<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, November 23, 2015 9:09 PM</td></tr><tr><td>To:</td><td>Heather Gray</td></tr><tr><td>Subject:</td><td>Re: Bank of America art loan</td></tr></table>

do they have the right to revew leons books and reco=ds ?

O= Mon, Nov 23, 2015 at 5:06 PM, Heather Gray <██████████████████</=pan> wrote:

Hi Jeffrey,

Ada said you wanted to know whether Bank of America =as the right to inspect the art being used as collateral on the loan. =AO The answer is yes.

Pursuant to the Amended and Restated Pledge Agreemen= (which was most recently renewed in May of this year), the bank has the r=ght to inspect the collateral "at any reasonable time and on reaso=able notice and wherever located." In addition, we are required to provide the bank annually with an appraisal of the art,=but the bank can also obtain its own appraisal "at any other times=as desired by the bank."

Please let me know if you have any questions.=u>

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, NY 10022

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