Document:

EX-4.7

 EXHIBIT 4.7 

X4 PHARMACEUTICALS, INC. 

and 
 ________, AS
WARRANT AGENT 
 FORM OF DEBT SECURITIES 

WARRANT AGREEMENT 
 DATED
AS OF ______________ 

 X4 PHARMACEUTICALS, INC. 

FORM OF DEBT SECURITIES WARRANT AGREEMENT 

DEBT SECURITIES WARRANT AGREEMENT (this
“Agreement”), dated as of                  between X4 PHARMACEUTICALS, INC., a
Delaware corporation (the “Company”) and                 , a [corporation] [national banking association] organized
and existing under the laws of                  and having a corporate trust office in
                , as warrant agent (the “Warrant Agent”). 

WHEREAS, the Company has entered into an indenture dated as of
                 (the “Indenture”), with
                , as trustee (such trustee, and any successors to such trustee, herein called the “Trustee”),
providing for the issuance from time to time of its debt securities, to be issued in one or more series as provided in the Indenture (the “Debt Securities”); 

WHEREAS, the Company proposes to sell [If Warrants are sold with other securities—title of such other securities
being offered (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the right to
purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the
“Warrant Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf
of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the
form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the
parties hereto agree as follows: 
 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES 

1.1 Issuance of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[If Other Securities and Warrants—Warrant Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after
                 (the “Detachable Date”)] [and shall not be separately transferable] and each Warrant Certificate
shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants—Warrant
Certificates shall be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence
                 Warrants for each
[$                 principal amount]
[                 shares] of Other Securities included in such unit]. 

  
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 1.2 Execution and Delivery of Warrant Certificates. Each Warrant Certificate,
whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage.
The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant
treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise
reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate
has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder. 
 In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by
facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the
person who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the
proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 
 The term
“holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If
Other Securities and Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to,
make available at all times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to keep the Warrant Agent’s records up to date]. 

1.3 Issuance of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be
executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company,
countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

  
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 ARTICLE 2 

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 

2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant
Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price of
                % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial
issuance.] [The original issue discount ($                 for each $1,000 principal amount of Warrant Debt Securities) will be amortized at
a                 % annual rate, computed on a[n] [semi-] annual basis [using a 360-day year
consisting of twelve 30-day months].] Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “Warrant Price.” 

2.2 Duration of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the
date thereof] [                ] and at or before
[                ] p.m., [City] time, on
                 or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates
mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before
[                ] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall cease. 
 2.3 Exercise Of Warrants. 

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt Securities
in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such
exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate properly
completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised;
provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such
receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to 

  
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be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Debt Securities for all
purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in
respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for
such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a
payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing. 

(b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Debt
Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to which such holder is entitled upon
such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the Company or the Trustee shall
reasonably require. 
 (c) As soon as practicable after the exercise of any Warrant, the Company shall issue, pursuant to the
Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names
as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant
Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 
 (d) The Company shall not be
required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not
be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

(e) Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date
keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

  
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 ARTICLE 3 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES 

3.1 No Rights As Holders of Warrant Debt Securities Conferred By Warrants or Warrant Certificates. No Warrant Certificate or
Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the
Warrant Debt Securities or to enforce any of the covenants in the Indenture. 
 3.2 Lost, Stolen, Mutilated or Destroyed Warrant
Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to
the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant
Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant
Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed
Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of
this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 

3.3 Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of any
Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit,
enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the
manner provided in such holder’s Warrant Certificates and in this Agreement. 
 3.4 Merger, Sale, Conveyance or Lease. In
case of (a) any share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or
(b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a 

  
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“Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the
Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company
shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity
thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in
its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore
or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in
substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this
Section 3.4. 
 3.5 Notice To Warrantholders. In case the Company shall (a) effect any Reorganization Event or
(b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s
address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable upon
such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 
 EXCHANGE AND
TRANSFER OF WARRANT CERTIFICATES 
 4.1 Exchange and Transfer of Warrant Certificates. [If Other Securities with Warrants
which are immediately detachable—Upon] [If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Other Security to
which the Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate also
to transfer the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations
evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so
surrendered. The Warrant Agent shall 

  
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keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding
Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and
written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of
transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The
Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole
number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same
obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

4.2 Treatment of Holders of Warrant Certificates. [If Other Securities and Warrants are not immediately detachable—Prior to
the Detachable Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of transfer, the] [The] Company, the
Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to
the contrary notwithstanding. 
 4.3 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for exchange,
registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled
by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time
to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 

  
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 ARTICLE 5 

CONCERNING THE WARRANT AGENT 

5.1 Warrant Agent. The Company hereby appoints ___________ as Warrant Agent of the Company in respect of the Warrants and the
Warrant Certificates upon the terms and subject to the conditions herein set forth, and ___________ hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates
and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates
are subject to and governed by the terms and provisions hereof. 
 5.2 Conditions of Warrant Agent’s Obligations. The
Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant
Certificates shall be subject: 
 (a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent
the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket
expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder,
including the reasonable costs and expenses of defending against any claim of such liability. 
 (b) Agent for the Company. In
acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of
Warrant Certificates or beneficial owners of Warrants. 
 (c) Counsel. The Warrant Agent may consult with counsel satisfactory
to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel. 
 (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in
respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or
signed by the proper parties. 
 (e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may
become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any
financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent
hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee under the Indenture. 

  
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 (f) No Liability for Interest. Unless otherwise agreed with the Company, the
Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g) No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or
any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 
 (h) No Responsibility for
Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the
Company. 
 (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in
the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action
hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for
the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant
Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a
Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in
Section 6.2 hereof, to make any demand upon the Company. 
 5.3 Resignation, Removal and Appointment of Successors. 

