Exhibit 10.14


EXECUTION
VERSION 


COLLATERAL
MANAGEMENT AGREEMENT


                    This
Collateral Management Agreement, dated as of December 6, 2013 (this “Agreement”), is entered into by and between
DIVCORE CLO 2013-1, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (together
with successors and assigns permitted hereunder, the “Issuer”) and DIVCORE SUBORDINATE DEBT CLUB I ADVISORS,
LLC, a limited liability company organized under the laws of the State of Delaware (together with its successors and assigns,
the “Collateral Manager” or “DivCore CM”). Capitalized terms used herein but not otherwise
defined herein shall have the respective meanings ascribed thereto in the Indenture, dated as of the date hereof (the “Indenture”),
by and among the Issuer, DivCore CLO 2013-1, LLC, as co-issuer (the “Co-Issuer”), Wells Fargo Bank, National
Association, as trustee (in such capacity, the “Trustee”), paying agent, calculation agent, transfer agent,
custodial securities intermediary, backup advancing agent and notes registrar, and Situs Asset Management LLC, as advancing agent.


                    WHEREAS,
the Issuer desires to engage the Collateral Manager to provide the services described herein and the Collateral Manager desires
to provide such services;


                    NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto hereby agree as follows:


                    1.
Management Services. The Collateral Manager is hereby appointed as the Issuer’s exclusive agent to provide the Issuer
with certain services in relation to the Collateral specified herein and in the Indenture. Accordingly, the Collateral Manager
accepts such appointment and shall provide the Issuer with the following services (in accordance with all applicable requirements
of the Indenture, the Servicing Agreement and this Agreement, including, without limitation, the Mortgage Loan Management Standard):


                    (a)
determining specific Mortgage Loans, Additional Mortgage Loans and Reinvestment Mortgage Loans to be purchased and the timing
of such purchases, as permitted by the Indenture;


                    (b)
determining specific Eligible Investments to be purchased or sold and the timing of such purchases and sales, in each case, as
permitted by the Indenture;


                    (c)
effecting or directing the purchase of Mortgage Loans, Additional Mortgage Loans during the Ramp-Up Period and Eligible Investments,
effecting or directing the sale of Mortgage Loans and Eligible Investments, and directing the investment or reinvestment of proceeds
therefrom in Reinvestment Mortgage Loans, in each case, as permitted by the Indenture;


                    (d)
negotiating with issuers of Mortgage Loans as to proposed modifications or waivers of the documentation governing such Mortgage
Loans;


 



    	 



    	 



    











                    (e)
taking action, or advising the Trustee with respect to actions to be taken, with respect to the Issuer’s exercise of any
rights (including, without limitation, voting rights, tender rights and rights arising in connection with the bankruptcy or insolvency
of an issuer of a Mortgage Loan or the consensual or non-judicial restructuring of the debt or equity of an issuer of a Mortgage
Loan) or remedies in connection with Mortgage Loans and Eligible Investments, as provided in the related Loan Documents, and participating
in the committees or other groups formed by creditors of an issuer of any Mortgage Loan, or taking any other action with respect
to Mortgage Loans and Eligible Investments which the Collateral Manager determines, in accordance with the Mortgage Loan Management
Standard (and subject to the applicable provisions of the Servicing Agreement), is in the best interests of all of the Noteholders
in accordance with and as permitted by the terms of the Indenture;


                    (f)
providing the Rating Agency with any information reasonably requested in connection with the Rating Agency’s maintenance
of its ratings of the Notes and their assigning credit indicators to prospective Mortgage Loans, if applicable, and estimating
the ratings that the Rating Agency would assign to prospective Mortgage Loans, as permitted or required under the Indenture;


                    (g)
determining whether specific Mortgage Loans are Credit Risk Mortgage Loans or Defaulted Mortgage Loans and determining whether
such Mortgage Loans, and any other Mortgage Loans that are permitted or required to be sold pursuant to the Indenture, should
be sold, and directing the Servicer on behalf of the Trustee to effect a disposition of any such Mortgage Loans, subject to, and
in accordance with the Indenture;


                    (h)
(i) monitoring the Collateral on an ongoing basis, (ii) determining the As-Stabilized LTV of each Mortgage Loan in accordance
with Indenture, (iii) determining the market value of any Mortgage Loan in connection with determining the Calculation Amount
when required pursuant to the Indenture and (iv) providing or causing to be provided to the Issuer and/or the other parties specified
in the Indenture all reports, schedules and certificates which relate to the Collateral and which the Issuer is required to prepare
and deliver under the Indenture, which are not prepared and delivered by the Trustee on behalf of the Issuer under the Indenture,
in the form and containing all information required thereby (including, in the case of the Monthly Reports providing the information
to the Trustee as specified in Section 10.10 of the Indenture in sufficient time for the Trustee to prepare the Monthly Report)
and, if applicable, in sufficient time for the Issuer to review such required reports and schedules and to deliver them to the
parties entitled thereto under the Indenture;


                    (i)
managing the Issuer’s investments in accordance with the Indenture, including the limitations relating to the Eligibility
Criteria, the Coverage Tests, the Reinvestment Criteria and the other requirements of the Indenture and taking action that the
Collateral Manager deems appropriate and consistent with the Indenture, the Mortgage Loan Management Standard, the applicable
provisions of the Servicing Agreement and the standard of care set forth herein with respect to any portion of the Collateral
that does not constitute Mortgage Loans or Eligible Investments;







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                     (j)
providing notification, in writing, to the Trustee and the Issuer upon receiving actual notice that a Mortgage Loan is subject
to an Offer, has become a Defaulted Mortgage Loan or a Credit Risk Mortgage Loan or has suffered an appraisal reduction;


 


                    (k)
providing notification, in writing, to the Trustee, the Holders of the Notes, the Rating Agency and the Issuer upon becoming actually
aware of a Default or an Event of Default under the Indenture;


                    (l)
determining (in its sole discretion but subject to the Indenture) whether, in light of the composition of Mortgage Loans, general
market conditions and other factors considered pertinent by the Collateral Manager, investments in replacement Mortgage Loans
would, at any time during the Reinvestment Period, either be impractical or not beneficial to the Holder of the Preferred Shares;


                    (m)
taking reasonable action on behalf of the Issuer to effect any Optional Redemption, any Tax Redemption or any Clean-up Call in
accordance with the Indenture;


                    (n)
monitoring the ratings of the Mortgage Loans and the Issuer’s compliance with the covenants by the Issuer in the Indenture;


                    (o)
making such determinations, exercising such rights and taking such actions, on behalf of the Issuer, as the Collateral Manager
is authorized to do under the Indenture, the Servicing Agreement or this Agreement;


                    (p)
complying with the Investment Advisers Act of 1940, as amended (the “Advisers Act”), with respect to the Issuer;


                    (q)
in order to render the Securities eligible for resale pursuant to Rule 144A under the Securities Act, while any of such Securities
remain outstanding, making available, upon request, to any Holder or prospective purchaser of such Securities, additional information
regarding the Issuer and the Collateral if such information is reasonably available to the Collateral Manager and constitutes
Rule 144A Information required to be furnished by the Issuer pursuant to Section 7.13 of the Indenture, unless the Issuer furnishes
information to the United States Securities and Exchange Commission (the “Commission”) pursuant to Section
13 or Section 15(d) of the Exchange Act;


                    (r)
the Collateral Manager may, subject to and in accordance with the Indenture and this Agreement, in its capacity as the Collateral
Manager, direct the Issuer to establish a Permitted Subsidiary and such Permitted Subsidiary may acquire, retain, sell or otherwise
dispose of any Sensitive Asset in accordance with the Indenture and this Agreement.


                    (s)
upon reasonable request, assisting the Trustee or the Issuer with respect to such actions to be taken after the Closing Date,
as is necessary to maintain the clearing and transfer of the Notes through DTC; and


                    (t)
in accordance with the Mortgage Loan Management Standard (but subject to the applicable provisions of the Servicing
Agreement), enforcing the rights of the Issuer as holder of the Mortgage Loans, including, without limitation, taking such
action as is necessary to enforce the Issuer’s rights with respect to remedies related to breaches of
representations, warranties or covenants in the Loan Documents for the benefit of the Issuer.


 



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                    In
furtherance of the foregoing, the Issuer hereby appoints the Collateral Manager the Issuer’s true and lawful agent and attorney-in-fact,
with full power of substitution and full authority in the Issuer’s name, place and stead and without any necessary further
approval of the Issuer, in connection with the performance of the Collateral Manager’s duties provided for in this Agreement,
including the following powers: (i) to buy, sell, exchange, and convert Mortgage Loans and Eligible Investments, and (ii) to execute
(under hand, under seal or as a deed) and deliver all necessary and appropriate documents and instruments on behalf of the Issuer
to the extent necessary or appropriate to perform the services referred to in (a) through (t) above of this Section 1 and
under the Indenture. The foregoing power of attorney is a continuing power, coupled with an interest, and shall remain in full
force and effect until revoked by the Issuer in writing by virtue of the termination of this Agreement pursuant to Section
12 hereof or an assignment of this Agreement pursuant to Section 17 hereof; provided that any such revocation
shall not affect any transaction initiated prior to such revocation. Nevertheless, if so requested by the Collateral Manager or
a purchaser of a Mortgage Loan or Eligible Investment, the Issuer shall ratify and confirm any such sale or other disposition
by executing and delivering to the Collateral Manager or such purchaser all proper bills of sale, assignments, releases and other
instruments as may be designated in any such request.


