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WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 10
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 11
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 12
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 13
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 14
Limited Partnership Units at $1,000 per Unit
Best Efforts
DEALER MANAGER AGREEMENT
November 14, 2001
WNC Capital Corporation
3158 Redhill Avenue, Suite 120
Costa Mesa, California 92626
as Dealer-Manager for the above described Units
Ladies and Gentlemen:
WNC & ASSOCIATES, INC., the general partner ("Fund Manager") of, and on
behalf of, WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9, WNC HOUSING TAX
CREDIT FUND VI, L.P., SERIES 10, WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES
11, WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 12, WNC HOUSING TAX CREDIT FUND
VI, L.P., SERIES 13 and WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 14
(collectively, the "Fund" and individually, a "Series"), pursuant to the
Agreement of Limited Partnership of each Series (the "Partnership Agreement")
set forth as Exhibit B to the Prospectus (as hereinafter defined), hereby
confirms its agreement with you as follows:
1. Description of Securities. Subject to the terms hereof the Fund proposes
to issue and to offer for sale pursuant to the Prospectus its limited
partnership units (the "Units") through you and those licensed brokers
designated by you. The purchase price of each Unit will be $1,000 payable in
cash or cash and a promissory note (the "Promissory Note") as discussed in the
Prospectus.
2. Representations, Warranties and Agreements of Each Series and the Fund
Manager. Each Series and the Fund Manager, jointly and severally, represent and
warrant to, and agree with, you as follows:
(a) The Fund has prepared and filed with the Securities and
Exchange Commission (the "Commission") a Registration
Statement and amendments thereto, on Form S-11 covering the
registration of the Units under the Securities Act of 1933, as
amended (the "1933 Act"), including the related preliminary
prospectus. Such preliminary prospectus bears, and any amended
prospectus will bear, the legend required by the rules and
regulations of the Commission under the 1933 Act (the "1933
Act Rules and Regulations"). Such Registration Statement, in
the form it first becomes effective and as thereafter amended
from time to time, and the final prospectus, as supplemented
from time to time, are herein respectively called the
"Registration Statement" and the "Prospectus."
(b) The Registration Statement and the Prospectus will contain all
statements which are required to be stated therein in
accordance with the 1933 Act and the 1933 Act Rules and
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Regulations, and neither the Registration Statement nor the
Prospectus will contain any untrue statement of a material
fact or omit any material fact required to be stated therein
or necessary to make the statements therein not misleading.
In this connection, it is understood by each Series and the
Fund Manager that Rule 2810 of the Conduct Rules of the
National Association of Securities Dealers, Inc. ("NASD")
requires that you determine that all material facts relating
to the subject offering are adequately and accurately
disclosed to prospective subscribers and provide a basis for
evaluating the offering, and each Series and the Fund Manager
therefore specifically represent and warrant that:
(i) all items of compensation payable to the Fund Manager and
its Affiliates are and will be set forth in the Prospectus
under the caption "Management Compensation";
(ii) all properties to be acquired by any Series which is
conducting an offering of its Units are and will be
described in the Prospectus during the term of such
offering under the caption "Local Limited Partnership
Investments";
(iii) all material tax aspects are and will be set forth in
the Prospectus under the captions "Federal Income Tax
Considerations" and "The Low Income Housing Tax Credit";
(iv) the financial position and business experience of the
Fund Manager are and will be accurately and adequately
reflected in the Prospectus under the captions
"Management," "Prior Performance Summary" and
"Financial Statements";
(v) all material conflicts of interest and risk factors are
and will be set forth in the Prospectus under the captions
"Conflicts of Interest" and "Risk Factors"; and
(vi) all pertinent facts relating to the liquidity and
marketability of the Units are and will be set forth
in the Prospectus under the captions "Risk Factors -
Risks related to the Series and the Series'
partnership agreement - Lack of Liquidity of
Investment" and "Transferability of Units."
(c) The accountants who have certified or shall certify the
audited financial statements filed and to be filed with the
Commission as parts of the Registration Statement and the
Prospectus are independent accountants as required by the 1933
Act and the 1933 Act Rules and Regulations.
(d) The financial statements filed with and as part of the
Registration Statement present fairly the financial positions
of the respective entities addressed therein as of the date of
such financial statements, in conformity with generally
accepted accounting principles applied on a consistent basis
throughout the period involved.
(e) Except as set forth in or contemplated by the Registration
Statement and the Prospectus, since the respective dates as of
which information is given in the Registration Statement and
the Prospectus, there has not been any material adverse change
in the condition, financial or otherwise, of any Series or the
Fund Manager; and except as set forth in or contemplated by
the Registration Statement and the Prospectus, neither any
Series nor the Fund Manager has incurred any liability or
obligation or entered into any transaction since the date as
of which information is given in the Registration Statement
and the Prospectus, other than in the ordinary course of
business, which is material to the financial condition of any
such person.
(f) The Units conform to the description thereof contained in the
Prospectus in all material respects.