(a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a
Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent may at any
time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on
which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the
intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws
of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth
therein notwithstanding the resignation or removal of the Warrant Agent. 

  
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 (c) In case at any time the Warrant Agent shall resign, or shall be removed, or shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or
similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in
the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a
decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be
appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall
cease to be Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to
its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer,
deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto. 
 ARTICLE 6 

MISCELLANEOUS 
 6.1
Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained
herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the
interests of the holders of the Warrant Certificates. 

  
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 6.2 Notices and Demands to the Company and Warrant Agent. If the Warrant Agent
shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 

6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to
                , Attention:
                 and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to X4
Pharmaceuticals, Inc., 955 Massachusetts Avenue, 4th Floor, Cambridge, MA 02139, Attention: Chief Executive Officer (or such other address as shall be specified in writing by the Warrant Agent or
by the Company). 
 6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of New York. 
 6.5 Delivery Of Prospectus. The Company shall furnish to
the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and
the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon
such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

6.6 Obtaining of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and
keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of the
Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise of the Warrants,
the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company,
the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 
 6.8
Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to
be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 12 

 6.10 Inspection of Agreement. A copy of this Agreement shall be available at
all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it. 

  
 13 

 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed, all as of the day and year first above written. 
  

			
	X4 PHARMACEUTICALS, INC.

 
			
		
	By:	 	
                 

		
	Name:	 	 
		
	Title:	 	 

 
			
	
	[WARRANT AGENT], as Warrant Agent

 
			
		
	By:	 	
                 

		
	Name:	 	 
		
	Title:	 	 

 [SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT] 

  
 14 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	[[Form if Warrants are attached to Other Securities and are not immediately detachable.]	  	[Prior to                        , this Warrant Certificate cannot be transferred or exchanged unless
attached to a [Title of Other Securities].]
		
	[Form of Legend if Warrants are not immediately exercisable.]	  	[Prior to                        , Warrants evidenced by this Warrant Certificate cannot be
exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [                ] P.M.,
[___________] TIME, ON                 , 

  
 15 

 X4 PHARMACEUTICALS, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	No.                        	  	Warrants

 This certifies that
                 or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner
[If Warrants are attached to Other Securities and are not immediately detachable —, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined)] to purchase, at any time [after
[                ] p.m., [City] time, on
                 and] on or before
[                ] p.m., [City] time, on
                ,
$                 principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”), of X4
Pharmaceuticals, Inc. (the “Company”), issued or to be issued under the Indenture (as hereinafter defined), on the following basis: during the period from
                , through and including
                , each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal
amount of Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of
                % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their original
issuance]. [The original issue discount ($                 for each $1,000 principal amount of Warrant Debt Securities) will be amortized at
a                 % annual rate, computed on a[n] [semi-]annual basis [using a 360-day year
consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United
States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to which this Warrant is
exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its successor as warrant
agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter
defined). 
 The term “Holder” as used herein shall mean [If Warrants are attached to Other Securities and are not immediately
detachable, prior to                 ,
                 (the “Detachable Date”), the registered owner of the Company’s [title of Other Securities] to
which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant
to Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt
Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised. 

  
 16 

 This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated
as of                 ,
                 (the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

 The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued
under and in accordance with an Indenture, dated as of                 ,
                 (the “Indenture”), between the Company and
                , as trustee (such trustee, and any successors to such trustee, the “Trustee”) and will be subject to
the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the Trustee. 

[If Warrants are attached to Other Securities and are not immediately detachable—Prior to the Detachable Date, this Warrant Certificate
may be exchanged or transferred only together with the [Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction
with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to transfer this Warrant Certificate. After such
date, transfer of this] [If Warrants are attached to Other Securities and are immediately detachable—Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the
Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

[If Other Securities with Warrants which are not immediately detachable-Except as provided in the immediately preceding paragraph, after] [If
Other Securities with Warrants which are immediately detachable or Warrants alone—After] countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including,
without limitation, the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent. 

  
 17 

 IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 

Dated:                         
        
  

			
	X4 PHARMACEUTICALS, INC.

 
			
		
	By:	 	
                 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 
			
	
	 Countersigned:

 
			
	
	[WARRANT AGENT], as Warrant Agent

 
			
		
	By:	 	
                 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

  
 18 

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address
of Warrant Agent], Attn:                 , which payment must specify the name of the Holder and the number of Warrants exercised by such
Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above.
This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To
be executed upon exercise of Warrants) 
 The undersigned hereby irrevocably elects to exercise
                 Warrants, represented by this Warrant Certificate, to purchase
$                 principal amount of the [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of X4
Pharmaceuticals, Inc. and represents that he has tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank
wire transfer in immediately available funds], to the order of X4 Pharmaceuticals, Inc., c/o [insert name and address of Warrant Agent], in the amount of
$                 in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in
fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below. 

If the number of Warrants exercised is less than all the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate
evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

 

			
	Dated                                     
                                         
                  	  	Name                                     
                                         
                  
		  	Please Print
	Address:                                     
                                         
              	  	
		
	                                      
                                         
                           	  	
		
	  
	  	
	(Insert Social Security or Other Identifying Number of Holder)	  	

  

			
	Signature Guaranteed                                 
                                         
      	  	
	Signature	  	

  
 19 

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: 

 

					
	By hand at                                 
                                         
                                         
                 	 	
		
	                                    
                                         
                                         
                                	 	
		
	                                    
                                         
                                         
                                	 	
		
	By mail at                                 
                                         
                                         
                 	 	
		
	                                    
                                         
                                         
                                	 	
		
	                                    
                                         
                                         
                                	 	

 [Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants
for the number of Warrant Debt Securities remaining unexercised—complete as appropriate.] 