                    In
performing its duties hereunder, the Collateral Manager shall endeavor, subject to the provisions of this Agreement and the Indenture,
to manage the Collateral in a manner that will (i) permit a timely performance of all payment obligations of the Issuer under
the Indenture, (ii) be in accordance with the terms under which investors in the Parent REIT made their investments and (iii)
subject to such objectives, optimize the returns to the Holders of the Securities. The Collateral Manager does not hereby guarantee
that sufficient funds will be available on each Payment Date to satisfy any such payment obligations. The Collateral Manager agrees
that it shall perform its obligations hereunder and under the Indenture in accordance with reasonable care and in good faith,
using a degree of skill and attention no less than that which it (i) exercises with respect to comparable assets that it manages
for itself and (ii) exercises with respect to comparable assets that it manages for others, and in a manner consistent with the
practices and procedures then in effect followed by reasonable and prudent institutional managers of national standing relating
to assets of the nature and character of the Collateral, except as expressly provided in this Agreement or in the Indenture and
without regard to any conflicts of interest to which it may be subject (the “Mortgage Loan Management Standard”).
In addition, the Collateral Manager shall use its best efforts to ensure that (i) inquiries are made, to the extent practicable,
from sources normally available to it, with respect to the occurrence of any default or event of default in respect of any Mortgage
Loan under any Loan Document and (ii) commitments to purchase Mortgage Loans and Eligible Investments are made by the Collateral
Manager only if, in the Collateral Manager’s best judgment at the time of such commitment, payment at settlement in respect
of any such purchase could be made without any breach or violation of, or default under, the terms of the Indenture or this Agreement.
The Collateral Manager shall comply with and perform all the duties and functions that have been specifically delegated to the
Collateral Manager under the Indenture. The Collateral Manager shall be bound to follow any amendment, supplement or modification
to the Indenture of which it has received written notice at least 10 Business Days prior to the execution and delivery thereof
by the parties thereto; provided, however, that with respect to any amendment, supplement, modification or waiver
to the Indenture which may affect the Collateral Manager, the Collateral Manager shall not be bound thereby (and the Issuer agrees
that it will not permit any such amendment, supplement, modification or waiver to become effective) unless the Collateral Manager
has been given prior written notice thereof and gives its written consent thereto (which consent shall not be unreasonably withheld)
to the Trustee and the Issuer prior to the effectiveness thereof.






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                    The
Collateral Manager shall take all actions reasonably requested by the Trustee to facilitate the perfection of the Trustee’s
security interest in the Collateral pursuant to the Indenture.


 


                    So
long as any of the Notes are Outstanding, with respect to any Mortgage Loan that by its terms permits the conversion from a LIBOR-based
interest rate to a fixed interest rate, the
Collateral Manager shall not consent or agree to convert such Mortgage Loan from a LIBOR-based interest rate to a fixed interest
rate.


 


                    The Collateral Manager agrees that all 17g-5 Information provided to the Rating Agency, or any of its officers, directors
or employees, pursuant to, in connection with or related, directly or indirectly, to this Collateral Management Agreement or the
Indenture, shall be given in accordance with, and subject to, the provisions of Section 14.13 of the Indenture.


 


                    The Collateral
Manager shall make itself available to each Noteholder (who has submitted an Investor Certification) for conference calls on a
quarterly basis upon reasonable notice and at times reasonably acceptable to the Collateral Manager, in which the status of the
Mortgage Loans and activities with respect to the underlying mortgaged properties may be discussed.


                    2.
Delegation of Duties. The Collateral Manager may delegate its obligations as Collateral Manager to another person and the
Collateral Manager may enter into arrangements pursuant to which the Collateral Manager’s Affiliates or third parties may
perform certain services on behalf of the Collateral Manager, but (i) such arrangements will not relieve the Collateral Manager
from any of its duties or obligations hereunder as a result of such delegation to or employment of third parties, (ii) the Collateral
Manager shall be solely responsible for the fees and expenses payable to any such third party, except as set forth in Section
6 hereof, and (iii) such delegation does not constitute an “assignment” under the Advisers Act.






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                    3. Purchase
and Sale Transactions; Brokerage.


                    (a)
The Collateral Manager shall use reasonable efforts to obtain the best prices and executions for all orders placed with
respect to the Collateral, considering all reasonable circumstances, including, if applicable, the conditions or terms of
early redemption of the Securities, it being understood that the Collateral Manager has no obligation to obtain the lowest
prices available. Subject to the objective of obtaining best prices and executions, the Collateral Manager may take into
consideration all factors the Collateral Manager reasonably determines to be relevant, including, without limitation, timing,
general relevant trends and research and other brokerage services and support equipment and services related thereto
furnished to the Collateral Manager or its Affiliates by brokers and dealers in compliance with Section 28(e) of the Exchange
Act or, if Section 28(e) of the Exchange Act is not applicable, in accordance with the provisions set forth herein. Such
services may be used in connection with the other advisory activities or investment operations of the Collateral Manager
and/or its Affiliates. In addition, subject to the objective of obtaining best prices and executions, the Collateral Manager
may take into account available prices, rates of brokerage commissions and size and difficulty of the order, in addition to
other relevant factors (such as, without limitation, execution capabilities, reliability (based on total trading rather than
individual trading), integrity, financial condition in general, execution and operational capabilities of competing brokers
and/or dealers, and the value of the ongoing relationship with such brokers and/or dealers), without having to demonstrate
that such factors are of a direct benefit to the Issuer in any specific transaction. The Issuer acknowledges that the
determination by the Collateral Manager of any benefit to the Issuer is subjective and represents the
Collateral Manager’s evaluation at the time that the Issuer will be benefited by relatively better purchase or sales
prices, lower brokerage commissions and beneficial timing of transactions or a combination of these and other
factors.


                    The
Collateral Manager may aggregate sales and purchase orders of securities placed with respect to the Collateral with similar orders
being made simultaneously for other accounts managed by the Collateral Manager or with accounts of the Affiliates of the Collateral
Manager if, in the Collateral Manager’s reasonable judgment, such aggregation will not have an adverse effect on the Issuer.
When any aggregate sales or purchase orders occur, the objective of the Collateral Manager (and any of its Affiliates involved
in such transactions) shall be to allocate the executions among the accounts in a fair and equitable manner and generally to seek
to allocate securities available for investment to all such accounts pro rata in proportion to the optimum amount sought by the
Collateral Manager for each respective account. Investment opportunities and the purchases or sales of instruments shall be allocated
in a manner believed by the Collateral Manager to be fair and equitable, taking into consideration, among other relevant factors,
the differing investment objectives of the Issuer and the Collateral Manager’s other clients, the amount of capital available,
the Eligibility Criteria set forth in the Indenture and in any governing documents relating to the Collateral Manager’s
other clients, the maturity of the account and the exposure to similar or offsetting positions. The Collateral Manager, whenever
possible, will average the prices paid or received by all such clients (including the Issuer) whenever particular positions are
acquired or disposed of at the same time. Circumstances may arise, however, in which such an allocation could have adverse effects
upon the Issuer or the other clients of the Collateral Manager with respect to the price or size of positions obtainable or saleable.


                    All
purchases and sales of Eligible Investments and Mortgage Loans by the Collateral Manager on behalf of the Issuer shall be
conducted in compliance with all applicable laws (including, without limitation, Section 206(3)of the Advisers Act) and the
terms of the Indenture. After (and excluding) the Closing Date, the Collateral Manager shall cause any purchase or sale of
any Mortgage Loan or Eligible Investment to be conducted on an arm’slength basis or, if applicable, in compliance with Section
3(b) hereof. The parties hereto acknowledge and agree that all purchases of Eligible Investments and Mortgage Loans by
the Collateral Manager on behalf of the Issuer on the Closing Date (including, without limitation, all such purchases from
Affiliates of the Collateral Manager) in a manner contemplated by the Offering Memorandum, dated December 4, 2013, related to
the Notes (or any supplement thereto) are hereby approved.






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                    (b)
The Collateral Manager, subject to and in accordance with the Indenture, may effect direct trades between the Issuer and the Collateral
Manager or any of its Affiliates, acting as principal or agent, only for so long as the Class A Notes are outstanding and subject
to the Class A Majority Holders right to disapprove the acquisition of any Additional Mortgage Loan or Reinvestment Mortgage Loan
under the Indenture. The Issuer consents and agrees that, if any transaction relating to the Issuer, including any transaction
effected between the Issuer and the Collateral Manager or its Affiliates, shall be subject to the disclosure and consent requirements
of Section 206(3) of the Advisers Act.


