Deposit Withdrawal Agent Commission system or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program
(the “FAST Program”) or if the certificates are required to bear a legend regarding restriction on transferability,
issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise. The Holder, or any natural person or legal entity (each, a “Person”) so designated by the Holder
to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective
of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing
such Warrant Shares, as the case may be.

 

    	 		 

     

    

 

(b) If by the close of the third (3rd) Trading
Day after the Exercise Date, the Company fails to deliver to the Holder a certificate representing the required number of Warrant Shares
in the manner required pursuant to Section 5(a) or fails to cause the Transfer Agent to credit the Holder’s DTC
account for such number of Warrant Shares to which the Holder is entitled, and if after such third (3rd) Trading Day and prior to the
receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise, provided such purchases shall be made
in a commercially reasonable manner at prevailing market prices) shares of Common Stock to deliver in satisfaction of a sale by the Holder
of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall,
within three (3) Trading Days after the Holder’s written request and in the Holder’s sole discretion, either (i) pay
in cash to the Holder an amount equal to the Holder’s total purchase price (including commercially reasonable brokerage commissions,
if any) for the shares of Common Stock so purchased, at which point the Company’s obligation to deliver such certificate (and to
issue such Warrant Shares) or to cause the Holder’s DTC account to be credited for such Warrant Shares shall terminate or (ii) (x)pay
cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including commercially reasonable
brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In (assuming such sale was executed on commercially
reasonable terms at prevailing market prices) over the product of (A) the number of shares of Common Stock purchased in the Buy-In,
times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date and (y) at the option of the Holder, either
promptly deliver to the Holder a certificate or certificates representing such Warrant Shares or reinstate the portion of the Warrant
and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded).

 

(c) To the extent permitted by law and subject
to Section 5(b), the Company’s obligations to cause the Transfer Agent to issue and deliver Warrant Shares in accordance
with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or
alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing
herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

6. Charges, Taxes and Expenses. Issuance and delivery of certificates
for shares of Common Stock, if any, upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer
tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not
be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant
Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other
tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7. Replacement of Warrant. If this Warrant is mutilated, lost,
stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in
lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by
the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures
and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation
of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation
to issue the New Warrant.

 

    	 		 

     

    

 

8. Reservation of Warrant Shares. The Company covenants that
it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as
herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free
from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments and
restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully
paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange
or automated quotation system upon which the Common Stock may be listed. The Company further covenants that it will not, without the prior
written consent of the Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding.

 

9. Certain Adjustments. The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a) Stock Dividends and Splits. If
the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution
on any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the terms of such stock on the
Original Issue Date, as described in the Registration Statement, that is payable in shares of Common Stock, (ii) subdivides its outstanding
shares of Common Stock into a larger number of shares of Common Stock, (iii) combines its outstanding shares of Common Stock into
a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of
Common Stock of the Company, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution,
provided, however, that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the
Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall
be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or
(iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b) Pro Rata Distributions. If the
Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration (i) evidences
of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph) (iii) rights
or warrants to subscribe for or purchase any security, or (iv) cash or any other asset (in each case, a “Distribution”),
other than a reclassification as to which Section 9(c) applies, then in each such case, the Holder shall be entitled
to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the ownership limitation set forth in Section 11(a) hereof) immediately before the date of which
a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Stock are to
be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate
in any such Distribution would result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common
Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not result in the
Holder exceeding the ownership limitation set forth in Section 11(a) hereof and (ii) such time as the Holder has
exercised this Warrant.

 

    	 		 

     

    

 

(c) Fundamental Transactions. If,
at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the Company with or into another
Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger
or consolidation do not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger
or consolidation, (ii) the Company effects any sale, transfer or disposition to another Person of all or substantially all of its
assets in one transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the
Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the capital stock
of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates
a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital
stock of the Company (except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain,
in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock
covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such
Fundamental Transaction the Holder shall have the right to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant
without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not
effect any Fundamental Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities
of another Person unless (i) the Alternate Consideration is solely cash and the Company provides for the simultaneous “cashless
exercise” of this Warrant pursuant to Section 10 below or (ii) prior to or simultaneously with the consummation
thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume
the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be
entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly apply to
subsequent transactions analogous of a Fundamental Transaction type.

 

(d) Number of Warrant Shares. Simultaneously
with any adjustment to the Exercise Price pursuant to Section 9 (including any adjustment to the Exercise Price that would
have been effected but for the final sentence in this paragraph (d)), the number of Warrant Shares that may be purchased upon exercise
of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder
for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior
to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock
then in effect.

 

(e) Calculations. All calculations
under this Section 9 shall be made to the nearest one-hundredth of one cent or the nearest share, as applicable.

 

(f) Notice of Adjustments. Upon the
occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder,
promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth
such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail
the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate
to the Holder and to the Transfer Agent.

 

(g) Notice of Corporate Events. If,
while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property
in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital
stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder
approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs
of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the
Company shall deliver to the Holder a notice of such transaction at least ten (10) days prior to the applicable record or effective
date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided,
however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required
to be described in such notice. In addition, if while this Warrant is outstanding, the Company authorizes or approves, enters into any
agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c), other
than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such notice and the contents thereof
shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction
at least ten (10) days prior to the date such Fundamental Transaction is consummated.

