EX-10.1




 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

FS RIALTO 2022-FL5 ISSUER, LLC, 

as Issuer 
 FS CREDIT REAL ESTATE
INCOME TRUST, INC., 
 as Advancing Agent 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 COMPUTERSHARE TRUST
COMPANY, NATIONAL ASSOCIATION, 
 as Note Administrator 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION, 
 as Custodian 

INDENTURE 
 Dated as of
June 16, 2022 
  
  

 











 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	
	DEFINITIONS	 
	Section 1.1	 	Definitions	  	 	3	 
	Section 1.2	 	Interest Calculation Convention	  	 	57	 
	Section 1.3	 	Rounding Convention	  	 	57	 
	
	ARTICLE 2	 
	
	THE NOTES	 
			
	Section 2.1	 	Forms Generally	  	 	58	 
	Section 2.2	 	Forms of Notes and Certificate of Authentication	  	 	58	 
	Section 2.3	 	Authorized Amount; Stated Maturity Date; and Denominations	  	 	59	 
	Section 2.4	 	Execution, Authentication, Delivery and Dating	  	 	60	 
	Section 2.5	 	Registration, Registration of Transfer and Exchange	  	 	61	 
	Section 2.6	 	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	68	 
	Section 2.7	 	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	69	 
	Section 2.8	 	Persons Deemed Owners	  	 	73	 
	Section 2.9	 	Cancellation	  	 	73	 
	Section 2.10	 	Global Notes; Definitive Notes; Temporary Notes	  	 	74	 
	Section 2.11	 	U.S. Federal Income Tax Treatment of Notes and the Issuer	  	 	75	 
	Section 2.12	 	Authenticating Agents	  	 	76	 
	Section 2.13	 	Forced Sale on Failure to Comply with Restrictions	  	 	77	 
	Section 2.14	 	No Gross Up	  	 	78	 
	Section 2.15	 	Credit Risk Retention	  	 	78	 
	Section 2.16	 	Exchangeable Notes; Exchange of MASCOT Notes	  	 	78	 
	Section 2.17	 	Effect of Benchmark Transition Event	  	 	80	 
	Section 2.18	 	Certain U.S. Federal Income Tax Accounting Applicable to Sub-REIT’s Treatment of the Class H Notes	  	 	81	 
	
	ARTICLE 3	 
	
	CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS	 
			
	Section 3.1	 	General Provisions	  	 	82	 
	Section 3.2	 	Security for Secured Notes	  	 	85	 
	Section 3.3	 	Transfer of Collateral	  	 	86	 


  
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	ARTICLE 4	 
	
	SATISFACTION AND DISCHARGE	 
			
	Section 4.1	  	Satisfaction and Discharge of Indenture	  	 	94	 
	Section 4.2	  	Application of Amounts Held in Trust	  	 	95	 
	Section 4.3	  	Repayment of Amounts Held by Paying Agent	  	 	96	 
	Section 4.4	  	Limitation on Obligation to Incur Company Administrative Expenses	  	 	96	 
	
	ARTICLE 5	 
	
	REMEDIES	 
			
	Section 5.1	  	Events of Default	  	 	96	 
	Section 5.2	  	Acceleration of Maturity; Rescission and Annulment	  	 	98	 
	Section 5.3	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	100	 
	Section 5.4	  	Remedies	  	 	103	 
	Section 5.5	  	Preservation of Collateral	  	 	105	 
	Section 5.6	  	Trustee May Enforce Claims Without Possession of Notes	  	 	106	 
	Section 5.7	  	Application of Amounts Collected	  	 	107	 
	Section 5.8	  	Limitation on Suits	  	 	107	 
	Section 5.9	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	108	 
	Section 5.10	  	Restoration of Rights and Remedies	  	 	108	 
	Section 5.11	  	Rights and Remedies Cumulative	  	 	108	 
	Section 5.12	  	Delay or Omission Not Waiver	  	 	108	 
	Section 5.13	  	Control by the Controlling Class	  	 	108	 
	Section 5.14	  	Waiver of Past Defaults	  	 	109	 
	Section 5.15	  	Undertaking for Costs	  	 	110	 
	Section 5.16	  	Waiver of Stay or Extension Laws	  	 	110	 
	Section 5.17	  	Sale of Collateral	  	 	110	 
	Section 5.18	  	Action on the Notes	  	 	111	 
	
	ARTICLE 6	 
	
	THE TRUSTEE AND NOTE ADMINISTRATOR	 
			
	Section 6.1	  	Certain Duties and Responsibilities	  	 	111	 
	Section 6.2	  	Notice of Default	  	 	114	 
	Section 6.3	  	Certain Rights of Trustee and Note Administrator	  	 	115	 
	Section 6.4	  	Not Responsible for Recitals or Issuance of Notes	  	 	118	 
	Section 6.5	  	May Hold Notes	  	 	118	 
	Section 6.6	  	Amounts Held in Trust	  	 	118	 
	Section 6.7	  	Compensation and Reimbursement	  	 	118	 
	Section 6.8	  	Corporate Trustee Required; Eligibility	  	 	120	 
	Section 6.9	  	Resignation and Removal; Appointment of Successor	  	 	121	 
	Section 6.10	  	Acceptance of Appointment by Successor	  	 	123	 


  
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	Section 6.11	  	Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator	  	 	123	 
	Section 6.12	  	Co-Trustees and Separate Trustee	  	 	124	 
	Section 6.13	  	Direction to Enter into the Servicing Agreement	  	 	125	 
	Section 6.14	  	Representations and Warranties of the Trustee	  	 	125	 
	Section 6.15	  	Representations and Warranties of the Note Administrator	  	 	126	 
	Section 6.16	  	Requests for Consents	  	 	126	 
	Section 6.17	  	Withholding	  	 	127	 
	
	ARTICLE 7	 
	
	COVENANTS	 
			
	Section 7.1	  	Payment of Principal and Interest	  	 	127	 
	Section 7.2	  	Maintenance of Office or Agency	  	 	128	 
	Section 7.3	  	Amounts for Note Payments to be Held in Trust	  	 	128	 
	Section 7.4	  	Existence of the Issuer	  	 	130	 
	Section 7.5	  	Protection of Collateral	  	 	131	 
	Section 7.6	  	Notice of Any Amendments	  	 	133	 
	Section 7.7	  	Performance of Obligations	  	 	133	 
	Section 7.8	  	Negative Covenants	  	 	133	 
	Section 7.9	  	Statement as to Compliance	  	 	136	 
	Section 7.10	  	Issuer May Consolidate or Merge Only on Certain Terms	  	 	136	 
	Section 7.11	  	Successor Substituted	  	 	138	 
	Section 7.12	  	No Other Business	  	 	138	 
	Section 7.13	  	Reporting	  	 	138	 
	Section 7.14	  	Calculation Agent	  	 	139	 
	Section 7.15	  	REIT Status	  	 	139	 
	Section 7.16	  	Permitted Subsidiaries	  	 	140	 
	Section 7.17	  	Repurchase Requests	  	 	141	 
	Section 7.18	  	Servicing of Commercial Real Estate Loans and Control of Servicing Decisions	  	 	141	 
	
	ARTICLE 8	 
	
	SUPPLEMENTAL INDENTURES	 
			
	Section 8.1	  	Supplemental Indentures Without Consent of Noteholders	  	 	142	 
	Section 8.2	  	Supplemental Indentures with Consent of Noteholders	  	 	145	 
	Section 8.3	  	Execution of Supplemental Indentures	  	 	147	 
	Section 8.4	  	Effect of Supplemental Indentures	  	 	148	 
	Section 8.5	  	Reference in Notes to Supplemental Indentures	  	 	149	 


  
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	ARTICLE 9	 
	
	REDEMPTION OF NOTES; REDEMPTION PROCEDURES	 
			
	Section 9.1	  	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	  	 	149	 
	Section 9.2	  	Record Date for Redemption	  	 	150	 
	Section 9.3	  	Notice of Redemption or Maturity	  	 	151	 
	Section 9.4	  	Notes Payable on Redemption Date	  	 	151	 
	Section 9.5	  	Mandatory Redemption	  	 	152	 
	
	ARTICLE 10	 
	
	ACCOUNTS, ACCOUNTINGS AND RELEASES	 
			
	Section 10.1	  	Collection of Amounts; Custodial Account	  	 	152	 
	Section 10.2	  	Reinvestment Account	  	 	153	 
	Section 10.3	  	Payment Account	  	 	154	 
	Section 10.4	  	[Reserved]	  	 	155	 
	Section 10.5	  	[Reserved]	  	 	155	 
	Section 10.6	  	Interest Advances	  	 	155	 
	Section 10.7	  	Reports by Parties	  	 	159	 
	Section 10.8	  	Reports; Accountings	  	 	159	 
	Section 10.9	  	Release of Collateral Interests; Release of Collateral	  	 	162	 
	Section 10.10	  	Information Available Electronically	  	 	163	 
	Section 10.11	  	Investor Q&A Forum; Investor Registry	  	 	166	 
	Section 10.12	  	Certain Procedures	  	 	169	 
	
	ARTICLE 11	 
	
	APPLICATION OF FUNDS	 
			
	Section 11.1	  	Disbursements of Amounts from Payment Account	  	 	169	 
	Section 11.2	  	Securities Accounts	  	 	175	 
	
	ARTICLE 12	 
	
	SALE OF COLLATERAL INTERESTS; REINVESTMENT COLLATERAL INTERESTS;
EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES	  
			
	Section 12.1	  	Sales of Collateral Interests	  	 	176	 
	Section 12.2	  	Reinvestment Collateral Interests	  	 	179	 
	Section 12.3	  	Conditions Applicable to All Transactions Involving Sale or Grant	  	 	180	 
	Section 12.4	  	Modifications to Note Protection Tests	  	 	181	 
	Section 12.5	  	Future Funding Agreement	  	 	182	 
	Section 12.6	  	Cross-Collateralized and Cross-Defaulted Collateral Interests	  	 	182	 


  
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	ARTICLE 13	 
	
	NOTEHOLDERS’ RELATIONS	 
			
	Section 13.1	  	Subordination	  	 	182	 
	Section 13.2	  	Standard of Conduct	  	 	185	 
	
	ARTICLE 14	 
	
	MISCELLANEOUS	 
			
	Section 14.1	  	Form of Documents Delivered to the Trustee and Note Administrator	  	 	186	 
	Section 14.2	  	Acts of Noteholders	  	 	187	 
	Section 14.3	  	Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Placement Agents, the Collateral Manager and the Rating Agencies	  	 	187	 
	Section 14.4	  	Notices to Noteholders; Waiver	  	 	190	 
	Section 14.5	  	Effect of Headings and Table of Contents	  	 	190	 
	Section 14.6	  	Successors and Assigns	  	 	190	 
	Section 14.7	  	Severability	  	 	191	 
	Section 14.8	  	Benefits of Indenture	  	 	191	 
	Section 14.9	  	Governing Law; Waiver of Jury Trial	  	 	191	 
	Section 14.10	  	Submission to Jurisdiction	  	 	191	 
	Section 14.11	  	Counterparts	  	 	191	 
	Section 14.12	  	17g-5 Information	  	 	192	 
	Section 14.13	  	Rating Agency Condition	  	 	194	 
	Section 14.14	  	Patriot Act Compliance	  	 	195	 
	
	ARTICLE 15	 
	
	ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT	 
			
	Section 15.1	  	Assignment of Collateral Interest Purchase Agreement	  	 	195	 
	
	ARTICLE 16	 
	
	CURE RIGHTS; PURCHASE RIGHTS	 
			
	Section 16.1	  	Collateral Interest Purchase Agreements	  	 	197	 
	Section 16.2	  	Representations and Warranties Related to Reinvestment Collateral Interests and Exchange Collateral Interests	  	 	197	 
	Section 16.3	  	Purchase Right; Majority Class H Noteholder	  	 	198	 


  
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	ARTICLE 17	 
	
	ADVANCING AGENT	 
			
	Section 17.1	  	Liability of the Advancing Agent	  	 	199	 
	Section 17.2	  	Merger or Consolidation of the Advancing Agent	  	 	199	 
	Section 17.3	  	Limitation on Liability of the Advancing Agent and Others	  	 	199	 
	Section 17.4	  	Representations and Warranties of the Advancing Agent	  	 	200	 
	Section 17.5	  	Resignation and Removal; Appointment of Successor	  	 	201	 
	Section 17.6	  	Acceptance of Appointment by Successor Advancing Agent	  	 	202	 
	Section 17.7	  	Removal and Replacement of Backup Advancing Agent	  	 	202	 
		
	SCHEDULES	  			
			
	Schedule A	  	Schedule of Collateral Interests	  			
	Schedule B	  	Benchmark	  			
	Schedule C	  	List of Authorized Officers of Collateral Manager	  			
		
	EXHIBITS	  			
			
	Exhibit A-1	  	Form of Class A Senior Secured Floating Rate Note (Global Note)	  			
	Exhibit A-2	  	Form of Class A Senior Secured Floating Rate Note (Definitive Note)	  			
	Exhibit B-1	  	Form of Class A-S Second Priority Secured Floating Rate Note (Global Note	  			
	Exhibit B-2	  	Form of Class A-S Second Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit C-1	  	Form of Class B Third Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit C-2	  	Form of Class B Third Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit D-1	  	Form of Class C Fourth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit D-2	  	Form of Class C Fourth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit E-1	  	Form of Class D Fifth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit E-2	  	Form of Class D Fifth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit F-1	  	Form of Class E Sixth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit F-2	  	Form of Class E Sixth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit G-1	  	Form of Class F Seventh Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit G-2	  	Form of Class F Seventh Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit G-3	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit G-4	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit G-5	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit G-6	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit H-1	  	Form of Class G Eighth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit H-2	  	Form of Class G Eighth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit H-3	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit H-4	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit H-5	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Global Note)	  			
	Exhibit H-6	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Definitive Note)	  			
	Exhibit I-1	  	Form of Class H Income Note (Global Note)	  			


  
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	Exhibit I-2	  	 Form of Class H Income Note (Definitive Note)
	  	
	Exhibit J-1	  	 Form of Transfer Certificate – Regulation S Global Note
	  	
	Exhibit J-2	  	 Form of Transfer Certificate – Rule 144A Global Note
	  	
	Exhibit J-3	  	 Form of Transfer Certificate – Definitive Note
	  	
	Exhibit K	  	 [Reserved]
	  	
	Exhibit L	  	 Form of Custodian Receipt
	  	
	Exhibit M	  	 Form of Request for Release of Documents and Receipt
	  	
	Exhibit N	  	 Form of Auction Call Procedure
	  	
	Exhibit O	  	 Form of NRSRO Certification
	  	
	Exhibit P	  	 Form of Note Administrator’s Monthly Report
	  	
	Exhibit Q-1	  	 Form of Investor Certification (for Non-Borrower
Affiliates)
	  	
	Exhibit Q-2	  	 Form of Investor Certification (for Borrower Affiliates)
	  	
	Exhibit R	  	 Form of Online Market Data Provider Certification
	  	
	Exhibit S	  	 Form of Officer’s Certificate of the Collateral Manager with Respect to the Acquisition of
Collateral Interests
	  	
	Exhibit T	  	 MASCOT Note Officer’s Certificate
	  	
	Exhibit U	  	 Beneficial Holder Information Form
	  	


  
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 INDENTURE, dated as of June 16, 2022, by and among FS RIALTO 2022-FL5 ISSUER, LLC, as issuer (the “Issuer”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (herein, together with its permitted successors and assigns in the trusts hereunder, the
“Trustee”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, notes registrar and backup advancing agent (in all of the foregoing
capacities, together with its permitted successors and assigns, the “Note Administrator”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as custodian (herein, together with its permitted successors and assigns in the trusts
hereunder, the “Custodian”), and FS CREDIT REAL ESTATE INCOME TRUST, INC. (including any successor by merger, “FS Credit REIT”), as advancing agent (herein, together with its permitted successors and assigns in the
trusts hereunder, the “Advancing Agent”). 
 PRELIMINARY STATEMENT 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. All
covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer, the Note Administrator, in all of its capacities hereunder, the Custodian, the Trustee and the Advancing Agent are entering into
this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

All things necessary to make this Indenture a valid agreement of the Issuer in accordance with this Indenture’s terms have been done.

 GRANTING CLAUSE 
 The Issuer
hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the
extent of the Issuer’s interest therein and specifically excluding any interest in the related Future Funding Participation therein): 

(a) the Closing Date Collateral Interests listed on Schedule A hereto which the Issuer purchases on the Closing Date and
causes to be delivered to the Trustee (directly or through the Custodian) herewith, including all payments thereon or with respect thereto, and all Collateral Interests which are delivered to the Trustee (directly or through the Custodian) after the
Closing Date pursuant to the terms hereof (including the Reinvestment Collateral Interests, Exchange Collateral Interests and Contribution Collateral Interests acquired by the Issuer after the Closing Date) and all payments thereon or with respect
thereto, in each case, other than Retained Interest, if any, under, and as defined in, the Collateral Interest Purchase Agreement; 

(b) the Servicing Accounts, the Indenture Accounts and the related Security Entitlements and all income from the investment of
funds in any of the foregoing at any time credited to any of the foregoing accounts; 
 (c) the Eligible Investments; 











 (d) the rights of the Issuer under the Collateral Management Agreement, the
Collateral Interest Purchase Agreement and the Servicing Agreement; 
 (e) all amounts delivered to the Note Administrator
(or its bailee) (directly or through a Securities Intermediary); 
 (f) all other investment property, Instruments and
General Intangibles in which the Issuer has an interest; 
 (g) the Issuer’s ownership interest in, and rights to, all
Permitted Subsidiaries; and 
 (h) all proceeds with respect to the foregoing clauses (a) through (g).

 The collateral described in the foregoing clauses (a) through (h) is referred to herein as the
“Collateral.” Such Grants are made to secure the Secured Notes equally and ratably without prejudice, priority or distinction between any Secured Note and any other Secured Note, for any reason, except as expressly provided in this
Indenture (including, but not limited to, the Priority of Payments) and to secure (i) the payment of all amounts due on and in respect of the Secured Notes in accordance with their terms, (ii) the payment of all other sums payable under
this Indenture and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any
securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of “Collateral
Interest” or “Eligible Investment,” as the case may be. 
 Except to the extent otherwise provided in this Indenture, this
Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein, for the benefit of the Noteholders. Upon the occurrence and during the continuation of any Event of
Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the benefit and security of the Noteholders or otherwise available at law or in equity but subject to the terms hereof, the
Trustee shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to
compliance with any mandatory requirements of applicable law and the terms of this Indenture, to exercise, sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private sale. 

The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties
herein in accordance with, and subject to, the terms hereof, in order that the interests of the Secured Parties may be adequately and effectively protected in accordance with this Indenture. 

Notwithstanding anything in this Indenture to the contrary, for all purposes hereunder, no holder of the Class H Notes shall be a secured
party for purposes of the Grant by virtue of holding such Notes. 

  
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 CREDIT RISK RETENTION 

On the Closing Date, pursuant to the U.S. Risk Retention Agreement and the EU/UK Risk Retention Letter, the Retention Holder will retain 100%
of the Class H Notes. The Class H Notes are referred to in this Indenture as the EHRI. 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including” and its
variations shall mean “including without limitation.” Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2
shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular
provision. All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this Indenture as
originally executed. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision. 

“17g-5 Information”: The meaning specified in
Section 14.12(a). 
 “17g-5 Information Provider”: The
meaning specified in Section 14.12(a). 
 “17g-5
Website”: A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this
transaction. Any change of the 17g-5 Website shall only occur after notice has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator,
the Trustee, the Collateral Manager, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website. 

“1940 Act”: The Investment Company Act of 1940, as amended. 

“Accepted Loan Servicer”: Any commercial mortgage servicer or special servicer, as the case may be, (i) that (a)
has a current ranking from DBRS Morningstar of at least “MOR CS3” or (b) if not ranked by DBRS Morningstar, is currently acting as servicer or special servicer, as the case may be, for a commercial mortgage-backed securities
transaction rated by DBRS Morningstar and as to which DBRS Morningstar has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or special servicer as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal, which qualification, downgrade, withdrawal 

  
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or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such commercial mortgage-backed securities transaction and serviced by such
servicer or special servicer prior to the time of determination, and (ii) that has acted as servicer or special servicer, as the case may be, for a commercial mortgage-backed securities transaction rated by Moody’s and as to which
Moody’s has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a ratings downgrade or withdrawal, which qualification, downgrade, withdrawal or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such
commercial mortgage-backed securities transaction and serviced by such servicer or special servicer prior to the time of determination. 

“Access Termination Notice”: The meaning specified in the Future Funding Agreement. 

“Account”: Any of the Servicing Accounts, the Indenture Accounts and the Future Funding Reserve Account. 

“Accountants’ Report”: A report of a firm of Independent certified public accountants of recognized national reputation.

 “Acquisition and Disposition Requirements”: With respect to any acquisition (whether by purchase or otherwise) or
disposition of a Collateral Interest, satisfaction of each of the following conditions: (a) such Collateral Interest is being acquired or disposed of in accordance with the terms and conditions set forth in this Indenture; (b) the
acquisition or disposition of such Collateral Interest does not result in a reduction or withdrawal of the then current rating issued by Moody’s or DBRS Morningstar on any Class of Notes then outstanding; and (c) such Collateral
Interest is not being acquired or disposed of for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. 

“Acquisition Criteria”: The meaning specified in Section 12.2(a). 

“Act” or “Act of Noteholders”: The meaning specified in Section 14.2. 

“Additional Note Administrator Compensation”: The meaning specified in Section 10.3(c). 

“Administrative Modification”: The meaning specified in the Servicing Agreement. 

“Advance Rate”: The meaning specified in the Servicing Agreement. 

“Advancing Agent”: FS Credit REIT, solely in its capacity as advancing agent hereunder, unless a successor Person shall have
become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent” shall mean such successor Person. 

  
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 “Advancing Agent Fee”: The fee payable monthly in arrears on each Payment
Date to the Advancing Agent or Backup Advancing Agent, as applicable, in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A Notes, the
Class A-S Notes and the Class B Notes on such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as
(i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and (ii) any of its Affiliates owns the Class H Notes. Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual Period
divided by 360. 
 “Advisers Act”: The Investment Advisers Act of 1940, as amended. 

“Advisory Committee”: The meaning specified in the Collateral Management Agreement. 

“Affiliate”: With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled
by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in
clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of such
Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. The Note Administrator, the Servicer and the Trustee may rely on certifications of any Holder or party hereto
regarding such Person’s affiliations. 
 “Agent Members”: Members of, or participants in, the Depository, Clearstream,
Luxembourg or Euroclear. 
 “Aggregate Outstanding Amount”: With respect to any Class or Classes of the Notes as of
any date of determination, the aggregate principal balance of such Class or Classes of Notes Outstanding as of such date of determination, plus, in the case of the Deferred Interest Notes, any Deferred Interest on such Classes. 

“Aggregate Outstanding Notional Amount”: With respect to any MASCOT Interest Only Notes on any date of determination, the
aggregate notional amount of such MASCOT Interest Only Notes, which shall equal the Aggregate Outstanding Amount on such date of the MASCOT P&I Notes that were issued with such MASCOT Interest Only Notes in connection with an exchange. For the
avoidance of doubt, any payment of principal to any MASCOT P&I Notes shall constitute a corresponding reduction of the Aggregate Outstanding Notional Amount of the related MASCOT Interest Only Notes. 

“Aggregate Outstanding Portfolio Balance”: On the date of determination thereof, the sum (without duplication) of
(i) the aggregate Principal Balance of the Collateral Interests, (ii) the aggregate Principal Balance of Cash and Eligible Investments held as Principal Proceeds, and (iii) the aggregate Principal Balance of Cash and Eligible
Investments held in the Reinvestment Account. 

  
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 “Aggregate Principal Balance”: When used with respect to any Collateral
Interests as of any date of determination, the sum of the Principal Balances on such date of determination of all such Collateral Interests. 

“Applicable DBRS Morningstar Eligible Investment Rating”: (A) in the case of such investments with a maturity of 30 days or
less, the short-term debt obligations of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least “A”, (B) in the case of such investments with a
maturity of 90 days or less but greater than 30 days, the short-term debt obligations of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least “AA
(low)”, (C) in the case of such investments with a maturity of 180 days or less but greater than 90 days, the short-term debt obligations of which are rated at least “R-1 (high)” or the long
term obligations of which are rated at least “AA”, and (D) in the case of such investments with a maturity of 365 days or less but greater than 180 days, the short term debt obligations of which are rated at least “R-1 (high)” or the long term obligations of which are rated at least “AAA”, in the case of each of clauses (A) through (D), if then rated by DBRS Morningstar, or, if not then rated by DBRS
Morningstar, an equivalent or higher rating by two other NRSROs (which may include Moody’s). 
 “Applicable Moody’s
Eligible Investment Rating”: in the case of such investments with a maturity of 30 days or less, the short-term debt obligations of which are rated at least “P-1” by Moody’s or the
long-term debt obligations of which are rated at least “A2” by Moody’s. 
 “Appraisal”: The meaning
specified in the Servicing Agreement. 
 “Appraisal Reduction Amount”: For any Collateral Interest with respect to which an
Appraisal Reduction Event has occurred, an amount calculated by the Special Servicer equal to the excess, if any, of (a) the Principal Balance thereof, plus all other amounts due and unpaid with respect thereto, over (b) the sum of
(i) an amount equal to 90% of the aggregate appraised value of the related Mortgaged Property or Mortgaged Properties (net of any liens senior to the lien of the related mortgage) as determined by an Updated Appraisal on each such Mortgaged
Property related to such Collateral Interest, plus (ii) the aggregate amount of all reserves, letters of credit and escrows held in connection therewith (other than escrows and reserves for unpaid real estate taxes and assessments and insurance
premiums), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral therefor (whether paid or then payable by any insurance company or government authority). With respect to any Collateral Interest that
is a Participation, any Appraisal Reduction Amount will be allocated to such participation interest as provided under the applicable Participation Agreement. 

“Appraisal Reduction Event”: With respect to any Collateral Interest, the occurrence of any of the following events:
(i) the 90th day following the occurrence of any uncured delinquency in any monthly payment; (ii) receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in
such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed; (iii) the date on which any related Mortgaged Property becomes an REO Property as set
forth pursuant to the Servicing Agreement; (iv) the date on which such Collateral Interest becomes a Modified Collateral Interest; or (v) a payment default occurs with respect to a balloon payment due on such Collateral Interest;
provided, however, that 

  
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if (a) the related borrower is diligently seeking a refinancing commitment or sale of the related Mortgaged Property, (b) the related borrower continues to make its assumed scheduled
payments, (c) no other Appraisal Reduction Event has occurred with respect to such Collateral Interest, and (d) the Collateral Manager consents, then an Appraisal Reduction Event with respect to this clause (v) will be deemed
not to occur on or before the 60th day after the original maturity date (inclusive of all extension options that the related borrower had the right to elect and did so elect pursuant to the instrument related to such Collateral Interest) of such
Collateral Interest; and provided, further, that if the related borrower has delivered to the Special Servicer, on or before the 60th day after the original maturity date, refinancing documentation, purchase and sale agreement or
letter of intent to acquire the related Mortgaged Property reasonably acceptable to the Special Servicer, and the borrower continues to make its assumed scheduled payments and no other Appraisal Reduction Event has occurred with respect to such
Collateral Interest, then an Appraisal Reduction Event will be deemed not to occur until the earlier of (A) 120 days following the original maturity date of such Collateral Interest and (B) termination of the refinancing documentation, purchase
and sale agreement or letter of intent. 
 “ARRC”: Alternative Reference Rates Committee of the Federal Reserve Bank of New
York. 
 “Article 15 Agreement”: The meaning specified in Section 15.1(a).

 “As-Stabilized LTV”: With respect to any Collateral Interest, the ratio,
expressed as a percentage, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of the Principal Balance of such Collateral Interest to the value estimate of the related Mortgaged Property as reflected in an
appraisal that was obtained not more than 18 months prior to the date of determination, which value is based on the appraisal or portion of an appraisal that states an “as-stabilized” value and/or “as-renovated” value for such property, which may be based on the assumption that certain events will occur, including without limitation, with respect to the
re-tenanting, renovation or other repositioning of such property and, may be based on the capitalization rate reflected in such appraisal; provided, further, that if the appraisal was not
obtained within three months prior to the date of determination, the Collateral Manager may adjust such capitalization rate in its reasonable good faith judgment executed in accordance with the Collateral Management Standard. In determining As-Stabilized LTV for any Reinvestment Collateral Interest, Exchange Collateral Interest and Contribution Collateral Interest that is a Participation, the calculation of
As-Stabilized LTV will take into account the outstanding Principal Balance of the Participation being acquired by the Issuer and the related Companion Participation(s) (assuming fully funded). In determining
the As-Stabilized LTV for any Reinvestment Collateral Interest, Exchange Collateral Interest and Contribution Collateral Interest that is cross-collateralized with one or more other Collateral Interests, the As-Stabilized LTV will be calculated with respect to the cross-collateralized group in the aggregate. 

“Auction Call Redemption”: The meaning specified in Section 9.1(d). 

“Authenticating Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Note
Administrator to authenticate such Notes on behalf of the Note Administrator pursuant to Section 2.12. 

  
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 “Authorized Officer”: With respect to the Issuer, any Officer (or attorney-in-fact appointed by the Issuer) who is authorized to act for the Issuer in matters relating to, and binding upon, the Issuer. With respect to the Collateral Manager,
the Persons listed on Schedule C attached hereto or such other Person or Persons specified by the Collateral Manager by written notice to the other parties hereto. With respect to the Servicer or the Special Servicer, a “Responsible
Officer” of the Servicer or the Special Servicer as set forth in the Servicing Agreement. With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an express trust, a Trust Officer. Each
party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of
written notice to the contrary. 
 “Backup Advancing Agent”: The Note Administrator, solely in its capacity as Backup
Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having (i) a long-term unsecured debt rating at least equal to “A2” by
Moody’s and a short-term unsecured debt rating from Moody’s at least equal to “P-1” and (ii) a long-term unsecured debt rating at least equal to “A” by DBRS Morningstar or,
if not rated by DBRS Morningstar, an equivalent by two other NRSROs, one of which may be Moody’s. 
 “Bankruptcy
Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time. 

“Barclays”: Barclays Capital Inc. 

“Benchmark”: The reference rate used to determine the rate at which interest will accrue on a Class of Notes, which
(1) initially shall be Term SOFR and (2) from and after the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date shall be the applicable Benchmark Replacement. 