(g) Neither the issuance nor the sale of the Units, nor the
consummation of any other of the transactions herein
contemplated, nor the fulfillment of the terms hereof, will
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conflict with, result in a breach of, or constitute a default
under the terms of, any indenture, or other material agreement
or instrument to which any Series or the Fund Manager is, or
will be, a party or is, or will be, bound, or, to the best of
the knowledge of such persons, any order or regulation
applicable to any Series or the Fund Manager of any court,
regulatory body, administrative agency or governmental body
having jurisdiction over any such person or any of their
respective assets or operations.
(h) The Units, when issued, will be duly authorized, validly
issued, fully paid and nonassessable.
(i) Each Series has been, or prior to commencement of its offering
of Units will be, duly formed pursuant to the California
Revised Limited Partnership Act and is, or will be, validly
existing as a limited partnership in good standing under the
laws of the State of California with full power and authority
to own properties (or interests therein) and conduct its
business as described in the Prospectus.
(j) The person or persons who have signed this Dealer Manager
Agreement on behalf of each Series and the Fund Manager are
duly authorized so to sign, and this Dealer Manager Agreement
has been duly executed and delivered by, and is the valid,
legal and binding agreement of, each Series and the Fund
Manager enforceable in accordance with its terms.
(k) Each Series will disclose in each annual report distributed to
investors pursuant to Section 13(a) of the Securities Act of
1934 (the "1934 Act") a per Unit estimated value, the method
by which the estimated value was developed, and the date of
the data used to develop the estimated value.
3. Representations and Warranties of the Dealer-Manager. You represent and
warrant to and agree with each Series and the Fund Manager as follows:
(a) You are a member in good standing of the NASD, and will
maintain such membership throughout the term of this
Agreement.
(b) You will comply with all Federal laws pertaining to the sale
of securities, the laws of the jurisdictions in which you sell
the Units, the 1933 Act Rules and Regulations and the
Constitution, By-Laws and Rules of the Association of the
NASD, and Rule 15c2-4 under the 1934 Act as interpreted in
NASD Notice to Members 84-64 (which requires that during the
escrow period checks be transmitted by you to the escrow agent
as soon as practicable, but in any event by noon of the second
business day following receipt by you).
(c) You will make no sale of the Units unless such sale is
preceded or accompanied by the Prospectus.
(d) You will assist the Fund in qualifying or registering the
Units for sale under the laws of the State of California and
such other jurisdictions as to which you and the Fund Manager
shall mutually agree.
(e) You will (i) diligently make inquiries as required by law of
all prospective investors in order to ascertain whether a
purchase of Units is suitable for the investors and (ii)
inform each prospective investor of all pertinent facts
relating to the liquidity and marketability of the Units
during the term of the investment. In recommending a purchase,
sale or exchange of the Units you shall:
(1) have reasonable grounds to believe, on the basis of
information obtained from the participant concerning
his investment objectives, investment experience,
other investments, income, net worth, financial
situation and needs, and any other information known
by you, that:
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(a) the participant is or will be in a financial
position appropriate to enable him to realize to
a significant extent the benefits described in
the Prospectus, including specifically the
Federal income tax benefits;
(b) the participant has a fair market net worth
sufficient to sustain the risks inherent in the
program, including loss of investment and lack of
liquidity;
(c) the participant meets the minimum income and net
worth standards established by the jurisdiction
in which such participant is a resident;
(d) the program is otherwise suitable for the
participant; and
(2) maintain in your files documents disclosing the basis
upon which the determination of suitability was
reached as to each participant for the longer of (i)
six years from the date of the investment; (ii) the
period prescribed by Rule 17a-4 under the 1934 Act;
or (iii) the period required by applicable state blue
sky laws.
(f) All Investor Forms and all subscription funds and Promissory
Notes received by you shall be promptly transmitted to USbank,
or such other bank as may be selected to act as escrow agent
for the Fund. As used herein, the term "promptly transmitted"
shall have the meaning set forth in Rule 15c2-4 under the 1934
Act.
(g) You will execute no transaction in a discretionary account
without prior written approval of the transaction by the
investor.
4. Sale of Units. On the basis of the representations and warranties herein
contained, but subject to the terms and conditions herein set forth, you agree
to sell the Units on a "best efforts" basis, as agent for the Fund. You are
authorized to enlist other members of the NASD ("Soliciting Dealers"),
acceptable to the Fund to sell the Units. As compensation for these services,
the Fund agrees that it will pay you a retail selling commission in an amount
equal to 7% of the offering price of the Units sold pursuant to the terms of
this Agreement, a Dealer-Manager fee of 2% of the offering price of the Units
sold pursuant to the terms of this Agreement and a nonaccountable expense
reimbursement in an amount equal to 1% of the offering price of the Units sold
pursuant to the terms of this Agreement. You will pay wholesaling compensation
to your personnel, and your overhead costs attributable to underwriting
activities, out of the commissions, fees and expense reimbursements you will
receive hereunder. In no event will the aggregate amount of all selling
compensation paid in connection with the offering exceed a total equal to 10% of
the Gross Proceeds, plus an additional one-half of 1% as provided in the<