  
 20 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED,
                 hereby sells, assigns and transfers unto: 
  

			
		
	  
	  	
		
	  
	  	
		
	  
	  	  

	(Please print name and address including zip code)	  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase
$                 aggregate principal amount of [Title of Warrant Debt Securities] of X4 Pharmaceuticals, Inc. to which the within Warrant
relates and appoints                  attorney to transfer such right on the books of the Warrant Agent with full power of substitution in
the premises. 
  

			
	
Dated                  
                                         
                             
	  	  

		  	 Signature

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

 

	
	Signature Guaranteed
	
	  

  
 21Exhibit

Execution Version
PROMISSORY NOTE 

$13,944,000.00    May 6, 2019
FOR VALUE RECEIVED, 3032 WILSHIRE INVESTORS LLC, a Colorado limited liability company (“Maker”), promises to pay to the order of READYCAP COMMERCIAL, LLC, a Delaware limited liability company, d/b/a Ready Capital Structured Finance (together with any subsequent holder of this Note, and their respective successors and assigns, “Holder”), at such address as Holder may from time to time designate in writing, the maximum principal sum of THIRTEEN MILLION NINE HUNDRED FORTY-FOUR THOUSAND AND 00/100 DOLLARS ($13,944,000.00), together with interest thereon and all other sums due and/or payable under any Loan Document; such principal and other sums to be calculated and payable as provided in this Promissory Note (this “Note”).  This Note is being executed and delivered in connection with, and is entitled to the rights and benefits of, that certain Loan Agreement of even date herewith between Maker and Holder (as amended, modified and supplemented and in effect from time to time, the “Loan Agreement”). Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Loan Agreement.
Maker agrees to pay the principal sum of this Note together with interest thereon and all other sums due and/or payable under any Loan Document in accordance with the following terms and conditions:
1.Interest Rate.  Interest shall accrue on the Principal Indebtedness at the Interest Rate (as defined below) commencing on the date of this Note.  Interest shall be computed on the actual number of days elapsed based on a 360-day year.  For purposes hereof, the following terms shall have the following respective meanings:
(a)    “Initial Interest Accrual Period” means the period commencing on the Closing Date and continuing to and including May 9, 2019. 
(b)    “Interest Accrual Period” means the Initial Interest Accrual Period, and thereafter each period running from and including a Payment Date (as defined below) to and including the calendar day preceding the next Payment Date during the term of the Loan.
(c)    “Interest Rate” means, for any Interest Accrual Period, the sum of (i) the greater of (x) LIBOR for such Interest Accrual Period, and (y) the LIBOR Floor, plus (ii) the LIBOR Spread; provided, that while an Event of Default exists, the Interest Rate shall be the Default Rate (as defined below).
(d)    “LIBOR” means, with respect to any Interest Accrual Period, the rate per annum (rounded upwards, if necessary, to the nearest one-sixteenth (1/16th) of one percent (1%)) reported on the day that is two (2) LIBOR Business Days prior to the applicable Interest Accrual Period by the Intercontinental Exchange Benchmark Administration Limited (as published by Bloomberg or other firm selected by Holder) as the non-reserve adjusted London Interbank Offered Rate for U.S. dollar deposits having a one (1) month term and in an amount of $1,000,000.00 or more (all as determined by Holder in its sole but good faith discretion).  In the event that (i) more than one such rate is provided, the average of such rates shall apply, or (ii) no such rate is published, then LIBOR shall be determined from such comparable financial reporting company as Holder in its sole but good faith discretion shall determine.  LIBOR for any Interest Accrual Period shall be adjusted from time to time by increasing the rate thereof to compensate Holder for any aggregate reserve requirements (including, without limitation, all basic, supplemental, marginal and other reserve requirements and taking into account any transitional adjustments or other scheduled changes in reserve requirements during any Interest Accrual Period) which are required to be maintained by Holder with respect to “Eurocurrency Liabilities” (as presently defined in Regulation D of the Board of Governors of the Federal Reserve System) of the same term under Regulation D, or any other regulations of a Governmental Authority having jurisdiction over Holder of similar effect.  The establishment of LIBOR by Holder and Holder’s calculation of the rate of interest applicable to this Note shall, in the absence of manifest error, be final and binding.
(e)    “LIBOR-Based Rate” means the Interest Rate at such time as the same is determined using LIBOR pursuant to the terms of this Note.
(f)    “LIBOR Business Day” means any day on which banks are open for dealing in foreign currency and exchange in London, England.
(g)    “LIBOR Floor” means 2.467%. 
(h)    “LIBOR Spread” means four hundred twenty-five basis points (i.e., 4.25%); provided, however, that upon the occurrence of the Stabilization Threshold, the LIBOR Spread shall mean three hundred seventy-five basis points (i.e., 3.75%).
(i)    “Minimum Interest Amount” means an amount equal to Nine Hundred Thirty Four Thousand and 00/100 Dollars ($934,000.00), which is an amount equal to twenty-four (24) months of Interest on the Initial Advance (using the forward-looking LIBOR curve plus the LIBOR Spread), as determined by Holder, which determination shall be conclusive and binding on Maker absent manifest error.
(j)    “Minimum Interest Fee” means as of the date of determination, an amount equal to the difference (but only if positive) between (a) the Minimum Interest Amount; and (b) the aggregate amount of Interest previously paid by Maker to Holder with respect to the Loan  (as determined by Holder, which determination shall be conclusive and binding on Maker absent manifest error).
(k)    “Prime-Based Rate” means, at the time of any determination thereof, the annual rate of interest equal to the greater of: (i) the LIBOR Floor plus the LIBOR Spread; and (ii) the Prime Rate plus the LIBOR Spread less the Prime-Based Rate Differential (with the “Prime Rate” being the annual rate of interest published in The Wall Street Journal from time to time as the “Prime Rate,” and if The Wall Street Journal ceases to publish the “Prime Rate,” Holder shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Holder shall select a reasonably comparable interest rate index).
(l)    “Prime-Based Rate Differential” means the difference (but to only if positive), at the time of the conversion of the Interest Rate from a LIBOR-Based Rate to a Prime-Based Rate, between (1) the Prime Rate, less (2) LIBOR.
2.    Payments; Maturity; Extension Option; Additional LIBOR Provisions.
(a)    Maker shall make the following payments to Holder:
i.On the Closing Date, a payment of interest-only for the Initial Interest Accrual Period.
ii.On June 10, 2019, and on the same calendar day of each calendar month thereafter (each, a “Payment Date”) during the term of the Loan, Maker shall pay to Holder a monthly payment of interest-only in an amount equal to interest on the unpaid Principal Indebtedness calculated at the Interest Rate which has accrued through the last day of the Interest Accrual Period immediately preceding such Payment Date.
iii.Commencing on the first Payment Date occurring subsequent to the Initial Maturity Date (if the Initial Maturity is extended pursuant to and in accordance with the terms, provisions, covenants and conditions of Section 2(c) hereof), Maker shall pay to Holder a monthly payment of principal and interest in an amount equal to interest on the unpaid Principal Indebtedness calculated at the Interest Rate which has accrued through the last day of the Interest Accrual Period immediately preceding such Payment Date, together with a principal payment based upon an amortization period of twenty-five (25) years, as determined by Holder. 
iv.The entire outstanding Indebtedness shall be due and payable on the Payment Date occurring in May, 2022 (the “Initial Maturity Date”), or on the Extended Maturity Date (as defined below) if the Initial Maturity Date is extended pursuant to and in accordance with the terms, provisions, covenants and conditions of Section 2(c) hereof, or on such earlier date resulting from acceleration of the Indebtedness by Holder.
(b)    For purposes of making payments hereunder, but not for purposes of calculating Interest Accrual Periods, if the Payment Date of a given month shall not be a Business Day, then the Payment Date for such month shall be the preceding Business Day.
(c)    The Maker may request that Holder extend the Initial Maturity Date for a period of twelve (12) months (the “First Extended Maturity Date”) upon the satisfaction of the following conditions:
(i)    The Maker shall have delivered to Holder a written request to extend the term of the Loan, as aforesaid, not earlier than ninety (90) days, and not later than forty five (45) days, prior to the Initial Maturity Date;