                    4.
Representations and Warranties of the Issuer. The Issuer represents and warrants to the Collateral Manager that:


                    (a)
the Issuer (i) has been duly incorporated and registered as an exempted company and is validly existing under the laws of the
Cayman Islands; (ii) has full power and authority to own the Issuer’s assets and the securities proposed to be owned by
the Issuer and included among the Collateral and to transact the business for which the Issuer was incorporated; (iii) is duly
qualified under the laws of each jurisdiction where the Issuer’s ownership or lease of property or the conduct of the Issuer’s
business requires or the performance of the Issuer’s obligations under this Agreement and the Indenture would require such
qualification, except for failures to be so qualified that would not in the aggregate have a material adverse effect on the business,
operations, assets or financial condition of the Issuer or the ability of the Issuer to perform its obligations under, or on the
validity or enforceability of, this Agreement and the Indenture; and (iv) has full power and authority to execute, deliver and
perform the Issuer’s obligations hereunder and thereunder;


                    (b)
this Agreement and the Indenture have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and
binding agreements enforceable against the Issuer in accordance with their terms except that the enforceability thereof may be
subject to (i) bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws now or
hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law);


                    (c)
no consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or
court or other Person is required for the performance by the Issuer of its duties hereunder or under the Indenture, except those
that may be required under state securities or “blue sky” laws or the applicable laws of any jurisdiction outside
of the United States, and such as have been duly made or obtained;


                    (d)
neither the execution, delivery and performance of this Agreement or the Indenture nor the performance by the Issuer of its
duties hereunder or under the Indenture (i) conflicts with or will violate or result in a default under the Issuer’s
Governing Documents or any material contract or agreement to which the Issuer is a party or by which it or its assets may be
bound, or any law, decree, order, rule, or regulation applicable to the Issuer of any court or regulatory, administrative or
governmental agency, body or authority or arbitrator having jurisdiction over the Issuer or its properties, or (other than as
contemplated or permitted by the Indenture) will result in a lien on any of the property of the Issuer and (ii) would have a
material adverse effect upon the ability of the Issuer to perform its duties under this Agreement or the
Indenture;






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                    (e)
the Issuer and its Affiliates are not in violation of any federal, state or Cayman Islands laws or regulations, and there is no
charge, investigation, action, suit or proceeding before or by any court or regulatory agency pending or, to the best knowledge
of the Issuer, threatened that, in any case, would have a material adverse effect upon the ability of the Issuer to perform its
duties under this Agreement or the Indenture;


                    (f)
the Issuer is not an “investment company” under the Investment Company Act; and


                    (g) the assets of the Issuer do
not and will not at any time constitute the assets of any plan subject to the fiduciary responsibility provisions of ERISA or
of any plan subject to Section 4975 of the Code.


                    5. Representations
and Warranties of the Collateral Manager. The Collateral Manager represents and warrants to the Issuer that:


                    (a)
the Collateral Manager (i) has been duly organized, is validly existing and is in good standing under the laws of the State of
Delaware; (ii) has full power and authority to own the Collateral Manager’s assets and to transact the business in which
it is currently engaged; (iii) is duly qualified and in good standing under the laws of each jurisdiction where the Collateral
Manager’s ownership or lease of property or the conduct of the Collateral Manager’s business requires, or the performance
of this Agreement and the Indenture would require, such qualification, except for failures to be so qualified that would not in
the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager
or the ability of the Collateral Manager to perform its obligations under, or on the validity or enforceability of, this Agreement
and the provisions of the Indenture applicable to the Collateral Manager; and (iv) has full power and authority to execute, deliver
and perform this Agreement and the Collateral Manager’s obligations hereunder and the provisions of the Indenture applicable
to the Collateral Manager;


                    (b)
this Agreement has been duly authorized, executed and delivered by the Collateral Manager and constitutes a legal, valid and binding
agreement of the Collateral Manager, enforceable against it in accordance with the terms hereof, except that the enforceability
hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors’ rights and (ii) general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law);


                    (c)
neither the Collateral Manager nor any of its Affiliates is in violation of any federal or state securities law or
regulation promulgated thereunder that would have a material adverse effect upon the ability of the Collateral Manager to
perform its duties under this Agreement or the Indenture, and there is no charge, investigation, action, suit or proceeding
before or by any court or regulatory agency pending or, to the best knowledge of the Collateral Manager, threatened which
could reasonably be expected to have a material adverse effect upon the ability of the Collateral Manager to perform its
duties under this Agreement or the Indenture;






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                    (d)
neither the execution and delivery of this Agreement nor the performance by the Collateral Manager of its duties hereunder or
under the Indenture conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or
constitutes a default under: (i) the limited liability company agreement of the Collateral Manager, (ii) the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition,
covenant or instrument to which the Collateral Manager is a party or is bound, (iii) any law, decree, order, rule or regulation
applicable to the Collateral Manager of any court or regulatory, administrative or governmental agency, body or authority or arbitrator
having jurisdiction over the Collateral Manager or its properties, and which would have, in the case of any of (i), (ii) or (iii)
of this Section 5(d), either individually or in the aggregate, a material adverse effect on the business, operations, assets
or financial condition of the Collateral Manager or the ability of the Collateral Manager to perform its obligations under this
Agreement or the Indenture;


                    (e)
no consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or
court or other Person is required for the performance by the Collateral Manager of its duties hereunder and under the Indenture,
except such as have been duly made or obtained;


                    (f)
the Section entitled “The Collateral Manager” in the Offering Memorandum, as of the date thereof (including as of
the date of any supplement thereto) and as of the Closing Date, does not contain any untrue statement of a material fact and does
not omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading;


                    (g)
the Collateral Manager is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment
adviser under the Investment Advisers Act of 1940 (“Advisers Act”), pursuant to a single Form ADV filed by
Divco West Real Estate Services, LLC (“DivcoWest”), in reliance on the position expressed by the SEC in its
January 18, 2012 letter to the Subcommittee on Hedge Funds of the Federal Regulation of Securities Committee of the American Bar
Association, 2012 SEC No-Act. LEXIS 21 (the “ABA Letter”);


                    (h)
the Collateral Manager is a wholly-owned subsidiary of DivcoWest and is therefore “controlled by” DivcoWest for purposes
of the ABA Letter;


                    (i)
the Collateral Manager and DivcoWest conduct a “single advisory business” for purposes of the ABA Letter based, among
other things, on the facts that:


          (i)
DivcoWest and the Collateral Manager advise only private funds (as defined in Section 202(a)(29) of the Advisers Act) and limited
liability companies that exclusively hold real property;


 




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          (ii)
the Collateral Manager, its employees and the persons acting on its behalf are subject to DivcoWest’s supervision and control
and therefore the Collateral Manager, its employees and the persons acting on its behalf are “persons associated with”
DivcoWest (as defined in Section 202(a)(17) of the Advisers Act);


          (iii)
DivcoWest has its principal office and place of business in the United States and all of the substantive provisions of the Advisers
Act and the rules thereunder therefore apply to the Collateral Manager’s dealings with each of its clients, whether or not
those clients are U.S. persons;


          (iv)
the advisory activities of the Collateral Manager are subject to the Advisers Act and the rules thereunder, and the Collateral
Manager is subject to examination by the SEC;


          (v)
DivcoWest and the Collateral Manager operate under a single Code of Ethics adopted in accordance with Advisers Act Rule 204A-1
and a single set of written policies and procedures adopted and implemented in accordance with Advisers Act Rule 206(4)-(7) and
administered by a single Chief Compliance Officer in accordance with that rule. Such Code of Ethics is administered as if DivcoWest
and the Collateral Manager are part of a single entity; and


          (vi)
DivcoWest discloses in the Miscellaneous Section of Schedule D of the Form ADV that it has filed with the SEC that it and the
Collateral Manager are together filing a single Form ADV in reliance on the position expressed in the ABA Letter; and DivcoWest
has completed a separate Section 1.B., Schedule D, of such Form ADV for the Collateral Manager, which Section 1.B. identifies
the Collateral Manager with the notation “(relying adviser)”;


                    (j)
Parts 1 and 2 of the Form ADV filed with the SEC by DivcoWest, as well as any other reports or filings made by DivcoWest under
the Advisers Act, contain all required information regarding the Collateral Manager;


                    (k)
each of DivcoWest and the Collateral Manager is eligible to register with the SEC under the Advisers Act pursuant to one or more
of Items 2.A. of Part 1A of the Form ADV; and


                    (l)
the Collateral Manager is in compliance with all of the provisions of the Advisers Act and the rules thereunder that apply to
SEC-registered investment advisers and are applicable to the Collateral Manager’s advisory activities.


                    6. Expenses. Both
parties hereto acknowledge and agree that a portion of the gross proceeds received from the issuance and sale of the Securities
will be used to pay certain organizational and structuring fees and expenses of the Co-Issuers, including the legal fees and expenses
of counsel to the Collateral Manager. The Collateral Manager shall pay all expenses and costs incurred by it in the course of
performing its obligations under this Agreement; provided, however, that the Collateral Manager shall not be liable
for, and (subject to the Priority of Payments set forth in the Indenture and to the extent funds are available therefor) the Issuer
shall be responsible for the payment of, reasonable expenses and costs of (i) independent accountants, consultants and other advisers
retained by the Issuer or by the Collateral Manager on behalf of the Issuer in connection with the services provided by the Collateral
Manager pursuant to clause (c), (d), (e), (f), (m), (n), (q) or (r) of Section 1 hereof, (ii) legal advisers retained by
the Issuer or by the Collateral Manager on behalf of the Issuer in connection with the services provided by the Collateral Manager
pursuant to clause (c), (d), (e), (f), (m), (n), (o), (q), (r) or (t) of Section 1 hereof and (iii) reasonable travel expenses
(airfare, meals, lodging and other transportation) undertaken in connection with the performance by the Collateral Manager of
its duties pursuant to this Agreement or pursuant to the Indenture and for an allocable share of the cost of certain credit databases
used by the Collateral Manager in providing services to the Issuer under this Agreement.






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                    7. Fees.


                   (a)
DivCore CM, in its capacity as the Collateral Manager and acting in its sole discretion, hereby waives any and all Collateral
Manager Fees payable to it or any of its Affiliates for so long as it or any of its Affiliates act in the capacity as Collateral
Manager hereunder.


                   (b)
Any successor Collateral Manager may determine to waive, reduce or defer the Collateral Manager Fees payable to it (without interest
thereon) by written notice to the Trustee on or prior to the Determination Date in which such waiver, reduction or deferral applies.
Any Collateral Manager Fees (x) so reduced or waived, shall be reduced or waived permanently and (y) so deferred, shall not accrue
interest.