“Benchmark Determination Date”: With respect to any Interest Accrual Period, (1) if the Benchmark is Term SOFR, the
second SOFR Business Day preceding the first Business Day of such Interest Accrual Period and (2) if the Benchmark is not Term SOFR, the date determined in accordance with the Benchmark Replacement Conforming Changes. 

“Benchmark Replacement”: The first alternative set forth in the order below that can be determined by the Collateral Manager
as of the Benchmark Replacement Date: 
 (1) Compounded SOFR; 

(2) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

(3) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and 

  
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 (4) the sum of: (a) the alternate rate of interest that has been
selected by the Collateral Manager as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S.
dollar denominated securitizations at such time and (b) the Benchmark Replacement Adjustment. 
 In no event may the Benchmark
Replacement be less than zero. 
 “Benchmark Replacement Adjustment”: The first alternative set forth in the order below
that can be determined by the Collateral Manager as of the Benchmark Replacement Date: 
 (1) the spread adjustment, or
method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; and 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by
the Collateral Manager giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated securitization transactions at such time. 
 “Benchmark Replacement Conforming
Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational changes (including, but not limited to, changes to the definition of “Interest Accrual Period,” setting an applicable Benchmark
Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest, the method for calculating the Benchmark Replacement and other administrative matters, which may, for the avoidance of doubt, have
a material economic impact on the Notes) that the Collateral Manager decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Collateral Manager decides
that adoption of any portion of such market practice is not administratively feasible or if the Collateral Manager determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Collateral Manager
determines is reasonably necessary). 
 “Benchmark Replacement Date”: The date selected by the Collateral Manager, in its
sole discretion, to be an appropriate Benchmark Replacement Date based on market practice. 
 “Benchmark Transition Event”:
The occurrence of one or more of the following events with respect to the then-current Benchmark: 
 (1) a public statement
or publication of information by or on behalf of the administrator of the Benchmark announcing that the administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the Benchmark; 

  
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 (2) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator
for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is not, or as of a date specified in the future will no longer be, representative. 
 “Beneficial
Holder Information Form”: A beneficial holder information form substantially in the form of Exhibit U hereto. 

“Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York, Charlotte, North Carolina, Concord, California, Miami, Florida, or the location of the Corporate Trust Office of the Note Administrator or the Trustee, or
(iii) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 
 “Calculation
Agent”: The meaning specified in Section 7.14(a). 
 “Calculation Amount”: With respect
to (a) any Modified Collateral Interest, the Principal Balance thereof minus any related Appraisal Reduction Amounts; and with respect to (b) any Defaulted Collateral Interest, the lowest of (i) the Moody’s Recovery Rate
of such Collateral Interest multiplied by the Principal Balance of such Collateral Interest, (ii) the market value of such Collateral Interest, as determined by the Collateral Manager in accordance with the Collateral Management Standard based
upon, among other things, a recent Appraisal and information from one or more third party commercial real estate brokers and such other information as the Collateral Manager deems appropriate and (iii) the Principal Balance of such Collateral
Interest minus any applicable Appraisal Reduction Amounts. 
 “Cash”: Such coin or currency of the United States of
America as at the time shall be legal tender for payment of all public and private debts. 
 “Cash Collateral Account”: The
meaning specified in the Servicing Agreement. 
 “Certificate of Authentication”: The meaning specified in
Section 2.1. 

  
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 “Certificated Security”: A “certificated security” as defined in Section 8-102(a)(4) of the UCC. 
 “Class”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes or the Class H Notes, as
applicable. 
 “Class A Benchmark Spread”: (i) With respect to each Payment Date (and related Interest
Accrual Period), 2.3038% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in June 2027, 0.25%. 

“Class A Defaulted Interest Amount”: With respect to the Class A Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class A Rate. 
 “Class A Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A Rate. 

“Class A Notes”: The Class A Senior Secured Floating Rate Notes Due 2037, issued by the Issuer
pursuant to this Indenture. 
 “Class A Rate”: With respect to any Class A Note, the per annum rate
at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class A Benchmark Spread. 

“Class A-S Benchmark Spread”: (i) With respect to each Payment
Date (and related Interest Accrual Period), 2.8735% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in July 2027, 0.25%. 

“Class A-S Defaulted Interest Amount”: With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A-S Notes on account of any shortfalls in the payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class A-S Rate. 

“Class A-S Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A-S
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A-S
Rate. 

  
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 “Class A-S
Notes”: The Class A-S Second Priority Secured Floating Rate Notes Due 2037, issued by the Issuer pursuant to this Indenture. 

“Class A-S Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus
(b) the Class A-S Benchmark Spread. 
 “Class B Benchmark
Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period), 3.3726% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in July 2027, 0.50%. 

“Class B Defaulted Interest Amount”: With respect to the Class B Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class B Rate. 
 “Class B Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class B Rate. 

“Class B Notes”: The Class B Third Priority Secured Floating Rate Notes Due 2037, issued by the
Issuer pursuant to this Indenture. 
 “Class B Rate”: With respect to any Class B Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class B Benchmark Spread. 

“Class C Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
3.9218% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in August 2027, 0.50%. 

“Class C Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on account of
any shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class C Rate. 

“Class C Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes or the Class B Notes are outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class C Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class C Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest
Accrual Period divided by three hundred sixty (360) and (iii) the Class C Rate. 

  
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 “Class C Notes”: The Class C Fourth Priority
Secured Floating Rate Notes Due 2037, issued by the Issuer pursuant to this Indenture. 
 “Class C
Rate”: With respect to any Class C Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus
(b) the Class C Benchmark Spread. 
 “Class D Benchmark Spread”: (i) With respect to each
Payment Date (and related Interest Accrual Period), 4.8180% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in August 2027, 0.50%. 

“Class D Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class D
Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class D Rate.

 “Class D Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on any
Payment Date. 
 “Class D Interest Distribution Amount”: On each Payment Date, the amount due to Holders
of the Class D Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such
Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class D Rate. 

“Class D Notes”: The Class D Fifth Priority Secured Floating Rate Notes Due 2037, issued by the
Issuer pursuant to this Indenture. 
 “Class D Rate”: With respect to any Class D Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class D Benchmark Spread. 

“Class E Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
5.4146% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in August 2027, 0.50%. 

“Class E Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to holders
of the Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class E Rate. 

  
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 “Class E Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are outstanding, any interest due on the Class E Notes that is not paid as a result
of the operation of the Priority of Payments on any Payment Date. 
 “Class E Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class E Rate. 

“Class E Notes”: The Class E Sixth Priority Secured Floating Rate Notes Due 2037, issued by the
Issuer pursuant to this Indenture. 
 “Class E Rate”: With respect to any Class E Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class E Benchmark Spread. 

“Class F Benchmark Spread”: With respect to each Payment Date (and related Interest Accrual Period),
6.0000%. 
 “Class F Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the accrued and unpaid amount
due to holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent
lawful) at the Class F Rate. 
 “Class F Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, any interest due on the Class F Notes that is not paid as
a result of the operation of the Priority of Payments on any Payment Date. 
 “Class F Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class F Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class F Rate. 

“Class F Notes”: The Class F Seventh Priority Secured Floating Rate Notes Due 2037, issued by the
Issuer pursuant to this Indenture. 
 “Class F Rate”: With respect to any Class F Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class F Benchmark Spread. 

  
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 “Class F-E Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-E Notes on account of any shortfalls in the payment of the Class F-E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-E Notes described in Section 2.16. 
 “Class F-E Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D
Notes or the Class E Notes are outstanding, any interest due on the Class F-E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. Any Class F-E Deferred Interest added to the Aggregate Outstanding Amount of the Class F-E Notes shall have the effect of increasing the Aggregate Outstanding Notional
Amount of the Class F-X Notes. 

“Class F-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class F-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class F-E Notes described in Section 2.16. 

“Class F-E Notes”: The meaning specified in
Section 2.3. 
 “Class F-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-X Notes on account of any shortfalls in the payment of the Class F-X Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-X Notes described in Section 2.16. 
 “Class F-X Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F-X Notes on account of interest equal to the product of
(i) the Aggregate Outstanding Notional Amount of the Class F-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period
divided by three hundred sixty (360) and (iii) the interest rate on the Class F-X Notes described in Section 2.16. 

“Class F-X Notes”: The meaning specified in
Section 2.3. 
 “Class G Benchmark Spread”: With respect to each Payment Date
(and related Interest Accrual Period), 7.0000%. 
 “Class G Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G Notes on account of any shortfalls in the
payment of the Class G Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class G Rate. 

  
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 “Class G Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the
Priority of Payments on any Payment Date. 
 “Class G Interest Distribution Amount”: On each Payment
Date, the amount due to Holders of the Class G Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the related Interest Accrual Period, (ii) the
actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class G Rate. 

“Class G Notes”: The Class G Eighth Priority Secured Floating Rate Notes Due 2037, issued by the
Issuer pursuant to this Indenture. 
 “Class G Rate”: With respect to any Class G Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class G Benchmark Spread. 

“Class G-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-E Notes on account of any shortfalls in the payment of the Class G-E Interest Distribution Amount with respect to any preceding Payment Date or Payment
Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-E Notes described in Section 2.16. 

“Class G-E Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G-E Notes that is not paid
as a result of the operation of the Priority of Payments on any Payment Date. Any Class G-E Deferred Interest added to the Aggregate Outstanding Amount of the
Class G-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class G-X Notes. 

“Class G-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class G-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class G-E Notes described in Section 2.16. 

“Class G-E Notes”: The meaning specified in
Section 2.3. 
 “Class G-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes,
Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-X Notes as of each Payment Date,
the accrued and unpaid amount due to holders of the Class G-X Notes on account of any shortfalls in the payment of the Class G-X Interest Distribution Amount
with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-X Notes described in
Section 2.16. 

  
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 “Class G-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class G-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class G-X Notes described in Section 2.16. 

“Class G-X Notes”: The meaning specified in
Section 2.3. 
 “Class H Notes”: The Class H Income Notes Due 2037,
issued by the Issuer pursuant to this Indenture. 
 “Clean-up Call”: The meaning
specified in Section 9.1(a). 
 “Clearing Agency”: An organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearstream, Luxembourg”: Clearstream Banking,
société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg. 
 “Closing
Date”: June 16, 2022. 
 “Closing Date Collateral Interests”: The Mortgage Loans and the Participations
listed on Schedule A attached hereto that are acquired by the Issuer on the Closing Date. 

“Code”: The United States Internal Revenue Code of 1986, as amended. 

“Collateral”: The meaning specified in the first paragraph of the Granting Clause of this Indenture. 

“Collateral Interest File”: The meaning specified in Section 3.3(e). 

“Collateral Interest Purchase Agreement”: The collateral interest purchase agreement entered into between the Issuer, the
Seller, FS Credit REIT and Sub-REIT on or about the Closing Date, as amended or supplemented from time to time, which agreement is assigned to the Trustee on behalf of the Secured Parties pursuant to this
Indenture, together with any collateral interest purchase agreement or subsequent transfer instrument entered into between the Issuer and the Seller in connection with the acquisition of a Reinvestment Collateral Interest, an Exchange Collateral
Interests and/or a Contribution Collateral Interest. 
 “Collateral Interests”: The Closing Date Collateral Interests, the
Reinvestment Collateral Interests, the Exchange Collateral Interests and the Contribution Collateral Interests, individually or collectively as the context may require. 

  
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 “Collateral Management Agreement”: The Collateral Management Agreement,
dated as of the Closing Date, by and between the Issuer and the Collateral Manager, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Collateral Management Standard”: The meaning specified in the Collateral Management Agreement. 

“Collateral Manager”: FS Credit REIT, each of FS Credit REIT’s permitted successors and assigns or any successor Person
that shall have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement and thereafter “Collateral Manager” shall mean such successor Person. 

“Collateral Manager Fee”: The meaning specified in the Collateral Management Agreement. 

“Collateral Net WAC”: With respect to any Payment Date, a per annum rate (greater than or equal to zero) equal to:
(A) the total amount of Interest Proceeds available for actual payment to holders of the Notes, divided by (B) the Aggregate Outstanding Portfolio Balance immediately preceding such Payment Date, expressed as a percentage and as an
annualized rate at which interest would have to accrue on the Aggregate Outstanding Portfolio Balance on an actual/360 basis in order to produce the aggregate amount of interest described in clause (A) to accrue on the Aggregate Outstanding
Portfolio Balance during the related one-month Interest Accrual Period. 
 “Collection
Account”: The meaning specified in the Servicing Agreement. 
 “Commercial Real Estate Loan”: Any Mortgage Loan
that is a Collateral Interest and any Participated Loan in which a Participation therein is a Collateral Interest, as applicable and as the context may require. 

“Companion Participation”: With respect to each Participation held by the Issuer, the related companion participation
interest or promissory note in the related Participated Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the Issuer pursuant to the applicable provisions of this Indenture. 

“Company Administrative Expenses”: All fees, expenses and other amounts due or accrued with respect to any Payment Date and
payable by the Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator, the Custodian and the Trustee pursuant to this Indenture or any co-trustee appointed
pursuant to Section 6.7 (including amounts payable by the Issuer as indemnification pursuant to this Indenture), (ii) to provide for the costs of liquidating the Issuer following redemption of the Notes, (iii) the
limited liability company managers of the Issuer (including indemnification), (iv) the independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection with the preparation of tax
forms on behalf of the Issuer), and any registered office and government filing fees, in each case, payable in the order in which invoices are received by the Issuer, (v) a Rating Agency for fees and expenses in connection with any rating
(including the annual fee payable with respect to the monitoring of any rating) of the Notes, including fees and expenses due or accrued in connection with any credit assessment or rating of the Collateral Interests, (vi)


  
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the Collateral Manager under this Indenture and the Collateral Management Agreement (including amounts payable by the Issuer as indemnification pursuant to this Indenture or the Collateral
Management Agreement), (vii) other Persons as indemnification pursuant to the Collateral Management Agreement, (viii) the Advancing Agent or other Persons as indemnification pursuant to the provisions pertaining to the Advancing Agent in this
Indenture, (ix) the Servicer or the Special Servicer as indemnification or reimbursement of expenses pursuant to the Servicing Agreement, (x) the CREFC® Intellectual Property Royalty
License Fee, (xi) each member of the Advisory Committee (including amounts payable as indemnification) under each agreement between such Advisory Committee member and the Issuer (and the amounts payable by the Issuer to each member of the
Advisory Committee as indemnification pursuant to each such agreement), (xii) any other Person in respect of any governmental fee, charge or tax in relation to the Issuer (as certified by an Authorized Officer of the Issuer to the Note
Administrator), in each case, payable in the order in which invoices are received by the Issuer, and (xiii) any other Person in respect of any other fees or expenses (including indemnifications) permitted under this Indenture (including,
without limitation, any costs or expenses incurred in connection with certain modeling systems and services) and the documents delivered pursuant to or in connection with this Indenture and the Notes and any amendment or other modification of any
such documentation, in each case unless expressly prohibited under this Indenture (including, without limitation, the payment of all transaction fees and all legal and other fees and expenses required in connection with the purchase of any
Collateral Interests or any other transaction authorized by this Indenture), in each case, payable in the order in which invoices are received by the Issuer; provided that Company Administrative Expenses shall not include (a) amounts
payable in respect of the Notes and (b) any Collateral Manager Fee payable pursuant to the Collateral Management Agreement. 

“Compounded SOFR”: “30-Day Average SOFR” as reported on the website of the
Federal Reserve Bank of New York, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind, or any successor source for the rate currently identified as “30-Day Average SOFR” identified as such by the Federal Reserve Bank of New York from time to time. 

“Contribution Collateral Interest”: The meaning specified in Section 12.2(c). 

“Controlling Class”: The Class A Notes, so long as any Class A Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes are Outstanding, then the
Class C Notes, so long as any Class C Notes are Outstanding, then the Class D Notes, so long as any Class D Notes are Outstanding, then the Class E Notes, so long as any Class E Notes are Outstanding, then the
Class F Notes and the Class F-E Notes, so long as any Class F Notes or Class F-E Notes are Outstanding; then the Class G Notes and the Class G-E Notes, so long as any Class G Notes or Class G-E Notes are Outstanding; and then the Class H Notes, so long as any Class H Notes are
outstanding. 
 “Corporate Trust Office”: The designated corporate trust office of (a) the Trustee, currently located
at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2022-FL5, (b) the Note Administrator, currently located at (i) with respect to the delivery of Loan
Documents, at 1055 10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group – FS Rialto 2022-FL5, (ii) with respect to the delivery of


  
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Note transfers and surrenders, at 600 South 4th Street, 7th Floor, Minneapolis, Minnesota 55415, Attention: Certificate Transfer Services – FS Rialto
2022-FL5; and (iii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), FS Rialto
2022-FL5, telecopy number (410) 715-2380 or (c) such other address as the Trustee or the Note Administrator, as applicable, may designate from time to time by
notice to the Noteholders, the 17g-5 Information Provider and the parties hereto. 

“Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “Credit Risk Collateral Interest”: Any
Collateral Interest as to which the related Commercial Real Estate Loan is a Credit Risk Commercial Real Estate Loan. 
 “Credit
Risk Commercial Real Estate Loan”: Any Commercial Real Estate Loan that, in the Collateral Manager’s reasonable business judgment, has a significant risk of, with a lapse of time, becoming a Defaulted Commercial Real Estate Loan. 

“Credit Risk Exchange Limitation”: With respect to exchanges of Credit Risk Collateral Interests (other than those that are
Defaulted Collateral Interests) after the Reinvestment Period, the condition that will be satisfied if, immediately after giving effect to any such exchange, the aggregate Principal Balance of Credit Risk Collateral Interests exchanged by the Issuer
for Exchange Collateral Interests after the Reinvestment Period, is equal to or greater than 10.0% of the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date. 

“Credit Risk Retention Rules”: Regulation RR (17 C.F.R. Part 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission and the
Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.

 “Credit Risk/Defaulted Collateral Interest Cash Purchase”: The meaning specified in
Section 12.1(b)(iii). 
 “CREFC®
Intellectual Property Royalty License Fee”: With respect to each Collateral Interest and for any Payment Date, an amount accrued during the related Interest Accrual Period at the
CREFC® Intellectual Property Royalty License Fee Rate on the Principal Balance of such Collateral Interest as of the close of business on the Determination Date in such Interest Accrual
Period. Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the related Collateral Interest is computed and shall be prorated for partial
periods. 
 “CREFC® Intellectual Property Royalty License Fee
Rate”: With respect to each Collateral Interest, a rate equal to 0.0005% per annum. 

  
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 “CREFC® Loan Periodic
Update File”: The meaning specified in the Servicing Agreement. 
 “Criteria-Based Modification”: The meaning
specified in the Servicing Agreement. 
 “Custodial Account”: An account at the Securities Intermediary established
pursuant to Section 10.1(b). 
 “Custodian”: The meaning specified in
Section 3.3(a). 
 “Cut-off Date”: With respect to each
Collateral Interest, the later of June 9, 2022 or the date of origination. 
 “DBRS Morningstar”: DBRS, Inc., or any
successor thereto. 
 “Debt Service”: With respect to any Collateral Interest, the monthly payments of principal and
interest due pursuant to the terms of the related Loan Documents, excluding (1) any balloon payments, (2) required (non-monthly) principal paydowns and (3) reserve payments for the following 12
payment dates. 
 “Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default. 
 “Defaulted Collateral Interest”: Any Collateral Interest as to which the related
Commercial Real Estate Loan is a Defaulted Commercial Real Estate Loan. 
 “Defaulted Commercial Real Estate Loan”: Any
Commercial Real Estate Loan as to which there has occurred and is continuing for more than 60 days either (x) a payment default (after giving effect to any applicable grace period but without giving effect to any waiver) or (y) a material non-monetary event of default that is known to the Special Servicer (after giving effect to any applicable grace period but without giving effect to any waiver); provided, however, that any Collateral
Interest as to which an Appraisal Reduction Event has not occurred due to the circumstances specified in clause (v) of the definition thereof and which is not otherwise a Defaulted Commercial Real Estate Loan will be deemed not to be a
Defaulted Commercial Real Estate Loan for purposes of determining the Calculation Amount for the Par Value Test. If a Defaulted Commercial Real Estate Loan is the subject of a work-out, modification or
otherwise has cured the default such that the subject Defaulted Commercial Real Estate Loan is no longer in default pursuant to its terms (as such terms may have been modified), such Collateral Interest will no longer be treated as a Defaulted
Commercial Real Estate Loan. 
 “Deferred Interest”: The Class C Deferred Interest, the Class D Deferred
Interest, the Class E Deferred Interest, the Class F Deferred Interest, the Class F-E Deferred Interest, the Class G Deferred Interest and the
Class G-E Deferred Interest. 
 “Deferred Interest Notes”: The Class C
Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes, Class G Notes and Class G-E Notes, to the extent such Class is
not the most senior Class Outstanding. 

  
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 “Definitive Notes”: The meaning specified in
Section 2.2(b). 
 “Depository” or “DTC”: The Depository Trust Company, its
nominees, and their respective successors. 
 “Determination Date”: The 11th day of each month or, if such day is not a
Business Day, the preceding Business Day, commencing in July 2022. 
 “Disposition Limitation Threshold”: A threshold that
shall be met at any time that (x) the sum of (i) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) sold by the Issuer to the Collateral Manager or its
Affiliates plus (ii) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) exchanged for Exchange Collateral Interests, is equal to or greater than (y) 10% of
the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date. 
 “Disqualified
Transferee”: The meaning specified in Section 2.5(m). 
 “Dissolution Expenses”: The
amount of expenses reasonably likely to be incurred in connection with the discharge of this Indenture, the liquidation of the Collateral and the dissolution of the Issuer, as reasonably certified by the Collateral Manager or the Issuer, based in
part on expenses incurred by the Trustee, Custodian and Note Administrator and reported to the Collateral Manager. 

“Dodd-Frank”: The Dodd Frank Wall Street Reform and Consumer Protection Act, as amended from time to time. 

“Dollar” or “$”: A U.S. dollar or other equivalent unit in Cash. 

“Due Diligence Service Provider”: The meaning specified in Section 14.12(i). 

“Due Period”: With respect to any Payment Date, the period commencing on the day immediately succeeding the second preceding
Determination Date (or commencing on and excluding the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending on and including the Determination Date immediately preceding such Payment Date. 

“EHRI”: Any interest in the Issuer that satisfies the definition of “eligible horizontal residual interest” in the
Credit Risk Retention Rules. As of the Closing Date, the Class H Notes shall constitute the EHRI. 
 “Eligibility
Criteria”: The criteria set forth below with respect to any Reinvestment Collateral Interest, Exchange Collateral Interest or Contribution Collateral Interest, compliance with which shall be evidenced by an Officer’s Certificate of the
Collateral Manager delivered to the Trustee and Note Administrator as of the date of such acquisition: 
 (i) it is a
Mortgage Loan or a fully funded Senior AB Participation, Senior AB Pari Passu Participation or Pari Passu Participation in a mortgage loan that is secured by a Multifamily Property (that is not a Student Housing Property), Life Science Property,
Industrial Property, Office Property, Mixed-Use Property, Self-Storage Property, Hospitality Property or Retail Property; 

  
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 (ii) (A) the aggregate Principal Balance of the Collateral Interests secured
by properties that are of the following types are subject to limitations as follows (it being understood that, for all purposes hereof, no maximum concentration limitation will apply with respect to Multifamily Properties): (a) Industrial
Properties does not exceed 35.0% of the Aggregate Outstanding Portfolio Balance, (b) (i) Office Properties and Life Science Properties, collectively, do not exceed 35.0% of the Aggregate Outstanding Portfolio Balance and (ii) Office
Properties does not exceed 25.0% of the Aggregate Outstanding Portfolio Balance, (c) Mixed-Use Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance, (d) Self-Storage
Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance, (e) Hospitality Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance, and (f) Retail Properties does not exceed 10.0% of the
Aggregate Outstanding Portfolio Balance; 
 (B) the sum of (x) the aggregate Principal Balance of the Collateral Interests secured by
Multifamily Properties and (y) the aggregate Principal Balance of all Principal Proceeds held as cash and Eligible Investments is not lower than 40.0% of the Aggregate Outstanding Portfolio Balance; 

(iii) the obligor is incorporated or organized under the laws of, and the Collateral Interest is secured by property located
in, the United States; 
 (iv) it provides for monthly payments of interest at a floating rate based on one-month LIBOR (or a rate that is (a) a SOFR based rate, (b) materially consistent with the ARRC fallback language or (c) acceptable to the Rating Agencies); 

(v) it has a Moody’s Rating; 

(vi) it has a maturity date, assuming the exercise of all extension options (if any) that are exercisable at the option of the
related borrower under the terms of such Collateral Interest, that is not more than five years from its acquisition date (which, in the case of newly originated loans, will be calculated without regard to the initial stub interest period); 

(vii) it is not an Equity Interest; 

(viii) it is not a ground-up construction loan; 

(ix) the Collateral Manager has determined that it has an As-Stabilized LTV that is not
greater than (i) in the case of Collateral Interests secured by Multifamily Properties, 80.0%, (ii) in the case of Collateral Interests secured by Industrial Properties, Office Properties, Life Science Properties,
Mixed-Use Properties, Self-Storage Properties or Retail Properties, 75.0% and (iii) in the case of Collateral Interests secured by Hospitality Properties, 70.0%; 

  
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 (x) the Collateral Manager has determined that it has an U/W Stabilized NCF
DSCR that is not less than (i) in the case of Collateral Interests secured by Multifamily Properties, 1.15x, (ii) in the case of Collateral Interests secured by Industrial Properties, Office Properties, Life Science Properties, Mixed-Use Properties, Self-Storage Properties or Retail Properties, 1.25x, and (iii) in the case of Collateral Interests secured by Hospitality Properties, 1.40x; 

(xi) the Principal Balance of such Collateral Interest (plus any previously-acquired Participation in the same underlying
Commercial Real Estate Loan) is less than 10.0% of the Aggregate Outstanding Portfolio Balance; 
 (xii) (A) the
Weighted Average Life of the Collateral Interests, assuming the exercise of all contractual extension options (if any) that are exercisable by the borrower under each Collateral Interest, is less than or equal to the number of years (rounded to the
nearest one hundredth thereof) during the period from such date of determination to 5.5 years from the Closing Date; 
 (B)
the Weighted Average Spread of the Collateral Interests is not less than 3.50%; 
 (C) the aggregate Principal Balance of
Collateral Interests secured by Mortgaged Properties located in (x) California, Georgia, New York and Texas is (in each case) no more than 40.0% of the Aggregate Outstanding Portfolio Balance and (y) any other state (in each case) is no
more than 25.0% of the Aggregate Outstanding Portfolio Balance; and 
 (D) the Herfindahl Score is greater than or equal to
18.0; 
 (xiii) the weighted average Moody’s Rating Factor (weighted by Principal Balance of the Collateral Interests)
is in no event greater than 5,000; 
 (xiv) a No Downgrade Confirmation has been received from DBRS Morningstar with respect
to the acquisition of such Collateral Interest; 
 (xv) the sum of the Principal Balance of such Collateral Interest and the
Principal Balance of all Collateral Interests that have the same guarantor or an affiliated guarantor does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance; 

(xvi) it will not require the Issuer to make any future payments after the Issuer’s purchase thereof; 

  
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 (xvii) if it is a Collateral Interest with a related Future Funding
Participation: 
 (A) the Future Funding Indemnitor has Segregated Liquidity (evidenced by a certification) in an amount at
least equal to the greater of (i) the Largest One Quarter Future Advance Estimate and (ii) the Two Quarter Future Advance Estimate for the immediately following two calendar quarters (based on the Future Funding Amounts for all outstanding
Future Funding Participations related to the Collateral Interests); 
 (B) the maximum principal amount of all Future
Funding Participations with respect to all Collateral Interests does not exceed 20.0% of the maximum commitment amount of all Commercial Real Estate Loans; and 

(C) the maximum principal amount of the related Future Funding Participation does not exceed 35.0% of the maximum commitment
amount of the related Commercial Real Estate Loan; 
 (xviii) it is not prohibited under its Loan Documents from being
purchased by the Issuer and pledged to the Trustee; 
 (xix) it is not currently, and has not recently been, the subject of
any request by the borrower to amend, modify or waive any provision of any of the related Loan Documents that would have a material adverse effect on such Collateral Interest; 

(xx) it is not a Credit Risk Collateral Interest; 

(xxi) it is not a Defaulted Collateral Interest (as determined by the Collateral Manager after reasonable inquiry); 

(xxii) it is Dollar denominated and may not be converted into an obligation payable in any other currencies; 

(xxiii) if such Collateral Interest is a Participation, it does not have “buy/sell” rights as a dispute resolution
mechanism; 
 (xxiv) it provides for the repayment of principal at not less than par no later than upon its maturity or upon
redemption, acceleration or its full prepayment; 
 (xxv) it is serviced pursuant to the Servicing Agreement or it is
serviced by an Accepted Loan Servicer pursuant to a commercial mortgage servicing arrangement that includes the servicing provisions substantially similar to those that are standard in commercial mortgage-backed securities (“CMBS”)
transactions; 
 (xxvi) (a) it is purchased from the Seller, FS Credit REIT or a wholly-owned subsidiary of FS Credit
REIT and (b) the requirements set forth in this Indenture regarding the representations and warranties with respect to such Collateral Interest and the underlying Mortgaged Property (as applicable) have been met (subject to such exceptions as
are reasonably acceptable to the Collateral Manager); 

  
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 (xxvii) if it is a participation interest, the related Participating
Institution is (and any “qualified transferee” is required to be) any of (1) a special purpose affiliate of the Sponsor or a “qualified institutional lender” as such terms are typically defined in the Loan Documents related
to participations; (2) an entity (or a wholly-owned subsidiary of an entity) that has (y) a long-term unsecured debt rating from Moody’s of “A3” or higher, and (z) a long-term unsecured debt rating from DBRS Morningstar
of “A(low)” or higher (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) (3) a securitization trust, a collateralized loan
obligation issuer or a similar securitization vehicle, or (4) a special purpose entity that is 100% directly or indirectly owned by the Sponsor, for so long as the separateness provisions of its organizational documents have not been amended
(unless the Rating Agency Condition was satisfied in connection with such amendment), and if any Participating Institution is not the Issuer, the related Loan Documents will be held by a third party custodian; 

(xxviii) its acquisition will be in compliance with Section 206 of the Advisers Act; 

(xxix) its acquisition, ownership, enforcement and disposition will not cause the Issuer to fail to be a Qualified REIT
Subsidiary or other disregarded entity of a REIT; 
 (xxx) its acquisition would not cause the Issuer or the pool of
Collateral to be required to register as an investment company under the 1940 Act; and if the borrowers with respect to the Collateral Interest are excepted from the definition of an “investment company” solely by reason of
Section 3(c)(1) of the 1940 Act, then either (x) such Collateral Interest does not constitute a “voting security” for purposes of the 1940 Act or (y) the aggregate amount of such Collateral Interest held by the Issuer is
less than 10% of the entire issue of such Collateral Interest; 
 (xxxi) it does not provide for any payments which are or
will be subject to deduction or withholding for or on account of any withholding or similar tax (other than withholding on amendment, modification and waiver fees, late payment fees, commitment fees, exit fees, extension fees or similar fees),
unless the borrower under such Collateral Interest is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes) will equal the full amount that the Issuer would have
received had no such deduction or withholding been required; 
 (xxxii) after giving effect to its acquisition, together with
the acquisition of any other Collateral Interests to be acquired (or as to which a binding commitment to acquire was entered into) on the same date, the aggregate Principal Balance of Collateral Interests held by the Issuer that are EU/UK Retention
Holder Originated Collateral Interests is in excess of 50% of the aggregate Principal Balance of Collateral Interests held by the Issuer; and 

  
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 (xxxiii) it is not acquired for the primary purpose of recognizing gains or
decreasing losses resulting from market value changes; 
 provided, however, that (a) any Funded Companion Participation related to a
Collateral Interest that is already owned by the Issuer will not be required to satisfy clauses (ix) or (x) above, (b) for purposes of clauses (ii), (xii) (xiii), (xv) and (xvii)(B) above,
if the acquisition of such Collateral Interest would either improve compliance with or maintain the same degree of compliance with the applicable concentration limits after giving effect to such acquisition, then such Eligibility Criteria will be
deemed to have been satisfied, and (c) any determination of a percentage pursuant to the Eligibility Criteria (except for the Weighted Average Spread of all Collateral Interests) will be rounded to the nearest 1/10th of one percent. 

