From: Richard Joslin -4 To: jeffrey E. <[email protected]> Subject: FW: New Art Entity - review of existing art loan documents Date: Tue, 28 Oct 2014 15:35:21 +0000 As FYI, I had Brad Finkestein who negotiates all of the Apollo debt deals look at the BAC loan for input on whether they were market standard. He has been helping recently with discussions with Heller/BAC attorney. We had discussed these terms as they are observed in the breach and his commentary was that this can be addressed when re-negotiating and often terms can be made more flexible and parties can start fresh. To my knowledge we have been, as of late, in disclosure compliance x-international loans. It is possible a work or two has moved within residences. Otherwise Ok. From: Heather Gray Sent: Tuesday, October 28, 2014 11:28 AM To: Richard Joslin Subject: FW: New Art Entity - review of existing art loan documents Rich, Sorry for not copying you on this originally. Based on Ada's email exchange with Jeffrey (scroll down to the bottom), she asked me to review all of the documents that we have that relate to the Bank of America loan and to summarize for her, Eileen and Jeffrey the restrictions in those documents that might affect our plans for the new art entity. Please let me know if you have any questions. Thanks, Heather From: Heather Gray Sent: Wednesday, October 22, 2014 3:01 PM To: Eileen Alexanderson ( ); Ada Clapp I I; Jeffrey Epstein ([email protected]) Subject: New Art Entity - review of existing art loan documents Dear Eileen, Ada and Jeffrey, I reviewed all of the documents that we have that relate to the Bank of America art loan to determine which provisions in the documents should be taken into account in connection with our proposed restructuring of Narrows Holdings LLC, and which provisions address Narrows' use of the art that is pledged as collateral. Restructuring of Narrows As Ada noted in her email below, the Amended and Restated Loan Agreeme