                   (c)
Each successor Collateral Manager that is not an affiliate of DivCore CM shall receive as compensation for the performance of
its obligations as Collateral Manager hereunder and under the Indenture, to the extent not waived pursuant to clause (b) above,
a fee, payable monthly in arrears on each Payment Date in accordance with the Priority of Payments, equal to 0.05% per annum
of the Aggregate Collateral Balance (the “Collateral Manager Fee”). Each Collateral Manager Fee will be
calculated for each Interest Accrual Period assuming a 360-day year with 12 thirty-day months. The Collateral Manager Fee, if
any, will be calculated based on the Aggregate Collateral Balance for such Payment Date to the extent funds are available as of
the first day of the applicable Interest Accrual Period. If on any Payment Date there are insufficient funds to pay such fees
(and/or any other amounts due and payable to the Collateral Manager) in full, in accordance with the Priority of Payments, the
amount not so paid shall be deferred and such amounts shall be payable on such later Payment Date on which funds are available
therefor as provided in the Priority of Payments set forth in the Indenture. Any accrued and unpaid Collateral Manager Fee that
is deferred due to the operation of the Priority of Payments shall accrue interest at a per annum rate equal to LIBOR in effect
for the applicable Interest Accrual Period computed on an actual/360-day basis and shall be paid as a Company Administrative Expense.
The Collateral Manager hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment
to the Collateral Manager of any amounts due it hereunder except in accordance with Section 18 hereof and, subject to the
provisions of Section 12, to continue to serve as Collateral Manager. If this Agreement is terminated pursuant to Section
12 hereof or otherwise, the accrued fees payable to the Collateral Manager, if any, shall be prorated for any partial periods
between the Payment Dates during which this Agreement was in effect and shall be due and payable on the first Payment Date following
the date of such termination, together with all expenses payable to the Collateral Manager in accordance with Section 6
hereof, and subject to the provisions of the Indenture and the Priority of Payments.






    	-11-



    	 



    




                    8. Non-Exclusivity.
Nothing herein shall prevent the Collateral Manager or any of its Affiliates from engaging in any other businesses or
providing investment management, advisory or other types of services to any Persons, including the Issuer, the Trustee and
the Noteholders; provided, however, that the Collateral Manager may not take any of the foregoing actions which the
Collateral Manager knows or reasonably should know (a) would require the Issuer or the Collateral to register as an
“investment company” under the Investment Company Act or (b) would with respect to the Issuer violate any
provisions of federal or state law applicable to the Collateral Manager or any law, rule or regulation of any governmental
body or agency having jurisdiction over the Issuer.


                    9. Conflicts of Interest.


                    (a) After (but excluding) the Closing Date and the sales by Affiliates of the Collateral Manager of
Mortgage Loans to the Issuer on the Closing Date (and except in the case of Credit Risk/Defaulted Mortgage Loan Cash
Purchases and sales of Collateral in connection with a redemption of the Notes pursuant to Article 9 of the Indenture), the
Collateral Manager will not cause the Issuer to enter into any transaction with the Collateral Manager or any of its
Affiliates as principal unless the applicable terms and conditions set forth in Section 3(b) are complied
with.


                    (b) The Collateral Manager shall perform its obligations hereunder in accordance with the requirements of the
Advisers Act and the Indenture. The Issuer acknowledges (i) that an Affiliate of the Collateral Manager will acquire on the
Closing Date 100% of the Preferred Shares and the Issuer’s ordinary shares, (ii) that an Affiliate of the Collateral
Manager will sell Mortgage Loans to the Issuer on or prior to the Closing Date, and (iii) that the Collateral Manager, its
Affiliates and funds or accounts for which the Collateral Manager or its Affiliates acts as investment adviser may at times
own Notes of one or more Classes. After the Closing Date, the Collateral Manager agrees to provide the Trustee with written
notice upon the acquisition or transfer (after, but excluding, the Closing Date) of any Securities held by the Collateral
Manager, any of its Affiliates or any fund managed or controlled by the Collateral Manager or any Affiliate
thereof.


                    (c) Nothing herein shall prevent the Collateral Manager or any of its Affiliates or officers and directors of the Collateral
Manager from engaging in other businesses, or from rendering services of any kind to the Issuer and its Affiliates, the
Trustee, the Holders or any other Person. Without prejudice to the generality of the foregoing, directors, officers,
employees and agents of the Collateral Manager, Affiliates of the Collateral Manager, and the Collateral Manager may, subject
to the Indenture, among other things:


         (i)
serve as directors (whether supervisory or managing), officers, employees, partners, members, managers, agents, nominees or signatories
for the Issuer or any Affiliate thereof, or for any obligor in respect of any of the Mortgage Loans or Eligible Investments, or
any of their respective Affiliates, except to the extent prohibited by their respective Loan Documents, as from time to time amended;
provided that (x) in the reasonable judgment of the Collateral Manager, such activity will not have an adverse effect on the ability
of the Issuer or the Trustee to enforce its respective rights with respect to any Collateral and (y) nothing in this paragraph
shall be deemed to limit the duties of the Collateral Manager set forth in Section 1 hereof;






    	-12-



    	 



    

          (ii)
serve as the Servicer pursuant to the Servicing Agreement or Advancing Agent pursuant to the Indenture;


          (iii)
receive fees for services of whatever nature rendered to an obligor in respect of any of the Mortgage Loans or Eligible Investments,
including acting as master servicer, sub-servicer or special servicer with respect to any commercial mortgage loan or senior participation
interest therein constituting or underlying any Mortgage Loan; provided that, (i) in the reasonable judgment of the Collateral
Manager, such activity will not have a material adverse effect on the ability of the Issuer or the Trustee to enforce its respective
rights with respect to any of the Collateral and (ii) in the reasonable judgment of the Collateral Manager, such activity by any
Affiliate of the Collateral Manager as to which the Collateral Manager has actual knowledge, will not have a material adverse
effect on the ability of the Issuer or the Trustee to enforce its respective rights with respect to any of the Collateral;


          (iv)
be retained to provide services unrelated to this Agreement to the Issuer or its Affiliates and be paid therefor;


          (v)
be a secured or unsecured creditor of, or hold an equity interest in the Issuer, its Affiliates or any obligor of any Mortgage
Loan or Eligible Investment; provided, however, that the Collateral Manager may not be such a creditor or hold any
of such interests if, in the opinion of counsel to the Issuer, the existence of such interest would require registration of the
Issuer or the pool of Mortgage Loans and Eligible Investments as an “investment company” under the Investment Company
Act or violate any provisions of federal or applicable state law or any law, rule or regulation of any governmental body or agency
having jurisdiction over the Issuer;


          (vi)
except as otherwise provided in this Section 9, sell any Mortgage Loan or Eligible Investment to, or purchase any Mortgage
Loan from, the Issuer while acting in the capacity of principal or agent; and


          (vii)
subject to its obligations in Section 1 hereof to protect the Holder of the Preferred Shares, serve as a member of any
“creditors’ board” with respect to any Defaulted Mortgage Loan, Eligible Investment or with respect to any commercial
mortgage loan underlying or constituting any Mortgage Loan or the respective borrower for any such commercial mortgage loan.


                     It
is understood that the Collateral Manager and any of its Affiliates may engage in any other business and furnish investment management
and advisory services to others, including Persons that may have investment policies similar to those followed by the Collateral
Manager with respect to the Collateral and that may own instruments of the same class, or of the same type, as the Mortgage Loans
or other instruments of the issuers of Mortgage Loans and may manage portfolios similar to the Collateral.






    	-13-



    	 



    



                    The
Collateral Manager and its Affiliates shall be free, in their sole discretion, to make recommendations to others, or effect transactions
on behalf of themselves or for others, which may be the same as or different from those the Collateral Manager causes the Issuer
to effect with respect to the Collateral. The Collateral Manager and its Affiliates may cause or advise their respective clients
to invest in instruments that would be appropriate as security for the Notes. Such investments may be different from those made
on behalf of the Issuer. The Collateral Manager, its Affiliates and their respective clients may have ongoing relationships with
Persons whose instruments are pledged to secure the Notes and may own instruments issued by, or loans to, issuers of the Mortgage
Loans or to any borrower or Affiliate of any borrower on any commercial mortgage loans underlying or constituting the Mortgage
Loans or the Eligible Investments. The Collateral Manager and its Affiliates may cause or advise their respective clients to invest
in instruments that are senior to, or have interests different from or adverse to, the instruments that are pledged to secure
the Notes.


                    Nothing
contained in this Agreement shall prevent the Collateral Manager or any of its Affiliates from recommending to or directing any
other account to buy or sell, at any time, securities of the same kind or class, or securities of a different kind or class of
the same issuer, as those directed by the Collateral Manager to be purchased or sold hereunder. It is understood that, to the
extent permitted by applicable law, the Collateral Manager, its Affiliates, and any member, manager, officer, director, stockholder
or employee of the Collateral Manager or any such Affiliate or any member of their families or a Person advised by the Collateral
Manager may have an interest in a particular transaction or in securities of the same kind or class, or securities of a different
kind or class of the same issuer, as those purchased or sold by the Collateral Manager hereunder. When the Collateral Manager
is considering purchases or sales for the Issuer and one or more of such other accounts at the same time, the Collateral Manager
shall allocate available investments or opportunities for sales in its discretion and make investment recommendations and decisions
that may be the same as or different from those made with respect to the Issuer’s investments, in accordance with applicable
law.


                    Subject
to the Indenture and the provisions of this Agreement, the Collateral Manager shall not be obligated to pursue any specific investment
strategy or opportunity that may arise with respect to the Collateral.


                    The
Issuer hereby consents to the various potential and actual conflicts of interests that may exist with respect to the Collateral
Manager as described above; provided, however, that nothing contained in this Section 9 shall be construed
as altering or limiting the duties of the Collateral Manager set forth in this Agreement or in the Indenture nor the requirement
of any law, rule or regulation applicable to the Collateral Manager.