 

    	 		 

     

    

 

10. Payment of Cashless Exercise Price. Notwithstanding anything
contained herein to the contrary, the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless
exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares in an exchange of securities effected
pursuant to Section 3(a)(9) of the Securities Act as determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

“X” equals the number of Warrant Shares
to be issued to the Holder;

 

“Y” equals the total number of Warrant
Shares with respect to which this Warrant is then being exercised;

 

“A” equals the Closing Sale Price
per share of Common Stock as of the Trading Day on the date immediately preceding the Exercise Date; and

 

“B” equals the Exercise Price per
Warrant Share then in effect on the Exercise Date.

 

For purposes of Rule 144 promulgated under the Securities Act,
it is intended, understood and acknowledged that the Warrant Shares issued in such a “cashless exercise” transaction shall
be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the
Original Issue Date (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise).
In the event that the Registration Statement or another registration statement registering the issuance of Warrant Shares is, for any
reason, not effective at the time of exercise of this Warrant, then this Warrant may only be exercised through a cashless exercise, as
set forth in this Section 10.

 

Except as otherwise set forth herein, in no event will the exercise
of this Warrant be settled in cash.

 

11. Limitations on Exercise.

 

(a) Notwithstanding anything to the contrary
contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to exercise this Warrant
for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or immediately prior to such exercise,
would cause (i) the aggregate number of shares of Common Stock beneficially owned by the Holder, its Affiliates and any other Persons
whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), to exceed 9.99% (the “Maximum Percentage”)
of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined
voting power of the securities of the Company beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial
ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act to exceed
9.99% of the combined voting power of all of the securities of the Company then outstanding following such exercise. For purposes of this
Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common
Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission
prior to the Exercise Date, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the
Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall
within three (3) Trading Days confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to
any other percentage not in excess of 19.99% specified in such notice; provided that any such increase or decrease will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company. For purposes of this Section 11(a), the aggregate
number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose
beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised
and non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the unexercised, non-converted or non-cancelled
portion of any other securities of the Company that do not have voting power (including without limitation any securities of the Company
which would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right,
option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the
holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein
and is beneficially owned by the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be
aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act.

 

    	 		 

     

    

 

(b) This Section 11 shall not
restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities
or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of
this Warrant.

 

12. No Fractional Shares. No fractional Warrant Shares will
be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the number
of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market
value (based on the Closing Sale Price) for any such fractional shares.

 

13. Notices. Any and all notices or other communications or
deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective
on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or confirmed e-mail prior
to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile or confirmed e-mail on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any
Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying
next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery.
The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Scholar Rock Holding Corporation

01 Binney Street, 3rd Floor

Cambridge, MA 02142

Attention: General Counsel

Email: jho@scholarrock.com

 

If to the Holder, to its address, facsimile number or e-mail
address set forth herein or on the books and records of the Company.

 

Or, in each of the above instances, to such other address, facsimile
number or e-mail address as the recipient party has specified by written notice given to each other party at least five (5) days
prior to the effectiveness of such change.

 

14. Warrant Agent. The Company shall initially serve as warrant
agent under this Warrant. Upon ten (10) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation
into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company
or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all
of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act.
Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15. Miscellaneous.

 

(a) No Rights as a Stockholder. The
Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed
the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the
Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any
right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase
any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

    	 		 

     

    

 

(b) Authorized Shares. Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may
be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such
exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

 

(c) Successors and Assigns. Subject
to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company
without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding
on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence,
nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy
or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors
and assigns.

 

(d) Amendment and Waiver. Except as
otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any action herein prohibited, or omit
to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.

 

(e) Acceptance. Receipt of this Warrant
by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

(f) Governing Law; Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and
enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.
Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members,
employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Each of the Company and the Holder
hereby waives all rights to a trial by jury.

 

(g) Headings. The headings herein
are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

 

(h) Severability. In case any one
or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 		 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

		SCHOLAR ROCK HOLDING CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: Edward Myles
	 	 	Title: Chief Financial Officer and Chief Operating Officer

 

[Signature Page to
Prefunded Warrant]

 

    	 		 

     

    

 

SCHEDULE 1

 

FORM OF EXERCISE NOTICE

 

[To be executed by the Holder to purchase Warrant
Shares under the Warrant]

 

Ladies and Gentlemen:

 

(1) The undersigned is the Holder
of Warrant No. ___ (the “Warrant”) issued by Scholar Rock Holding Corporation, a Delaware corporation (the “Company”).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2) The undersigned hereby exercises
its right to purchase Warrant Shares pursuant to the Warrant.

 

(3) The Holder intends that payment
of the Exercise Price shall be made as (check one):

 

	 	 ̈	Cash Exercise

 

	 	 ̈	“Cashless Exercise” under
    Section 10 of the Warrant

 

(4) If the Holder has elected a Cash
Exercise, the Holder shall pay the sum of $ __________ in immediately available funds to the Company in accordance with the terms of
the Warrant.

 

(5) Pursuant to this Exercise Notice, the Company shall deliver
to the Holder Warrant Shares determined in accordance with the terms of the Warrant. The Warrant Shares shall be delivered to the following
DWAC Account Number:

	 	 

(6) By its delivery of this Exercise Notice, the undersigned
represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder, its Affiliates and any other
Person whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant to which this notice
relates.

 

	Dated:	    	 
	 	 	 
	Name of Holder: 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

(Signature must conform in all respects to name
of Holder as specified on the face of the Warrant)

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