(ii)    The Maker shall have paid to Holder the First Extension Fee on or before the Initial Maturity Date;
(iii)    No Event of Default shall have previously occurred and be continuing at the time Holder receives the Maker’s written request for the extension, nor on the Initial Maturity Date;
(iv)    All representations and warranties under the Loan Agreement and the other Loan Documents shall be true and correct in all material respects as of the Initial Maturity Date, except to the extent that Holder accepted exceptions to such representations and warranties on the Closing Date or any time thereafter;
(v)    As of the Initial Maturity Date, the Loan to Value Ratio shall be not more than sixty per cent (60%);
(vi)    Intentionally deleted;
(vii)    As of the Initial Maturity Date, the Stabilization Threshold shall have occurred, as determined by Holder in its sole discretion, which shall be conclusive and binding on Maker absent manifest error;
(viii)    Commencing on the Initial Maturity Date, the monthly payments of interest at the Interest Rate payable by the Maker under the Loan shall be amended to include principal payments based upon an amortization period of twenty-five (25) years, as determined by Holder;
(ix)    The amount of funds required to be maintained in the Interest Reserve Account and the Operating Expense Reserve Account shall be re-established by Holder and, if applicable, fully funded by Maker;
(x)    The Interest Rate Protection Agreement shall be extended, or a new Interest Rate Protection Agreement shall be provided, at Borrower’s sole cost and expense, and with a “strike price” selected by Holder (in the same manner and on the same basis as the “strike price” for the initial Interest Rate Protection Agreement was selected), covering the period through and including the First Extended Maturity Date;
(xi)    Maker shall execute any agreements, documents or amendments to the Loan Documents reasonably requested by Holder to document such extension (which amendments shall not change the terms of this Note other than to extend the term hereof);  and
(xii)    Maker shall pay all actual out-of-pocket costs and expenses incurred by Holder in connection with such extension of the Initial Maturity Date, including Holder’s reasonable attorneys’ fees.
(d)    The Maker may extend the First Extended Maturity Date (if the Initial Maturity Date was previously so extended) for an additional period of twelve (12) months (the “Second Extended Maturity Date,” and together with the Initial Maturity Date and the First Extended Maturity Date, the “Maturity Date”) upon the satisfaction of the following conditions:
(i)    The Maker shall have delivered to Holder a written request to extend the term of the Loan, as aforesaid, not earlier than ninety (90) days, and not later than forty five (45) days, prior to the First Extended Maturity Date;
(ii)    The Maker shall have paid to Holder the Second Extension Fee on or before the First Extended Maturity Date;
(iii)    No Event of Default shall have previously occurred and be continuing at the time Holder receives the Maker’s written request for the extension, nor on the First Extended Maturity Date;
(iv)    All representations and warranties under the Loan Agreement and the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date, except to the extent that Holder accepted exceptions to such representations and warranties on the Closing Date or any time thereafter;
(v)    As of the First Extended Maturity Date, the Loan to Value Ratio shall be not more than sixty per cent (60%);
(vi)    Intentionally deleted;
(vii)    As of the First Extended Maturity Date, the Stabilization Threshold shall have occurred, as determined by Holder in its sole discretion, which shall be conclusive and binding on Maker absent manifest error;
(viii)    Commencing on the First Extended Maturity Date, the monthly payments of interest at the Interest Rate payable by the Maker under the Loan shall continue to include principal payments based upon an amortization period of twenty-five (25) years, as determined by Holder;
(ix)    The amount of funds required to be maintained in the Interest Reserve Account and the Operating Expense Reserve Account shall be re-established by Holder and, if applicable, fully funded by Maker;
(x)    The Interest Rate Protection Agreement shall be extended, or a new Interest Rate Protection Agreement shall be provided, at Borrower’s sole cost and expense, and with a “strike price” selected by Holder (in the same manner and on the same basis as the “strike price” for the initial Interest Rate Protection Agreement was selected), covering the period through and including the Second Extended Maturity Date;
(xi)    Maker shall execute any agreements, documents or amendments to the Loan Documents reasonably requested by Holder to document such extension (which amendments shall not change the terms of this Note other than to extend the term hereof);  and
(xii)    Maker shall pay all actual out-of-pocket costs and expenses incurred by Holder in connection with such extension of the First Extended Maturity Date, including Holder’s reasonable attorneys’ fees.
(e)    The Maker may also request a short-term administrative extension of the Maturity Date for a period of thirty (30) days in order to have additional time within which to refinance the Loan, upon the satisfaction of the following conditions
(i)    The Maker shall have delivered to Holder a written request for such short-term administrative extension, as aforesaid, not earlier than forty-five (45) days, and not later than thirty (30) days, prior to the Maturity Date;
(ii)    The Maker shall have paid to Holder an administrative extension fee in an amount equal to Five Thousand and 00/100 Dollars ($5,000.00) at the same time that the written request for such short-term administrative extension, as aforesaid, is delivered to Holder;
(iii)    No Event of Default and/or fact or condition having a Material Adverse Effect shall have previously occurred and be continuing at the time Holder receives the Maker’s written request for the short-term administrative extension;
(iv)    All representations and warranties under the Loan Agreement and the other Loan Documents shall be true and correct in all material respects as of the Maturity Date, except to the extent that Holder accepted exceptions to such representations and warranties on the Closing Date or any time thereafter;
(v)    Maker shall execute any agreements, documents or amendments to the Loan Documents reasonably requested by Holder to document such short-term administrative extension (which amendments shall not change the terms of this Note other than to extend the term hereof);  and
(vi)    Maker shall pay all actual out-of-pocket costs and expenses incurred by Holder in connection with such short-term administrative extension of the Maturity Date, including Holder’s reasonable attorneys’ fees.
(f)    Maker shall pay to Holder all losses, costs and expenses incurred or sustained (or expected to be incurred or sustained) by Holder in liquidating or re-employing funds from third parties to effect or maintain the Loan or any part thereof as a consequence of (i) the Loan, or any portion thereof, being repaid for any reason whatsoever on any date other than a Payment Date (including, without limitation, from Insurance Proceeds or Condemnation Proceeds); (ii) any default in the payment or prepayment of the Principal Indebtedness or any part thereof or interest accrued thereon, as and when due and payable (at the date thereof or otherwise, and whether by acceleration or otherwise); (iii) the conversion of the Interest Rate from the LIBOR-Based Rate to the Prime-Based Rate in accordance with Section 2(g) or (h) below, including, without limitation, such loss or expenses arising from interest or fees payable by Holder to lenders of funds obtained by it in order to maintain the LIBOR-Based Rate hereunder; (iv) any increased costs that Holder may sustain in maintaining the Loan; (v) the reduction of any amounts received or receivable from Maker, in either case, due to the introduction of, or any change in, law or applicable regulation or treaty (including the administration or interpretation thereof), whether or not having the force of law, or due to the compliance by Holder with any directive, whether or not having the force of law, or request from any central bank or domestic or foreign governmental authority, agency or instrumentality have jurisdiction; and/or (vi) any other set of circumstances not attributable to Holder’s acts (collectively, “Funding Losses”) in each case incurred from time to time by Holder upon demand.  Holder shall deliver to Maker a statement for any such sums to which Holder is entitled to receive pursuant to this Section 2(f), which statement shall be binding and conclusive absent manifest error.  Payment of Funding Losses hereunder shall be in addition to any obligations of Maker to pay the Exit Fee, the Minimum Interest Fee and the other amounts required under Section 4(a) hereof.