“Eligible Account”: 

(i) An account maintained with a federal or state chartered depository institution or trust company which has, or in the case of the Securities
Intermediary, the clearing entity used by the Securities Intermediary, has (x) a long-term unsecured debt rating of at least “A2” by Moody’s if deposits in such account shall be held therein for more than thirty (30) days,
(y) a long-term unsecured debt rating of at least “BBB(high)” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include
Moody’s)) and (z) a short-term unsecured debt rating of at least “P-1” by Moody’s if deposits in such account shall be held therein for thirty (30) days or less; 

(ii) an account maintained by or with Wells Fargo Bank, National Association so long as (x) Wells Fargo Bank, National Association’s
long-term senior unsecured debt obligations, deposits, or commercial paper rating is at least (1) “A2” by Moody’s, in the case of accounts in which funds are held more than thirty (30) days, and “BBB(high)” by DBRS
Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and (y) Wells Fargo Bank, National Association’s short-term
senior unsecured debt obligations, deposits or commercial paper rating is at least “P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less; 

(iii) a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust company
acting in its fiduciary capacity; provided that (a) any such institution or trust company has a long-term unsecured rating of at least “Baa1” by Moody’s and a capital surplus of at least $200,000,000, (b) any such
institution or trust company has a long-term unsecured debt rating of at least “BBB(high)” by DBRS Morningstar if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (one of
which may be Moody’s) and (c) any such account is subject to fiduciary funds on deposit regulations (or internal guidelines) substantially similar to 12 C.F.R. § 9.10(b); or 

(iv) any other account approved by the Rating Agencies. 

  
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 “Eligible Investments”: Any Dollar-denominated investment, the maturity for
which corresponds to the Issuer’s expected or potential need for funds, that, at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or
securities: 
 (i) direct obligations of, and obligations the timely payment of principal of and interest on which is fully
and expressly guaranteed by, the United States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States; 

(ii) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by,
any depository institution or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial department of any successor Note Administrator, as the
case may be; provided that such successor otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the debt obligations
of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual
commitment providing for such investment that satisfy the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iii) unleveraged repurchase or forward purchase obligations with respect to (a) any security described in
clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as
principal) described in clause (ii) above (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such Person otherwise meets the
criteria specified herein) or entered into with a corporation (acting as principal) whose unsecured debt rating satisfies the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iv) a reinvestment agreement issued by any bank (if treated as a deposit by such bank) that has a short-term credit rating of
not less than “P-1” by Moody’s; provided that the issuer thereof must also have at the time of such investment a long-term unsecured debt rating that satisfies the Applicable DBRS
Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 
 (v) commercial paper or
other similar short-term obligations (including that of the Note Administrator or the commercial department of any successor Note Administrator, as the case may be, or any affiliate thereof, provided that such Person otherwise meets the criteria
specified herein) having at the time of such investment a debt rating that satisfies the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

  
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 (vi) any money market fund (including those managed or advised by the Note
Administrator or its Affiliates, and the Goldman Sachs Government Money Market Fund #465 (Institutional Class – FGTXX)) that maintain a constant asset value and that is rated “Aaa-mf” by
Moody’s and in the highest long-term or short-term rating category by DBRS Morningstar or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include Moody’s); and 

(vii) any other investment similar to those described in clauses (i) through (v) above
that (1) Moody’s has confirmed may be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) DBRS Morningstar has confirmed may be included in the
portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes; 
 provided that
mortgage-backed securities and interest only securities shall not constitute Eligible Investments; provided, further, that (a) Eligible Investments acquired with funds in the Collection Account shall include only such obligations
or securities as mature no later than three Business Days prior to the next Payment Date succeeding the acquisition of such obligations or securities, (b) Eligible Investments shall not include obligations bearing interest at inverse floating
rates, (c) Eligible Investments shall be treated as indebtedness for U.S. federal income tax purposes and such investment shall not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT,
(d) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or similar tax (other than any taxes imposed pursuant to FATCA), unless the payor is required to make “gross up” payments
that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such obligor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been
required, (e) Eligible Investments shall not be purchased for a price in excess of par and (f) Eligible Investments shall not include margin stock. Eligible Investments may be purchased from the Trustee and its Affiliates so long as the
Trustee has a capital and surplus of at least $200,000,000 and has a long-term unsecured credit rating of at least “Baa1” by Moody’s, and may include obligations for which the Trustee or an Affiliate thereof receives compensation for
providing services. 
 “Entitlement Order”: The meaning specified in
Section 8-102(a)(8) of the UCC. 
 “Equity Interest”: A security or other
interest that does not entitle the holder thereof to receive periodic payments of interest and one or more installments of principal, including (i) any bond or note or similar instrument that is by its terms convertible into or exchangeable for
an equity interest, (ii) any bond or note or similar instrument that includes warrants or other interests that entitle its holder to acquire an equity interest, or (iii) any other similar instrument that would not entitle its holder to
receive periodic payments of interest or that would entitle its holder to a return of a residual value. 

  
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 “ERISA”: The United States Employee Retirement Income Security Act of 1974,
as amended. 
 “Escrow Account”: The meaning specified in the Servicing Agreement. 

“EU/UK Retention Holder”: FS Credit REIT. 

“EU/UK Retention Holder Originated Collateral Interest”: A Collateral Interest as to which the EU/UK Retention Holder either
(i) itself or through related entities, directly or indirectly, was involved in the original agreement which created such Collateral Interest or (ii) acquired such Collateral Interest from a third party for its own account before the sale
or transfer of that Collateral Interest to the Issuer, in each case as contemplated by Article 2(3) of each Securitization Regulation (as defined in the EU/UK Risk Retention Letter). 

“EU/UK Risk Retention Letter”: That certain risk retention letter delivered by the EU/UK Retention Holder and the Retention
Holder to the Issuer, the Collateral Manager, the Trustee, the Note Administrator and the Placement Agents, dated the Closing Date. 

“Euroclear”: Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default”: The meaning specified in Section 5.1. 

“Exchange Act”: The Securities Exchange Act of 1934, as amended. 

“Exchange Collateral Interest”: The meaning specified in Section 12.1(e). 

“Exchangeable Notes”: The meaning specified in Section 2.3. 

“Exchanged Notes”: The meaning specified in Section 2.16. 

“Expense Year”: (i) For the first year, the period commencing on the Closing Date and ending on the next January Payment Date
and (ii) thereafter, each 12-month period commencing on the Business Day following a January Payment Date and ending on the following January Payment Date. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or successor version that
is substantially comparable) and any current or future Treasury regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws thereof) in respect
thereof, including any agreements entered into pursuant to section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law. 

“Federal Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Financial Asset”: The meaning specified in Section 8-102(a)(9) of the UCC. 

  
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 “Financing Statements”: Financing statements relating to the Collateral
naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party. 
 “FS Credit REIT”: FS
Credit Real Estate Income Trust, Inc., a Maryland corporation. 
 “Funded Companion Participation”: With respect to each
Collateral Interest that is a Participation, each fully funded pari passu or junior participation interest or promissory note in the related Participated Loan that (unless later acquired, in whole or in part, by the Issuer pursuant to the
applicable provisions of this Indenture) is not an asset of the Issuer and is not part of the Collateral. 
 “Future Funding
Agreement”: The meaning specified in the Servicing Agreement. 
 “Future Funding Amount”: With respect to any
Future Funding Participation, the amount of the unfunded portion thereof. 
 “Future Funding Indemnitor”: FS Credit REIT.

 “Future Funding Participation”: With respect to each Collateral Interest that is a Participation, each related future
funding participation which is not an asset of the Issuer and is not part of the Collateral. 
 “Future Funding Reserve
Account”: The meaning specified in the Servicing Agreement. 
 “Future Funding Reserve Account Control Agreement”:
That certain future funding reserve account control agreement, dated as of the date hereof, by and among Sub-REIT, as pledgor, the Trustee and the Securities Intermediary, as the same may be amended,
supplemented or replaced from time to time. 
 “GAAP”: The meaning specified in Section 6.3(k).

 “General Intangible”: The meaning specified in Section 9-102(a)(42) of the
UCC. 
 “Global Notes”: The Rule 144A Global Notes and the Regulation S Global Notes. 

“Goldman Sachs”: Goldman Sachs & Co. LLC. 

“Governing Documents”: With respect to all Persons, the articles of incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles of association and similar charter documents, as applicable to any
such Person. 
 “Government Items”: A security (other than a security issued by the Government National Mortgage
Association) issued or guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to each of the foregoing, that is maintained
in book-entry form on the records of a Federal Reserve Bank. 

  
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 “Grant”: To grant, bargain, sell, warrant, alienate, remise, demise,
release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Collateral or of any other security or instrument shall include all rights,
powers and options (but none of the obligations) of the granting party thereunder, including without limitation the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments in respect of the
Collateral (or any other security or instrument), and all other amounts payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the
name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Herfindahl Score”: On any date of determination, the quotient of (i) one divided by (ii) the sum of the
series of products obtained for each Collateral Interest and Principal Proceeds (whether held as Cash or Eligible Investments), determined by squaring the quotient of (x) the Principal Balance of each such Collateral Interest (or in the case of
Principal Proceeds in increments of $10,000,000) divided by (y) the Aggregate Outstanding Portfolio Balance. 

“Holder” or “Noteholder”: With respect to any Note, the Person in whose name such Note is registered in the
Notes Register. 
 “Hospitality Property”: A real property comprised of hospitality space (including mixed-use property) as to which the majority of the underwritten revenue is from hospitality space. 

“IAI”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.” 

“Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

“Indenture Accounts”: The Payment Account, the Reinvestment Account and the Custodial Account. 

“Independent”: As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants
or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such
Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when used with respect to any accountant
may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Ethics of the American
Institute of Certified Public Accountants. 

  
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 Whenever any Independent Person’s opinion or certificate is to be furnished to the
Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Industrial Property”: A real property comprised of industrial space (including
mixed-use property) as to which the majority of the underwritten revenue is from industrial space. 

“Initial MASCOT Note Issuance Date”: The 15th day following the Closing
Date (or if such 15th day is not a Business Day, the next Business Day). 

“Inquiry”: The meaning specified in Section 10.11(a). 

“Instrument”: The meaning specified in Section 9-102(a)(47) of the UCC. 

“Interest Accrual Period”: With respect to the Notes and (i) the first Payment Date, the period from and including the
Closing Date to but excluding such Payment Date, and (ii) each successive Payment Date, the period from and including the immediately preceding Payment Date to but excluding such Payment Date occurs. 

“Interest Advance”: The meaning specified in Section 10.6(a). 

“Interest Coverage Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing: 

(a) (i) the sum of (A) the expected scheduled interest payments due (in each case regardless of whether the due date for
any such interest payment has yet occurred) in the Due Period in which such Measurement Date occurs on (x) the Collateral Interests (excluding, subject to clause (3) of the last paragraph of this definition, accrued and unpaid
interest on Defaulted Collateral Interests); provided that no interest (or dividends or other distributions) will be included with respect to any Collateral Interest to the extent that such Collateral Interest does not provide for the
scheduled payment of interest (or dividends or other distributions) in Cash and (y) the Eligible Investments held in the Accounts other than the Payment Account (whether purchased with Interest Proceeds or Principal Proceeds), plus
(B) Interest Advances, if any, advanced by the Advancing Agent, the Backup Advancing Agent or the Trustee, with respect to the related Payment Date, minus (ii) any amounts scheduled to be paid pursuant to
Section 11.1(a)(i)(1) through (4) (other than any Collateral Manager Fees that the Collateral Manager has agreed to waive in accordance with this Indenture and the Collateral Management Agreement); by 

(b) the sum of (i) the scheduled interest on the Class A Notes payable on the Payment Date immediately following such
Measurement Date, plus (ii) any Class A Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (iii) the scheduled interest on the
Class A-S Notes payable on the Payment Date immediately following such Measurement Date, plus (iv) any Class A-S Defaulted Interest Amount payable
on the Payment Date immediately following such Measurement Date, plus (v) the scheduled interest on the Class B Notes payable on the Payment Date immediately following such Measurement Date, plus (vi) any Class B
Defaulted Interest Amount payable on the Payment Date immediately following such 

  
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Measurement Date, plus (vii) the scheduled interest on the Class C Notes payable on the Payment Date immediately following such Measurement Date, plus (viii) any
Class C Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (ix) any Class C Deferred Interest payable on the Payment Date immediately following such Measurement Date,
plus (x) the scheduled interest on the Class D Notes payable on the Payment Date immediately following such Measurement Date, plus (xi) any Class D Defaulted Interest Amount payable on the Payment Date immediately
following such Measurement Date, plus (xii) any Class D Deferred Interest payable on the Payment Date immediately following such Measurement Date plus (xiii) the scheduled interest on the Class E Notes payable on
the Payment Date immediately following such Measurement Date, plus (xiv) any Class E Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (xv) any Class E Deferred
Interest payable on the Payment Date immediately following such Measurement Date. 
 For purposes of calculating any Interest Coverage
Ratio, (1) the expected interest income on the Collateral Interests and Eligible Investments and the expected interest payable on the Offered Notes shall be calculated using the interest rates applicable thereto on the applicable Measurement
Date, (2) accrued original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the date such original issue discount is scheduled to be paid, (3) there will be excluded all scheduled or
deferred payments of interest on or principal of Collateral Interests and any payment that the Collateral Manager has determined in its reasonable judgment will not be made in Cash or received when due and (4) with respect to any Collateral
Interest as to which any interest or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable net of such withholding tax unless the related borrower is required to make
additional payments to fully compensate the Issuer for such withholding taxes (including in respect of any such additional payments). 

“Interest Coverage Test”: The test that will be met as of any Measurement Date on which any Offered Notes remain Outstanding
if the Interest Coverage Ratio as of such Measurement Date is equal to or greater than 120.00%. 
 “Interest Distribution
Amount”: Each of the Class A Interest Distribution Amount, the Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution
Amount, the Class D Interest Distribution Amount, the Class E Interest Distribution Amount, the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount, the Class F-X Interest Distribution Amount, the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount. 
 “Interest Proceeds”: With respect to any
Payment Date, (A) the sum of (without duplication): 
 (1) all Cash payments of interest (including any deferred
interest and any amount representing the accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all
Collateral Interests other than Defaulted 

  
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Collateral Interests (net of any fees and other compensation and reimbursement of expenses and Servicing Advances and interest thereon (but not net of amounts payable pursuant to any
indemnification provisions) to which the Servicer or the Special Servicer are entitled pursuant to the terms of the Servicing Agreement (and, with respect to each Non-Serviced Commercial Real Estate Loan, net
of amounts payable to the servicer and special servicer under the applicable servicing agreement)) and Eligible Investments, including, in the Collateral Manager’s commercially reasonable discretion (exercised as of the trade date), the accrued
interest received in connection with a sale of such Collateral Interests or Eligible Investments (to the extent such accrued interest was not applied to the purchase of Reinvestment Collateral Interests), in each case, excluding any accrued interest
included in Principal Proceeds pursuant to clause (A)(3) or (4) of the definition of “Principal Proceeds” and excluding any origination fees and exit fees, which will be retained by the Seller and will not be assigned to
the Issuer; 
 (2) all make whole premiums, spread maintenance, yield maintenance or prepayment premiums or any interest
amount paid in excess of the stated interest amount of a Collateral Interest received during the related Due Period; 
 (3)
all amendment, modification, consent and waiver fees, late payment fees, extension fees and other fees and commissions (to the extent not paid to the Servicer or the Special Servicer as additional servicing compensation) received by the Issuer
during such Due Period in connection with such Collateral Interests and Eligible Investments (except for fees and commissions received in connection with a Defaulted Collateral Interest); 

(4) Interest Advances, if any, advanced by the Advancing Agent, the Backup Advancing Agent or the Trustee, with respect to such
Payment Date; 
 (5) all Cash payments corresponding to accrued original issue discount on Eligible Investments; 

(6) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary that is not a Defaulted Collateral Interest; 
 (7) all payments of principal on Eligible Investments purchased
with any other Interest Proceeds; 
 (8) Cash and Eligible Investments that are contributed by the holders of the
Class H Notes and designated as “Interest Proceeds” by such holders on or before the related Determination Date; and 

(9) all other cash payments received by the Issuer with respect to the Collateral Interests during the related Due Period that
are not included in the definition of “Principal Proceeds”; 
 minus (B) the aggregate amount of any Nonrecoverable Interest Advances
that were previously reimbursed to the Advancing Agent, the Backup Advancing Agent or the Trustee. 

  
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 “Interest Shortfall”: The meaning specified in
Section 10.6(a). 
 “Interested Person”: The Servicer, the Special Servicer, the Primary Servicer
any independent contractor engaged by the Special Servicer, the Collateral Manager, or, in connection with any individual Commercial Real Estate Loan, the borrower, the manager of the related Mortgaged Property, the holder of a related Companion
Participation, or any Affiliate of any of the preceding entities. 
 “Investor Certification”: A certificate, substantially
in the form of Exhibit Q-1 or Exhibit Q-2 hereto, representing that such Person executing the certificate is a Noteholder, a beneficial owner of a Note or
a prospective purchaser of a Note and that either (a) such Person is not a borrower, an agent of, or an investment advisor to, any borrower or affiliate of any borrower under a Commercial Real Estate Loan, in which case such person will have
access to all the reports and information made available to Noteholders under this Indenture, or (b) such Person is a borrower, an agent or Affiliate of, or an investment advisor to, any borrower under a Commercial Real Estate Loan, in which
case such person will only receive access to the Monthly Report. The Investor Certification may be submitted electronically by means of the Note Administrator’s Website. 

“Investor Q&A Forum”: The meaning specified in Section 10.11(a). 

“ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment”: The spread adjustment, (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issuer”: FS Rialto 2022-FL5 Issuer, LLC, a Delaware limited liability company, until
a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” and “Issuer Request”: A written order or request (which may be in the form of a standing
order or request) dated and signed in the name of the Issuer by an Authorized Officer of the Issuer or by an Authorized Officer of the Collateral Manager on behalf of the Issuer. For the avoidance of doubt, an order or request provided in an email
(or other electronic communication) sent by an Authorized Officer of the Issuer or Collateral Manager, as applicable, shall constitute an Issuer Order, in each case except to the extent that the Trustee or Note Administrator reasonably requests
otherwise. 

  
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 “Junior Participation”: One or more junior participation interests (or B
notes) in a Commercial Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the related Senior AB Participation or Senior AB Pari Passu Participation is a Collateral Interest that has been acquired by the
Issuer. 
 “Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“LIBOR”: The London Interbank Offer Rate for a one month tenor. 

“Life Science Property”: A real property as to which the majority of the underwritten revenue is from life science space.

 “Liquidation Fee”: The meaning specified in the Servicing Agreement. 

“Loan Documents”: The indenture, loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant to which a Collateral Interest or an Eligible Investment has been issued or created and each other agreement that governs the terms of or secures the obligations
represented by such Collateral Interest or an Eligible Investment or of which holders of such Collateral Interest or an Eligible Investment are the beneficiaries. 

“Loss Value Payment”: A Cash payment made, subject to the consent of a Majority of the Controlling Class (excluding any Note
held by the Seller or any of its Affiliates), to the Issuer by the Seller in connection with a Material Breach of a representation or warranty or Material Document Defect with respect to any Collateral Interest pursuant to the Collateral Interest
Purchase Agreement in an amount that the Collateral Manager on behalf of the Issuer determines is sufficient to compensate the Issuer for such Material Breach of representation or warranty or Material Document Defect, which Loss Value Payment will
be deemed to cure such Material Breach or Material Document Defect. 
 “Majority”: With respect to any Class of Notes,
the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of such Class. 
 “Majority Class H
Noteholder”: The Holder(s) of a Majority of the Class H Notes. 
 “MASCOT Interest Only Notes”: The meaning
specified in Section 2.3. 
 “MASCOT Notes”: The meaning specified in
Section 2.3. 
 “MASCOT P&I Notes”: The meaning specified in
Section 2.3. 
 “Material Breach”: With respect to each Collateral Interest, the meaning
specified in the Collateral Interest Purchase Agreement. 
 “Material Document Defect”: With respect to each Collateral
Interest, the meaning specified in the Collateral Interest Purchase Agreement. 

  
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 “Maturity”: With respect to any Note, the date on which the unpaid
principal of such Note becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration or otherwise. 

“McCoy & Orta”: McCoy & Orta, P.C. 

“Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any
Collateral Interest, (iii) any date on which any Collateral Interest becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable notice to the Issuer, the Collateral Manager and the Note
Administrator, any other Business Day that any Rating Agency or the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”;
provided that if any such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business Day. 

“Membership Interests”: The limited liability company membership interests of the Issuer. 

“Minnesota Collateral”: The meaning specified in Section 3.3(b)(ii). 

“Mixed-Use Property”: A real property comprised of real property with five or more
residential units (including mixed-use multifamily/office and multifamily/retail), office space, industrial space, retail space, hospitality space, self-storage space and/or pad sites for manufactured homes as
to which no such property type represents a majority of the underwritten revenue. 
 “Modified Collateral Interest”: Any
Collateral Interest that is a Modified Loan or a Participation in a Modified Loan. 
 “Modified Loan”: A Commercial Real
Estate Loan that has been modified, other than pursuant to an Administrative Modification or a Criteria-Based Modification, by the Special Servicer pursuant to the Servicing Agreement in a manner that: 

(a) except as expressly contemplated by the related Loan Documents, reduces or delays in a material and adverse manner the
amount or timing of any payment of principal or interest due thereon; 
 (b) except as expressly contemplated by the related
Loan Documents or except for releases of unimproved parcels that were not attributed material credit in connection with underwriting at origination, results in a release of the lien of the mortgage on any material portion of the related Mortgaged
Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an appraisal delivered to the Special Servicer (at the expense of the related borrower and upon which the Special
Servicer may conclusively rely), of the property to be released; or 
 (c) in the reasonable good faith judgment of the
Special Servicer, otherwise materially impairs the value of the security for such Commercial Real Estate Loan or reduces the likelihood of timely payment of amounts due thereon. 

  
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 No Commercial Real Estate Loan that is subject to an Administrative Modification or
Criteria-Based Modification shall become a Modified Loan solely as a result of such Administrative Modification or Criteria-Based Modification, as applicable. 

“Monthly Report”: The meaning specified in Section 10.8(a). 

“Moody’s”: Moody’s Investors Service, Inc., and its
successor-in-interest. 
 “Moody’s
Rating”: With respect to any Collateral Interest will be the private credit assessment assigned to such Collateral Interest by Moody’s for the Issuer. 

“Moody’s Rating Factor”: With respect to any Collateral Interest, the number set forth in the table below opposite the
Moody’s rating of such Collateral Interest: 
  

							
	 Moody’s Rating
	  	 Moody’s Rating Factor
	  	 Moody’s Rating
	  	 Moody’s Rating Factor

	Aaa	  	1	  	Ba1	  	940                
	Aa1	  	10	  	Ba2	  	1,350                
	Aa2	  	20	  	Ba3	  	1,766                
	Aa3	  	40	  	B1	  	2,220                
	A1	  	70	  	B2	  	2,720                
	A2	  	120	  	B3	  	3,490                
	A3	  	180	  	Caa1	  	4,770                
	Baa1	  	260	  	Caa2	  	6,500                
	Baa2	  	360	  	Caa3	  	8,070                
	Baa3	  	610	  	Ca or lower	  	10,000                


  
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 “Moody’s Recovery Rate”: With respect to each Collateral Interest, the
rate specified in the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties: 
  

					
	 Property Type
	  	Moody’s
Recovery
Rate	 
	 Industrial, multifamily (including student housing) and anchored retail properties
	  	 	60	% 
	 Office, self-storage, mixed-use and unanchored retail
properties
	  	 	55	% 
	 Hospitality properties
	  	 	45	% 
	 All other property types
	  	 	40	% 

 “Mortgage Loan”: A commercial or multifamily real estate mortgage loan, which mortgage loan
is secured by a first-lien mortgage or deed-of-trust on commercial, multifamily and/or manufactured-housing community properties or ground lease interests therein. 

“Mortgage Note”: With respect to any Mortgage Loan, the note or other evidence of indebtedness and/or agreements evidencing
the indebtedness of a borrower under such Mortgage Loan including the mortgage, any amendments or modifications, or any renewal or substitution notes, as of such date. 

“Mortgaged Property”: With respect to any Commercial Real Estate Loan, the commercial and/or multifamily mortgaged property
or properties securing such Commercial Real Estate Loan. 
 “Multifamily Property”: A real property with five or more
residential rental units (including mixed-use multifamily/office and multifamily/retail) as to which the majority of the underwritten revenue is from residential rental units. 

“Net Outstanding Portfolio Balance”: On any Measurement Date, the sum (without duplication) of: 

(a) the Aggregate Principal Balance of the Collateral Interests other than any Modified Collateral Interests and Defaulted
Collateral Interests; 
 (b) the aggregate Principal Balance of Cash and Eligible Investments held as Principal Proceeds; and

 (c) the aggregate Principal Balance of Cash and Eligible Investments held in the Reinvestment Account; and 

(d) with respect to each Modified Collateral Interest and Defaulted Collateral Interest, the Calculation Amount of such
Collateral Interest; 

  
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 provided, however, that (i) with respect to any Collateral Interest for which the
purchase price paid by the Issuer is less than 95% of its Principal Balance at acquisition, the purchase price (instead of the Principal Balance) of such Collateral Interest will be used in calculating the Net Outstanding Portfolio Balance in
clause (a) above, (ii) with respect to each Defaulted Collateral Interest that has been owned by the Issuer for more than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted Collateral Interest
will be zero for purposes of computing the Net Outstanding Portfolio Balance and (iii) in the case of a Collateral Interest subject to a Credit Risk/Defaulted Collateral Interest Cash Purchase or an exchange for an Exchange Collateral Interest,
the Collateral Manager will have 45 days to exercise such purchase or exchange and during such period such Collateral Interest will not be treated as a Defaulted Collateral Interest for purposes of computing the Net Outstanding Portfolio Balance. In
connection with any Collateral Interest acquired pursuant to clause (i) above, the Collateral Manager shall notify the Note Administrator promptly upon acquiring such discounted Collateral Interest identifying it as a discounted Defaulted
Collateral Interest and provide the purchase price. 
 “No Downgrade Confirmation”: A confirmation from a Rating Agency
that any proposed action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency; provided
that if the Requesting Party receives a written waiver or acknowledgment indicating its decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade Confirmation from the Rating
Agency with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of electronic mail. Notwithstanding anything
to the contrary set forth in this Indenture, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be required from such Rating Agency under this Indenture. 

“Non-call Period”: The period from the Closing Date to and including the Business Day
immediately preceding the Payment Date in June 2024, during which no Optional Redemption is permitted to occur. 
 “Non-Permitted Holder”: The meaning specified in Section 2.13(b). 

“Non-Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing
Agreement. 
 “Nonrecoverable Interest Advance”: Any Interest Advance previously made or proposed to be made pursuant to
Section 10.6 that the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to be advanced
plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments or collections with respect to the Collateral Interests. 

“Note Administrator”: Computershare Trust Company, National Association, solely in its capacity as note administrator
hereunder, unless a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note Administrator” shall mean such successor Person. Computershare Trust Company,
National Association, will perform its duties as Note Administrator through its Corporate Trust Services division. 

  
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 “Note Administrator’s Website”: Initially, www.ctslink.com;
provided that such address may change upon notice by the Note Administrator to the parties hereto, the 17g-5 Information Provider and Noteholders. 

“Note Interest Rate”: With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the Class C Rate,
with respect to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate, with respect to the Class F Notes, the Class F Rate, with respect to the
Class F-E Notes, the interest rate on the Class F-E Notes described in Section 2.16, with respect to the Class F-X Notes, the interest rate on the Class F-X Notes described in Section 2.16, with respect to the Class G Notes, the
Class G Rate, with respect to the Class G-E Notes, the interest rate on the Class G-E Notes described in Section 2.16 and with
respect to the Class G-X Notes, the interest rate on the Class G-X Notes described in Section 2.16. 

“Note Protection Tests”: The Par Value Test and the Interest Coverage Test. 

“Noteholder”: The Person in whose name such Note is registered in the Notes Register. 

“Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G
Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes, collectively, authorized by, and authenticated and delivered under, this Indenture.

 “Notes Register” and “Notes Registrar”: The respective meanings specified in
Section 2.5(a). 
 “NRSRO”: Any nationally recognized statistical rating organization, including
the Rating Agencies. 
 “NRSRO Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit O or (b) provided electronically and executed by an NRSRO by means of a click-through confirmation on the 17g-5 Website. 
 “Offered Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, authorized by, and authenticated and delivered under, this Indenture. 