    	-14-



    	 



    

                    10. Records;
Confidentiality. The Collateral Manager shall maintain appropriate books of account and records relating to
services performed hereunder, and such books of account and records shall be accessible for inspection by an authorized
representative of the Issuer, the Trustee and the Independent accountants appointed by the Issuer pursuant to the Indenture
at a mutually agreed-upon time during normal business hours and upon reasonable prior notice; provided that the
Collateral Manager shall not be obligated to provide access to any non-public information if the Collateral Manager in good
faith determines that the disclosure of such information would violate any applicable law, regulation or contractual
arrangement. The Collateral Manager shall follow its customary procedures to keep confidential all information obtained in
connection with the services rendered hereunder and shall not disclose any such information except (i) with the prior written
consent of the Issuer (which consent shall not be unreasonably withheld), (ii) such information as the Rating Agency shall
reasonably request in connection with its rating or evaluation of the Notes and/or the Collateral Manager, as applicable,
(iii) as required by law, regulation, court order or the rules, regulations, or request of any regulatory or self-regulating
organization, body or official (including any securities exchange on which the Notes may be listed from time to time) having
jurisdiction over the Collateral Manager or as otherwise required by law or judicial process, (iv) such information as shall
have been publicly disclosed other than in violation of this Agreement, (v) to its members, officers, directors, and
employees, and to its attorneys, accountants and other professional advisers in conjunction with the transactions described
herein, (vi) such information as may be necessary or desirable in order for the Collateral Manager to prepare, publish and
distribute to any Person any information relating to the investment performance of the Collateral, (vii) in connection
with the enforcement of the Collateral Manager’s rights hereunder or in any dispute or proceeding related hereto,
(viii) to the Trustee and (ix) to Holders and potential purchasers of any of the Securities.


                    11.
Term. This Agreement shall become effective on the Closing Date and shall continue in full force and effect until the first
of the following occurs: (a) the payment in full of the Notes and the termination of the Indenture in accordance with its terms,
(b) the liquidation of the Collateral and the final distribution of the proceeds of such liquidation to the Holders of the Securities
and the Issuer, or (c) the termination of this Agreement pursuant to Section 12 hereof.


                    12.
Termination. (a) The Collateral Manager may be removed upon at least 30 days’ prior written notice (i) for Cause,
by the Issuer or the Trustee, if the Holders of at least a Majority of each Class of Notes then outstanding, give written notice
to the Collateral Manager, the Issuer and the Trustee directing such removal (excluding in any such calculation any Notes held
by the Collateral Manager, any of its Affiliates or by any fund managed or controlled by the Collateral Manager or any Affiliate
thereof) or (ii) without Cause if Holders of at least 75% of each Class of Notes, by Aggregate Outstanding Amount and 75% of the
Holder of the aggregate liquidation preference of Preferred Shares (including in any such calculation any Preferred Shares held
by the Collateral Manager, any of its Affiliates or by any fund managed or controlled by the Collateral Manager or any Affiliate
thereof), give written notice to the Collateral Manager, the Issuer and the Trustee of such removal; provided that if the
Collateral Manager is removed pursuant to this sub-clause (ii), any successor Collateral Manager will not be permitted to be a
Holder of or an Affiliate of any Holder of Securities. Notice of any such removal shall be delivered by the Trustee on behalf
of the Issuer to the Rating Agency in accordance with the Indenture.






    	-15-



    	 



    


                     (b)
This Agreement may be terminated, and the Collateral Manager may be removed, for Cause by the Issuer or the Trustee, upon five
days’ prior written notice by the Issuer or the Trustee, at the direction of a Majority of the Controlling Class. Notice
of such removal for Cause shall be delivered by the Trustee on behalf of the Issuer to the Rating Agency and the Holders of each
Class of Notes and the Preferred Shares. In no event will the Trustee be required to determine whether or not Cause exists for
the removal of the Collateral Manager. For this purposes of this Agreement, “Cause” means any of the following
events:


          (i)
the Collateral Manager willfully breaches, or takes any action that it knows violates, any provision of this Agreement or any
term of the Indenture applicable to the Collateral Manager (not including a willful breach or knowing violation that results from
a good faith dispute regarding alternative courses of action or interpretation of instructions);


          (ii)
other than as provided under clause (i) above, the Collateral Manager breaches any material provision of this Agreement or any
material terms of the Indenture applicable to the Collateral Manager and fails to cure such breach within 30 days after the first
to occur of (A) notice of such failure is given to the Collateral Manager or (B) the Collateral Manager has actual knowledge of
such breach;


          (iii)
the Collateral Manager (A) ceases to be able to, or admits in writing the Collateral Manager’s inability to, pay the Collateral
Manager’s debts when and as they become due, (B) files, or consents by answer or otherwise to the filing against the Collateral
Manager of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or takes
advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (C) makes an assignment
for the benefit of the Collateral Manager’s creditors, (D) consents to the appointment of a custodian, receiver, trustee
or other officer with similar powers with respect to the Collateral Manager or with respect to any substantial part of the Collateral
Manager’s property, or (E) is adjudicated as insolvent or to be liquidated;


          (iv)
the occurrence of an act by the Collateral Manager or any of its Affiliates that constitutes fraud or criminal activity in the
performance of its obligations under this Agreement or the Collateral Manager or any of its respective officers or directors is
indicted for a criminal offense involving an investment or investment-related business, fraud, false statements or omissions,
wrongful taking of property, bribery, forgery, counterfeiting or extortion;


          (v)
the failure of any representation, warranty, certificate or statement of the Collateral Manager in or pursuant to this Agreement
or the Indenture to be correct in any material respect and (A) such failure has (or could reasonably be expected to have) a material
adverse effect on the Noteholders, the Issuer or the Co-Issuer and (B) if such failure can be cured, no correction is made for
45 days after the Collateral Manager becomes aware of such failure or receives notice thereof from the Trustee;


          (vi)
the occurrence and continuation of any of the Events of Default described in Section 5.1(a) or 5.1(b) of the Indenture;


          (vii)
the Class B Par Value Ratio as of any Measurement Date is less than 100.0%; or



 



    	-16-



    	 



    









         (viii)
the Collateral Manager consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets
to, another Person and either (A) at the time of such consolidation, amalgamation, merger or transfer, the resulting, surviving
or transferee Person fails to or cannot assume all the obligations of the Collateral Manager under this Agreement or (B) the resulting,
surviving or transferee Person lacks the legal capacity to perform the obligations of the Collateral Manager hereunder and under
the Indenture.


The
Collateral Manager shall notify the Trustee, the Rating Agency and the Issuer in writing promptly upon becoming aware of any event
that constitutes “Cause” under this Section 12(b).


                    (c)
The Collateral Manager may resign, upon 90 days’ prior written notice to the Issuer, the Co-Issuer, the Trustee and Moody’s;
provided, however, that (i) no such termination or resignation shall be effective until the date as of which a successor
Collateral Manager shall have agreed in writing to assume all of the Collateral Manager’s duties and obligations pursuant
to this Agreement and (ii) the Issuer shall use commercially reasonable efforts to appoint a successor Collateral Manager to assume
such duties and obligations. Notwithstanding the foregoing, the Collateral Manager shall have the right to resign without prior
notice if, due to a change in any applicable law or regulation or interpretation thereof, the performance by the Collateral Manager
of its duties under this Agreement would adversely affect the Parent REIT’s status as a REIT, the Issuer’s status
as a Qualified REIT Subsidiary or other disregarded entity of the Parent REIT for U.S. federal income tax purposes (unless the
Issuer has received an opinion of Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced
in such matters that the Issuer will be treated as a foreign corporation that will not be treated as engaged in a trade or business
in the United States for federal income tax purposes), or constitute a violation of such applicable law or regulation; provided,
further, that no such resignation or termination will be effective unless a replacement Collateral Manager is appointed
as described herein. The Issuer will use commercially reasonable efforts to appoint a successor Collateral Manager to assume such
duties.


                    (d)
No removal, termination or resignation of the Collateral Manager or termination of this Agreement shall be effective unless (A)
a successor Collateral Manager (a “Replacement Collateral Manager”) has been appointed by the Issuer and has
agreed in writing to assume all of the Collateral Manager’s duties and obligations pursuant to this Agreement and (B) written
notification shall have been provided in accordance with Section 12(a), (b) or (c), as applicable. The appointment
of any Replacement Collateral Manager shall be subject to satisfaction of the Rating Agency Condition and each such Replacement
Collateral Manager (i) shall have demonstrated an ability to professionally and competently perform duties similar to those imposed
upon the Collateral Manager, (ii) is legally qualified and has the capacity to act as Collateral Manager, (iii) by its appointment
will not cause or result in the Issuer or Co-Issuer becoming an “investment company” under the Investment Company
Act, (iv) has accepted its appointment in writing and (v) by its appointment will not cause the Issuer, the Co-Issuer or the pool
of Collateral to become subject to income or withholding tax that would not have been imposed but for such appointment.