(g)    In the event that Holder shall have reasonably determined that, by reason of circumstances beyond Holder’s reasonable control affecting the interbank Eurodollar market, LIBOR cannot be determined as provided herein, then Holder shall forthwith give notice by telephone of such fact, confirmed in writing, to Maker at least one (1) Business Day prior to the last day of the Interest Accrual Period in which such fact shall be determined.  If such notice is given, the Interest Rate shall be converted, from and after the first day of the next succeeding Interest Accrual Period, to the Prime-Based Rate (and unless and until the Interest Rate shall be converted back to the LIBOR-Based Rate, “Interest Rate” shall mean and refer to the Prime-Based Rate).  If, pursuant to the terms of this clause (g), the Interest Rate has been converted to the Prime-Based Rate but thereafter LIBOR can again be determined as provided herein, Holder shall give notice thereof to Maker and convert the Interest Rate back to the LIBOR-Based Rate by delivering to Maker notice of such conversion no later than 12:00 p.m. (New York City Time), one (1) Business Days prior to the first date of the next succeeding Interest Accrual Period, in which event the Interest Rate shall be converted to the LIBOR-Based Rate after and including the first day of the next succeeding Interest Accrual Period.  Notwithstanding any provision of this Agreement to the contrary, in no event shall Maker have the right to elect to convert the Interest Rate to the Prime-Based Rate.
(h)    If the introduction of, or any change in, any law, regulation or treaty, or in the interpretation thereof by any governmental authority charged with the administration or interpretation thereof, shall make it unlawful for Holder to maintain the LIBOR-Based Rate with respect to the Loan, or any portion thereof, or to fund the Loan, or any portion thereof, in Eurodollars in the London Interbank Market, then, (i) the Loan (or such portion of the Loan) shall thereafter bear interest at the Prime-Based Rate, and (ii) Maker shall pay to Holder the amount of Funding Losses (if any) incurred in connection with such conversion.  The accrual of interest at the Prime-Based Rate shall continue until such Payment Date, if any, as the situation described in this Section 2(h) is no longer in effect.
3.    Event of Default; Default Interest; Late Charge.  Upon the occurrence of an Event of Default, the Indebtedness shall (a) become due and payable as provided in Article 8 of the Loan Agreement, and (b) bear interest at a per annum interest rate equal to the lesser of (i) the Maximum Amount (as defined below), and (ii) the Interest Rate plus five percent (5%) (the “Default Rate”).  If Maker fails to pay any sums due under the Loan Documents on the date when the same is due (excluding the payment of the outstanding principal balance of the Loan upon maturity or acceleration), Maker shall pay to Holder upon demand a late charge on such sum in an amount equal to the lesser of (i) five percent (5%) of such unpaid amount, and (ii) the maximum late charge permitted to be charged under the laws of the State of where the Property is located (a “Late Charge”).  Maker will also pay to Holder, after an Event of Default occurs, in addition to the amount due and any Late Charges, all reasonable costs of collecting, securing, or attempting to collect or secure this Note or any other Loan Document, including, without limitation, court costs and reasonable attorneys’ fees (including reasonable attorneys’ fees on any appeal by either Maker or Holder and in any bankruptcy proceedings).
4.    Prepayment.  
(a)Maker may prepay the Loan in whole, but not in part, at any time upon not less than thirty (30) days prior written notice to Holder, subject to payment of the Exit Fee and the Minimum Interest Fee (and any applicable Funding Losses).
(b)If any such prepayment is not made on the last day of an Interest Accrual Period, Maker shall also pay to Holder interest calculated at the Interest Rate that would have accrued on such prepaid Principal Indebtedness through the end of the Interest Accrual Period in which such prepayment occurs.  No prepayment shall be permitted after 12:00 noon, New York City time.  
(c)Maker acknowledges that the provisions of this Section 4 were independently bargained for and constitute a specific material part of the consideration given by Maker to Holder for the making of the Loan.
(d)Notwithstanding any provision of this Note to the contrary, Maker’s notice of prepayment in accordance with this Section 4 shall be irrevocable, and the Indebtedness shall be absolutely and unconditionally due and payable on the date specified in such notice.
5.    Method and Place of Payments; Application of Payments; Maker Obligations Absolute.
(a)    Except as otherwise specifically provided herein, all payments under this Note and the other Loan Documents shall be made to Holder not later than 12:00 noon, New York City time, on the date when due, and shall be made in lawful money of the United States of America in federal or other immediately available funds to an address specified to Maker by Holder in writing, and any funds received by Holder after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day.
(b)    All proceeds of payment, including any payment or recovery on the Property, shall be applied to the Indebtedness in such order and in such manner as Holder shall elect in Holder’s discretion.
(c)    Except as specifically set forth in any Loan Document, all sums payable by Maker under any Loan Document shall be paid without notice, demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction.
6.    Security.  The obligations of Maker under this Note are secured by, among other things, the Security Instrument and Liens of the other Loan Documents granted in favor of Holder by Maker and/or encumbering or affecting the Property.
7.    Waivers.  With respect to the amounts due pursuant to this Note or any other Loan Document, Maker waives the following:  (a) all rights of exemption of property from levy or sale under execution or other process for the collection of debts under the Constitution or laws of the United States or any State thereof; (b) demand, presentment, protest, notice of dishonor, notice of nonpayment, notice of protest, notice of intent to accelerate, notice of acceleration, suit against any party, diligence in collection of this Note and in the handling of securities at any time existing in connection herewith, and all other requirements necessary to enforce this Note except for notices required by Governmental Authorities and notices required by the Loan Agreement; and (c) any further receipt by Holder or acknowledgment by Holder of any collateral now or hereafter deposited as security for the Loan.  In addition, Maker agrees and acknowledges and agrees that no release of any security for the Loan or Indebtedness, or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Holder or any other Person shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Maker, and any other Person who may become liable for the payment of all or any part of the Loan or Indebtedness, under this Note, the Loan Agreement or the other Loan Documents. No notice to or demand on Maker shall be deemed to be a waiver of the obligation of Maker or of the right of Holder to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents.
8.    Usury Savings Clause.  This Note and the other Loan Documents are subject to the express condition that at no time shall Maker be obligated or required to pay interest on the Indebtedness at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum rate of interest designated by applicable laws relating to payment of interest and usury (the “Maximum Amount”).  If, by the terms of this Note or the other Loan Documents, Maker is at any time required or obligated to pay interest on the Indebtedness at a rate in excess of the Maximum Amount, the Interest Rate shall be deemed to be immediately reduced to the Maximum Amount and all previous payments in excess of the Maximum Amount shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.  All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Amount from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.
9.    Modifications; Remedies Cumulative; Setoffs.  Holder shall not by any act, delay, omission or otherwise be deemed to have modified, amended, waived, extended, discharged or terminated any of its rights or remedies, and no modification, amendment, waiver, extension, discharge or termination of any kind shall be valid unless in writing and signed by Holder and Maker.  All rights and remedies of Holder under the terms of this Note and applicable statutes or rules of law shall be cumulative, and may be exercised successively or concurrently.  Maker agrees that there are no defenses, equities or setoffs with respect to the obligations set forth herein as of the date hereof, and to the extent any such defenses, equities, or setoffs may exist, the same are hereby expressly released, forgiven, waived and forever discharged.  If Maker is a partnership or limited liability company, the agreements herein contained shall remain in force and be applicable, notwithstanding any changes in the individuals or entities comprising the partnership or limited liability company, and the term “Maker,” as used herein, shall include any alternate or successor partnership or limited liability company, but any predecessor partnership or limited liability company and their partners or members shall not thereby be released from any liability. If Maker is a corporation, the agreements contained herein shall remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term “Maker” as used herein, shall include any alternative or successor corporation, but any predecessor corporation shall not be relieved of liability hereunder. Nothing in the foregoing two sentences shall be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership, limited liability company or corporation, as applicable, which may be set forth in the Loan Agreement, the Security Instrument or any other Loan Document.