“Offering Memorandum”: The Offering Memorandum, dated June 3, 2022, relating to the offering of the Offered Notes. 

“Office Property”: A real property comprised of office space (including mixed-use
property and medical office space) as to which the majority of the underwritten revenue is from office space. 

  
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 “Officer”: With respect to any company, corporation or limited liability
company, including the Issuer and the Collateral Manager, any Director, Manager, the Chairman of the Board of Directors, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, General Partner of such entity or any authorized person designated by such company, corporation or limited liability company as an “Officer”; and with respect to the Note Administrator and
the Trustee, any Trust Officer; and with respect to the Servicer or Special Servicer, a “Responsible Officer” (as defined in the Servicing Agreement). 

“Officer’s Certificate”: With respect to the Issuer, the Collateral Manager, Servicer and the Special Servicer, any
certificate executed by an Authorized Officer thereof. 
 “Opinion of Counsel”: A written opinion addressed to the Trustee
and the Note Administrator and, if required by the terms hereof, the Rating Agencies (each, a “Recipient”) in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition,
which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee and the Note Administrator. Whenever an Opinion of Counsel is required
hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to each Recipient or shall state
that each Recipient shall each be entitled to rely thereon. 
 “Optional Redemption”: The meaning specified in
Section 9.1(c). 
 “Other Tranche”: The meaning specified in
Section 16.3. 
 “Outstanding”: With respect to the Notes, as of any date of determination, all
of the Notes or any Class of Notes, as the case may be, theretofore authenticated and delivered under this Indenture except: 

(i) Notes theretofore canceled by the Notes Registrar or delivered to the Notes Registrar for cancellation; 

(ii) Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably
deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided that, if such Notes or portions thereof are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture; 
 (iii) Notes in exchange for or in lieu of which other
Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and 

(iv) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided
in Section 2.6; 

  
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 provided that in determining whether the Noteholders of the requisite Aggregate Outstanding
Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (x) Notes owned by the Issuer or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that Notes so owned that
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Administrator or the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the
Issuer or any other obligor upon the Notes or any Affiliate of the Issuer, the Collateral Manager or such other obligor and (y) in relation to (i) the exercise by the Noteholders of their right, in connection with certain Events of
Default, to accelerate amounts due under the Notes and (ii) any amendment or other modification of, or assignment or termination of, any of the express rights or obligations of the Collateral Manager under the Collateral Management Agreement or
this Indenture, Notes owned by the Collateral Manager or any of its Affiliates, or by any accounts managed by them, will be disregarded and deemed not to be Outstanding. The Note Administrator and the Trustee will be entitled to rely on certificates
from Noteholders to determine any such affiliations and shall be protected in so relying, except to the extent that a Trust Officer of the Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation. 

“Par Purchase Price”: With respect to a Collateral Interest, the sum of (A) the Principal Balance of such Collateral
Interest as of the date of purchase; plus (B) all accrued and unpaid interest on such Collateral Interest at the related interest rate to but not including the date of purchase; plus (C) all related unreimbursed Servicing
Advances and accrued and unpaid interest on such Servicing Advances at the Advance Rate, plus (D) all Special Servicing Fees and either workout fees or Liquidation Fees (but not both) allocable to such Collateral Interest; plus
(E) all unreimbursed expenses incurred by the Issuer (and if applicable, the Seller), the Servicer and the Special Servicer in connection with such Collateral Interest. 

“Par Value Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing
(a) the Net Outstanding Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest Advances. 
 “Par
Value Test”: A test that will be satisfied as of any Measurement Date on which any Offered Notes remain outstanding if the Par Value Ratio on such Measurement Date is equal to or greater than 118.61%. 

“Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is pari passu with one or more other senior pari passu participation interests (or A notes) that are not acquired by the Issuer and
which each are the senior-most interest in such Commercial Real Estate Loan. 
 “Participated Loan”: Any commercial or
multifamily real estate mortgage loans that has been participated into Participations. 
 “Participated Loan Collection
Account”: The meaning specified in the Servicing Agreement. 

  
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 “Participating Institution”: With respect to any Participation, the entity
that holds legal title to the participated asset. 
 “Participation”: A fully-funded pari passu, senior or senior
pari passu participation interest or promissory note in a commercial or multifamily real estate mortgage loan. 

“Participation Agreement”: With respect to each Participated Loan, the participation,
co-lender or similar agreement that governs the rights and obligations of the holders of the Participation and each related Companion Participation(s). 

“Paying Agent”: The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer to pay the
principal of or interest on any Notes on behalf of the Issuer as specified in Section 7.2. 
 “Payment
Account”: The payment account established by the Note Administrator pursuant to Section 10.3. 

“Payment Date”: The 6th Business Day following the Determination Date occurring in each month, commencing on the Payment Date
in July 2022 and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 
 “Permitted
Subsidiary”: Any one or more single purpose entities that are wholly-owned by the Issuer and are established exclusively for the purpose of taking title to mortgage, real estate or any Sensitive Asset in connection, in each case, with the
exercise of remedies or otherwise; provided, however, that any such Permitted Subsidiary (i) shall be organized under U.S. law and (ii) shall be an entity that is disregarded for U.S. tax purposes; provided that Sub-REIT may organize such Permitted Subsidiary, or elect that such Permitted Subsidiary be treated, as a corporation for U.S. federal income tax purposes if Sub-REIT
determines that it is in the best interest of managing its affairs as a REIT, or as a result of such Permitted Subsidiary taking title to a mortgage, real estate or any Sensitive Asset, Sub-REIT would become
subject to tax on “net income from foreclosure property” within the meaning of Section 857(b)(4) of the Code. 

“Person”: An individual, corporation (including a business trust), partnership, limited liability company, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

“Placement Agreement”: The placement agency agreement relating to the Offered Notes dated as of June 3, 2022, by and
among the Issuer, FS Credit REIT, the Seller and the Placement Agents. 
 “Placement Agents”: Goldman Sachs, Barclays and
WFS. 
 “Pledged Collateral Interest”: On any date of determination, any Collateral Interest that has been Granted to the
Trustee and not been released from the lien of this Indenture pursuant to Section 10.9. 
 “Pre-Closing 17g-5 Information”: The meaning specified in Section 14.12(b). 

  
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 “Primary Servicer”: The meaning specified in the Servicing Agreement. 

“Principal Balance” or “par”: With respect to (i) any Commercial Real Estate Loan, Collateral Interest,
Participated Loan, Companion Participation or Eligible Investment, as of any date of determination, the outstanding principal amount of such Commercial Real Estate Loan, Collateral Interest (as reduced by all payments or other collections of
principal received or deemed received, and any principal forgiven by the Special Servicer and other principal losses realized, on such Collateral Interest during the related collection period) or Eligible Investment; provided that the
Principal Balance of any Eligible Investment that does not pay Cash interest on a current basis will be the accreted value thereof, and (ii) Cash, the face amount thereof. 

“Principal Proceeds”: With respect to any Payment Date, (A) the sum (without duplication) of: 

(1) all principal payments (including Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds
from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of (a) Eligible Investments (other than Eligible Investments purchased with Interest Proceeds and any amount representing the
accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (b) Collateral Interests as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Collateral Interest,
(ii) optional prepayments made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests and Credit Risk Collateral Interests, or (iv) any other principal payments received with respect to Collateral
Interests; 
 (2) Sale Proceeds received during such Due Period in respect of sales in accordance with the Transaction
Documents and excluding (i) accrued interest included in Sale Proceeds, (ii) any reimbursement of expenses included in such Sale Proceeds and (iii) other than in the case of any Sales Proceeds attributable to REO Properties, any
portion of such Sale Proceeds that are in excess of the outstanding principal balance of the related Collateral Interest or Eligible Investment; 

(3) any interest received during such Due Period on such Collateral Interests or Eligible Investments to the extent such
interest constitutes proceeds from accrued interest purchased with Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date; 

(4) all Cash payments of interest received during such Due Period on Defaulted Collateral Interests; 

(5) any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary; 
 (6) any Loss Value Payment received by the Issuer from the Seller; 

(7) Cash and Eligible Investments that are contributed by the holders of the Class H Notes and designated as
“Principal Proceeds” on or before the Determination Date; and 

  
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 (8) Cash and Eligible Investments transferred from the Reinvestment Account
to the Payment Account pursuant to Section 10.2; 
 minus (B) the aggregate amount of (1) any Nonrecoverable
Interest Advances that were not previously reimbursed to the Advancing Agent, the Backup Advancing Agent or the Trustee from Interest Proceeds and (2) any amounts paid to the Servicer or Special Servicer pursuant to the terms of the Servicing
Agreement out of amounts that would otherwise be Principal Proceeds. 
 “Priority of Payments”: The meaning specified in
Section 11.1(a). 
 “Privileged Person”: Any of the following: the Placement Agents and their
designees, the Servicer, the Primary Servicer, the Special Servicer, the Trustee, the Paying Agent, the Note Administrator, the Seller, the Collateral Manager, the Advancing Agent, the Issuer, any Person who provides the Note Administrator with an
Investor Certification and any Rating Agency or other NRSRO that delivers an NRSRO Certification to the Note Administrator (which Investor Certification and NRSRO Certification may be submitted electronically by means of the Note
Administrator’s Website). Any Person who provides the Note Administrator with an Investor Certification in the form of Exhibit Q-2 shall not be deemed a Privileged Person and shall be entitled to
access only the Monthly Report. 
 “Proceeding”: Any suit in equity, action at law or other judicial or administrative
proceeding. 
 “QIB”: A “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an
entity owned exclusively by one or more such “qualified purchasers.” 
 “Qualified REIT Subsidiary”: A
corporation that, for U.S. federal income tax purposes, is wholly-owned by a real estate investment trust under Section 856(i)(2) of the Code. 

“Rating Agencies”: DBRS Morningstar and Moody’s and any successor thereto, or, with respect to the Collateral generally,
if at any time DBRS Morningstar or Moody’s or any such successor ceases to provide rating services with respect to the Notes or certificates similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority
of the Notes voting as a single Class. 
 “Rating Agency Condition”: A condition that is satisfied if: 

(a) the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a written
request to each Rating Agency for a No Downgrade Confirmation; and 

  
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 (b) any one of the following has occurred with respect to each such Rating
Agency: 
 (i) a No Downgrade Confirmation has been received from such Rating Agency; or 

(ii) (A) within ten (10) Business Days of such request being sent to such Rating Agency, such Rating Agency has not
replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation; 

(B) the Requesting Party has confirmed that such Rating Agency has received the confirmation request; 

(C) the Requesting Party promptly requests the No Downgrade Confirmation a second time; and 

(D) there is no response to either confirmation request within five (5) Business Days of such second request. 

“Rating Agency Test Modification”: The meaning specified in Section 12.4. 

“Record Date”: With respect to any Holder and any Payment Date, the Business Day immediately preceding such Payment Date.

 “Redemption Date”: Any Payment Date specified for a redemption of the Notes pursuant to
Section 9.1. 
 “Redemption Price”: The Redemption Price of each Class of Notes on a
Redemption Date will be calculated as follows: 
 Class A Notes. The redemption price for the Class A Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted
Interest Amount) due on the applicable Redemption Date; 
 Class A-S
Notes. The redemption price for the Class A-S Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the
Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount (plus any
Class A-S Defaulted Interest Amount) due on the applicable Redemption Date; 

Class B Notes. The redemption price for the Class B Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable Redemption Date;

 Class C Notes. The redemption price for the Class C Notes will be calculated on the related Determination
Date and will equal the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount (plus any Class C Defaulted
Interest Amount) due on the applicable Redemption Date; 

  
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 Class D Notes. The redemption price for the Class D Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed, together with the Class D Interest Distribution Amount
(plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class E Notes.
The redemption price for the Class E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together
with the Class E Interest Distribution Amount (plus any Class E Defaulted Interest Amount) due on the applicable Redemption Date; 

Class F Notes. The redemption price for the Class F Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F Interest Distribution Amount (plus any Class F Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class F-E Notes. The
redemption price for the Class F-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F-E
Notes (including any Class F-E Deferred Interest) to be redeemed, together with the Class F-E Interest Distribution Amount (plus any Class F-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class F-X Notes. The redemption price for the Class F-X Notes will be calculated on the related Determination Date and will equal the
Class F-X Interest Distribution Amount (plus any Class F-X Defaulted Interest Amount) due on the applicable Redemption Date; 

Class G Notes. The redemption price for the Class G Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class G Notes (including any Class G Deferred Interest) to be redeemed, together with the Class G Interest Distribution Amount (plus any Class G Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class G-E Notes. The
redemption price for the Class G-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class G-E
Notes (including any Class G-E Deferred Interest) to be redeemed, together with the Class G-E Interest Distribution Amount (plus any Class G-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class G-X Notes. The redemption price for the Class G-X Notes will be calculated on the related Determination Date and will equal the
Class G-X Interest Distribution Amount (plus any Class G-X Defaulted Interest Amount) due on the applicable Redemption Date; and 

  
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 Class H Notes. The redemption price for the Class H Notes
will be calculated on the related Determination Date and will be equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 and Cash, if any, remaining after payment of all amounts
and expenses, including payments made in respect of the Notes, described under clauses (1) through (18) of Section 11.1(a)(iii); provided that if there are no such net proceeds or Cash
remaining, the redemption price for the Class H Notes shall be equal to $0. 
 “Reference Time”: With respect to any
determination of the Benchmark, (i) if the Benchmark is Term SOFR, 3:00 p.m. (New York City time) on the Benchmark Determination Date and (ii) if the Benchmark is not Term SOFR, the time determined by the Collateral Manager in accordance
with the Benchmark Replacement Conforming Changes. 
 “Registered”: With respect to any debt obligation, a debt obligation
that is issued after July 18, 1984, and that is in registered form for purposes of the Code. 
 “Regulation S”:
Regulation S under the Securities Act. 
 “Regulation S Global Note”: The meaning specified in
Section 2.2(b)(iii). 
 “Reimbursement Interest”: Interest accrued on the amount of any Interest
Advance made by the Advancing Agent, the Backup Advancing Agent or the Trustee for so long as it is outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as (i) the Advancing
Agent is FS Credit REIT or any of its Affiliates and (ii) any of FS Credit REIT or any of its Affiliates owns the Class H Notes. 

“Reimbursement Rate”: A rate per annum equal to the “prime rate” as published in the “Money Rates”
section of The Wall Street Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is published in The Wall Street Journal for a day, the average of such “prime rates” will
be used, and such average will be rounded up to the nearest one-eighth of one percent (0.125%). If the “prime rate” contained in The Wall Street Journal is not readily ascertainable, the Collateral
Manager will select an equivalent publication that publishes such “prime rate,” and if such “prime rates” are no longer generally published or are limited, regulated or administered by a governmental authority or
quasigovernmental body, then the Collateral Manager will select, in its reasonable discretion, a comparable interest rate index. 

“Reinvestment Account”: The account established by the Note Administrator pursuant to Section 10.2.

 “Reinvestment Collateral Interest”: Any Collateral Interest acquired by the Issuer during the Reinvestment Period with
Principal Proceeds received during the Reinvestment Period from the Collateral Interests (or any Cash contributed by the Holders of the Class H Notes to the Issuer) and that satisfies the Eligibility Criteria and the Acquisition Criteria. 

“Reinvestment Period”: The period beginning on the Closing Date and ending on and including the first to occur of the
following events or dates: (i) the Payment Date in June 2024; (ii) the end of the Due Period related to the Payment Date on which all of the Notes are redeemed as described under Section 9.1 herein; and (iii) the
date on which principal of and accrued and unpaid interest on all of the Notes is accelerated following the occurrence and 

  
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continuation of an Event of Default; provided, however, that with respect to the acquisition of a proposed Reinvestment Collateral Interest as to which the Collateral Manager
or an affiliate has entered into a loan application or binding commitment to originate or purchase such Collateral Interest during the Reinvestment Period, the Collateral Manager may acquire such Collateral Interest on behalf of the Issuer (using
Principal Proceeds received during the Reinvestment Period described above) within the 60-day period following the Reinvestment Period and, solely for the purpose of acquiring such Collateral Interest, the
term “Reinvestment Period” shall be deemed to include such additional 60-day period. 

“REIT”: A “real estate investment trust” under the Code. 

“Relevant Governmental Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remittance Date”: The meaning specified in the Servicing Agreement. 

“REO Account”: The meaning specified in the Servicing Agreement. 

“REO Property”: The meaning specified in the Servicing Agreement. 

“Repurchase Request”: The meaning specified in Section 7.17. 

“Retail Property”: A real property comprised of retail space (including mixed-use
property) as to which the majority of the underwritten revenue is from retail space. 
 “Retained Interest”: The meaning
specified in the Collateral Interest Purchase Agreement. 
 “Retained Notes”: 100% of the Class F Notes, the
Class G Notes (and related MASCOT Notes for which the Class F Notes or the Class G Notes are exchanged) and the Class H Notes. 

“Retention Holder”: FS Rialto 2022-FL5 Holder, LLC, a Delaware limited liability
company. 
 “Rule 144A”: Rule 144A under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(b)(i). 

“Rule 144A Information”: The meaning specified in Section 7.13. 

“Rule 17g-5”: The meaning specified in Section 14.12(a).

 “Sale”: The meaning specified in Section 5.17(a). 

  
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 “Sale Proceeds”: All proceeds (including accrued interest) received with
respect to Collateral Interests and Eligible Investments as a result of sales of such Collateral Interests and Eligible Investments, sales in connection with the exercise of a purchase option by a mezzanine lender, and sales in connection with a
repurchase for a Material Breach or a Material Document Defect, in each case, net of any reasonable out-of-pocket expenses of the Collateral Manager, the Trustee, the
Custodian, the Note Administrator, or the Servicer under the Servicing Agreement in connection with any such sale. 

“SEC”: The Securities and Exchange Commission. 

“Secured Notes”: The Offered Notes together with the Class F Notes and the Class G Notes (and related MASCOT Notes
for which the Class F Notes or the Class G Notes are exchanged). 
 “Secured Parties”: Collectively, the
Collateral Manager, the Trustee, the Custodian, the Note Administrator, the Advancing Agent, the holders of the Secured Notes, the Servicer and the Special Servicer, each as their interests appear in applicable Transaction Documents. 

“Securities Account”: The meaning specified in Section 8-501(a) of the UCC. 

“Securities Account Control Agreement”: The meaning specified in Section 3.3(b). 

“Securities Act”: The Securities Act of 1933, as amended. 

“Securities Intermediary”: The meaning specified in Section 3.3(b) or another financial institution
whose long-term rating is at least equal to “A2” by Moody’s and a long term unsecured debt rating of at least BBB(high) by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (or
such lower rating as the Rating Agencies shall approve) and agrees to act as a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New
York) on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement. 

“Security Entitlement”: The meaning specified in Section 8-102(a)(17) of the
UCC. 
 “Segregated Liquidity”: The meaning specified in the Servicing Agreement. 

“Self-Storage Property”: A real property comprised of self-storage space (including
mixed-use property) as to which the majority of the underwritten revenue is from self-storage space. 

“Seller”: FS CREIT Finance Holdings LLC, a Delaware limited liability company. 

“Senior AB Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial
Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations but is pari passu with one or more other senior pari passu
participation interests (or A notes) that are not acquired by the Issuer and which each are the senior-most interest in such Commercial Real Estate Loan. 

  
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 “Senior AB Participation”: A Collateral Interest that is a participation
interest (or an A note) in a Commercial Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations. 

“Sensitive Asset”: Means (i) a Collateral Interest, or a portion thereof, or (ii) a real property or other interest
(including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral Interest or portion thereof, in either case, as to which the Collateral
Manager has determined, based on an Opinion of Counsel (independent of the Collateral Manager), could give rise to a material liability of the Issuer (including liability for taxes) if held directly by the Issuer. 

“Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing Agreement. 

“Servicer”: Wells Fargo Bank, National Association, solely in its capacity as servicer under the Servicing Agreement,
together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Servicing Accounts”: The Escrow Accounts, the Collection Account, the Participated Loan Collection Account, the REO Accounts
and the Cash Collateral Accounts, each as established under and defined in the Servicing Agreement. 
 “Servicing
Advances”: The meaning specified in the Servicing Agreement. 
 “Servicing Agreement”: The Servicing Agreement,
dated as of the Closing Date, by and among the Issuer, the Trustee, the Collateral Manager, the Note Administrator, the Servicer, the Special Servicer and the Advancing Agent, as amended, supplemented or otherwise modified from time to time in
accordance with its terms. 
 “Servicing Standard”: The meaning specified in the Servicing Agreement. 

“Similar Law”: Any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code. 
 “SOFR”: With respect to any calendar day, the secured overnight financing rate published
for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“SOFR Business Day”: Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“Special Servicer”: Rialto Capital Advisors, LLC, a Delaware limited liability company, solely in its capacity as special
servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant to the appropriate provisions of the Servicing Agreement. 

  
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 “Special Servicing Fee”: The meaning specified in the Servicing Agreement.

 “Specially Serviced Loan”: The meaning specified in the Servicing Agreement. 

“Specified Person”: The meaning specified in Section 2.6. 

“Sponsor”: FS Credit REIT. 

“Stated Maturity Date”: The Payment Date in June 2037. 

“Student Housing Property”: A Multifamily Property as to which the majority of the underwritten revenue is from residential
rental units leased to student tenants. 
 “Sub-Advisor”: Rialto Capital
Management, LLC. 
 “Sub-REIT”: FS Rialto
Sub-REIT LLC, a Delaware limited liability company. 
 “Subsequent Transfer
Instrument”: A transfer instrument substantially in the form of Exhibit C to the Collateral Interest Purchase Agreement. 

“Successful Auction”: Either (i) an auction that is conducted in accordance with the provisions specified in this
Indenture, which includes the requirement that the aggregate Cash purchase price for all of the Collateral Interests, together with the balance of all Eligible Investments and Cash in the Payment Account, will be at least equal to the Total
Redemption Price or (ii) the purchase of all of the Collateral Interests by the Majority Class H Noteholder for a price that, together with the balance of all Eligible Investments and Cash in the Payment Account, is equal to the Total
Redemption Price. 
 “Supermajority”: With respect to any Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class. 
 “Tax Event”:
(i) Any borrower is, or on the next scheduled payment date under any Collateral Interest, will be, required to deduct or withhold from any payment under any Collateral Interest to the Issuer for or on account of any tax for whatever reason and such
borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full
amount that the Issuer would have received had no such deduction or withholding been required, (ii) any jurisdiction imposes net income, profits, or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified
REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. 
 “Tax Materiality Condition”:
The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full
amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any twelve (12)-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary
or other disregarded entity of a REIT for U.S. federal income tax purposes. 

  
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 “Tax Redemption”: The meaning specified in
Section 9.1(b). 
 “Term SOFR”: The one-month
forward-looking term SOFR, as reported on the CME Market Data Platform (or any alternative source designated by CME Group Benchmark Administration Limited, as administrator of Term SOFR, from time to time) for the rate currently identified as
“1 Month CME Term SOFR,” which will be determined as described on Schedule B hereto. 
 “Term SOFR
Administrator”: CME Group Benchmark Administration Limited or a successor administrator of the rate currently identified as “1 Month CME Term SOFR”, as applicable. 

“Term SOFR Source”: CME Market Data Platform (or any alternative source designated by CME Group Benchmark Administration
Limited, as administrator of Term SOFR, from time to time) for the rate currently identified as “1 Month CME Term SOFR.” 

“Total Redemption Price”: The amount equal to funds sufficient to pay all amounts and expenses described under clauses
(1) through (4) of Section 11.1(a)(i) (without regard to any cap contained therein) and to redeem all Notes at their applicable Redemption Prices. 

“Transaction Documents”: This Indenture, the Collateral Management Agreement, the Placement Agreement, the Collateral
Interest Purchase Agreement, the U.S. Risk Retention Agreement, the EU/UK Risk Retention Letter, the Participation Agreements, the Future Funding Agreement, the Securities Account Control Agreement, the Future Funding Reserve Account Control
Agreement and the Servicing Agreement. 
 “Transfer Agent”: The Person or Persons, which may be the Issuer, authorized by
the Issuer to exchange or register the transfer of Notes in its capacity as Transfer Agent. 
 “Treasury Regulations”:
Temporary or final regulations promulgated under the Code by the United States Treasury Department. 
 “Trust Officer”:
When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom
such matter is referred because such officer’s knowledge of and familiarity with the particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility
for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Trustee”: Wilmington Trust, National Association, solely in its capacity as trustee hereunder, unless a successor Person
shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Person. 

  
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 “Trustee and Note Administrator Fee”: The fee payable monthly in arrears on
each Payment Date to the Note Administrator and the Trustee in accordance with the Priority of Payments, equal to $5,750 (a portion of which shall be payable to the Trustee by the Note Administrator). 

“Two Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“UCC”: The applicable Uniform Commercial Code. 

“Unadjusted Benchmark Replacement”: The Benchmark Replacement, excluding the applicable Benchmark Replacement Adjustment.

 “Underlying Commercial Real Estate Loan”: With respect to any Collateral Interest that is a Participation, the
Commercial Real Estate Loan in which such Participation represents a participation interest. 
 “United States” and
“U.S.”: The United States of America, including any state and any territory or possession administered thereby. 

“Unscheduled Principal Payments”: Any proceeds received by the Issuer from an unscheduled prepayment or redemption (in whole
but not in part) by the obligor of a Commercial Real Estate Loan prior to the stated maturity date of such related Collateral Interest. 

“Updated Appraisal”: The meaning specified in the Servicing Agreement. 

“U.S. Person”: The meaning specified in Regulation S. 

“U.S. Risk Retention Agreement”: The U.S. Credit Risk Retention Agreement, dated as of the Closing Date, by and between the
Sponsor and the Issuer as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “U/W
Stabilized NCF DSCR”: With respect to any Collateral Interest, the ratio, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of (a) the “stabilized” annual net cash flow generated
from the related Mortgaged Property before interest, depreciation and amortization, based on the stabilized underwriting, which may include the completion of certain proposed capital expenditures and the realization of stabilized occupancy and/or
rents to (b) the annual Debt Service. In determining U/W Stabilized NCF DSCR for any Reinvestment Collateral Interest, Exchange Collateral Interest or Contribution Collateral Interest that is a Participation, the calculation of U/W Stabilized
NCF DSCR will take into account the annual Debt Service due on the Participation being acquired by the Issuer and the related Companion Participation(s) (assuming fully funded) or related note also secured by the related Mortgaged Property or
properties, as applicable, that is senior or pari passu in right to the Participation being acquired by the Issuer but not any Companion Participation(s) or related note also secured by the related Mortgaged Property or properties, as
applicable, that is junior in right to the Participation being acquired by the Issuer. In determining the U/W Stabilized NCF DSCR for any Reinvestment Collateral Interest, Exchange Collateral Interest or Contribution Collateral Interest that is
cross-collateralized with one or more other Collateral Interests, the U/W Stabilized NCF DSCR was calculated with respect to the cross-collateralized group in the aggregate. 

  
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 “Weighted Average Life”: As of any Measurement Date with respect to the
Collateral Interests (other than Defaulted Collateral Interests), the number obtained by (i) summing the products obtained by multiplying (a) the Average Life at such time of each Collateral Interest (other than Defaulted Collateral
Interests) by (b) the outstanding Principal Balance of such Collateral Interest and (ii) dividing such sum by the aggregate Principal Balance at such time of all Collateral Interests (other than Defaulted Collateral Interests),
where “Average Life” means, on any Measurement Date with respect to any Collateral Interest (other than a Defaulted Collateral Interest), the quotient obtained by the Collateral Manager by dividing (i) the sum of the products
of (a) the number of years (rounded to the nearest one tenth thereof) from such Measurement Date to the respective dates of each successive expected distribution of principal of such Collateral Interest and (b) the respective amounts of
such expected distributions of principal by (ii) the sum of all successive expected distributions of principal on such Collateral Interest. 

“Weighted Average Spread”: As of any date of determination, the number obtained (rounded up to the next 0.001%), by
(A) summing the products obtained by multiplying (i) with respect to any Collateral Interest (other than a Defaulted Collateral Interest), the greater of (x) the current spread above Term SOFR (or applicable successor benchmark rate,
including any applicable spread adjustment) (net of any servicing fees and expenses) at which interest accrues on each such Collateral Interest and (y) if such Collateral Interest provides for a minimum interest rate thereunder, the excess, if
any, of the minimum interest rate applicable to such Collateral Interest (net of any servicing fees and expenses) over Term SOFR (or the applicable successor benchmark rate, including any applicable spread adjustment) by (ii) the Principal
Balance of such Collateral Interest as of such date, and (B) dividing such sum by the aggregate Principal Balance of all Collateral Interests (excluding all Defaulted Collateral Interests). 

“WFS”: Wells Fargo Securities, LLC. 

Section 1.2 Interest Calculation Convention. All calculations of interest hereunder that are made with respect to the Notes shall
be made on the basis of the actual number of days during the related Interest Accrual Period divided by three hundred sixty (360). 

Section 1.3 Rounding Convention. Unless otherwise specified herein, test calculations that are evaluated as a percentage will be
rounded to the nearest ten thousandth of a percentage point and test calculations that are evaluated as a number or decimal will be rounded to the nearest one hundredth of a percentage point. 

  
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 ARTICLE 2 

THE NOTES 

Section 2.1 Forms Generally. 

The Notes and the Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”)
shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer executing such Notes as evidenced by their execution of such Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Section 2.2 Forms of Notes and Certificate of Authentication. 

(a) Form. The form of each Class of the Notes, including the Certificate of Authentication, shall be substantially
as set forth in Exhibits A-1, A-2, B-1,
B-2, C-1, C-2, D-1,
D-2, E-1, E-2, F-1,
F-2, G-1, G-2, G-3,
G-4, G-5, G-6, H-1,
H-2, H-3, H-4, H-5,
H-6, I-1 and I-2 hereto. 

(b) Global Notes and Definitive Notes. 