    	-17-



    	 



    


Except
in the case of the removal of the Collateral Manager for Cause under clause (vii) of the definition thereof while the Class A
Notes are outstanding, upon the resignation or removal of the Collateral Manager while any of the Notes are Outstanding, the holders
of a Majority of Preferred Shareholders (excluding any Preferred Shares held by the Collateral Manager, any of its Affiliates
or any fund managed or controlled by the Collateral Manager or an Affiliate thereof to the extent the Replacement Collateral Manager
is an Affiliate of the Collateral Manager or the Collateral Manager has been removed for Cause) will have the right to instruct
the Issuer to appoint an institution identified by such Holders as Replacement Collateral Manager that is approved by the Class
A Majority Holders; provided that in the event that 100% of the aggregate outstanding Preferred Shares are held by any
one or more of the Collateral Manager, its Affiliates and funds managed or controlled by the Collateral Manager or any Affiliate
thereof and the proposed Replacement Collateral Manager is an Affiliate of the Collateral Manager, the holders of at least a Majority
of the Class B Notes (excluding any Notes held by the Collateral Manager or an Affiliate of the Collateral Manager to the extent
the Replacement Collateral Manager is an Affiliate of the Collateral Manager or the Collateral Manager has been removed for Cause)
may appoint an institution as replacement Collateral Manager. In the case of the removal of the Collateral Manager for Cause under
clause (vii) of the definition thereof while the Class A Notes are outstanding, the Class A Majority Holders (excluding any Class
A Notes held by the Collateral Manager, any of its affiliates or any fund managed or controlled by the Collateral Manager or an
affiliate thereof) will have the right to instruct the Issuer to appoint an institution identified by such holders as replacement
Collateral Manager that is approved by the holders of at least a majority of the aggregate outstanding principal amount of the
Class B Notes. The appointment of a replacement Collateral Manager in accordance with the procedures described in either of the
two immediately preceding paragraphs will be subject to the following additional conditions: (A) the Issuer provides the Noteholders
and the holder of the Preferred Shares notice of such proposed appointment, (B) the Holders of at least a Majority of each Class
of Notes (excluding any Notes held by the Collateral Manager, any Affiliate of the Collateral Manager or any fund managed or controlled
by the Collateral Manager or any Affiliate thereof to the extent the Replacement Collateral Manager is an Affiliate of the Collateral
Manager or the Collateral Manager has been removed for Cause) do not disapprove of such institution in writing within 30 days
of notice of such appointment, (C) the Rating Agency Condition has been satisfied and (D) such institution (i) has demonstrated
an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager, (ii) is legally
qualified and has the capacity to act as Collateral Manager, (iii) by its appointment will not cause or result in the Issuer or
Co-Issuer becoming an investment company under the 1940 Act, (iv) has accepted its appointment in writing and (v) by its appointment
will not cause the Issuer or the Co-Issuer or the pool of Collateral to become subject to income or withholding tax that would
not have been imposed but for such appointment. No removal of or resignation by the Collateral Manager will be effective until
a successor Collateral Manager has been appointed and approved in the manner specified in the Indenture and in this Agreement.


                    (e)
In the event that the Collateral Manager resigns pursuant to Section 12(c) or is terminated pursuant to Section 12(a)
or (b) hereof and the Collateral Manager and the Issuer has not appointed a successor prior to the day following the termination
(or resignation) date specified in such notice, the Collateral Manager will be entitled to appoint a successor and will so appoint
a successor within 60 days thereafter, subject to the requirements set forth in Section 12(e)(D)(i) through (v).
In the event a proposed successor Collateral Manager is not approved by the Holders of a Majority of each Class of Notes within
30 days of the notice of such appointment, the resigning or removed Collateral Manager may petition any court of competent jurisdiction
for the appointment of a successor Collateral Manager, which appointment will not require the consent of, or be subject to the
disapproval of, the Issuer, any Noteholder or any Holder of the Preferred Shares. Upon expiration of the applicable notice periods
with respect to termination specified in Section 12(a), (b) or (c) hereof, all authority and power of the
Collateral Manager under this Agreement and the Indenture, whether with respect to the Collateral or otherwise, shall automatically
and without further action by any person or entity pass to and be vested in the successor Collateral Manager upon the appointment
thereof.






    	-18-



    	 



    

 



                    Notwithstanding
any provision contained in this Agreement, the Indenture or otherwise, so long as the Collateral Manager is an entity other than
DivCore CM or any Affiliate thereof, and such entity continues to perform its obligations hereunder, the Collateral Manager Fee
shall continue to accrue for the benefit of the Collateral Manager until termination of this Agreement under this Section 12 shall become effective as set forth herein. In addition, the Collateral Manager shall, subject to Section 6, be entitled
to reimbursement of out-of-pocket expenses incurred in cooperating with the Replacement Collateral Manager, including in connection
with the delivery of any documents or property. In the event that the Collateral Manager is removed or resigns and a Replacement
Collateral Manager is appointed, such former Collateral Manager (to the extent such former Collateral Manager is an entity other
than DivCore CM or any Affiliate thereof) nonetheless shall be entitled to receive payment of all unpaid Collateral Manager Fees
accrued through the effective date of the removal or resignation, to the extent that funds are available for that purpose in accordance
with the Priority of Payments, and such payments shall rank in the Priority of Payments pari passu with the Collateral Manager
Fees due to the Replacement Collateral Manager.


                    (f)
Upon the effective date of termination of this Agreement, the Collateral Manager shall as soon as practicable:


          (i)
deliver to the Issuer, or as the Issuer directs, all property and documents of the Trustee or the Issuer or otherwise
relating to the Collateral then in the custody of the Collateral Manager (although the Collateral Manager may keep copies of
such documents for its records); and


          (ii)
deliver to the Trustee an accounting with respect to the books and records delivered to the Issuer or the Replacement
Collateral Manager appointed pursuant to this Section 12 hereof.


 


                    The
Collateral Manager shall reasonably assist and cooperate with the Trustee and the Issuer (as reasonably requested by the Trustee
or the Issuer) in the assumption of the Collateral Manager’s duties by any Replacement Collateral Manager as provided for
in this Agreement, as applicable. Notwithstanding such termination, the Collateral Manager shall remain liable to the extent set
forth herein (but subject to Section 13 hereof) for the Collateral Manager’s acts or omissions hereunder arising
prior to its termination as Collateral Manager hereunder and for any expenses, losses, damages, liabilities, demands, charges
and claims (including reasonable attorneys’ fees) in respect of or arising out of a breach of the representations and warranties
made by it in Section 5 hereof or from any failure of the Collateral Manager to comply with the provisions of this Section
12(g).


 






    	-19-



    	 



    

 



                   
(g) The Collateral Manager agrees that, notwithstanding any termination, the Collateral Manager shall reasonably cooperate in
any Proceeding arising in connection with this Agreement, the Indenture or any of the Collateral (excluding any such Proceeding
in which claims are asserted against the Collateral Manager or any Affiliate of the Collateral Manager) so long as the Collateral
Manager shall have been offered (in its judgment) reasonable security, indemnity or other provision against the cost, expenses
and liabilities that might be incurred in connection therewith, but, in any event, shall not be required to make any admission
or to take any action against the Collateral Manager’s own interests or the interests of other funds and accounts advised
by the Collateral Manager.


                    (h)
If this Agreement is terminated pursuant to Section 12(a), (b) or (c) hereof, such termination shall be without
any further liability or obligation of the Issuer or the Collateral Manager to the other, except as provided in Sections 6,
7, 12 and 13 and the last sentence of Section 10 hereof.


                    13.
Liability of Collateral Manager. (a) The Collateral Manager assumes no responsibility under this Agreement other than to
render the services called for from the Collateral Manager hereunder and under the Indenture in the manner prescribed herein and
therein. The Collateral Manager and its Affiliates, and each of their respective partners, shareholders, members, managers, officers,
directors, employees, agents, accountants and attorneys shall have no liability to the Noteholders, the Trustee, the Issuer, the
Co-Issuer, the Placement Agent, or any of their respective Affiliates, partners, shareholders, officers, directors, employees,
agents, accountants and attorneys, for any error of judgment, mistake of law, or for any claim, loss, liability, damage, settlement,
costs, or other expenses (including reasonable attorneys’ fees and court costs) of any nature whatsoever (collectively “Liabilities”)
that arise out of or in connection with any act or omissions of the Collateral Manager in the performance of its duties under
this Agreement or the Indenture or for any decrease in the value of the Mortgage Loans or Eligible Investments, except (i) by
reason of acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance of, or reckless
disregard of, the duties of the Collateral Manager hereunder and under the terms of the Indenture and (ii) with respect to the
information concerning the Collateral Manager under the heading “The Collateral Manager” in the Offering Memorandum
containing any untrue statement of material fact or omitting to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Issuer agrees that the Collateral Manager
shall not be liable for any consequential, special, exemplary or punitive damages hereunder. The breaches described in this Section
13(a)(i) and (ii) are collectively referred to for purposes of this Section 13 as “Collateral Manager
Breaches.”


                    (b)
The Collateral Manager shall indemnify, defend and hold harmless the Issuer and each of its partners, shareholders, members, managers,
officers, directors, employees, agents, accountants and attorneys (each, an “Issuer Indemnified Party”) from
and against any claims that may be made against an Issuer Indemnified Party by third parties and any damages, losses, claims,
liabilities, costs or expenses (including all reasonable legal and other expenses) which are incurred as a direct consequence
of the Collateral Manager Breaches, except for liability to which such Issuer Indemnified Party would be subject by reason of
willful misconduct, bad faith, gross negligence in the performance of, or reckless disregard of the obligations of the Issuer
hereunder and under the terms of the Indenture.






    	-20-



    	 



    


                 
  (c) The Issuer shall reimburse, indemnify and hold harmless the Collateral Manager, its members, managers,
directors, officers, stockholders, partners, agents and employees and any Affiliate of the Collateral Manager and its
directors, officers, stockholders, partners, members, agents and employees (the Collateral Manager and such other persons
collectively, the “Collateral Manager Indemnified Parties”) from any and all Liabilities, as are incurred in
investigating, preparing, pursuing or defending any claim, action, proceeding or investigation (whether or not such
Collateral Manager Indemnified Party is a party) caused by, or arising out of or in connection with this Agreement, the
Indenture and the transactions contemplated hereby and thereby, including the issuance of the Notes, or any acts or omissions
of any Collateral Manager Indemnified Parties except those that are the result of Collateral Manager Breaches. Any amounts
payable by the Issuer under this Section 13(c) shall be payable only subject to the Priority of Payments set forth in
the Indenture and to the extent Collateral are available therefor.