10.    Severability.  Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Note shall be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.
11.    Release.  Holder may, at its option, release any Property given to secure the Indebtedness, and no such release shall impair the obligations of Maker to Holder.
12.    Governing Law; Submission to Jurisdiction.  
(a)    This Note shall be interpreted and enforced according to the laws of the State where the Property is located (without giving effect to rules regarding conflict of laws).
(b)    Maker hereby consents and submits to the exclusive jurisdiction and venue of any state or federal court sitting in the county and state where the Property is located with respect to any legal action or proceeding arising with respect to this Note and waives all objections which it may have to such jurisdiction and venue.  
13.    Waiver of Jury Trial.  MAKER AND HOLDER TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS NOTE OR THE OTHER LOAN DOCUMENTS.  EACH OF MAKER AND HOLDER AGREES THAT THE OTHER MAY FILE A COPY OF THIS WAIVER WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED AGREEMENT OF THE OTHER IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY, AND THAT, TO THE FULLEST EXTENT THAT IT MAY LAWFULLY DO SO, ANY DISPUTE OR CONTROVERSY WHATSOEVER BETWEEN MAKER AND HOLDER SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.
14.    Sales and Assignments.  Holder may assign, sell, securitize, participate, pledge and/or otherwise transfer all or any portion of Holder’s right, title and interest in, to and under this Note and/or the other Loan Documents in one or more transactions as set forth in the Loan Agreement.  Upon the transfer of this Note, Maker hereby waiving notice of any such transfer, Holder may deliver all the collateral mortgaged, granted, pledged or assigned pursuant to the Loan Documents, or any part thereof, to the transferee who shall thereupon become vested with all the rights herein or under legal requirements given to Holder with respect thereto, and Holder shall thereafter forever be relieved and fully discharged from any liability or responsibility in the matter; but Holder shall retain all rights hereby given to it with respect to any liabilities and the collateral not so transferred.
15.    Due on Sale; Due on Encumbrance.  Maker understands that in making the Loan, Holder is relying to a material extent upon the business expertise and/or net worth of Maker and, if Maker is also an entity, its partners, members, officers or principals and upon the continuing interest which Maker or its partners, members, officers or principals will have in the Property and in Maker, respectively, and that a violation of Section 6.1 of the Loan Agreement may significantly and materially alter or reduce Holder’s security for this Note.  Accordingly, in the event that a violation of Section 6.1 of the Loan Agreement occurs, then the same shall be deemed to increase the risk of Holder and Holder may then, or at any time thereafter, declare the entire Indebtedness immediately due and payable.
16.    Exculpation.  Subject to the qualifications below, Holder shall not enforce the liability and obligation of Maker to perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Maker or its Affiliates, principals or shareholders, except that Holder may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Holder to enforce and realize upon its interest and rights under the Loan Documents, or in the Property, the Rents, the Insurance Proceeds, the Condemnation Proceeds or any other collateral given to Holder pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Maker only to the extent of Maker’s interest in the Property, the Rents, the Insurance Proceeds, the Condemnation Proceeds and any other collateral given to Holder, and Holder agrees that it shall not sue for, seek or demand any deficiency judgment against Maker in any such action or proceeding under or by reason of or under or in connection with any Loan Document.  The provisions of this Section 16 shall not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any Loan Document; (b) impair the right of Holder to name Maker as a party defendant in any action or suit for foreclosure and sale under the Security Instrument; (c) affect the validity or enforceability of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies of Holder thereunder; (d) impair the right of Holder to obtain the appointment of a receiver; (e) impair the enforcement of the Security Instrument; (f) constitute a prohibition against Holder to seek a deficiency judgment against Maker in order to fully realize the security granted by the Security Instrument or to commence any other appropriate action or proceeding in order for Holder to exercise its remedies against all of the Property; or (g) constitute a waiver of the right of Holder to enforce the liability and obligation of Maker by money judgment or otherwise, to the extent of any Losses incurred by Holder arising out of or in connection with the following (each, a “Recourse Liability” and collectively, the “Recourse Liabilities”):
(i)    fraud, intentional misrepresentation, or willful misconduct by Maker or Guarantor in connection with the Loan;
(ii)    the breach of any representation, warranty, covenant or indemnification provision in any Loan Document concerning Environmental Laws or Hazardous Substances, and any indemnification of Holder with respect thereto contained in any Loan Document;
(iii)    any act of material waste of the Property or any portion thereof by Maker of Guarantor, or, during the continuance of any Event of Default, the removal or disposal of any portion of the Property by Maker or Guarantor; 
(iv)    the misapplication, misappropriation, or conversion by Maker, Guarantor, or at the direction of Maker and/or Guarantor, of either of (A) any Insurance Proceeds paid by reason of any Casualty, (B) any Condemnation Proceeds received in connection with any Taking or (C) any Rents or security deposits;
(v)    failure to pay any real estate taxes, assessments or other impositions, or any part thereof, heretofore or hereafter imposed upon or in respect of the Property which become a Lien or charge upon Maker or the Property, (A) to the extent that funds for the payment thereof were delivered to or received by Lender for deposit into the Tax and Insurance Reserve Account (in accordance with the Loan Agreement) or otherwise in sufficient time for Lender to make such payment and Lender failed to make such payment or Lender has taken possession of the Property following an Event of Default, has received the Rents from the Property applicable to the period for which such taxes are due, and thereafter fails to make such payments and (B) real estate taxes, assessments or other impositions owed that are contested strictly in accordance with the terms of the Loan Documents;
(vi)    failure to maintain or cause to be maintained any insurance policies with respect to the Property as required under the Loan Documents, unless to the extent that such failure is a result of the non-payment of the premium therefor and funds for the payment thereof were delivered to or received by Lender for deposit into the Tax and insurance Reserve Account in sufficient time for Lender to make such payment and Lender failed to make such payment, or Lender has taken possession of the Property following an Event of Default, has received the Rents from the Property applicable to the period for which insurance is due, and thereafter fails to make such payments;
(vii)    failure of Maker to follow and comply (or to use commercially reasonable efforts to cause the property manager to comply, in the case non-compliance is due to the non-collusive acts or omissions of the property manager or its employees) with the Cash Management Protocols; 
(viii)    failure to pay to Holder all reasonable actual costs and expenses, including reasonable attorneys’ fees and expenses, incurred in collecting any amount due and owing under the Loan Documents, but only in the event Maker and/or Guarantor (or any other person acting at the direction of Maker and/or Guarantor) is contesting any such collection efforts;
(ix)    a default occurs under Section 6.3 of the Loan Agreement and such failure does not lead to a substantive consolidation of Borrower’s assets with the assets of any other Person (excluding any covenants and provisions thereof with respect to solvency or adequacy of capital to the extent that the Rents from the Property are insufficient therefor, for which neither Borrower nor Guarantor shall have any liability to Lender); or

