LIMITED LIABILITY COMPANY OPERATING AGREEMENT
ACAS BUSINESS LOAN LLC, 2003-2
This Limited Liability Company Operating Agreement (together with the schedules attached hereto, this “ Agreement ”) of
ACAS BUSINESS LOAN LLC, 2003-2 (the “ Company ”), is entered into by AMERICAN CAPITAL STRATEGIES, LTD., a
Delaware corporation and the initial Member of the Company (“ ACAS ”), and WILLIAM HOLLORAN and EVELYNE S.
STEWARD, as the Special Members. Capitalized terms used and not otherwise defined herein have the meanings set forth on
Schedule A hereto.
The Member, by execution of this Agreement, hereby forms the Company as a limited liability company pursuant to and in
accordance with this Agreement and the Delaware Limited Liability Company Act (6 Del . C . §18-101 et seq .), as amended from
time to time (the “ Act ”), and the Member and the Special Members hereby agree as follows:
Section 1. Name .
The name of the limited liability company formed hereby is ACAS Business Loan LLC, 2003-2.
Section 2. Principal Business Office .
The principal business office of the Company shall be located at 2 Bethesda Metro Center, 14th Floor, Bethesda, Maryland
20814 or such other location as may hereafter be determined by the Member.
Section 3. Registered Office .
The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711
Centerville Road, Suite 400, Wilmington, Delaware 19808.
Section 4. Registered Agent .
The name and address of the registered agent of the Company for service of process on the Company in the State of
Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.
Section 5. Members .
(a) The mailing address of the Member is set forth on Schedule B attached hereto. The Member was admitted to the
Company as a member of the Company upon its execution of a counterpart signature page to this Agreement.