(i) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs may be represented by one or
more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1,
B-1, C-1, D-1, E-1,
F-1, G-1, G-3, G-5,
H-1, H-3, H-5 and I-1 hereto added to the form of such Notes
(each, a “Rule 144A Global Note”), which shall be registered in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the
Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator
or the Depository or its nominee, as the case may be, as hereinafter provided. 
 (ii) Notes initially offered and sold in
the United States to (or to U.S. Persons who are) IAIs shall be, and the Notes offered and sold in the United States to (or to U.S. Persons who are) QIBs may be, issued in definitive form, registered in the name of the legal or beneficial owner
thereof attached without interest coupons with the applicable legend set forth in Exhibits A-2, B-2, C-2,
D-2, E-2, F-2, F-4,
F-6, G-2, G-4, G-6 and
I-2 hereto added to the form of such Notes (each, a “Definitive Note”), which shall be duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided.
The aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(iii) The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one or more
permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1, B-1, C-1, D-1, E-1, F-1, G-1,
G-3, G-5, H-1, H-3,
H-5 and I-1 hereto added to the form of such Notes (each, a “Regulation S Global Note”), which shall be deposited on behalf of the
subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the Depository for the respective accounts of Euroclear and Clearstream, Luxembourg or their
respective 

  
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depositories, duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Regulation S Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(c) Book-Entry Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf
of the Depository. 
 The Issuer shall execute and the Authenticating Agent shall, in accordance with this
Section 2.2(c), authenticate and deliver initially one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the
Note Administrator to such Depository or pursuant to such Depository’s instructions or held by the Note Administrator’s agent as custodian for the Depository. 

Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Note Administrator, as
custodian for the Depository or under the Global Note, and the Depository may be treated by the Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer and any of their respective agents as the absolute owner of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer or any of their respective agents, from giving effect to any
written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note.

 (d) Delivery of Definitive Notes in Lieu of Global Notes. Except as provided in Section 2.10, owners of
beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note. 

Section 2.3 Authorized Amount; Stated Maturity Date; and Denominations. 

(a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $690,000,000 except for
(i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5 and (ii) any Deferred Interest. 

  
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 Such Notes shall be divided into nine (9) Classes having designations and original
principal amounts as follows: 
  

					
	 Designation
	  	Original
Principal Amount	 
	 Class A Senior Secured Floating Rate Notes Due 2037
	  	$	370,875,000	 
	 Class A-S Second Priority Secured Floating Rate Notes
Due 2037
	  	$	67,275,000	 
	 Class B Third Priority Secured Floating Rate Notes Due 2037
	  	$	33,637,000	 
	 Class C Fourth Priority Secured Floating Rate Notes Due 2037
	  	$	42,263,000	 
	 Class D Fifth Priority Secured Floating Rate Notes Due 2037
	  	$	44,850,000	 
	 Class E Sixth Priority Secured Floating Rate Notes Due 2037
	  	$	11,212,000	 
	 Class F Seventh Priority Secured Floating Rate Notes Due 2037(1)
	  	$	38,813,000	 
	 Class G Eighth Priority Secured Floating Rate Notes Due 2037(1)
	  	$	24,150,000	 
	 Class H Income Notes Due 2037
	  	$	56,925,000	 

  

	(1) 	 At any time on or after the Initial MASCOT Note Issuance Date the Class F Notes and the Class G Notes
are exchangeable notes (the “Exchangeable Notes”) and are exchangeable for proportionate interests in the related MASCOT Notes as set forth in Section 2.16. All or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes” and, collectively with the Class F-E Notes, the
“MASCOT P&I Notes”) and the Class G-X Notes (the “Class G-X Notes” and, collectively with the Class F-X Notes, the “MASCOT Interest Only Notes,” and together with the MASCOT P&I Notes, the “MASCOT Notes”), and vice versa. 



(b) The Notes shall be issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 Section 2.4 Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signature of such Authorized Officers on the
Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance
of such Notes. 
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes
executed by the Issuer to the Authenticating Agent for authentication and the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise. 

  
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 Each Note authenticated and delivered by the Authenticating Agent upon Issuer Order on the
Closing Date shall be dated as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into more than
one Note in accordance with this Article 2, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate principal amount of such
subsequently issued Notes. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Note Administrator or by the Authenticating Agent by the manual signature of one of their Authorized Officers, and such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.5 Registration, Registration of Transfer and Exchange. 

(a) The Issuer shall cause to be kept a register (the “Notes Register”) in which, subject to such reasonable regulations as
it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes. The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose of maintaining
the Notes Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Notes Register kept in the United States as herein provided. Upon any resignation or removal of the Notes Registrar, the Issuer shall promptly
appoint a successor or, in the absence of such appointment, assume the duties of Notes Registrar. 
 The name and address of each Noteholder
and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded by the Notes Registrar in the Notes Register. For the avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to
cause the Notes to be considered issued in registered form under Treasury Regulations Section 5f.103-1(c). 

If a Person other than the Note Administrator is appointed by the Issuer as Notes Registrar, the Issuer shall give the Note Administrator
prompt written notice of the appointment of a successor Notes Registrar and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times
and to obtain copies thereof and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and numbers of such Notes. In addition, the Notes Registrar shall be required, within one (1) Business Day of each Record Date, to provide the Note Administrator with a copy of the Notes Registrar in the format required by,
and with all accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator. 

  
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 Subject to this Section 2.5, upon surrender for registration of
transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount. 
 At the option
of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in
Section 7.2. Whenever any Note is surrendered for exchange, the Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 

All Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Issuer and the Notes Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Neither the Notes Registrar
nor the Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business fifteen (15) days before any selection of Notes to be redeemed and ending at the close of
business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption. 

(b) No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from
the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws of any state or other jurisdiction. 

(c) No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except in
accordance with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified Purchasers purchasing for their own account or for the accounts of one
or more QIBs or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to
non-U.S. Persons in reliance on Regulation S which are also Qualified Purchasers. None of the Issuer, the Note Administrator, the Trustee or any other Person may register the Notes under the Securities Act or
the securities laws of any state or other jurisdiction. 

  
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 (d) Upon final payment due on the Stated Maturity Date of a Note, the Holder thereof shall
present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (outside the United States if then required by applicable law in the case of a Note in definitive form issued in exchange
for a beneficial interest in a Regulation S Global Note pursuant to Section 2.10). 
 (e) Transfers of Global
Notes. Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with
Section 2.2(c) and this Section 2.5(e). 
 (i) Except as otherwise set
forth below, transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a
Definitive Note may only be made in accordance with Section 2.10. 
 (ii) Regulation S Global
Note to Rule 144A Global Note or Definitive Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A
Global Note or for a Definitive Note or to transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note, such
holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream, Luxembourg and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent
beneficial interest in the corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream,
Luxembourg and/or DTC, as the case may be, directing the Notes Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not
less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly completed
certificate in the form of Exhibit J-2 attached hereto; or 
 (2) if the
transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit J-3 hereto, certifying that such transferee is an IAI, 

  
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 then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule
144A Global Note, approve the instructions at DTC to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the
Notes Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to
the reduction in the principal amount of the Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes Register in accordance with
Section 2.5(a) and, upon execution by the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above,
in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor). 

(iii) Definitive Note or Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a
Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in
such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such holder or, in the case of a transfer, the
transferee is a non- U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or
cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) instructions given in accordance with DTC’s procedures from an Agent Member directing the Note Administrator or the
Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the beneficial interest
in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee; 

(2) a written order given in accordance with DTC’s procedures containing information regarding the participant account of
DTC and the Euroclear or Clearstream, Luxembourg account to be credited with such increase; 
 (3) in the case of a transfer
of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee; and 
 (4) a duly
completed certificate in the form of Exhibit J-1 attached hereto, 

  
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 then the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce the
principal amount of the Rule 144A Global Note (or, in the case of a transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Person specified in such instructions
a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes
so cancelled). 
 (iv) Transfer of Rule 144A Global Notes to Definitive Notes. If, in accordance with
Section 2.10, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global
Note to a Person who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC,
exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of Exhibit J-3 and (B) appropriate instructions from DTC, if required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the
Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the
aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor). 

(v) Transfer of Definitive Notes to Rule 144A Global Notes. If a holder of a Definitive Note wishes at any time to
exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note,
such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A Global Note
(provided that no IAI may hold an interest in a Rule 144A Global Note). Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee;
(B) a duly completed certificate substantially in the form of Exhibit J-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC
to cause to be credited a beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information
regarding the participant’s account of DTC to be credited with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with
Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged. 

  
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 (vi) Transfers of EHRI. Transfers of the Class H Notes and
restrictions on the transfer of the EHRI shall also be subject to Section 2.5(o). 
 (vii) Other
Exchanges. In the event that, pursuant to Section 2.10, a Global Note is exchanged for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially
consistent with the provisions above (including certification requirements intended to ensure that such transfers are to a QIB or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S,
as the case may be) and as may be from time to time adopted by the Issuer and the Note Administrator. 
 (f) Removal of Legend. If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in Exhibits A-1, A-2, B-1, B-2, C-1, C-2,
D-1, D-2, E-1, E-2,
F-1, F-2, G-1, G-2,
G-3, G-4, G-5, G-6,
H-1, H-2, H-3, H-4,
H-5, H-6, I-1 and I-2 hereto, and if a request is made to
remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered to the Issuer such satisfactory evidence, which may
include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York (and addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer, to the effect that neither such applicable
legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act or ERISA. So long as the Issuer is relying on an exemption
or exclusion under or promulgated pursuant to the 1940 Act, the Issuer shall not remove that portion of the legend required to maintain an exemption or exclusion under or promulgated pursuant to the 1940 Act. Upon provision of such satisfactory
evidence, as confirmed in writing by the Issuer to the Note Administrator, the Note Administrator, at the direction of the Issuer, shall authenticate and deliver Notes that do not bear such applicable legend. 

(g) Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit J-1 hereto. 
 (h) Each beneficial owner of Rule 144A Global Notes shall be deemed to make the
representations and agreements set forth in Exhibit J-2 hereto. 
 (i) Each Holder of
Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit J-3 hereto. 

(j) Any purported transfer of a Note not in accordance with Section 2.5(a) shall be null and void and shall not be
given effect for any purpose hereunder. 
 (k) Notwithstanding anything contained in this Indenture to the contrary, neither the Trustee,
the Note Administrator nor the Notes Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or
Regulation S promulgated thereunder), the 1940 Act, ERISA or the Code (or any applicable regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the


  
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express terms of this Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note Administrator and/or
Notes Registrar, as applicable, is required to request, as a condition for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof
(and the Note Administrator or Notes Registrar, as the case may be, shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform). 

(l) [Reserved] 
 (m) If the Note
Administrator has actual knowledge or is notified by the Issuer or the Collateral Manager that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this
Section 2.5 on the basis of a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered
hereunder or (iii) the holder of any interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such
attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified
Transferee”) and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder. 

In addition, the Note Administrator may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding
paragraph be transferred to any Person designated by the Issuer or the Collateral Manager at a price determined by the Issuer or the Collateral Manager, based upon its estimation of the prevailing price of such interest and each Holder, by
acceptance of an interest in a Note, authorizes the Note Administrator to take such action. In any case, none of the Issuer, the Collateral Manager and the Note Administrator shall be held responsible for any losses that may be incurred as a result
of any required transfer under this Section 2.5(m). 
 (n) Each Holder of Notes approves and consents to
(i) the purchase of the Closing Date Collateral Interests by the Issuer from the Seller on the Closing Date, (ii) the purchase of any Reinvestment Collateral Interest, Exchange Collateral Interest and/or Contribution Collateral Interest by
the Issuer and (iii) any other transaction between the Issuer and the Collateral Manager or its Affiliates that are permitted under the terms of this Indenture or the Collateral Interest Purchase Agreement. 

(o) As long as any Note is Outstanding, any retained or repurchased Notes, any of the Retained Notes and the Membership Interests held by Sub-REIT or the Retention Holder or any other disregarded entity of Sub-REIT for U.S. federal income tax purposes may not be transferred (whether by means of an actual
transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledged or hypothecated to any Person unless (i)(A) 100% of the retained or repurchased Notes, the Retained Notes or the Membership Interests are transferred,
pledged or hypothecated to a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or (B) 100% of the retained or repurchased Notes, the Retained Notes or the Membership Interests


  
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are transferred, pledged or hypothecated to another REIT or a Qualified REIT Subsidiary or another disregarded entity of a another REIT or (ii) with respect to such transfer, pledge or
hypothecation the Issuer receives an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters to the effect that upon such transfer, pledge or hypothecation the Issuer will
continue to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT. 
 For the avoidance of doubt, the Indenture
Accounts (including income, if any, earned on the investments of funds in such account) will be owned by Sub-REIT, if the Issuer is wholly-owned by Sub-REIT, or a
subsequent REIT that wholly-owns the Issuer, for U.S. federal income tax purposes. The Issuer shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon
the reasonable request of the Note Administrator as may be necessary (x) to reduce or eliminate the imposition of U.S. withholding taxes and (y) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law
with respect to the Indenture Accounts or any amounts paid to the Issuer. If any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately
updated and complete versions of such IRS forms or other documentation. The Note Administrator shall have no liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant
to applicable law arising from the Issuer’s failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other
documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction
from the Issuer with respect to the investment of such funds, and (ii) the IRS forms and other documentation required by this paragraph. 

Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen Note. 

If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee, the
Note Administrator and the relevant Transfer Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person such
security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser,
the Issuer shall execute and, upon Issuer Request (which Issuer Request shall be deemed to have been given upon receipt by the Note Administrator of a Note that has been signed by the Issuer), the Note Administrator shall cause the Authenticating
Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of
its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding. 

  
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 If, after delivery of such new Note, a bona fide purchaser of the predecessor Note presents
for payment, transfer or exchange such predecessor Note, any Specified Person shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified Person shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith. 

In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer, in its discretion may, instead of
issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered. 

Upon the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the registered
Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Issuer, and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.6 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 

Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved. 

(a) Each Class of Notes shall accrue interest during each Interest Accrual Period at the Note Interest Rate applicable to such
Class and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on such date),
except as otherwise set forth below. Payment of interest on each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto. Any payment of interest due on a Class of Deferred Interest
Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance with the Priority of Payments on such Payment Date, but only if such Class is not the most senior Class Outstanding, shall
constitute “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event
of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest
Notes and (iii) the Stated Maturity Date (or the earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest on any Class of Deferred Interest Notes shall be added to the principal balance of such
Class of Deferred Interest Notes. Regardless of whether any more senior Class of Notes is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any Payment Date (other than the
Redemption Date with respect to, or Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable


  
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on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the
case of a partial repayment, on such repaid part, from the date of repayment or the Stated Maturity Date unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. To the
extent lawful and enforceable, interest on any interest that is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes of the Controlling Class, shall accrue at the Note Interest Rate applicable to such
Class until paid as provided herein. 
 (b) (i) So long as any of the Class A Notes, the
Class A-S Notes or the Class B Notes are outstanding, the Class C Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class C Notes and will not be
considered “due and payable” until the Payment Date on which funds are available to pay such Class C Deferred Interest in accordance with the Priority of Payments, (ii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, the Class D Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class D Notes and
will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class D Deferred Interest in accordance with the Priority of Payments, (iii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are outstanding, the Class E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of
the Class E Notes and will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class E Deferred Interest in accordance with the Priority of Payments, (iv) so long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, the Class F Deferred Interest and the Class F-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class F Notes or the Class F-E Notes, as applicable, and will
not be considered “due and payable” until the Payment Date on which funds are available to pay such Class F Deferred Interest and Class F-E Deferred Interest in accordance with the Priority
of Payments, and (v) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F
Notes, the Class F-E Notes or the Class F-X Notes are outstanding, the Class G Deferred Interest and the
Class G-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class G Notes or the Class G-E Notes, as applicable, and
will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class G Deferred Interest and Class G-E Deferred Interest in accordance with the
Priority of Payments. The failure to pay such Class C Deferred Interest, Class D Deferred Interest, Class E Deferred Interest, Class F Deferred Interest, Class F-E Deferred Interest,
Class G Deferred Interest or Class G-E Deferred Interest as a result of the operation of the Priority of Payments will not constitute an Event of Default under this Indenture. 

(c) The principal of each Class of Notes matures at par and is due and payable on the Stated Maturity Date, unless such principal has
been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each
Class of Notes may only occur pursuant to the Priority of Payments. The payment of principal on any Note (x) may only occur (other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) after each
Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on 

  
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each Class more senior thereto and certain other amounts in accordance with the Priority of Payments. Payments of principal on any Class of Notes that are not paid, in accordance with
the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated Maturity Date (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be
considered “due and payable” for purposes of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with
respect to such Class have been paid in full. Payments of principal on the Notes in connection with a Clean-up Call, Tax Redemption, Auction Call Redemption or Optional Redemption will be made in
accordance with Section 9.1 and the Priority of Payments. 
 (d) As a condition to the payment of principal of and
interest on any Note without the imposition of U.S. withholding tax, the Issuer shall require certification acceptable to it to enable the Issuer, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes
or other charges that they may be required to deduct or withhold from payments in respect of such Note under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof
or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. Such certification may include U.S. federal income tax forms (such as IRS Form W-8BEN
(Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax
Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim
that Income Is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms). In addition, each of the Issuer, the Trustee or any Paying Agent may require certification acceptable to it to
enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its Collateral and otherwise as may be necessary or desirable to ensure compliance with all applicable laws.
Each Holder and each beneficial owner of Notes agree to provide any certification requested pursuant to this Section 2.7(d) and to update or replace such form or certification in accordance with its terms or its subsequent
amendments. 
 (e) Payments in respect of interest on and principal on the Notes shall be payable by wire transfer in immediately available
funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar
check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register. The Issuer expects that the Depository or its nominee, upon receipt of any payment of principal or interest in respect of a
Global Note held by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such Global Note as shown on the records of the
Depository or its nominee. The Issuer also expects that payments by Agent Members to owners of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions and customary practices, as is now the case
with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments 

  
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will be the responsibility of the Agent Members. Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the
Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of the United States if then required by applicable law, in the case of a Definitive Note issued in exchange for a
beneficial interest in the Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the Trustee, the Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the
Holder of any Note with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein. In the case where any final payment of principal and interest is to be made on any Note (other than on the
Stated Maturity Date thereof) the Issuer or, upon Issuer Request, the Note Administrator, in the name and at the expense of the Issuer, shall not more than thirty (30) nor fewer than five (5) Business Days prior to the date on which such
payment is to be made, mail to the Persons entitled thereto at their addresses appearing on the Notes Register, a notice which shall state the date on which such payment will be made and the amount of such payment and shall specify the place where
such Notes may be presented and surrendered for such payment. 
 (f) Subject to the provisions of Sections 2.7(a) and (e),
Holders of Notes as of the Record Date in respect of a Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment
Date. All such payments that are mailed or wired and returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer to be maintained as provided in Section 7.2 (or returned
to the Trustee). 
 (g) Interest on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date shall be
paid to the Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

(h) Payments of principal to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount of
the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date. 

(i) Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto. 

(j) All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments of principal made
on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is
noted on such Note. 
 (k) Notwithstanding anything contained in this Indenture to the contrary, the obligations of the Issuer under the
Notes, this Indenture and the other Transaction Documents are limited recourse obligations of the Issuer payable solely from the Collateral and following realization of the Collateral, all obligations of the Issuer and any claims of the Noteholders,
the Trustee or any other parties to any Transaction Documents shall be extinguished and shall not 

  
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thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer, director, employee, shareholder, limited partner or incorporator of
the Issuer or any of its successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph shall not (i) prevent recourse to the Collateral for the sums due or to
become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture (to the extent it
relates to the obligation to make payments on the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and the other Transaction Documents shall be extinguished
and shall not thereafter revive. It is further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under
the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 

(l) Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such other Note. 

(m) Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but subject to
Sections 2.7(f) and (i)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity and its consequences have not been rescinded and annulled and the provisions of
Section 5.5 are not applicable, then payments of principal of and interest on such Notes shall be made in accordance with Section 5.7. 

Section 2.8 Persons Deemed Owners. 

The Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, and any of their respective agents may treat as the owner
of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of principal of and interest and other amounts on such Note and on any other date for all other
purposes whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, or any of their respective agents shall be affected by notice to the contrary; provided, however, that
the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered the owners of any Notes for the purpose of receiving notices. 

Section 2.9 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the
Notes Registrar, be promptly canceled by the Notes Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as
expressly permitted by this Indenture. All canceled Notes held by the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy. Notes of the most senior Class Outstanding (and no other
Class of Notes) that are held by the Issuer, the Collateral Manager or any of their respective Affiliates may be submitted to the Notes Registrar for cancellation at any time. 

  
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 Section 2.10 Global Notes; Definitive Notes; Temporary Notes. 

(a) Definitive Notes. Definitive Notes shall only be issued in the following limited circumstances: 

(i) at the discretion of the Issuer, at the direction of the Collateral Manager, with respect to any Class of Notes, 

(ii) upon Transfer of Global Notes to an IAI or a QIB in accordance with the procedures set forth in
Section 2.5(e)(ii), (iii) or (vi); 
 (iii) if a holder of a Definitive Note wishes
at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this
Section 2.10, such holder may effect such exchange or transfer upon receipt by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly completed
certificates in the form of Exhibit J-3, upon receipt of which the Notes Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance
with Section 2.5(a) and upon execution by the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Definitive
Note surrendered by the transferor); 
 (iv) in the event that the Depository notifies the Issuer that it is unwilling or
unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within ninety (90) days
of such notice, the Global Notes deposited with the Depository pursuant to Section 2.2 shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth in this
Section 2.10. 
 (b) Any Global Note that is exchanged for a Definitive Note shall be surrendered by the
Depository to the Note Administrator’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in
such Global Note. Any such transfer shall be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the
same Class and authorized denominations. Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in
Exhibits A-2, B-2, C-2, D-2, E-2, F-2, G-2, G-4,
G-6, H-2, H-4, H-6 and
I-2, as applicable, and shall be subject to the transfer restrictions referred to in such applicable legend. The Holder of each such registered individual Global Note may transfer such Global Note by
surrendering it at the Corporate Trust Office of the Note Administrator, or at the office of the Paying Agent. 

  
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 (c) Subject to the provisions of Section 2.10(b) above, the
registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or
the Notes. 
 (d) [Reserved] 

(e) In the event of the occurrence of either of the events specified in Section 2.10(a) above, the Issuer shall
promptly make available to the Notes Registrar a reasonable supply of Definitive Notes. 
 Pending the preparation of Definitive Notes
pursuant to this Section 2.10, the Issuer may execute and, upon Issuer Order, the Authenticating Agent shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise
reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such
Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes. 
 If temporary Definitive Notes are
issued, the Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay. The Definitive Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other
manner permitted by the rules and regulations of any applicable notes exchange, all as determined by the Officers executing such Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive
Notes upon surrender of the applicable temporary Definitive Notes at the office or agency maintained by the Issuer for such purpose, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Definitive Note, the
Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in exchange therefor the same aggregate principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 Section 2.11 U.S. Federal Income Tax
Treatment of Notes and the Issuer. 
 (a) The Issuer intends that, for U.S. federal income tax purposes, (i) the Notes (unless held
by Sub-REIT (or another disregarded entity wholly-owned by Sub-REIT or a subsequent REIT)) be treated as debt, (ii) 100% of any retained or repurchased Notes, the
Retained Notes and the Membership Interests be beneficially owned by the Retention Holder, and (iii) the Issuer be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. Each
prospective purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with the
preceding sentence for U.S. federal income tax purposes. 

  
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 (b) The Issuer shall account for the Notes and prepare any reports to Noteholders and tax
authorities consistent with the intentions expressed in Section 2.11(a) above. 
 (c) Each Holder of Notes agrees
that by virtue of being a Holder it shall timely furnish to the Issuer or its agent any completed U.S. federal income tax form or certification (such as IRS Form W-8BEN (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Individuals), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States
Tax Withholding and Reporting (Entities)) IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms) that the Issuer or its agent may reasonably request and shall update or replace such forms or certification in accordance with its terms or its subsequent
amendments. Furthermore, Noteholders shall timely furnish any information required pursuant to Section 2.7(d). 

(d) The Issuer shall be responsible for all calculations of original issue discount on the Notes, if any. 

(e) Each prospective purchaser, any subsequent transferee, and each Holder of a Note or any interest therein shall, by virtue of its purchase
or other acquisition of such Note or interest therein, be deemed to agree (i) to provide accurate information and documentation that may be required for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA
and (ii) that the Issuer, the Note Administrator, the Trustee or the Paying Agent may (1) provide such information and documentation and any other information concerning its investment in such Notes to the U.S. Internal Revenue Service and
any other relevant tax authority and (2) take any other actions necessary for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA. 

(f) [Reserved] 
 (g) The
Retention Holder, by acceptance of any retained or repurchased Notes, the Retained Notes and the Membership Interests, agrees to take no action inconsistent with such treatment and, for so long as any Note is Outstanding, agrees not to sell,
transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), convey, setover, pledge or encumber any retained or repurchased Notes, any Retained Notes and/or the Membership Interests,
except to the extent permitted pursuant to Section 2.5(o). 
 Section 2.12 Authenticating Agents. 

Upon the request of the Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to
this Indenture, appoint one (1) or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of
Notes by an Authenticating Agent pursuant to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator. 

  
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 Any corporation or banking association into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust
business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Note Administrator, the Trustee and the Issuer. The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent, the Trustee and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuer. 
 The Note Administrator agrees to pay to each Authenticating Agent appointed by it from
time to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7.
The provisions of Sections 2.9, 6.4 and 6.5 shall be applicable to any Authenticating Agent. 
 Section 2.13
Forced Sale on Failure to Comply with Restrictions. 
 (a) Notwithstanding anything to the contrary elsewhere in this Indenture, any
transfer of a Note or interest therein to a U.S. Person who is determined not to have been both (i) either (A) a QIB or (B) an IAI and (ii) a Qualified Purchaser at the time of acquisition of the Note or interest therein, or any
transfer of a Note or interest therein that could result in the Issuer being subject to ERISA or Section 4975 of the Code or a violation of any Similar Law or that could constitute or result in a
non-exempt prohibited transaction under ERISA or Section 4975 of the Code, in any case, shall be null and void and any such proposed transfer of which the Issuer, the Note Administrator or the Trustee
shall have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Note Administrator and the Trustee for all purposes. 

(b) If the Issuer determines that any Holder of a Note has not satisfied the applicable requirement described in
Section 2.13(a) above (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a
Non-Permitted Holder by the Issuer or a Responsible Officer of each of the Note Administrator and the Trustee (and notice by the Note Administrator, the Trustee (in the case of each of the Note Administrator
and the Trustee, only if a Trust Officer has actual knowledge and makes such discovery)), send notice to such Non-Permitted Holder demanding that such Non-Permitted
Holder transfer its interest to a Person that is not a Non-Permitted Holder within thirty (30) days (10 days in the case of a Non-Permitted Holder for ERISA-related
reasons) of the date of such notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Note or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose.
The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by soliciting one or more 

  
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bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such bidder. However, the Issuer may select
a purchaser by any other means determined by it in its sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds of such sale, net of any commissions,
expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this Section 2.13(b) shall be determined
in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion. 

Section 2.14 No Gross Up. 

The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any
withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. 

Section 2.15 Credit Risk Retention. 

The Sponsor shall timely deliver (or cause to be timely delivered) to the Trustee and the Note Administrator any notices contemplated by
Section 10.10(a)(vi). 
 Section 2.16 Exchangeable Notes; Exchange of MASCOT Notes. 

(a) At any time on or after the Initial MASCOT Note Issuance Date all or a portion of the Class F Notes and the Class G Notes may be
exchanged for proportionate interests in one or more classes of certain other Notes and vice versa (such Notes received in such an exchange, the “Exchanged Notes”). The Exchangeable Notes may be exchanged by the Holders
thereof for (1) a corresponding MASCOT P&I Note with the same principal balance as the Class F Note or the Class G Note, as applicable, surrendered in the exchange but with a reduced Note Interest Rate, and (2) an MASCOT
Interest Only Note that has a notional balance equal to the principal balance of the MASCOT P&I Note received in such exchange with a fixed interest rate equal to such reduction in Note Interest Rate. Specifically, with respect to the exchange
of the Class F Notes or the Class G Notes for corresponding MASCOT Notes, the per annum interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes shall be determined, on the date of such exchange, by the holder
of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange. The aggregate interest rates of the Exchanged Notes received in the exchange shall equal the aggregate interest rate of the Exchangeable Notes
surrendered for exchange. The MASCOT Interest Only Notes are not entitled to any payments of principal and shall have an Aggregate Outstanding Amount of zero. 

(b) (i) With respect to the exchange of the Class F Notes or the Class G Notes for corresponding MASCOT Notes, each of (1) the
Aggregate Outstanding Amount of the MASCOT P&I Note received in the exchange and (2) the Aggregate Outstanding Notional Amount of the MASCOT Interest Only Notes received in the exchange shall equal the Aggregate Outstanding Amount of the
Class F Notes or the Class G Notes, as applicable, exchanged. The MASCOT Interest Only Notes are not entitled to any payments of principal and have an Aggregate Outstanding Amount of zero. 

  
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 (ii) The aggregate Note Interest Rates of the Exchanged Notes received in
the exchange must equal the aggregate Note Interest Rate of the Exchangeable Notes surrendered for exchange. 
 (c) Exchanges of the
Class F Notes or the Class G Notes for MASCOT Notes and any subsequent exchange of such MASCOT Notes for the Class F Notes or the Class G Notes may occur repeatedly. 

(d) With respect to an exchange of some or all of the Class F Notes or the Class G Notes, as applicable, the Holders of such MASCOT
P&I Notes shall be entitled to exercise all the voting rights (including any rights as the Controlling Class) and objection rights that are allocated to such exchanged the Class F Notes or the Class G Notes, as applicable, and the
Aggregate Outstanding Amount of such MASCOT P&I Notes shall be used to determine if the requisite percentage of Holders under this Indenture has voted, consented or otherwise given direction; provided that, in connection with any
supplemental indenture that affects a Class of MASCOT Notes in a manner that is materially different from the effect of such supplemental indenture on the Class F Notes or the Class G Notes, as applicable, the Holders of the
applicable MASCOT Notes shall be entitled to vote as a separate class. 
 (e) The Class F-X
Notes and the Class G-X Notes are interest only notes that receive interest payments but do not receive principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to
the “Aggregate Outstanding Notional Amount,” which shall, as of any date, equal the Aggregate Outstanding Amount on such date of the related MASCOT P&I Note. 