(x)    failure of Maker to use the Reserve Funds disbursed pursuant to a Disbursement Certification for their intended purposes.

Notwithstanding anything to the contrary in this Note or any of the Loan Documents, (A) Holder shall not be deemed to have waived any right which Holder may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Indebtedness or to require that all collateral shall continue to secure all of the Indebtedness in accordance with the Loan Documents, and (B) Holder’s agreement not to pursue personal liability of Maker as set forth above SHALL BECOME NULL AND VOID and shall be of no further force and effect, and the Indebtedness shall be fully recourse to Maker in the event that one or more of the following occurs (each, a “Full Recourse Event”):  (1) a default occurs under Section 6.1(a) or 6.2 of the Loan Agreement; (2) a default occurs under Section 6.3 of the Loan Agreement and such failure leads to a substantive consolidation of Borrower’s assets with the assets of any other Person (excluding any covenants and provisions thereof with respect to solvency or adequacy of capital to the extent that the Rents from the Property are insufficient therefor, for which neither Borrower nor Guarantor shall have any liability to Lender), (3) Maker files a voluntary petition under the U.S. Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or (4) Guarantor (or anyone authorized to act on behalf of Guarantor), or any officer, director, or authorized representative of Maker, files or acquiesces in the filing of, or Maker acquiesces in the filing of, an involuntary petition under the U.S. Bankruptcy Code or any other federal or state bankruptcy or insolvency law against Maker, provided, however, that Maker’s acquiescence in the filing of a bankruptcy or other insolvency petition initiated by Lender or any party acting by, through or under Lender or at the request of Lender (including any servicer of the Loan) shall not be a Full Recourse Event.
17.    Notice.  All notices or other written communications hereunder shall be delivered in accordance with Section 11.6 of the Loan Agreement.