             
      (d) With respect to any claim made or threatened against an Issuer Indemnified
Party or a Collateral Manager Indemnified Party (each an “Indemnified Party”), or compulsory process or
request or other notice of any loss, claim, damage or liability served upon an Indemnified Party, for which such Indemnified
Party is or may be entitled to indemnification under this Section 13, such Indemnified Party shall (or, with respect
to Indemnified Parties that are directors, managers, officers, stockholders, members, managers, agents or employees of the
Issuer or the Collateral Manager, the Issuer or the Collateral Manager, as the case may be, shall cause such Indemnified
Party to):


          (i)
give written notice to the indemnifying party of such claim within ten Business Days after such Indemnified Party’s receipt
of actual notice that such claim is made or threatened, which notice to the indemnifying party shall specify in reasonable detail
the nature of the claim and the amount (or an estimate of the amount) of the claim; provided, however, that the
failure of any Indemnified Party to provide such notice to the indemnifying party shall not relieve the indemnifying party of
its obligations under this Section 13 unless the rights or defenses available to the Indemnified Party are materially prejudiced
or otherwise forfeited by reason of such failure;


          (ii)
at the indemnifying party’s expense, provide the indemnifying party such information and cooperation with respect to such
claim as the indemnifying party may reasonably require, including making appropriate personnel available to the indemnifying party
at such reasonable times as the indemnifying party may request;


          (iii)
at the indemnifying party’s expense, cooperate and take all such steps as the indemnifying party may reasonably request
to preserve and protect any defense to such claim;


          (iv)
in the event suit is brought with respect to such claim, upon reasonable prior notice, afford to the indemnifying party the right,
which the indemnifying party may exercise in its sole discretion and at its expense, to participate in the investigation, defense
and settlement of such claim;






    	-21-



    	 



    


          (v) neither incur any material expense to defend against nor release or settle any such claim or make any admission with respect
thereto (other than routine or incontestable admissions or factual admissions the failure to make of which would expose such Indemnified
Party to unindemnified liability) nor permit a default or consent to the entry of any judgment in respect thereof, in each case
without the prior written consent of the indemnifying party; and


          (vi)
upon reasonable prior notice, afford to the indemnifying party the right, in such party’s sole discretion and at such party’s
sole expense, to assume the defense of such claim, including the right to designate counsel reasonably acceptable to the Indemnified
Party and to control all negotiations, litigation, arbitration, settlements, compromises and appeals of such claim; provided that, if the indemnifying party assumes the defense of such claim, it shall not be liable for any fees and expenses of counsel
for any Indemnified Party incurred thereafter in connection with such claim except that, if such Indemnified Party reasonably
determines that counsel designated by the indemnifying party has a conflict of interest, such indemnifying party shall pay the
reasonable fees and disbursements of one counsel (in addition to any local counsel) separate from such indemnifying party’s
own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances; and provided, further, that the indemnifying
party shall not have the right, without the Indemnified Party’s written consent, to settle any such claim if, in a case
where the Issuer is the indemnifying party, the Issuer does not make available (in accordance with the Priority of Payments),
in a segregated account available only for this purpose, the full amount required to pay any amounts due from the Indemnified
Party under such settlement or, in any case, such settlement (A) arises from or is part of any criminal action, suit or proceeding,
(B) contains a stipulation to, confession of judgment with respect to, or admission or acknowledgement of, any liability or wrongdoing
on the part of the Indemnified Party, (C) relates to any federal, state or local tax matters or (D) provides for injunctive relief,
or other relief other than damages, which is binding on the Indemnified Party.


                  
  (e) In the event that any Indemnified Party waives its right to indemnification hereunder, the indemnifying party
shall not be entitled to appoint counsel to represent such Indemnified Party nor shall the indemnifying party reimburse such
Indemnified Party for any costs of counsel to such Indemnified Party.


                
    (f) Nothing herein shall in any way constitute a waiver or limitation of any rights that the Issuer
or the Collateral Manager may have under any United States federal or state securities laws.






    	-22-



    	 



    


                    14.
Obligations of Collateral Manager. (a) Unless otherwise required by a provision of the Indenture or this Agreement or by
applicable law, the Collateral Manager shall use all commercially reasonable efforts to ensure that no action is taken by it,
and shall not intentionally or with reckless disregard take any action, which the Collateral Manager knows or reasonably should
know (i) could reasonably be expected to materially adversely affect the Issuer or the Co-Issuer for purposes of Cayman Islands
law, Delaware law, United States federal or state law or any other law known to the Collateral Manager to be applicable to the
Issuer or the Co-Issuer, (ii) would not be permitted under the Issuer or the Co-Issuer’s Governing Documents, (iii) would
require registration of the Issuer or the Co-Issuer or the Collateral as an “investment company” under the Investment
Company Act, (iv) would cause the Issuer or the Co-Issuer to violate the terms of the Indenture or any other agreement, representation
or certification contemplated by or provided pursuant to the Indenture, (v) would cause the Issuer to fail to qualify as a Qualified
REIT Subsidiary unless the Issuer has received an opinion of Cadwalader, Wickersham & Taft LLP or another nationally recognized
tax counsel experienced in such matters that the Issuer will be treated as a foreign corporation that will not be treated as engaged
in a trade or business in the United States for federal income tax purposes, (vi) would have a materially adverse United States
federal or state income tax effect on the Issuer or (vii) would result in the Issuer entering into any “reportable transactions”
in connection with the U.S. Internal Revenue Service tax shelter rules unless the Collateral Manager notifies the Issuer immediately
after entering into any such reportable transactions.


                    The
Collateral Manager agrees not to take any action that would cause the Issuer to be required to register as or become subject to
regulatory supervision or other legal requirements under the laws of any country or political subdivision thereof as a bank, insurance
company or finance company. The Collateral Manager agrees not to take any action that would cause the Issuer to be treated as
a bank, insurance company or finance company for purposes of (i) any tax, securities law or other filing or submission made to
any governmental authority, (ii) any application made to a rating agency or (iii) qualification for any exemption from tax, securities
law or any other legal requirements. The Collateral Manager agrees not to cause the Issuer to hold itself out to the public as
a bank, insurance company or finance company. The Collateral Manager agrees not to cause the Issuer to hold itself out to the
public, through advertising or otherwise, as originating loans, lending funds, or making a market in loans, derivative financial
instruments or other assets. The Collateral Manager shall not have any liability under this Section 14 for any action taken
by the Collateral Manager in good faith in reliance on information provided by the Issuers or the Trustee.


                    (b)
The Collateral Manager, on behalf of the Issuer, shall: (i) engage the services of an Independent certified accountant (x) to
prepare any United States federal, state or local income tax or information returns and any non-United States income tax or information
returns that the Issuer may from time to time be required to file under applicable law (each a “Tax Return”)
and (y) upon the receipt of a request by the Issuer on behalf of a Noteholder, to provide information relating to original issue
discount to the Issuer and any requesting Noteholder, (ii) deliver, at least 30 days before any applicable due date upon which
penalties and interest would accrue, each Tax Return, properly completed, to the Company Administrator for signature by an Authorized
Officer of the Issuer and (iii) file or deliver such Tax Return on behalf of the Issuer within any applicable time limit with
any authority or Person as required under applicable law.


                    (c)
Notwithstanding anything to the contrary herein, the Collateral Manager or any of its Affiliates may take any action that is not
specifically prohibited by the Indenture, this Agreement or applicable law that the Collateral Manager or any Affiliate of the
Collateral Manager deems to be in its (or in its portfolio’s) best interest regardless of its impact on the Mortgage Loans.






    	-23-



    	 



    

 


                    (d)
In connection with a proposed acquisition of any REO Property pursuant to Section 3.13 of the Servicing Agreement, the Collateral
Manager shall not provide its written approval of such acquisition unless the Parent REIT has provided its written approval to
the Collateral Manager regarding such acquisition.


                    (e)
Promptly following the Closing Date, the Collateral Manager on behalf of the Issuer shall contract with a Specified Appraisal
Firm to provide Updated Appraisals for so long as any Class of Notes are outstanding under a pre-arranged fee schedule. The contract
with the Specified Appraisal Firm shall specify the requirements for the Updated Appraisals and the required time frame in which
the Updated Appraisals will be produced. The terms of contract and the choice of the appraisal firm to act as the Specified Appraisal
Firm shall be subject to the approval of the Class A Majority Holders in accordance with the Indenture. If at any time the Specified
Appraisal Firm ceases to exist, the selection of a new replacement Specified Appraisal Firm and the terms of the contract shall
be approved by the Class A Majority Holders in accordance with the Indenture.


                    15.
No Partnership or Joint Venture. The Issuer and the Collateral Manager are not partners or joint venturers with each other,
and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either
of them. The Collateral Manager’s relation to the Issuer shall be that of an independent contractor and not a general agent.
Except as expressly provided in this Agreement and in the Indenture, the Collateral Manager shall not have authority to act for
or represent the Issuer in any way and shall not otherwise be deemed to be the Issuer’s agent.


                    16.
Notices. Any notice from a party under this Agreement shall be in writing and sent by answer-back facsimile or addressed
and delivered or sent by certified mail, postage prepaid, return receipt requested, to the other party at such address as such
other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address
of the Issuer for this purpose shall be:


	 	 
	 	DivCore CLO 2013-1, Ltd.
	 	c/o Appleby Trust (Cayman) Ltd.,
	 	P.O. Box 1350, Clifton House
	 	75 Fort Street
	 	Grand Cayman, KY-1108, Cayman Islands
	 	Attention: The Directors
	 	Fax: (345) 949-4901
	 	Telephone: (345) 949-4900
	 	 
	 	with a copy to the Collateral Manager (as addressed below).