IN WITNESS WHEREOF, Maker has caused this Promissory Note to be properly executed as of the date first above written and has authorized this Promissory Note to be dated as of the day and year first above written.
                                                MAKER:
3032 WILSHIRE INVESTORS LLC, 
a Colorado limited liability company

By:          3032 Wilshire SM LLC,
                a Colorado limited liability company,
                its Manager

                By:                                                                          
                Name:  William R. Rothacker
                Title:    Manager
ADDENDUM TO NOTE
BY SIGNING BELOW, BORROWER EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS THAT, PURSUANT TO THE TERMS OF THIS NOTE, BORROWER HAS AGREED THAT IT HAS NO RIGHT TO PREPAY THIS NOTE PRIOR TO THE MATURITY DATE (EXCEPT AS EXPRESSLY SET FORTH TO THE CONTRARY HEREIN OR IN THE SECURITY INSTRUMENT OR LOAN AGREEMENT), AND THAT IT SHALL BE LIABLE FOR THE PAYMENT OF THE MINIMUM INTEREST FEE, EXIT FEE AND ANY APPLICABLE FUNDING LOSSES FOR PREPAYMENT OF THIS NOTE UPON ACCELERATION OF THIS NOTE IN ACCORDANCE WITH ITS TERMS EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN THE SECURITY INSTRUMENT.  FURTHER, BY SIGNING BELOW, BORROWER WAIVES ANY RIGHTS IT MAY HAVE UNDER SECTION 2954.10 OF THE CALIFORNIA CIVIL CODE, OR ANY SUCCESSOR STATUTE, AND EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS THAT LENDER HAS MADE THE LOAN IN RELIANCE ON THE AGREEMENTS AND WAIVER OF BORROWER AND THAT LENDER WOULD NOT HAVE MADE THE LOAN WITHOUT SUCH AGREEMENTS AND WAIVER OF BORROWER. 
[SIGNATURE ON FOLLOWING PAGE]
IN WITNESS WHEREOF, Maker has duly executed this Addendum to Note as of the day and year first above written.
                     MAKER:

3032 WILSHIRE INVESTORS LLC, 
a Colorado limited liability company

By:          3032 Wilshire SM LLC,
                a Colorado limited liability company,
                its Manager

                By:                                                                          
                Name:  William R. Rothacker
                Title:    Manager

Promissory Note
Loan Number 201916813

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