 



    	-24-



    	 



    




the
address of the Collateral Manager for this purpose shall be: 


	 	 
	 	DivCore Subordinate Debt Club I Advisors, LLC
	 	80 Field Point Road
	 	Greenwich, CT 06830
	 	Attention: Jordan Bock
	 	Email: jbock@divcore.com
	 	Telephone: (203) 861-6065


                    17.
Succession; Assignment. This Agreement shall inure to the benefit of, and be binding upon the successors to, the parties
hereto. Any assignment of this Agreement by operation of law or otherwise to any Person, in whole or in part, by the Collateral
Manager shall be deemed null and void unless (i) such assignment is consented to in writing by the Issuer and a Majority of the
Controlling Class (excluding any Securities held by the Collateral Manager, any of its Affiliates or any fund managed or controlled
by the Collateral Manager or any Affiliate thereof), (ii) the Rating Agency Condition is satisfied and (iii) the assignee has
agreed in writing to assume all of the Collateral Manager’s duties and obligations hereunder, except that the Collateral
Manager may assign all of its rights and responsibilities hereunder to any of its Affiliates without the consent of the Issuer,
the Trustee, any Noteholder or any Holder of Preferred Shares, so long as such assignment would not constitute an “assignment”
under the Advisers Act and the Rating Agency Condition is satisfied. Any assignment consented to by the Issuer in accordance with
Article 15 of the Indenture shall bind the assignee hereunder in the same manner as the Collateral Manager is bound. In addition,
the assignee shall execute and deliver to the Issuer and the Trustee a counterpart of this Agreement naming such assignee as Collateral
Manager. Upon the execution and delivery of such a counterpart by the assignee, the Collateral Manager shall be released from
further obligations pursuant to this Agreement, except with respect to the Collateral Manager’s obligations arising under
Section 13 of this Agreement prior to such assignment and except with respect to the Collateral Manager’s obligations
under the last sentence of Section 10 and Sections 7 and 12 hereof. This Agreement shall not be assigned
by the Issuer without the prior written consent of the Collateral Manager and the Trustee (subject to the satisfaction of the
Rating Agency Condition), except in the case of assignment by the Issuer to (i) an entity that is a successor to the Issuer permitted
under the Indenture, in which case such successor organization shall be bound hereunder and by the terms of said assignment in
the same manner as the Issuer is bound hereunder and thereunder or (ii) the Trustee as contemplated by the Indenture (and, in
connection therewith, the Collateral Manager agrees to be bound by Article 15 of the Indenture). In the event of any assignment
by the Issuer, the Issuer shall use its best efforts to cause its successor to execute and deliver to the Collateral Manager such
documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment. The Collateral Manager
hereby consents to the assignment and other matters set forth in Article 15 of the Indenture.






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                    18. No Bankruptcy Petition/Limited Recourse. The Collateral Manager covenants and agrees that, prior to the date that is
one year and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued
by the Issuer under the Indenture, the Collateral Manager will not institute against, or join any other Person in instituting
against, the Issuer (or any Permitted Subsidiary) or the Co-Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other proceedings under any bankruptcy, insolvency, reorganization or similar law of any jurisdiction;
provided, however, that nothing in this provision shall preclude, or be deemed to stop, the Collateral
Manager from taking any action prior to the expiration of the aforementioned one year and one day period (or, if longer, the applicable
preference period then in effect) in (x) any case or proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer,
as the case may be, or (y) any involuntary insolvency proceeding filed or commenced against the Issuer or the Co-Issuer, as the
case may be, by a Person other than the Collateral Manager. The Collateral Manager hereby acknowledges and agrees that the Issuer’s
obligations hereunder will be solely the corporate obligations of the Issuer, and the Collateral Manager will not have recourse
to any of the directors, officers, employees, shareholders or affiliates of the Issuer with respect to any claims, losses, damages,
liabilities, indemnities or other obligations hereunder or in connection with any transaction contemplated hereby. Notwithstanding
any provision hereof, all obligations of the Issuer and any claims arising from this Agreement or any transactions contemplated
by this Agreement shall be limited solely to the Mortgage Loans and the other Collateral payable in accordance with the Priority
of Payments. If payments on any such claims from the Collateral are insufficient, no other assets shall be available for payment
of the deficiency and, following liquidation of all the Collateral, all claims against the Issuer and the obligations of the Issuer
to pay such deficiencies shall be extinguished and shall not thereafter revive. The Issuer hereby acknowledges and agrees that
the Collateral Manager’s obligations hereunder shall be solely the limited liability company obligations of the Collateral
Manager, and the Issuer shall not have any recourse to any of the members, managers, directors, officers, employees, shareholders
or Affiliates of the Collateral Manager with respect to any claims, losses, damages, liabilities, indemnities or other obligations
in connection with any transactions contemplated hereby. The provisions of this Section 18 shall survive the termination
of this Agreement for any reason whatsoever.


                    19.
Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York without regard to the conflict of laws principles thereof. With respect to any suit, action or proceedings relating
to this Agreement (“Proceedings”), each party irrevocably (i) submits to the nonexclusive jurisdiction of the
courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and
(ii) waives any objection that such party may have at any time to the laying of venue of any Proceedings brought in any such court,
waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with
respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes
either party from bringing Proceedings in any other jurisdiction, nor shall the bringing of Proceedings in any one or more jurisdictions
preclude the bringing of Proceedings in any other jurisdiction. The Collateral Manager irrevocably consents to the service of
any and all process in any action or proceeding by the mailing or delivery of copies of such process to the Collateral Manager
at the office of the Collateral Manager, 80 Field Point Road, Greenwich, Connecticut 06830, Attention: Jordan Bock, or such other
address as the Collateral Manager may advise the Issuer in writing. The Issuer irrevocably consents to the service of any and
all process in any action or proceeding by the mailing or delivery of copies of such process to CT Corporation System at 111 8th
Avenue, New York, New York 10011 (and any successor entity), as its authorized agent to receive and forward on its behalf
service of any and all process which may be served in any such suit, action or proceeding in any such court and agrees that service
of process upon CT Corporation System shall be deemed in every respect effective service of process upon it in any such suit,
action or proceeding and shall be taken and held to be valid personal service upon it. Each party hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law.






    	-26-



    	 



    

                    EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.


                    (b)
The captions in this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect.


                    (c)
In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such
holding shall not invalidate or render unenforceable any other provision hereof.


                    (d)
This Agreement may be modified without the prior written consent of the Trustee or the Holders of Notes to correct any inconsistency
or cure any ambiguity or mistake, and may be modified without the prior written consent of the Trustee (provided such modification
does not materially adversely affect the Trustee) or the Noteholders, but with the consent of the Class A Majority Holders, to
provide for any other modification that does not materially and adversely affect the rights of any Noteholder or holder of the
Preferred Shares. Any other amendment of this Agreement shall require the prior written consent of a Majority of each Class of
Notes and a Majority of Preferred Shareholders that would be materially and adversely affected by such proposed amendment and
the consent of the Class A Majority Holders.


                    (e)
This Agreement constitutes the entire understanding and agreement between the parties hereto and supersedes all other prior and
contemporaneous understandings and agreements, whether written or oral, between the parties hereto concerning this subject matter
(other than the Indenture).


                    (f)
The Collateral Manager hereby agrees and consents to the terms of Section 15.1(f) of the Indenture applicable to the Collateral
Manager and shall perform any provisions of the Indenture made applicable to the Collateral Manager by the Indenture as required
by Section 15.1(f) of the Indenture. The Collateral Manager agrees that all of the representations, covenants and agreements made
by the Collateral Manager herein are also for the benefit of the Trustee, the Noteholders and the Holder of the Preferred Shares.


                    (g)
This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.


                    (h)
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“but not limited to.”


                    (i)
Subject to the last sentence of the penultimate paragraph of Section 1 hereof, in the event of a conflict between the terms
of this Agreement and the Indenture, including with respect to the obligations of the Collateral Manager hereunder and thereunder,
the terms of this Agreement shall be controlling.






    	-27-



    	 



    


                    (j)
No failure or delay on the part of any party hereto to exercise any right or remedy under this Agreement shall operate as a waiver
thereof, and no waiver shall be effective unless it is in writing and signed by the party granting such waiver.


                    (k)
This Agreement is made solely for the benefit of the Issuer, the Collateral Manager and the Trustee, on behalf of the Noteholders
and the Holder of the Preferred Shares a, their successors and assigns, and no other person shall have any right, benefit or interest
under or because of this Agreement.


                    (l)
The Collateral Manager hereby irrevocably waives any rights it may have to set off against the Collateral.


                    (m)
No Noteholder or Holder of any Preferred Share is a third party beneficiary under this Agreement for any purpose.






    	-28-



    	 



    

                    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective authorized representatives as
of the day and year first above written. 


	 	 	 
	 	DIVCORE CLO 2013-1, LTD., as Issuer
	 	Executed as a Deed
	 	 
	 	By:	    
	 	 	Name: George Bashforth
	 	 	Title: Director


 


Collateral
Management Agreement


 



    	 



    	 



    





 


	 	 	 
	 	DIVCORE, SUBORDINATE DEBT CLUB I ADVISORS,
	 	LLC, as Collateral Manager
	 	 
	 	By:	    
	 	 	Name: Michael Carp
	 	 	Title: Secretary


 


Collateral
Management Agreement