(f) In order to effect an exchange of Exchangeable Notes, the Holder shall submit a duly executed Officer’s Certificate in the form of
Exhibit T to this Indenture to the Note Administrator no earlier than ten (10) Business Days before the proposed exchange date and no later than five (5) Business Days before the proposed exchange date. Such Officer’s
Certificate shall to be in writing, and may be by email to CREBondAdmin@wellsfargo.com. The Officer’s Certificate must be on the Holder’s letterhead and set forth the following information: (i) the CUSIP number of each Exchangeable
Note and Exchanged Note; (ii) the Aggregate Outstanding Amount and the Aggregate Outstanding Notional Amount, as applicable, of the Notes to be exchanged; (iii) the Holder’s DTC participant number to be debited and credited; and
(iv) the proposed exchange date. The exchange date with respect to any exchange may be any Business Day other than (1) the first or last Business Day of the month, (2) any Payment Date, (3) any Record Date or (4) any day
between a Record Date and the next Payment Date. Any such notice shall become irrevocable on the second Business Day before the proposed exchange date. The Holder must pay the Note Administrator a fee equal to $5,000 for each exchange request and
such fee must be received by the Note Administrator prior to the exchange date or such exchange shall not be effected. In addition, any Holder wishing to effect such an exchange must pay any other expenses related to such exchange, including any
fees charged by DTC. The Note Administrator shall make the first payment on any Exchanged Note received by a Holder in an exchange transaction on the Payment Date related to the next Record Date following the effective date of such exchange. 

  
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 Section 2.17 Effect of Benchmark Transition Event. 

(a) The Collateral Manager shall be responsible for determining whether a Benchmark Transition Event has occurred with respect to any
Benchmark. The Collateral Manager shall provide prompt written notice to the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the
Noteholders and the Rating Agencies of its determination that a Benchmark Transition Event has occurred. In addition, not less than thirty (30) days prior to any Benchmark Replacement Date, the Collateral Manager shall provide prompt written
notice to the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies of such Benchmark
Replacement Date and applicable Benchmark Replacement. 
 (b) After a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, any Benchmark and the related Benchmark Determination Date shall be replaced for all purposes of this Indenture by the Benchmark Replacement and Benchmark Determination Date determined by the Collateral Manager. Notwithstanding the
occurrence of a Benchmark Transition Event, amounts payable on the Notes shall be determined with respect to the then-current Benchmark until the occurrence of the related Benchmark Replacement Date. 

(c) In connection with the occurrence of any Benchmark Transition Event and its related Benchmark Replacement Date, and from time to time
thereafter, the Collateral Manager may direct the parties hereto by Issuer Order to enter into a supplemental indenture in accordance with Section 8.1(b)(iv) to make such Benchmark Replacement Conforming Changes, if any, as
the Collateral Manager determines may be necessary or desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement. 

(d) Any determination, implementation, adoption, decision, proposal or election that may be made by the Collateral Manager with respect to any
Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment or Benchmark Replacement Conforming Changes, including any determination with respect to a tenor, observation period, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, shall be conclusive and binding on the parties hereto and
the Noteholders absent manifest error, may be made in the sole discretion of the Collateral Manager and may be relied upon by the Issuer, the Note Administrator, the Trustee, the Calculation Agent and the Servicer without investigation. 

(e) The Collateral Manager may (at the Collateral Manager’s expense) assign to another entity (other than the Trustee, the Note
Administrator, the Calculation Agent or the Custodian) any or all of the Collateral Manager’s rights to make determinations with respect to the Benchmark Replacement, but only so long as the Collateral Manager has provided advance notice of
such assignment to the Issuer, the Advancing Agent, the Servicer, the Trustee, the Note 

  
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Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies. Any
out-of-pocket costs and expenses incurred by such assignee in discharging its obligations, and any indemnification amounts or liquidated damages payable to such assignee
will be payable as Company Administrative Expenses in accordance with the Priority of Payments. Any fees of such assignee will be payable by the Collateral Manager. 

(f) Notwithstanding anything to the contrary in this Indenture, the Collateral Manager may send any notices with respect to any Benchmark
Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.17, by email (or other
electronic communication). 
 (g) The Collateral Manager shall not have any liability for the determination or selection with respect to any
Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.17
(including, without limitation, whether the conditions for such determination or selection have been satisfied). 
 Section 2.18
Certain U.S. Federal Income Tax Accounting Applicable to Sub-REIT’s Treatment of the Class H Notes. 

(a) Solely for certain U.S. federal income tax accounting applicable to Sub-REIT, the Class H
Notes shall be deemed to be subdivided into each of (i) the “Class H-P Subcomponent”, (ii) the
“Class H-X Subcomponent” and the (iii) “Class H-R Subcomponent” (collectively, the
“Class H Subcomponents”). 
 (b) Deemed Payments to Class H Subcomponents. The
Class H-P Subcomponent shall have a subcomponent note balance from time to time equal to the Aggregate Outstanding Portfolio Balance minus the sum of: (i) the Aggregate Outstanding Amount of all
Classes of Notes (other than the Class H Notes) and (ii) the subcomponent note balances, if any, of the sum of the Class H-X Subcomponent and the
Class H-R Subcomponent. The Class H-P Subcomponent will not be entitled to receive interest. 

The Class H-X Subcomponent shall have a subcomponent notional balance from time to time equal to
the Aggregate Outstanding Portfolio Balance minus the Aggregate Outstanding Amount of all Classes of Notes (other than the Class H Notes) (the “Class H-X Notional
Amount”). The subcomponent note rate on the Class H-X Subcomponent will equal the difference between (1) the Collateral Net WAC and (2) the total interest accrued on all Classes of
Notes (other than the Class H Notes) with respect to such Payment Date, such aggregate expressed as an annualized rate at which interest would have to accrue on the Class H-X Notional Amount on an
actual/360 basis in order to produce the aggregate amount of interest described in clause (2) to accrue on the Class H-X Notional Amount. Such subcomponent note rate shall be applied to the Class H-X Notional Amount. 

  
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 The Class H-R Subcomponent shall be entitled to
any amount remaining after all payments to the Class H-P Subcomponent and the Class H-X Subcomponent have been made in accordance with the priority of payments
described herein. 
 (i) Interest Proceeds. On each Payment Date, Interest Proceeds shall be deemed paid in the
following order of priority: 
 (1) to the Class H-X Subcomponent, to the extent
of accrued interest thereon; and 
 (2) to the Class H-R Subcomponent, any
remaining Interest Proceeds. 
 (ii) Principal Proceeds. On each Payment Date, Principal Proceeds shall be deemed paid
in the following order of priority: 
 (1) to the Class H-P Subcomponent, until
the subcomponent note balance of the Class H-P Subcomponent has been reduced to zero; and 

(2) to the Class H-R Subcomponent, any remaining Principal Proceeds. 

For the avoidance of doubt, the Note Administrator shall make computations, distributions and reports with respect to the Class H Notes
without regard to the Class H Subcomponents and the payments described in this Section 2.18. Furthermore, the Note Administrator shall not be responsible for any tax filings or reporting in respect of the Class H
Notes. 
 ARTICLE 3 

CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS 

Section 3.1 General Provisions. 

The Notes to be issued on the Closing Date shall be executed by the Issuer upon compliance with Section 3.2 and
shall be delivered to the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered by the Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee
on or prior to the Closing Date: 
 (a) an Officer’s Certificate of the Issuer (i) evidencing the authorization by resolution of
the Issuer’s sole member of the execution and delivery of this Indenture, the Servicing Agreement and the Placement Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date
of each Class of Notes, the principal amount of each Class of Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the
resolutions of the Issuer’s sole member is a true and complete copy thereof, (B) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (C) the individuals authorized to execute and
deliver such documents hold the offices and have the signatures indicated thereon; 

  
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 (b) an opinion of Cadwalader, Wickersham & Taft LLP, special counsel to the Issuer,
the Seller, the Advancing Agent, the Collateral Manager, the Retention Holder, the Special Servicer and certain Affiliates thereof (which opinions may be limited to the laws of the State of New York and the federal law of the United States and may
assume, among other things, the correctness of the representations and warranties made or deemed made by the owners of Notes pursuant to Sections 2.5(h), (i) and (j)) dated the Closing Date, as to certain enforceability matters
of New York law and certain 1940 Act issues, United States federal income tax and securities law matters, in a form satisfactory to the Placement Agents; 

(c) an opinion of Cadwalader, Wickersham & Taft LLP, special counsel to the Issuer, dated the Closing Date, relating to the validity
of the Grant hereunder, the perfection of the Trustee’s security interest in the Collateral and certain matters of Minnesota law with respect to the Minnesota Collateral in a form satisfactory to the Placement Agents; 

(d) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to the Issuer, dated the Closing Date, relating to certain bankruptcy
matters, in a form satisfactory to the Placement Agents; 
 (e) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to
Sponsor, dated the Closing Date, relating to certain Credit Risk Retention Rules, in a form satisfactory to the Placement Agents; 
 (f) an
opinion of Cadwalader, Wickersham & Taft LLP, special counsel to Sub-REIT, dated the Closing Date, regarding its qualification and taxation as a REIT in a form satisfactory to the Placement Agents;

 (g) an opinion of in-house counsel to FS Credit REIT, dated the Closing Date, in a form
satisfactory to the Placement Agents; 
 (h) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Issuer,
dated the Closing Date, regarding certain issues of Delaware law; 
 (i) opinions of Richards, Layton & Finger P.A., special
Delaware counsel to the Issuer, dated the Closing Date, regarding certain issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 

(j) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Retention Holder, dated the Closing Date, regarding
certain issues of Delaware law in a form satisfactory to the Placement Agents; 
 (k) opinions of Richards, Layton & Finger P.A.,
special Delaware counsel to the Retention Holder, dated the Closing Date, regarding certain issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 

  
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 (l) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the
Special Servicer, Seller and Sub-REIT, dated the Closing Date, regarding certain issues of Delaware law in a form satisfactory to the Placement Agents; 

(m) an opinion of Mayer Brown LLP, counsel to the Servicer, and an opinion of in-house counsel to the
Servicer, each dated the Closing Date, regarding certain issues of New York and United States law; 
 (n) an opinion of Aini &
Associates PLLC, counsel to Trustee; 
 (o) an opinion of (i) in-house counsel of the Note
Administrator, and (ii) Aini & Associates PLLC, counsel to the Note Administrator, each dated as of the Closing Date; 
 (p)
an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not in Default under this Indenture and that the issuance of the Notes by the Issuer will not result in a breach of any of the
terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Issuer, any indenture or other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or
administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the
Notes applied for have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid; 

(q) executed counterparts of the Collateral Interest Purchase Agreement, the Servicing Agreement, the Collateral Management Agreement, the
Advisory Committee Member Agreement, the Participation Agreements relating to the Closing Date Collateral Interests, the Future Funding Agreement, the Placement Agreement, the Securities Account Control Agreement, the U.S. Risk Retention Agreement,
the EU/UK Risk Retention Letter and the Future Funding Reserve Account Control Agreement; 
 (r) (i) an Accountants’ Report on applying
agreed-upon procedures with respect to certain information concerning the Closing Date Collateral Interests in the data tape, dated May 23, 2022, (ii) an Accountants’ Report on applying agreed-upon procedures with respect to certain
information concerning the Closing Date Collateral Interests in the Preliminary Offering Memorandum of the Issuer, dated May 26, 2022, and the Structural and Collateral Term Sheet dated May 26 2022, and (iii) an Accountants’
Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date Collateral Interests in the Offering Memorandum; 

(s) evidence of preparation for filing at the appropriate filing office in the State of Delaware of a financing statement, on behalf of the
Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be perfected by filing under the UCC; 

(t) an Issuer Order executed by the Issuer directing the Authenticating Agent to (i) authenticate the Notes specified therein, in the
amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer; and 

  
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 (u) the Future Funding Indemnitor certification pursuant to
Section 12.5(b). 
 Section 3.2 Security for Secured Notes. Prior to the issuance of the Notes on the
Closing Date, the Issuer shall cause the following conditions to be satisfied: 
 (a) Grant of Security Interest; Delivery of Collateral
Interests. The Grant pursuant to the Granting Clause of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral and the transfer of all Closing Date Collateral Interests acquired in connection therewith
purchased by the Issuer on the Closing Date (as set forth in Schedule A hereto) to the Trustee, without recourse (except as expressly provided in each applicable Collateral Interest Purchase Agreement), in the manner provided in
Section 3.3(a). 
 (b) Certificate of the Issuer. A certificate of an Authorized Officer of the Issuer
given on behalf of the Issuer and without personal liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Closing Date Collateral Interest pledged to the Trustee for
inclusion in the Collateral on the Closing Date and immediately prior to the delivery thereof on the Closing Date: 
 (i) the
Issuer is the owner of such Closing Date Collateral Interest free and clear of any liens, claims or encumbrances of any nature whatsoever except for those which are being released on the Closing Date; 

(ii) the Issuer has acquired its ownership in such Closing Date Collateral Interest in good faith without notice of any adverse
claim, except as described in paragraph (i) above; 
 (iii) the Issuer has not assigned, pledged or otherwise encumbered
any interest in such Closing Date Collateral Interest (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture; 

(iv) the Loan Documents with respect to such Closing Date Collateral Interest do not prohibit the Issuer from Granting a
security interest in and assigning and pledging such Closing Date Collateral Interest to the Trustee; 
 (v) the information
set forth with respect to each such Closing Date Collateral Interest on Schedule A is true and correct; 
 (vi) the
Closing Date Collateral Interests included in the Collateral satisfy the requirements of Section 3.2(a); 

(vii) (1) the Grant pursuant to the Granting Clause of this Indenture shall, upon execution and delivery of this Indenture by
the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to the Closing Date Collateral Interests pledged to
the Trustee for inclusion in the Collateral on the Closing Date; and 

  
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 (2) upon the delivery of each mortgage note evidencing the obligations of
the borrowers under each Collateral Interest to the Custodian on behalf of the Trustee, at the Custodian’s office in Minneapolis, Minnesota, the Trustee’s security interest in all Collateral Interests shall be a validly perfected, first
priority security interest under the UCC as in effect in the State of Minnesota. 
 (c) Rating Letters. The Issuer’s receipt of
a signed letter from the Rating Agencies confirming that (i) the Class A Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and “AAA(sf)” by DBRS Morningstar, (ii) the Class A-S Notes be issued with a rating of “AAA(sf)” by DBRS Morningstar, (iii) the Class B Notes be issued with a rating of at least “AA(low)(sf)” by DBRS Morningstar,
(iv) the Class C Notes be issued with a rating of at least “A(low)(sf)” by DBRS Morningstar, (v) the Class D Notes be issued with a rating of at least “BBB(sf)” by DBRS Morningstar, (vi) the Class E
Notes be issued with a rating of at least “BBB(low)(sf)” by DBRS Morningstar, (vii) the Class F Notes be issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar, and (viii) the Class G Notes be
issued with a rating of at least “B(low)(sf)” by DBRS Morningstar, and that such ratings are in full force and effect on the Closing Date. 

(d) Accounts. Evidence of the establishment of the Payment Account, the Reinvestment Account, the Custodial Account, the Collection
Account, the Future Funding Reserve Account and the Participated Loan Collection Account. 
 Section 3.3 Transfer of Collateral.

 (a) Computershare Trust Company, National Association, acting through its document custody division, as document custodian (in such
capacity, the “Custodian”), is hereby appointed as Custodian to hold all of the mortgage notes or participation certificates required to be delivered to it by the Issuer in accordance with this Section 3.3
on the Closing Date or on the closing date of the acquisition of any Reinvestment Collateral Interest or Exchange Collateral Interest, at its office in Minneapolis, Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or
trust company that is not an Affiliate of the Issuer and has capital and surplus of at least $200,000,000 and whose long-term unsecured debt is rated at least “Baa1” by Moody’s and “BBB(high)” by DBRS Morningstar (if rated
by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)). Subject to the limited right to relocate Collateral set forth in
Section 7.5(b), the Custodian shall hold all Loan Documents at its Corporate Trust Office. 
 (b) All Eligible
Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds used to purchase such investments shall be held in accordance with Article 10 and, in respect of
each Indenture Account, the Trustee on behalf of the Secured Parties shall have entered into a securities account control agreement with the Issuer, as debtor and Computershare Trust Company, National Association, as “securities
intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New York) (together with its permitted successors and assigns in the trusts hereunder, the
“Securities Intermediary”), and the Trustee, as secured party (the “Securities Account Control Agreement”) providing, inter alia, that the establishment and maintenance of such Indenture Account will be governed by
the law of the State of New York. The security interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows: 

  
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 (i) in the case of Collateral consisting of Security Entitlements, by the
Issuer (A) causing the Securities Intermediary, in accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and (B) causing the Securities
Intermediary to agree pursuant to the Securities Account Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by the Issuer;

 (ii) in the case of Collateral consisting of Instruments or Certificated Securities (the “Minnesota
Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer causing (A) the
Custodian, on behalf of the Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the
Issuer) (1) to (x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a record
acknowledging that it will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; 

(iii) in the case of Collateral consisting of General Intangibles and all other Collateral of the Issuer in which a security
interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the State of Delaware, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the Trustee as secured party,
which financing statement reasonably identifies all such Collateral, with the Secretary of State of the State of Delaware; 

(iv) in the case of Collateral consisting of General Intangibles, causing the registration of the security interests granted
under this Indenture in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office; and 

(v) in the case of Collateral consisting of Cash on deposit in any Servicing Account managed by the Servicer or Special
Servicer pursuant to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer or Special Servicer on behalf of the Trustee. 

(c) The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the
debtor’s personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture. 

  
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 (d) Without limiting the foregoing, the Trustee shall cause the Note Administrator to take
such different or additional action as the Trustee may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection
and priority of the security interest of the Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood
that the Note Administrator shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(c), as to the need to file any financing statements or continuation
statements, the dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made). 

(e) Without limiting any of the foregoing, in connection with each Grant of a Collateral Interest hereunder as of the date such Collateral
Interest is acquired, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the following documents (collectively, the “Collateral Interest File”): 

(i) if such Collateral Interest is a Mortgage Loan: 

(1) the original mortgage notes bearing, or accompanied by, all intervening endorsements, endorsed in blank or endorsed
“Pay to the order of FS Rialto 2022-FL5 Issuer, LLC, a Delaware limited liability company, without recourse, except as expressly set forth in that certain Collateral Interest Purchase Agreement, dated as
of June 16, 2022” and signed in the name of the last endorsee by an authorized Person and if endorsed to the Issuer, an assignment in blank from the Issuer; 

(2) the original mortgage (or a recorded copy thereof or a copy thereof certified from the applicable recording office) and, if
applicable, the originals of all intervening assignments of mortgage (or recorded copies thereof or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title
from the originator thereof to the last endorsee; 
 (3) the original assignment of leases and rents (or a recorded copy
thereof or a copy thereof certified from the applicable recording office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or recorded copies thereof or copies thereof certified from the
applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of recordation from the originator thereof to the last endorsee; 

(4) an original blanket assignment of all unrecorded documents (including a complete chain of intervening assignments, if
applicable) in favor of the Issuer; 
 (5) a filed copy of the UCC-1 financing
statements with evidence of filing thereon, and UCC-3 assignments showing a complete chain of assignment from the secured party named in such UCC-1 financing statement
to the Issuer, with evidence of filing thereon; 

  
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 (6) originals or copies of all assumption, modification, consolidation or
extension agreements, with evidence of recording thereon, together with any other recorded document relating to such Collateral Interest; 

(7) an original or a copy (which may be in electronic form) of the mortgagee policy of title insurance or a conformed version
of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has
not yet been issued; 
 (8) the original or copy of any security agreement, chattel mortgage or equivalent document, if any;

 (9) the original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash
management agreement and construction contract; 
 (10) the original or copy of any related guarantee; 

(11) the original or copy of any related environmental indemnity agreement; 

(12) copies of any property management agreements; 

(13) a copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon; 

(14) a copy of any power of attorney relating to such Mortgage Loan; 

(15) with respect to any Collateral Interest secured in whole or in part by a ground lease, copies of any ground leases; 

(16) a copy of any related environmental insurance policy and environmental report with respect to the related Mortgaged
Properties; 
 (17) with respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise
agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to
the Issuer, if any, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required
pursuant to the terms of such comfort letter as determined by the Issuer or Seller); 
 (18) the following additional
original documents, (a) allonge, endorsed in blank; (b) assignment of mortgage, in blank, in form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable
for recording; and (d) assignment of unrecorded documents. 

  
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 (ii) if such Collateral Interest is a Participation: 

(1) (a) with respect to any Collateral Interest related to a Serviced Commercial Real Estate Loan, each of the documents
specified in clause (i) above (other than the documents specified in (i)(18) with respect to such Participated Loan and, with respect to clause (i)(1), the endorsement will instead be in blank or to “Pay to the order of FS Rialto 2022-FL5 Issuer, LLC, a Delaware limited liability company, for the benefit of itself, and for the benefit of any companion participation holder(s), without recourse, except as expressly set forth in that certain
Collateral Interest Purchase Agreement, dated as of June 16, 2022, and subject to the rights and obligations of any companion participation holder(s) under any related participation agreement(s)”) and (b) with respect to any
Collateral Interest related to a Non-Serviced Commercial Real Estate Loan, unless the Custodian is custodian for the Non-Serviced Commercial Real Estate Loan, a copy of
each of the documents specified in clause (i) above; 
 (2) in the case of a Participation, an original
participation certificate evidencing such Participation in the name of the Issuer; 
 (3) an original assignment of the
participation certificate evidencing such Participation from the Issuer to blank; 
 (4) a copy of the participation
certificate evidencing each related Companion Participation(s); and 
 (5) a copy of the related Participation Agreement.

 With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the
Issuer (or the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the
applicable recording office. Any document in the Collateral Interest File may be electronically signed or signed with a signature stamp. As used in this definition, the term “original” shall include any documents electronically signed or
signed with a signature stamp. 
 (f) The execution and delivery of this Indenture by the Custodian shall constitute certification that, in
connection with each Closing Date Collateral Interest, (i) each original note and participation certificate, if applicable, required to be delivered to the Custodian on behalf of the Trustee by the Issuer (or the Seller) and all allonges
thereto, if any, and a copy of the participation agreement have been received by the Custodian (directly or through a bailee); and (ii) such original note and participation certificate, if applicable, has been reviewed by the Custodian
(provided that with respect to the participation certificates, the Custodian will receive PDF copies on the Closing Date of such original participation certificate and the original participation certificates will be provided no later than two
(2) Business Days following the Closing Date) and (A) appears regular on its face (handwritten additions, changes or corrections 

  
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shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and (C) purports to relate to the related Collateral Interest. The Custodian agrees to
review or cause to be reviewed the Collateral Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer, the Note Administrator, the Servicer, the Special Servicer, the Collateral Manager, the Trustee and
McCoy & Orta a certification in the form of Exhibit L attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report and any subsequent reports thereto shall be delivered to the
other parties hereto, the Servicer in electronic format, including Excel-compatible format), (A) those documents referred to in Section 3.3(e) that have been received, and (B) that such documents have been executed,
appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Collateral Interest. The Custodian shall have no
responsibility for reviewing the Collateral Interest File except as expressly set forth in this Section 3.3(f). None of the Trustee, the Note Administrator, and the Custodian shall be under any duty or obligation to
inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of
any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document has been recorded in accordance with the
requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the title
insurance policies relate to the Mortgaged Property. 
 (g) No later than the one hundred twentieth (120th) day after the Closing Date, and
every quarter thereafter until all exceptions are cleared, the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Collateral Manager, McCoy & Orta, the Servicer and the Special Servicer
an exception report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format) as to any remaining documents that are required to be, but are not in the Collateral Interest File
and (ii) request that the Issuer cause such document deficiency to be cured. 
 (h) Without limiting the generality of the foregoing:

 (i) from time to time upon the request of the Trustee, the Collateral Manager, Servicer or Special Servicer, the Issuer
shall deliver (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals) and as to
which the Trustee, Collateral Manager, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Collateral Interest hereunder or under
the Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture; 
 (ii) in
connection with any delivery of documents to the Custodian pursuant to clause (i) above, the Custodian shall deliver to the Collateral Manager and the Servicer, on behalf of the Issuer, a certification in the form of Exhibit L
acknowledging the receipt of such documents by the Custodian and that it is holding such documents subject to the terms of this Indenture; and 

  
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 (iii) from time to time upon request of the Servicer or the Special
Servicer, the Custodian shall, upon delivery by the Collateral Manager, the Servicer or Special Servicer, as applicable, of a request for release in the form of Exhibit M hereto (such request, a “Request for Release”),
release to the Servicer or the Special Servicer, as applicable, such of the Loan Documents then in its custody as the Servicer or Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or
the Special Servicer, as applicable, shall be deemed to have represented and warranted that it has determined in accordance with the Servicing Standard set forth in the Servicing Agreement that the requested release is necessary for the
administration of such Collateral Interest hereunder or under the Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture. The Servicer or the Special Servicer shall return to the Custodian each Loan
Document released from custody pursuant to this clause (iii) within twenty (20) Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in
each case only as permitted under this Indenture, of the related Collateral Interest that is consummated within such twenty (20)-day period). Notwithstanding the foregoing provisions of this clause
(iii), any note, participation certificate or other instrument evidencing a Pledged Collateral Interest shall be released only for the purpose of (1) a sale, exchange or other disposition of such Pledged Collateral Interest that is
permitted in accordance with the terms of this Indenture, (2) presentation, collection, renewal or registration of transfer of such Collateral Interest or (3) in the case of any note, in connection with a payment in full of all amounts
owing under such note. The Custodian shall not be responsible for the contents of any Collateral Interest File while not in the Custodian’s possession pursuant to a Request for Release. In connection with any Request for Release, unless
otherwise specified in such request, the participation certificate shall be released along with the Collateral Interest loan files for the requested Collateral Interest. 

(i) As of the Closing Date (with respect to the Collateral owned or existing as of the Closing Date) and each date on which any Collateral is
acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer represents and warrants as follows: 

(i) this Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the
Trustee for the benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer; 

(ii) the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of
any Person; 
 (iii) in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith
without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof; 

  
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 (iv) other than the security interest granted to the Trustee for the benefit
of the Secured Parties pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; 

(v) the Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include
a description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been terminated; the
Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer; 

(vi) the Issuer has received all consents and approvals required by the terms of each Collateral and the Transaction Documents
to grant to the Trustee its interest and rights in such Collateral hereunder; 
 (vii) the Issuer has caused or will have
caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the
Trustee for the benefit of the Secured Parties hereunder; 
 (viii) all of the Collateral constitutes one or more of the
following categories: an Instrument, a General Intangible, a Certificated Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been credited to a Securities
Account and proceeds of all the foregoing; 
 (ix) the Securities Intermediary has agreed to treat all Collateral credited to
the Custodial Account as a Financial Asset; 
 (x) the Issuer has delivered a fully executed Securities Account Control
Agreement pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of
any Person other than the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any
Security Entitlement credited to any of the Indenture Accounts originated by any Person other than the Trustee or the Note Administrator on behalf of the Trustee; 

(xi) (A) all original executed copies of each promissory note, participation certificate or other writings that constitute or
evidence any pledged obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of the promissory notes, participation certificates or other writings that constitute or evidence
such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Trustee; 

(xii) each of the Indenture Accounts constitutes a Securities Account in respect of which Computershare Trust Company, National
Association, has agreed to be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture. 

  
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 (j) The Note Administrator shall cause all Eligible Investments delivered to the Note
Administrator on behalf of the Issuer (upon receipt by the Note Administrator thereof) to be promptly credited to the applicable Account. 

ARTICLE 4 
 SATISFACTION
AND DISCHARGE 
 Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of
the Note Administrator (in each of its capacities), the Custodian and the Trustee and the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of (a) the Collateral Manager hereunder, under the
Collateral Management Agreement and under the Servicing Agreement and (b) the Servicer hereunder and under the Servicing Agreement, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the
Custodian or Securities Intermediary (on behalf of the Trustee) and payable to all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture) when: 
 (a) (i) either: 

(1) all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been mutilated,
defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 7.3) have been delivered to the Notes Registrar for cancellation; or 

(2) all Notes not theretofore delivered to the Notes Registrar for cancellation (A) have become due and payable, or
(B) shall become due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9 under an arrangement satisfactory to the Note Administrator for the
giving of notice of redemption by the Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Note Administrator, Cash or
non-callable direct obligations of the United States of America; which obligations are entitled to the full faith and credit of the United States of America or are debt obligations which are rated
“Aaa” by Moody’s and “AAA” DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs) in an amount sufficient to pay and discharge the
entire indebtedness 

  
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(including, in the case of a redemption pursuant to Section 9.1, the Redemption Price) on such Notes not theretofore delivered to the Note Administrator for
cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or (y) in the event
all of the Collateral is liquidated following the satisfaction of the conditions specified in Article 5, the Issuer shall have deposited or caused to be deposited with the Note Administrator, all proceeds of such
liquidation of the Collateral, for payment in accordance with the Priority of Payments; 
 (ii) the Issuer has paid or caused
to be paid all other sums then due and payable hereunder (including any amounts then due and payable pursuant to the Collateral Management Agreement and the Servicing Agreement) by the Issuer and no other amounts are scheduled to be due and payable
by the Issuer other than Dissolution Expenses; and 
 (iii) the Issuer has delivered to the Trustee and the Note
Administrator Officer’s Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; 

provided, however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an
opinion of Cadwalader, Wickersham & Taft LLP or an opinion of another tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income gain or loss
for U.S. federal income tax purposes as a result of such deposit and satisfaction and discharge of this Indenture; or 
 (b) (i) the Issuer
has delivered to the Trustee and Note Administrator a certificate stating that (1) there is no Collateral (other than (x) the Collateral Management Agreement, the Servicing Agreement and the Servicing Accounts related thereto and the
Securities Account Control Agreement and the Indenture Accounts related thereto and (y) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds on deposit in or to
the credit of the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for such purpose; and 

(ii) the Issuer has delivered to the Note Administrator and the Trustee Officer’s Certificates and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Note
Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3 and 14.12 shall survive. 

Section 4.2 Application of Amounts Held in Trust. 

All amounts deposited with the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it
in accordance with the provisions of the Notes and this Indenture (including, without limitation, the Priority of Payments) to the payment of the principal and interest, either directly or through any Paying Agent, as the Note Administrator may
determine, and such amounts shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

  
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 Section 4.3 Repayment of Amounts Held by Paying Agent. 

In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon
demand of the Issuer shall be remitted to the Note Administrator to be held and applied pursuant to Section 7.3 and, in the case of amounts payable on the Notes, in accordance with the Priority of Payments and thereupon
such Paying Agent shall be released from all further liability with respect to such amounts. 
 Section 4.4 Limitation on Obligation
to Incur Company Administrative Expenses. 
 If at any time after an Event of Default has occurred and the Notes have been declared
immediately due and payable, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current Due Period (as
certified by the Collateral Manager in its reasonable judgment) is less than the sum of Dissolution Expenses and any accrued and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no
longer be required to incur Company Administrative Expenses as otherwise required by this Indenture to any Person, other than with respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with opinions,
reports or services to be provided to or for the benefit of, the Trustee, the Note Administrator, or any of their respective Affiliates. Any failure to pay such amounts or provide or obtain such opinions, reports or services no longer required
hereunder shall not constitute a Default hereunder. 
 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default. 

“Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) a default in the payment of any interest on any of the Class A Notes, the Class A-S
Notes or the Class B Notes (or, if none of the Class A Notes, the Class A-S Notes or the Class B Notes are Outstanding, any Note of the most senior Class Outstanding) when the same
becomes due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer of the Note Administrator has actual knowledge or receives notice from any holder of Notes of such payment default;
provided that in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, the Note Administrator, the Trustee or any paying agent, such failure continues for five (5) Business
Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; 

  
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 (b) a default in the payment of principal (or the related Redemption Price, if applicable)
of any Class of Notes when the same becomes due and payable, at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the
Collateral Manager, the Note Administrator, the Trustee or any paying agent, such failure continues for five (5) Business Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such
administrative error or omission; 
 (c) the failure on any Payment Date to disburse amounts in excess of $100,000 available in the Payment
Account in accordance with the Priority of Payments set forth under Section 11.1(a) (other than a default in payment described in clause (a) or (b) above), which failure continues for a period of three
(3) Business Days or, in the case of a failure to disburse such amounts due to an administrative error or omission by the Note Administrator, Trustee or Paying Agent, which failure continues for five (5) Business Days; 

(d) either the Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act; 

(e) a default in the performance, or breach, of any other covenant or other agreement of the Issuer (other than the covenant to make the
payments described in clauses (a), (b) or (c) above or to satisfy the Note Protection Tests) or any representation or warranty of the Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in
connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach for a period of 30 days (or, if such default, breach or failure has an adverse effect on the validity, perfection or
priority of the security interest granted hereunder, 15 days) after either the Issuer or the Collateral Manager has actual knowledge thereof or after notice thereof to the Issuer by the Trustee or to the Issuer, the Collateral Manager and the
Trustee by Holders of at least 25% of the Aggregate Outstanding Amount of the Controlling Class; 
 (f) the entry of a decree or order by a
court having competent jurisdiction adjudging the Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Bankruptcy Code or
any other similar applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 
 (g) the institution
by the Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under the Bankruptcy Code or any other similar applicable law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the
Issuer or of any substantial part of its property, respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of
any action by the Issuer in furtherance of any such action; 

  
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 (h) one or more final judgments being rendered against the Issuer which exceed, in the
aggregate, $1,000,000 and which remain unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or set aside for the payment thereof, and unless (except as otherwise
specified in writing by the Rating Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; or 
 (i) the Issuer
loses its status as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or another REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers
an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income
tax purposes, the Issuer is not, and has not been, subject to U.S. federal income tax on a net income basis and the Noteholders are not otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for
U.S. federal income tax purposes or (2) receives an amount from the Holders of the Class H Notes sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described in clauses
(1) through (4) and (19) under Section 11.1(a)(i) in accordance with the Priority of Payments or (B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer in
compliance with this Indenture, and such redemption has not been rescinded. 
 Upon becoming aware of the occurrence of an Event of Default,
the Issuer, shall promptly notify (or shall procure the prompt notification of) the Trustee, the Note Administrator, the Servicer, the Special Servicer and the Holders of the Class H Notes in writing. If the Collateral Manager or Note
Administrator has actual knowledge of the occurrence of an Event of Default, the Collateral Manager or Note Administrator shall promptly notify, in writing, the Trustee, the Noteholders and the Rating Agencies of the occurrence of such Event of
Default. 
 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall occur and be continuing (other than the Events of Default specified in
Section 5.1(f) or 5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Offered Notes, voting as a separate Class (excluding any Notes owned by the
Seller or any of its Affiliates), or if no Class of Offered Notes is outstanding, a majority, by outstanding principal amount, of the Class F Notes and the Class F-E Notes or, if no
Class of Offered Notes and no Class F Notes or Class F-E Notes are outstanding, a majority by outstanding principal amount, of the Class G Notes and the
Class G-E Notes, or, if no Class of Offered Notes, Class G Notes or Class G-E Notes are outstanding, a majority by outstanding principal amount, of
the Class H Notes), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due and payable (and any such acceleration shall automatically terminate the Reinvestment Period). Upon any such declaration such
principal, together with all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments will become immediately due and payable. If an Event of Default described in
Section 5.1(f) or 5.1(g) above occurs, such an acceleration shall occur automatically and without any further action, and any such acceleration shall automatically terminate the Reinvestment Period. If the Notes are
accelerated, payments shall be made in the order and priority set forth in Section 11.1(a). 

  
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 (b) At any time after such a declaration of acceleration of Maturity of the Notes has been
made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of Offered Notes (voting as a separate Class),
or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer and the
Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Note Administrator
a sum sufficient to pay: 
 (A) all unpaid installments of interest on and principal on the Notes that would be due and
payable hereunder if the Event of Default giving rise to such acceleration had not occurred; 
 (B) all unpaid taxes of the
Issuer, Company Administrative Expenses and other sums paid or advanced by or otherwise due and payable to the Note Administrator or to the Trustee hereunder; 

(C) with respect to the Advancing Agent, the Backup Advancing Agent and the Trustee, any amount due and payable for
unreimbursed Interest Advances and Reimbursement Interest; and 
 (D) with respect to the Collateral Management Agreement,
any Collateral Manager Fee then due and any Company Administrative Expense due and payable to the Collateral Manager thereunder; and 

(ii) the Trustee has received notice that all Events of Default, other than the
non-payment of the interest and principal on the Notes that have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written notice to the Trustee, has agreed
with such notice (which agreement shall not be unreasonably withheld or delayed) or waived as provided in Section 5.14. 

At any such time that the Trustee, subject to Section 5.2(b), shall rescind and annul such declaration and its
consequences as permitted hereinabove, the Collateral shall be preserved in accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise to such declaration; provided,
however, that if such preservation of the Collateral is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first paragraph of this Section 5.2, notwithstanding
any previous rescission and annulment of a declaration of acceleration pursuant to this paragraph. 
 No such rescission shall affect any
subsequent Default or impair any right consequent thereon. 

  
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 (c) Subject to Sections 5.4 and 5.5, a Majority of the Controlling
Class shall have the right to direct the Trustee in the conduct of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such direction will not conflict with any
rule of law or this Indenture; (ii) the Trustee may take any other action not inconsistent with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to undertake a sale of the
Collateral may be made only as described in Section 5.17. The Trustee shall be entitled to refuse to take any action absent such direction. 

(d) As security for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums the
Trustee or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee a lien on the Collateral, which lien is senior to the lien of the Holders of the Secured Notes. The Trustee’s lien
shall be subject to the Priority of Payments and exercisable by the Trustee only if the Notes have been declared due and payable following an Event of Default and such acceleration has not been rescinded or annulled. 

(e) A Majority of each Class of Notes may, prior to the time a judgment or decree for the payment of amounts due has been obtained by the
Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with Section 5.14. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that if a Default shall occur in respect of the payment of any interest on any Class A Note, the payment of
principal on any Class A Note (but only after interest with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
interest on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and interest with respect to the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class B Note (but only after
interest with respect to the Class A Notes and the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
payment of principal on any Class B Note (but only after interest and principal with respect to the Class A Notes and the Class A-S Notes and interest with respect to the Class B Notes and
any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class C Note (but only after interest with respect to the Class A Notes, the Class A-S Notes and Class B Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any
Class C Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes and the Class B Notes and interest with respect to the Class C Notes and any
amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class D Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
principal on any Class D Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and interest with
respect to the Class D Notes 

  
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and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class E Note (but only after
interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and interest with respect to the Class E Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class F Note, the Class F-E Note and the
Class F-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class F Note or the Class F-E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes,
the Class D Notes and the Class E Notes and interest with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes and any amounts
payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class G Note, the Class G-E Note and the Class G-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D
Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class G Note or the Class G-E Note (but only after interest and principal
with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes and interest with respect to the Class G Notes, the Class G-E Notes and the Class G-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer, with respect to the Offered Notes, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall, upon demand of the Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then
due and payable on such Note for principal and interest or other payment with interest on the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable
interest rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note Administrator, the Trustee and
such Noteholder and their respective agents and counsel. 
 If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee,
as Trustee of an express trust, and at the expense of the Issuer, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the
Issuer, or any other obligor upon the Notes and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral. 

If an Event of Default occurs and is continuing, the Trustee shall proceed to protect and enforce its rights and the rights of the Noteholders
by such Proceedings (x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of the Controlling Class, as determined by the Trustee acting in good faith; provided that
(a) such direction must not 

  
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conflict with any rule of law or with any express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction, (c) the Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in accordance with the
preceding paragraph, in connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable provisions of this Indenture. Such Proceedings shall be used for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. Any direction to
the Trustee to undertake a sale of Collateral shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the Servicing Agreement. 

In the case where (x) there shall be pending Proceedings relative to the Issuer under the Bankruptcy Code or any other applicable
bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property, or
(z) there shall be any other comparable Proceedings relative to the Issuer, or the creditors or property of the Issuer, regardless of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration, or
otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, the Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in any
Proceedings relative to the Issuer or other obligor upon the Notes or to the creditors or property of the Issuer or such other obligor; 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and 

(iii) to collect and receive (or cause the Note Administrator to collect and receive) any amounts or other property payable to
or deliverable on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; the Secured Parties, and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf), and, in the event that the Trustee shall consent to the making of
payments directly to the Noteholders, to pay to the Trustee and the Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each predecessor trustee and note administrator,
and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent. 

  
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 Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to,
vote for, accept or adopt, on behalf of any Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights
of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any action
or Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral
or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral contemplated to be conducted by the
Trustee under this Indenture shall be effected by the Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale. 

Section 5.4 Remedies. 

(a) If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Issuer agrees that the Trustee, or, with respect to any sale of any Collateral Interests, the Special Servicer, may, after notice to the Note Administrator and the Noteholders, and shall, upon
direction by a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

(i) institute Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture
(whether by declaration or otherwise), enforce any judgment obtained and collect from the Collateral any amounts adjudged due; 

(ii) sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and
conducted in any manner permitted by law and in accordance with Section 5.17 (provided that any such sale shall be conducted by the Special Servicer pursuant to the Servicing Agreement); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (iv) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect
and enforce the rights and remedies of the Secured Parties hereunder; and 

  
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 (v) exercise any other rights and remedies that may be available at law or
in equity; 
 provided, however, that no sale or liquidation of the Collateral or institution of Proceedings in furtherance thereof pursuant
to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met. 

The Issuer shall, at the Issuer’s expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an
Independent investment banking firm as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts expected to be received with
respect to the Collateral to make the required payments of principal of and interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency. 

(b) If an Event of Default as described in Section 5.1(e) shall have occurred and be continuing, the Trustee may,
and at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or
warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 

(c) Upon any Sale in connection with an Event of Default, whether made under the power of sale hereby given or by virtue of judicial
proceedings, any Noteholder, the Collateral Manager, the Servicer or the Special Servicer or any of their respective Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of Sale, may hold,
retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser at any such Sale may, in paying the purchase money, turn in any of the Notes in lieu of Cash equal to the amount which shall,
upon distribution of the net proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account the Class of such Notes). Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon,
shall either be returned to the Holders thereof after proper notation has been made thereon to show partial payment or a new note shall be delivered to the Holders reflecting the reduced interest thereon. 

Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note Administrator
or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the application
thereof. 
 Any such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall (x) bind the
Issuer, the Trustee, the Note Administrator and the Noteholders, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law
and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. 

  
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 (d) Notwithstanding any other provision of this Indenture or any other Transaction Document,
none of the Advancing Agent, the Trustee, the Note Administrator or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the Issuer or third party beneficiary of this
Indenture may, prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer or
any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this
Section 5.4 shall preclude, or be deemed to stop, the Advancing Agent, the Trustee, the Note Administrator, or any other Secured Party or any other party to any Transaction Document (i) 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 (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency
proceeding filed or commenced by a Person other than the Trustee, the Note Administrator or any other Secured Party or any other party to any Transaction Document, or (ii) from commencing against the Issuer or any of its properties any legal
action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. 
 Section 5.5
Preservation of Collateral. 
 (a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be
continuing when any of the Notes are Outstanding, the Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Secured Notes, collect and
cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10,
12 and 13 and shall not sell or liquidate the Collateral, unless either: 
 (i) the Note Administrator,
pursuant to Section 5.5(c), determines (based upon information delivered to it in accordance with this Indenture) that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable
expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due and unpaid on the Notes, Company Administrative Expenses due and payable pursuant to the Priority of Payments, the Collateral Manager Fees due and
payable pursuant to the Priority of Payments and amounts due and payable to the Advancing Agent, the Backup Advancing Agent and the Trustee, in respect of unreimbursed Interest Advances and Reimbursement Interest, for principal and interest, and,
upon receipt of information from Persons to whom fees and expenses are payable, all other amounts payable prior to payment of principal on the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a
Majority of the Controlling Class agrees with such determination; or 
 (ii) a Supermajority of each Class of Notes
(each voting as a separate Class and excluding any Notes held by the Seller or any of its affiliates) directs, subject to the provisions of this Indenture, the sale and liquidation of all or a portion of the Collateral. 

  
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 In the event of a sale of all or a portion of the Collateral pursuant to clause (ii) above, the
Special Servicer on behalf of the Trustee shall sell that portion of the Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution in the order set forth in
Section 11.1(a). The Note Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the Collateral Manager, the Trustee, the Servicer, the Special Servicer and the Rating
Agencies. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i) or (ii) above exist.

 (b) Nothing contained in Section 5.5(a) shall be construed to require a sale of the Collateral securing the
Secured Notes if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the
Secured Notes if prohibited by applicable law. 
 (c) In determining whether the condition specified in
Section 5.5(a)(i) exists, the Collateral Manager shall obtain bid prices with respect to each Collateral Interest from two dealers (Independent of the Collateral Manager and any of its Affiliates) at the time making a
market in such Collateral Interests that, at that time, engage in the trading, origination or securitization of whole loans or participations similar to the Collateral Interests (or, if only one such dealer can be engaged, then the Collateral
Manager shall obtain a bid price from such dealer or, if no such dealer can be engaged, from a pricing service). The Collateral Manager shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for
each such Collateral Interest and provide the Trustee and the Note Administrator with the results thereof. For the purposes of determining issues relating to the market value of any Collateral Interest and the execution of a sale or other
liquidation thereof, the Special Servicer may, but need not, retain at the expense of the Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be
payable as a Company Administrative Expense) in connection with a determination as to whether the condition specified in Section 5.5(a)(i) exists. 

The Note Administrator shall promptly deliver to the Noteholders and the Servicer, and the Note Administrator shall post to the Note
Administrator’s Website, a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i) based solely on the Collateral Manager’s determination made pursuant to this
Section 5.5(c). 
 Section 5.6 Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust. Any recovery of
judgment in respect of the Notes shall be applied as set forth in Section 5.7. 
 In any Proceedings brought by
the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) in respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes. 

  
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 Section 5.7 Application of Amounts Collected. 

Any amounts collected by the Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts
that may then be held or thereafter received by the Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 and in accordance with the Priority of Payments set forth in
Section 11.1(a)(iii), at the date or dates fixed by the Note Administrator. 
 Section 5.8 Limitation on
Suits. 
 No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any
proceeding with respect to this Indenture or the Notes is subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given to the
Trustee written notice of an Event of Default; 
 (b) except as otherwise provided in Section 5.9, the Holders of
at least 25% of the then Aggregate Outstanding Amount of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holders
have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

(c) the Trustee for 30 days after its receipt of such notice, request and offer of indemnity has failed to institute any such Proceeding; and

 (d) no direction inconsistent with such written request has been given to the Trustee during such
30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of, any
provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of the same
Class or to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with
Section 13.1 and the Priority of Payments. 
 In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction of a
Majority of the Controlling Class. 

  
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 Section 5.9 Unconditional Rights of Noteholders to Receive Principal and
Interest. 
 Notwithstanding any other provision in this Indenture (except for Section 2.7(e) and
2.7(n)), the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts become due and payable in accordance
with the Priority of Payments and Section 13.1, and, subject to the provisions of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder; provided, however, that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25% threshold requirement set forth in
Section 5.8(b). 
 Notwithstanding the foregoing, at any time when the Retention Holder holds 100% of the
Class H Notes, the Retention Holder may designate all or any portion of the available funds that would otherwise be distributed by the Paying Agent for payment on the Class H Notes, for deposit into the Payment Account as a contribution to
the Issuer. Any such amounts paid to the Issuer as a contribution shall be deemed for all purposes as having been paid by the Paying Agent pursuant to the Priority of Payments in this Indenture. 

Section 5.10 Restoration of Rights and Remedies. 

If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Trustee, and the Noteholder shall, subject to any determination in such Proceeding,
be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.11 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.12 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or a waiver of a subsequent Event of Default. Every right and remedy given by this Article 5 or by law to the Trustee, or
to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, or by the Noteholders, as the case may be. 

Section 5.13 Control by the Controlling Class. 

Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have
occurred and be continuing when any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available
to the Trustee and for exercising any trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that: 

(a) such direction shall not conflict with any rule of law or with this Indenture; 

  
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 (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction; provided, however, that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received
indemnity satisfactory to it against such liability as set forth below); 
 (c) the Trustee shall have been provided with indemnity
satisfactory to it; and 
 (d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral shall be
performed by the Special Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5. 

Section 5.14 Waiver of Past Defaults. 

Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee, as provided in this
Article 5, a Majority of each and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its consequences, except a Default:

 (a) in the payment of principal of any Note; 

(b) in the payment of interest in respect of the Controlling Class; 

(c) in respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended without the
waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or 
 (d) in respect of any right, covenant or
provision hereof for the individual protection or benefit of the Trustee or the Note Administrator, without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable. 

In the case of any such waiver, the Issuer, the Trustee, and the Holders of the Notes shall be restored to their respective former positions
and rights hereunder, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
 Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto. Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator of a written waiver by such Majority of each Class of Notes. 

  
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 Section 5.15 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the
aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount payable hereunder on or after the
Stated Maturity Date (or, in the case of redemption, on or after the applicable Redemption Date). 
 Section 5.16 Waiver of Stay or
Extension Laws. 
 The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and
by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar
laws now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.17 Sale of Collateral. 

(a) The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4 and 5.5
shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until all amounts secured by the Collateral shall have been paid or if there are insufficient proceeds to pay such
amount until the entire Collateral shall have been sold. The Special Servicer may, upon notice to the Noteholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement made at
the time and place of such Sale; provided, however, that if the Sale is rescheduled for a date more than three (3) Business Days after the date of the determination by the Special Servicer pursuant to
Section 5.5(a)(i), such Sale shall not occur unless and until the Special Servicer has again made the determination required by Section 5.5(a)(i). The Trustee hereby expressly waives its rights to
any amount fixed by law as compensation for any Sale; provided that the Special Servicer shall be authorized to deduct the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection
with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7. 

  
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 (b) The Notes need not be produced in order to complete any such Sale, or in order for the
net proceeds of such Sale to be credited against amounts owing on the Notes. 
 (c) The Trustee shall execute and deliver an appropriate
instrument of conveyance transferring its interest in any portion of the Collateral in connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments by the Special
Servicer. In addition, the Special Servicer, with respect to Collateral Interests, and the Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its
interest in any portion of the Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s
authority, to inquire into the satisfaction of any conditions precedent or to see to the application of any amounts. 
 (d) In the event of
any Sale of the Collateral pursuant to Section 5.4 or 5.5, payments shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been
accelerated. 
 (e) Notwithstanding anything herein to the contrary, any sale by the Trustee of any portion of the Collateral shall be
executed by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor. 

Section 5.18 Action on the Notes. 

The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the application for or
obtaining of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer. 

ARTICLE 6 
 THE TRUSTEE
AND NOTE ADMINISTRATOR 
 Section 6.1 Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default: 

(i) each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein shall not be construed as a
duty; and 

  
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 (ii) in the absence of manifest error, or bad faith on its part, each of the
Note Administrator and the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be,
and conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Note
Administrator, the Trustee and the Note Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if
such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note Administrator, the Trustee or the Note
Administrator, as applicable, shall notify the party providing such instrument and requesting the correction thereof. 
 (b) In case an
Event of Default actually known to a Trust Officer of the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in
Article 5 hereof), exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the
conduct of such Person’s own affairs. 
 (c) If, in performing its duties under this Indenture, the Trustee or the Note Administrator
is required to decide between alternative courses of action, the Trustee and the Note Administrator may request written instructions from the Collateral Manager as to courses of action desired by it. If the Trustee and the Note Administrator does
not receive such instructions within three (3) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee and the Note Administrator shall act in accordance with
instructions received after such three (3) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Trustee and the Note Administrator shall be entitled to
request and rely on the advice of legal counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in accordance with such advice. 

(d) No provision of this Indenture shall be construed to relieve the Trustee or the Note Administrator from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable: 

(i) for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was negligent in
ascertaining the pertinent facts; or 
 (ii) with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Issuer, the Collateral Manager, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee or the Note
Administrator in respect of any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture. 

  
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 (e) No provision of this Indenture shall require the Trustee or the Note Administrator to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it unless such risk or liability relates to its ordinary services under this Indenture, except where this Indenture provides otherwise.

 (f) Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at the
direction of the Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee) and/or a Noteholder under
circumstances in which such direction is required or permitted by the terms of this Indenture. 
 (g) Neither the Trustee nor the Note
Administrator shall have any obligations to confirm the compliance by the Issuer, the EU/UK Retention Holder or the Retention Holder with the Credit Risk Retention Rules or the EU/UK Risk Retention Letter. 

(h) Neither the Trustee nor the Note Administrator shall have any liability or responsibility for the determination or selection of an
alternative or successor base rate to the Benchmark (including, without limitation, whether the conditions for the designation of such rate have been satisfied). 

(i) For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or knowledge of any
Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is received by the
Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining the Trustee’s and Note Administrator’s responsibility and
liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note Administrator, as
applicable, is deemed to have notice as described in this Section 6.1. 
 (j) The Trustee and the Note
Administrator shall, upon reasonable prior written notice, permit the Issuer, the Collateral Manager and their designees, during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to
the Notes and to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee
or the Note Administrator, as applicable, by such Person). 
 (k) The Note Administrator and the Trustee shall be entitled to rely upon the
notices provided by the Collateral Manager facilitating or specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark Replacement Conforming Changes and such other administrative procedures with respect to the calculation of any
Benchmark Replacement. Further, to the extent the Note Administrator in its capacity as Calculation Agent is unable to calculate the Benchmark Replacement based on the methodology chosen by the Collateral Manager, then the Collateral Manager shall
provide to the Calculation Agent, on a monthly basis, the rate calculated using the Benchmark Replacement. 

  
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 (l) None of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall be
under any obligation (i) to monitor, determine or verify the unavailability or cessation of Term SOFR (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of,
any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select or designate any Benchmark Replacement or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been
satisfied, or (iii) to select or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or
advisable, if any, in connection with any of the foregoing. None of the Trustee, Note Administrator, Paying Agent, nor Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this
Indenture as a result of the unavailability of Term SOFR (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction
party, including without limitation the Collateral Manager, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties. The
Calculation Agent shall, in respect of any Determination Date, have no liability for the application of Term SOFR as determined on the previous Determination Date if so required under the definition of Term SOFR. None of the Trustee, Note
Administrator, Paying Agent or Calculation Agent shall be responsible or liable for the actions or omissions of the Collateral Manager, or any failure or delay in the performance of its duties or obligations, nor shall they be under any obligation
to oversee or monitor its performance; and each of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall be entitled to rely conclusively upon, any determination made, and any instruction, notice, officer certificate, or other
instrument or information provided, by the Collateral Manager, without independent verification, investigation or inquiry of any kind by the Trustee, Note Administrator, Paying Agent or Calculation Agent. 

(m) Upon written request, the Trustee and the Note Administrator shall provide to the Issuer, the Placement Agents or any agent thereof any
information specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or the Note Administrator, as the case may be, and may be necessary for compliance with FATCA, subject in
all cases to confidentiality provisions. 
 (n) For the avoidance of doubt, the Note Administrator will have no responsibility for the
preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes. 

Section 6.2 Notice of Default. 

Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of
the Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g-5 Information
Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note Administrator shall deliver to the Collateral Manager, all Holders of Notes as their names and addresses appear on the Notes
Register, notice of such Default, unless such Default shall have been cured or waived. 

  
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 Section 6.3 Certain Rights of Trustee and Note Administrator. 

Except as otherwise provided in Section 6.1: 

(a) the Trustee and the Note Administrator may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case
may be; 
 (c) whenever in the administration of this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; 
 (d) as a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note
Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note Administrator of a
supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

(e) neither the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses and liabilities which might reasonably
be incurred by it in compliance with such request or direction; 
 (f) neither the Trustee nor the Note Administrator shall be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be entitled to rely conclusively thereon;

 (g) each of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note Administrator, as
applicable; 

  
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 (h) neither the Trustee nor the Note Administrator shall be liable for any action it takes
or omits to take in good faith that it reasonably and prudently believes to be authorized or within its rights or powers hereunder; 
 (i)
neither the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any acts or omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity),
Clearstream, Luxembourg, Euroclear, any Calculation Agent (other than the Note Administrator itself acting in that capacity) or any Paying Agent (other than the Note Administrator itself acting in that capacity); 

(j) neither the Trustee nor the Note Administrator shall be liable for the actions or omissions of the Issuer, the Collateral Manager, the
Servicer, the Special Servicer, the Trustee (in the case of the Note Administrator) or the Note Administrator (in the case of the Trustee); and without limiting the foregoing, neither the Trustee nor the Note Administrator shall be under any
obligation to verify compliance by any party hereto with the terms of this Indenture (other than itself) to verify or independently determine the content, completeness or accuracy of information received by it from the Servicer or Special Servicer
(or from any selling institution, agent bank, trustee or similar source) with respect to the Collateral Interest; 
 (k) to the extent any
defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from
time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive (and rely upon) instruction from the Issuer or accountants appointed by the Issuer as to the application of GAAP in such connection,
in any instance; 
 (l) neither the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the Secured Parties
hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the Collateral Manager on its behalf); provided, however, that
the Trustee and Note Administrator shall be authorized, upon receipt of an Issuer Order directing the same, to execute any acknowledgement or other agreement with the Independent accountants required for the Trustee and Note Administrator to receive
any of the reports or instructions provided for herein, which acknowledgement or agreement may include, among other things, (i) acknowledgement that the Issuer has agreed that the “agreed upon procedures” between the Issuer and the
Independent accountants are sufficient for its purposes, (ii) releases by each of the Trustee and Note Administrator (on behalf of itself and the Holders) of claims and acknowledgement of other limitation of liability in favor of the
Independent accountants, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including to the Holders). Notwithstanding the foregoing, in no event shall
the Trustee or Note Administrator be required to execute any agreement in respect of the Independent accountants that the Trustee or Note Administrator determines adversely affects it in its individual capacity; 

  
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 (m) the Trustee and the Note Administrator shall be entitled to all of the same rights,
protections, immunities and indemnities afforded to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Servicing Agreement and the Securities Account
Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar); 

(n) in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the Note Administrator shall be
entitled to request and conclusively rely on a certification provided by a Noteholder; 
 (o) in no event shall the Trustee or Note
Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the likelihood of such loss or
damage and regardless of the form of action; 
 (p) neither the Trustee nor the Note Administrator shall be required to give any bond or
surety in respect of the execution of the trusts created hereby or the powers granted hereunder; 
 (q) in no event shall the Trustee or the
Note Administrator be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain
material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond the Trustee’s or the Note Administrator’s control, as applicable,
whether or not of the same class or kind as specifically named above; 
 (r) except as otherwise expressly set forth in this Indenture,
Computershare Trust Company, National Association, acting in any particular capacity hereunder will not be deemed to be imputed with knowledge of (a) Computershare Trust Company, National Association, acting in a capacity that is unrelated to
the transactions contemplated by this Indenture, or (b) Computershare Trust Company, National Association, acting in any other capacity hereunder or under the Servicing Agreement, except, in the case of either clause (a) or
(b), where some or all of the obligations performed in such capacities are performed by one or more employees within the same group or division of Computershare Trust Company, National Association, or the groups or divisions responsible for
performing the obligations in such capacities have one or more of the same Responsible Officers; provided, however, the knowledge of employees performing special servicing functions shall not be imputed to employees performing master
servicing functions, and the knowledge of employees performing master servicing functions shall not be imputed to employees performing special servicing functions; 

(s) neither the Trustee nor the Note Administrator shall be under any obligation to take any action in the performance of its respective
duties hereunder that would be in violation of applicable law; 

  
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 (t) the Trustee and the Note Administrator may request, and are entitled to rely on, the
written direction of the Collateral Manager with respect to the matters described in Section 2.17 of this Indenture. 

(u) Each of the Note Administrator and the Trustee shall be entitled to disclose and furnish any information, reports or findings in its
possession only as may be required pursuant to applicable law, subpoena or court order. 
 Section 6.4 Not Responsible for Recitals
or Issuance of Notes. 
 The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be
taken as the statements of the Issuer, and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness. Neither the Trustee nor the Note Administrator makes any representation as to the validity or sufficiency of
this Indenture, the Collateral or the Notes. Neither the Trustee nor the Note Administrator shall be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any amounts paid to the Issuer pursuant to the
provisions hereof. 
 Section 6.5 May Hold Notes. 

The Trustee, the Note Administrator, the Paying Agent, the Notes Registrar or any other agent of the Issuer, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Note Administrator, Paying Agent, Notes Registrar or such other agent. 

Section 6.6 Amounts Held in Trust. 

Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note Administrator shall be under
no liability for interest on any amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments. 

Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee and Note Administrator on each Payment Date in accordance with the Priority of Payments the Trustee and
Note Administrator Fee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee or note administrator of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee, Custodian and Note Administrator in a timely
manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee, Custodian or Note Administrator in connection with its performance of its obligations under, or otherwise in accordance with any
provision of this Indenture, the Servicing Agreement, the Future Funding Agreement and the Securities Account Control Agreement; 

  
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 (iii) to indemnify the Trustee, Custodian or Note Administrator and their
respective Officers, directors, employees and agents for, and to hold them harmless against, any loss, liability, cost or expense (including reasonable attorneys’ fees), including in connection with its enforcement of the indemnity in this
Section 6.7(a)(iii), incurred without negligence, willful misconduct or bad faith on their respective parts, arising out of or in connection with the acceptance or administration of this trust, including the costs and
expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under the Future Funding Agreement and the Securities Account Control Agreement, including
any costs and expenses (including reasonable attorneys’ fees) incurred in connection with the enforcement of any indemnity afforded to them hereunder; and 

(iv) to pay the Trustee and Note Administrator reasonable additional compensation together with its expenses (including
reasonable counsel fees) for any collection action taken pursuant to Section 6.13. 
 (b) The Issuer may remit
payment for such fees and expenses to the Trustee and Note Administrator or, in the absence thereof, the Note Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the
Payment Account in accordance with the Priority of Payments. 
 (c) The Note Administrator, in its capacity as Note Administrator, Paying
Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to institute against, or join any other Person in institution against, the Issuer or any Permitted Subsidiary
any bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction until at least one year (or, if longer, the applicable preference
period then in effect) and one day after the payment in full of all Notes issued under this Indenture. This Section 6.7(c) shall survive termination of this Indenture and resignation or removal of the Trustee or the Note
Administrator. 
 (d) The Trustee and Note Administrator agree that the payment of all amounts to which it is entitled pursuant to
Sections 6.7(a)(i), (a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such Priority of Payments, shall be payable solely
from the Collateral and following realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the Issuer, shall be extinguished. The Trustee will have a lien upon the Collateral to
secure the payment of such payments to it in accordance with the Priority of Payments; provided that the Trustee shall not institute any proceeding for enforcement of such lien except in connection with an action taken pursuant to
Section 5.3 for enforcement of the lien of this Indenture for the benefit of the Noteholders. 
 The Trustee and
Note Administrator shall receive amounts pursuant to this Section 6.7 and Section 11.1(a) only to the extent that such payment is made in accordance with the Priority of Payments and the failure to
pay such amounts to the Trustee and Note Administrator will not, by itself, constitute an Event of Default. Subject to Section 6.9, the Trustee and Note Administrator shall continue to serve under this Indenture
notwithstanding the fact that the Trustee 

  
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and Note Administrator shall not have received amounts due to it hereunder; provided that the Trustee and Note Administrator shall not be required to expend any funds or incur any
expenses unless reimbursement therefor is reasonably assured to it. No direction by a Majority of the Controlling Class shall affect the right of the Trustee and Note Administrator to collect amounts owed to it under this Indenture. 

If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to this Indenture is not paid because there are
insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of Payments.

 Section 6.8 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national
banking association or trust company, organized and doing business under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at
least $200,000,000 and subject to supervision or examination by federal or State authority and, in each case, having an office in the United States and (ii) (a) with respect to the Note Administrator, has a long-term senior unsecured debt
rating or an issuer credit rating of at least “Baa3” by Moody’s and at least “BBB(high)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include
Moody’s), except in the case of Computershare Trust Company, National Association, it may maintain a long-term senior unsecured debt rating or an issuer credit rating of at least “BBB” by DBRS Morningstar (or if not rated by DBRS
Morningstar, an equivalent rating by any other NRSRO, which may include Moody’s), (b) with respect to the Trustee and the Backup Advancing Agent, each having a long-term counterparty risk rating of “A2(cr)” by Moody’s or a
long-term senior unsecured debt rating or an issuer credit rating of at least “A2” by Moody’s and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which
may include Moody’s)); provided that with respect to the Backup Advancing Agent, it may maintain a long-term senior unsecured debt rating or an issuer credit rating of at least “Baa3” by Moody’s and “BBB(low)” by DBRS
Morningstar (or, if not rated by DBRS Morningstar, at least an equivalent (or higher) rating by any other NRSRO, including Moody’s) for so long as the Trustee is eligible pursuant to this Section 6.8, or (c) with
respect to each of (a) and (b) above, any other rating as to which a No Downgrade Confirmation is provided by each Rating Agency with respect to such party serving in the applicable role despite having lower ratings. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee or the Note Administrator shall cease to be eligible in accordance with
the provisions of this Section 6.8, the Trustee or the Note Administrator, as applicable, shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

  
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 Section 6.9 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee, as
applicable, pursuant to this Article 6 shall become effective until the acceptance of appointment by such successor Note Administrator or Trustee under Section 6.10. 

(b) Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Collateral
Manager, the Servicer, the Special Servicer, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating Agencies. Upon receiving such notice of resignation, the Issuer
shall promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Note
Administrator or the Trustee so resigning and one copy to the successor Note Administrator, the Collateral Manager, Trustee or Trustees, together with a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies;
provided that such successor Note Administrator and Trustee shall be appointed only upon the written consent of a Majority of the Notes or, at any time when an Event of Default shall have occurred and be continuing or when a successor
Note Administrator and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note Administrator and Trustee shall have been appointed and an instrument of
acceptance by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case
may be, the Controlling Class of Notes or any Holder of a Note, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee or a successor Note
Administrator, as the case may be and in the case of such a petition by the Trustee or the Note Administrator, at the expense of the Issuer. No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note
Administrator or Trustee will become effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable. To the extent the Trustee or Note Administrator is removed without cause, the expenses incurred in
connection with transferring such party’s responsibilities hereunder shall be reimbursed by the Issuer. 
 (c) The Note Administrator
and Trustee may be removed at any time by Act of a Supermajority of the Notes or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class, in each case, upon at
least thirty (30) days’ prior written notice delivered to the parties hereto. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator shall not
have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of removal, the removed Trustee or Note Administrator, as the case may be, may, at the expense of the Issuer, petition a court of competent
jurisdiction for the appointment of a successor. 
 (d) If at any time: 

(i) the Trustee or the Note Administrator shall cease to be eligible under Section 6.8 and shall fail
to resign after written request therefor by the Issuer or by any Holder; or 

  
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 (ii) the Trustee or the Note Administrator shall become incapable of acting
or there shall be instituted any proceeding pursuant to which it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective property shall be appointed or any public officer
shall take charge or control of the Trustee or the Note Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case (subject to Section 6.9(a)), (a) the Issuer, by Issuer Order, may remove the Trustee or the Note
Administrator, as applicable, or (b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and the appointment of a successor thereto. 

(e) If the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Trustee or the Note Administrator for any reason, the Issuer, by Issuer Order, subject to the written consent of the Collateral Manager, shall promptly appoint a successor Trustee or Note Administrator, as applicable, and the successor
Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the Issuer shall fail to appoint a successor Trustee or
Note Administrator within 30 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by Act of a Majority of the Controlling Class delivered to the
Collateral Manager and the parties hereto, including the retiring Trustee or the retiring Note Administrator, as the case may be, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed by the Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer or a
Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Controlling Class or any Holder may, on behalf of itself or himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator. 

(f) The Issuer shall give prompt notice of each resignation and each removal of the Trustee or Note Administrator and each appointment of a
successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Collateral Manager, the Servicer, the parties hereto, and to the Holders of the Notes as their names
and addresses appear in the Notes Register. Each notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and the address of its respective Corporate Trust Office. If the Issuer fails to mail such notice
within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note Administrator shall cause such notice to be given at the expense of the Issuer. 

(g) The resignation or removal of the Note Administrator in any capacity in which it is serving hereunder, including Note Administrator,
Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a resignation or removal, as applicable, in each of the other capacities in which
it serves. 

  
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 Section 6.10 Acceptance of Appointment by Successor. 

Every successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the Collateral Manager, the
Servicer, and the parties hereto including the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring
Trustee or the retiring Note Administrator shall become effective and such successor Trustee or Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the
retiring Trustee or Note Administrator, as the case may be; but, on request of the Issuer or a Majority of the Controlling Class, the Collateral Manager or the successor Trustee or Note Administrator, such retiring Trustee or Note Administrator
shall, upon payment of its fees, indemnities and other amounts then unpaid, execute and deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee or Note
Administrator, as the case may be, and shall duly assign, transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to its lien,
if any, provided for in Section 6.7(d). Upon request of any such successor Trustee or Note Administrator, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Trustee or Note Administrator all such rights, powers and trusts. 
 No successor Trustee or successor Note Administrator shall
accept its appointment unless (a) at the time of such acceptance such successor shall be qualified and eligible under this Article 6, (b) such successor shall have a long-term unsecured debt rating satisfying the
requirements set forth in Section 6.8, and (c) the Rating Agency Condition is satisfied. If the outgoing Trustee or outgoing Note Administrator, as applicable, is terminated for cause, the same shall be responsible
(i) for any reasonable out-of-pocket expenses (excluding successor Trustee fees or Note Administrator fees) incurred by the Issuer and such successor (including the
reasonable expenses of counsel of such Person) in connection with the appointment of a successor Trustee or successor Note Administrator, as applicable, and (ii) for the reasonable
out-of-pocket expenses to assign the Collateral Interests to such successor (as agreed to in advance by the outgoing Trustee). 

Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator. 

Any entity into which the Trustee or the Note Administrator may be merged or converted or with which it may be consolidated, or any entity
resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee or the Note Administrator,
shall be the successor of the Trustee or the Note Administrator, as applicable, hereunder; provided that with respect to the Trustee, such entity shall be otherwise qualified and eligible under this Article 6,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes have been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger,
conversion or consolidation to such authenticating Note Administrator may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Note Administrator had itself authenticated such Notes. 

  
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 Section 6.12 Co-Trustees and Separate
Trustee. 
 At any time or times, including for the purpose of meeting the legal requirements of any jurisdiction in which any part of
the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Issuer and the Trustee shall have power to appoint, one or more Persons to act as co-trustee
jointly with the Trustee or as a separate trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and
enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to the other provisions of this Section 6.12. 

The Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to
appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt of a request to do so, the Trustee shall have power to make such appointment on its own. 

Should any written instrument from the Issuer be required by any co-trustee, so appointed, more fully
confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer agrees to pay (but only
from and to the extent of the Collateral) to the extent funds are available therefor under the Priority of Payments, for any reasonable fees and expenses in connection with such appointment. 

Every co-trustee, shall, to the extent permitted by law, but to such extent only, be appointed subject
to the following terms: 
 (a) all rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other
personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the
appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly in the case of the
appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by a
co-trustee; 
 (c) the Trustee at any time, by an instrument in writing executed by it, with the
concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of, or remove, any co-trustee appointed under this Section 6.12, and in case an Event of Default has
occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; 

  
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 (d) no co-trustee hereunder shall be personally
liable by reason of any act or omission of the Trustee hereunder, and any co-trustee hereunder shall be entitled to all the privileges, rights and immunities under Article 6 hereof,
as if it were named the Trustee hereunder; and 
 (e) any Act of Noteholders delivered to the Trustee shall be deemed to have been delivered
to each co-trustee. 
 Section 6.13 Direction to Enter into the Servicing Agreement.

 The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing Agreement. Each of the Trustee and the Note
Administrator shall be entitled to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement. 

Section 6.14 Representations and Warranties of the Trustee. 

The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

 (a) the Trustee is a national banking association with trust powers, duly and validly existing under the laws of the United States of
America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under this Indenture and the Servicing Agreement; 

(b) this Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Trustee and each constitutes the
valid and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium
or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 

(c) neither the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the consummation of the transactions
contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ,
injunction or decree that is binding upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee; and 

(d) there are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee before any Federal, state or
other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Trustee of its obligations under
this Indenture or the Servicing Agreement. 

  
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 Section 6.15 Representations and Warranties of the Note Administrator. 

The Note Administrator represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing
Agreement that: 
 (a) the Note Administrator is a national banking association with trust powers, duly and validly existing under the laws
of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Note Administrator under this
Indenture and the Servicing Agreement; 
 (b) this Indenture and the Servicing Agreement have each been duly authorized, executed and
delivered by the Note Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent
transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a
proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may
be brought; 
 (c) neither the execution, delivery and performance of this Indenture of the Servicing Agreement, nor the consummation of the
transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any
judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Note Administrator; and 

(d) there are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against the Note Administrator before any
Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Note
Administrator of its obligations under this Indenture or the Servicing Agreement. 
 Section 6.16 Requests for Consents. 

In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver, consent, amendment or
other modification with respect to any Collateral Interest (before or after any default) or in the event any action is required to be taken in respect to a Loan Document, the Note Administrator shall promptly forward such notice to the Issuer, the
Collateral Manager, the Servicer and the Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.9(f). 

  
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 Section 6.17 Withholding. 

(a) If any amount is required to be deducted or withheld from any payment to any Noteholder or payee, such amount shall reduce the amount
otherwise distributable to such Noteholder or payee. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder or payee sufficient funds for the payment of any tax that is legally
required to be withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to any Noteholder or payee shall be treated as Cash distributed to such Noteholder or payee at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in accordance with this
Section 6.17. The Issuer agrees to timely provide to the Trustee accurate and complete copies of all documentation received from Noteholders or payee pursuant to Sections 2.7(c) and 2.11(c). Solely with
respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes. In
addition, initial purchasers and transferees of Definitive Notes shall provide the Issuer, the Trustee, the Note Administrator or their agents, all information, documentation or certifications reasonably required to permit the Issuer to comply with
its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation. 
 (b) For the avoidance of
doubt, the Note Administrator shall reasonably cooperate with Issuer, at Issuer’s direction and expense, to permit Issuer to fulfill its obligations under FATCA; provided that the Note Administrator shall have no independent
obligation to cause or maintain Issuer’s compliance with FATCA and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA compliance. 

ARTICLE 7 
 COVENANTS

 Section 7.1 Payment of Principal and Interest. 

The Issuer shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this
Indenture. Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer for all purposes of this Indenture. 

The Note Administrator shall, unless prevented from doing so for reasons beyond its reasonable control, give notice to each Noteholder of any
such withholding requirement no later than ten days prior to the related Payment Date from which amounts are required (as directed by the Issuer (or the Collateral Manager on its behalf)) to be withheld; provided that, despite the
failure of the Note Administrator to give such notice, amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer, as provided above. 

  
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 Section 7.2 Maintenance of Office or Agency. 

The Issuer hereby appoints the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes
may be surrendered for registration of transfer or exchange and the Issuer hereby appoints CT Corporation System, 28 Liberty Street, New York, New York 10005, as its agent where notices and demands to or upon the Issuer in respect of the Notes or
this Indenture may be served. 
 The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or
appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served; provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax. The Issuer shall give prompt written notice to
the Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or
shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at and notices and demands may be served on the Issuer
and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office and the Issuer hereby appoints the same as their agent to receive such respective presentations, surrenders, notices and demands. 

Section 7.3 Amounts for Note Payments to be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject to the Priority of Payments). 

When the Paying Agent is not also the Notes Registrar, the Issuer shall furnish, or cause the Notes Registrar to furnish, no later than the
fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder
together with wiring instructions, contact information, and such other information reasonably required by the paying agent. 
 Whenever the
Paying Agent is not also the Note Administrator, the Issuer and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment
Date with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the
Priority of Payments), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note 

  
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Administrator) the Issuer shall promptly notify the Note Administrator of its action or failure so to act. Any amounts deposited with a Paying Agent (other than the Note Administrator) in excess
of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the Note Administrator for application in accordance with
Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary, any petition for
bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction for the non-payment to the Paying Agent of
any amounts payable thereto until at least one year (or, if longer, the applicable preference period then in effect) and one day after the payment in full of all Notes issued under this Indenture. 

The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be
appointed by Issuer Order of the Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer, with written notice thereof to the Note Administrator; provided, however, that so long as any
Class of the Notes are rated by a Rating Agency and with respect to any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term senior unsecured debt rating of “Aa3” or higher by
Moody’s and a long term unsecured debt rating of at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include Moody’s) or (ii) each of the Rating
Agencies confirms that employing such Paying Agent shall not adversely affect the then-current ratings of the Notes. In the event that such successor Paying Agent ceases to have a long-term senior unsecured debt rating of “Aa3” or higher
by Moody’s and a long term unsecured debt rating of at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include Moody’s), the Issuer shall promptly
remove such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by federal
and/or state and/or national banking authorities. The Issuer shall cause the Paying Agent other than the Note Administrator to execute and deliver to the Note Administrator an instrument in which such Paying Agent shall agree with the Note
Administrator (and if the Note Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will: 

(i) allocate all sums received for payment to the Holders of Notes in accordance with the terms of this Indenture; 

(ii) hold all sums held by it for the payment of amounts due with respect to the Notes for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(iii) if such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith pay to the Note
Administrator all sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

  
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 (iv) if such Paying Agent is not the Note Administrator, immediately give
the Note Administrator notice of any Default by the Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and 

(v) if such Paying Agent is not the Note Administrator at any time during the continuance of any such Default, upon the written
request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent. 
 The Issuer may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Note Administrator all sums held by the Issuer or held by the Paying Agent
for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those upon which such sums were held by the Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note
Administrator, the Paying Agent shall be released from all further liability with respect to such amounts. 
 Except as otherwise required
by applicable law, any amounts deposited with the Note Administrator in trust or deposited with the Paying Agent for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has
become due and payable shall be paid to the Issuer on request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts and all liability of the Note Administrator or the
Paying Agent with respect to such amounts (but only to the extent of the amounts so paid to the Issuer) shall thereupon cease. The Note Administrator or the Paying Agent, before being required to make any such release of payment, may, but shall not
be required to, adopt and employ, at the expense of the Issuer, any reasonable means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been
surrendered for redemption or whose right to or interest in amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last address of record of each such Holder. 

Section 7.4 Existence of the Issuer. 

(a) So long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect
its existence and rights as a limited liability company organized under the laws of Delaware; provided that the Issuer shall be entitled to change its jurisdiction of formation from Delaware to any other jurisdiction reasonably selected by
the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes and the
Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the
Controlling Class objecting to such change. So long as any rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates. 

  
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 (b) So long as any Note is Outstanding, the Issuer shall ensure that all limited liability
company formalities or other formalities regarding its existence are followed (including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer shall not take any action or conduct its
affairs in a manner that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. So long as
any Note is Outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or
cause to be kept and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so long as any Note is Outstanding, the
Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary), (B) guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person, (C) join in any transaction with
any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other
Person, or (F) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in
arm’s-length transactions with an unrelated party. 
 Section 7.5 Protection of
Collateral. 
 (a) The Note Administrator, at the expense of the Issuer and pursuant to any Opinion of Counsel received pursuant to
Section 7.5(e), shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or
desirable to secure the rights and remedies of the Holders and to: 
 (i) Grant more effectively all or any portion of the
Collateral; 
 (ii) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) instruct the Special Servicer with respect to enforcement on any of the Collateral Interests or enforce on any other
instruments or property included in the Collateral; 
 (v) instruct the Special Servicer to preserve and defend title to the
Collateral Interests and preserve and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims of all persons and parties; and 

(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all taxes levied or
assessed upon all or any part of the Collateral. 

  
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 The Issuer hereby designates the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required pursuant to this Section 7.5. The Note
Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled to rely upon an Opinion of Counsel described
in Section 7.5(e) below, at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are required to be made and the jurisdictions in which
such filings are required to be made). 
 (b) Neither the Trustee nor the Note Administrator shall (except in accordance with
Section 10.10(a), (b) or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account or the Custodian to be located
in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien and
security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 

(c) The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the Issuer of any
Collateral that secure the Secured Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to any withholding or other taxes or
assessments and to allow the Issuer to comply with FATCA, including, appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA and (iii) if required to prevent the
withholding or imposition of United States income tax, deliver or cause to be delivered an IRS Form W-9 (or the applicable IRS Form W-8, if appropriate) or successor
applicable form, to each borrower, counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or entered into and thereafter prior to the expiration or obsolescence of such
form. 
 (d) The Issuer (or an agent acting on its behalf) shall take such reasonable actions, including hiring agents or advisors,
consistent with law and its obligations under this Indenture, as are necessary for compliance with FATCA, including appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer to enable
compliance with FATCA, and any other action that the Issuer would be permitted to take under this Indenture necessary for compliance with FATCA. The Issuer shall provide any certification or documentation (including an IRS Form W-9 or the applicable IRS Form W-8, if appropriate, or any successor form) to any payor (as defined in FATCA) from time to time as provided by law to minimize U.S. withholding
tax or backup withholding tax or to ensure compliance with FATCA. 
 (e) For so long as the Notes are Outstanding, within the six-month period preceding the fifth anniversary of the Closing Date and every 60 months thereafter, the Issuer (or the Collateral Manager on its behalf) shall deliver to the Trustee and the Note Administrator, for
the benefit of the Trustee, the Collateral Manager, the Note Administrator and the Rating Agencies, at the expense of the Issuer, an Opinion of Counsel stating what is required, in the opinion of such counsel, as of the date of such opinion, to
maintain the lien and security interest created by this 

  
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Indenture with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel, furnished pursuant to Section 3.1(c), with regard to the
perfection and priority of such security interest (and such Opinion of Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of Counsel delivered pursuant to
Section 3.1(c)). 
 Section 7.6 Notice of Any Amendments. 

The Issuer shall give notice to the 17g-5 Information Provider of, and satisfy the Rating Agency
Condition with respect to, any amendments to its Governing Documents. 
 Section 7.7 Performance of Obligations. 

(a) The Issuer shall not take any action, and shall use commercially reasonable efforts not to permit any action to be taken by others, that
would release any Person from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of enforcement action taken with respect to any Defaulted Collateral Interest in accordance with the
provisions hereof and as otherwise required hereby. 
 (b) The Issuer may, with the prior written consent of the Majority of the Notes,
contract with other Persons, including the Servicer, the Special Servicer, the Note Administrator, the Collateral Manager or the Trustee, for the performance of actions and obligations to be performed by the Issuer, hereunder by such Persons and the
performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture. Notwithstanding any such arrangement, the Issuer, shall remain primarily liable with respect thereto. In the event of such
contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer shall punctually perform, and use commercially reasonable efforts to cause the
Servicer, the Special Servicer, the Collateral Manager or such other Person to perform, all of their obligations and agreements contained in this Indenture or such other agreement. 

(c) Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in full force and
effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except upon the sale or other liquidation of such Collateral Interest in accordance with the terms and conditions
of this Indenture. 
 (d) If the Issuer receives a notice from the Rating Agencies stating that they are not in compliance with Rule 17g-5, the Issuer shall take such action as mutually agreed between the Issuer and the Rating Agencies in order to comply with Rule 17g-5. 

Section 7.8 Negative Covenants. 

(a) The Issuer shall not: 

(i) sell, assign, participate, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Collateral, except as otherwise expressly permitted by this Indenture, the Servicing Agreement or the Collateral Management Agreement; 

  
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 (ii) claim any credit on, make any deduction from, or dispute the
enforceability of, the payment of the principal or interest payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert
any claim against any present or future Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Collateral; 

(iii) (A) incur or assume or guarantee any indebtedness, other than the Notes and this Indenture and the transactions
contemplated hereby; (B) issue any additional class of securities, other than the Notes and the Membership Interests; or (C) issue any additional beneficial ownership interests in the Issuer; 

(iv) (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of
this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be expressly permitted hereby;
(B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any
interest therein or the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Collateral, except as
may be expressly permitted hereby; 
 (v) amend the Servicing Agreement, except pursuant to the terms thereof; 

(vi) to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted
hereunder; 
 (vii) make or incur any capital expenditures, except as reasonably required to perform its functions in
accordance with the terms of this Indenture; 
 (viii) become liable in any way, whether directly or by assignment or as a
guarantor or other surety, for the obligations of the lessee under any lease, hire any employees or pay any dividends to its shareholders; 

(ix) maintain any bank accounts other than the Accounts in which (inter alia) the proceeds of the Issuer’s issued share
capital and the transaction fees paid to the Issuer for agreeing to issue the Notes will be kept; 
 (x) conduct business
under an assumed name, or change its name without first delivering at least 30 days’ prior written notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name
change will not adversely affect the security interest hereunder of the Trustee or the Secured Parties; 

  
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 (xi) take any action that would result in it failing to qualify as a
Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes (including, but not limited to, an election to treat the Issuer as a “taxable REIT subsidiary,”
as defined in Section 856(l) of the Code), unless based on an Opinion of Counsel of Cadwalader, Wickersham & Taft LLP or another nationally-recognized tax counsel experienced in such matters, (A) the Issuer will be treated as a
Qualified REIT Subsidiary or other disregarded entity of a REIT, or (B) the Issuer will not be treated as an association taxable as a corporation, a “taxable mortgage pool” or a “publicly traded partnership” for U.S. federal
income tax purposes; 
 (xii) except for any agreements involving the purchase and sale of Collateral Interests having
customary purchase or sale terms and documented with customary loan trading documentation, enter into any agreements unless such agreements contain “non-petition” and “limited recourse”
provisions; or 
 (xiii) amend their respective organizational documents without satisfaction of the Rating Agency Condition
in connection therewith. 
 (b) Neither the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of Collateral, or
enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture, the Servicing Agreement or the Collateral Management Agreement. 

(c) For so long as any of the Notes are Outstanding, the Issuer shall not issue any limited liability company membership interests of the
Issuer to any Person other than Sub-REIT or a wholly-owned subsidiary of Sub-REIT. 

(d) The Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase Agreement or other agreement
contemplated by this Indenture), including, without limitation, in connection with the sale of Collateral by the Issuer, without the prior written consent of the Holders of at least a Majority of the Notes and shall provide notice of all new
agreements (other than the Collateral Interest Purchase Agreement or other agreement specifically contemplated by this Indenture) to the Holders of the Notes. The foregoing notwithstanding, the Issuer may agree to any material new agreements;
provided that (i) the Issuer (or the Collateral Manager on its behalf) determines that such new agreements would not, upon becoming effective, adversely affect the rights or interests of any Class or Classes of Noteholders
and (ii) subject to satisfaction of the Rating Agency Condition. 
 (e) As long as any Note is Outstanding, the Advancing Agent shall
not permit the Retention Holder and Sub-REIT to transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any retained
or repurchased Notes, any of the Retained Notes and the Membership Interests to any other Person (except to an affiliate that is wholly-owned by Sub-REIT or a subsequent REIT that holds all equity interests in
the Issuer and is disregarded as a separate entity for U.S. federal income tax purposes) unless the Issuer receives an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters
that the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT with respect to such transfer, pledge or hypothecation; provided that no opinion shall be required with respect to a transfer to an Affiliate
that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal income tax purposes into Sub-REIT or such subsequent
REIT. 

  
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 Section 7.9 Statement as to Compliance. 

On or before January 31, in each calendar year, commencing in 2023 or immediately if there has been a Default in the fulfillment of an
obligation under this Indenture, the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer and without
personal liability stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the knowledge, information and belief of such Officer, the Issuer has fulfilled all of
its obligations under this Indenture or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. 

Section 7.10 Issuer May Consolidate or Merge Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral
to any Person, unless permitted by the Governing Documents and unless: 
 (i) the Issuer shall be the surviving entity, or
the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall be an entity organized and existing under the laws of
Delaware or such other jurisdiction approved by a Majority of each and every Class of the Notes (each voting as a separate Class); provided that no such approval shall be required in connection with any such transaction undertaken
solely to effect a change in the jurisdiction of formation pursuant to Section 7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and
observance of every covenant of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition shall be satisfied; 

(iii) if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or
to which all or substantially all of the Collateral of the Issuer is transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or surviving entity as
a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of the
Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to
Article 5, Article 9 or Article 12; 

  
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 (iv) if the Issuer is not the surviving entity, the Person formed by such
consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall have delivered to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Collateral
Manager and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person
has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person
has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in
accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security
interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Secured Notes or, in the case of any transfer or conveyance of the
Collateral securing any of the Notes, such Notes, (B) the Trustee continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Secured Notes,
or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Collateral Manager or any
Noteholder may reasonably require; 
 (v) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; 
 (vi) the Issuer shall have delivered to the Trustee, the Note Administrator and
each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and that all
conditions precedent in this Article 7 provided for relating to such transaction have been complied with; 

(vii) the Issuer has received an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer or the Person referred to in clause (a) will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes; and 

(viii) after giving effect to such transaction, (A) the Issuer shall not be required to register as an investment company
under the 1940 Act and (B) none of the Issuer or the pool of Collateral will constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of Dodd-Frank (79 F.R. 77601). 

  
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 Section 7.11 Successor Substituted. 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer, in accordance with
Section 7.10, the Person formed by or surviving such consolidation or merger (if other than the Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer, herein. In the event of any such consolidation, merger, transfer or
conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

Section 7.12 No Other Business. 

The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any
supplements thereto, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith. 
 Section 7.13 Reporting. 

At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such
Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or
beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner. “Rule 144A
Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). The Note Administrator shall reasonably cooperate with the Issuer in mailing or otherwise
distributing (at the Issuer’s expense) to such Noteholders or prospective purchasers, at and pursuant to the Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer; provided, however, that
the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information was not assembled by the Note Administrator, that the Note Administrator has not reviewed
or verified the accuracy thereof, and that it makes no representation as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose. 

  
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 Section 7.14 Calculation Agent. 

(a) The Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at all times be an agent appointed to calculate the
Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”). The Issuer initially has appointed the Note Administrator as Calculation Agent for
purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent may be removed by the Issuer at any time upon 30 days’ written notice delivered to the Calculation Agent. The Calculation Agent may resign at any time
by giving written notice thereof to the Issuer, the Collateral Manager, the Noteholders and the Rating Agencies. If the Calculation Agent is unable or unwilling to act as such, or if the Calculation Agent fails to determine the rate using the
Benchmark or the Interest Distribution Amount for any Class of Notes for any Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank that does not control or is not controlled by or under
common control with the Issuer or its affiliates. If the Calculation Agent is removed without cause, the expenses incurred in connection with transferring the Calculation Agent’s responsibilities hereunder shall be reimbursed by the Issuer. The
Calculation Agent may not resign its duties without a successor having been duly appointed. If no successor Calculation Agent shall have been appointed within 30 days after giving of a notice of resignation, the resigning Calculation Agent or the
Majority Class H Noteholder with regard to the determination that a Benchmark Transition Event has occurred, may petition a court of competent jurisdiction for the appointment of a successor Calculation Agent, and if such petition is commenced
by the Calculation Agent, then such petition will be at the expense of the Issuer. 
 (b) The Calculation Agent shall calculate, on each
Benchmark Determination Date, the Benchmark for the related Interest Accrual Period and will communicate such information to the Note Administrator, who shall include such calculation on the next Monthly Report following such Benchmark Determination
Date. The Calculation Agent shall notify the Issuer and the Collateral Manager before 5:00 p.m. (New York time) on each Benchmark Determination Date if it has not determined and is not in the process of determining the Benchmark and the Interest
Distribution Amounts for each Class of Notes, together with the reasons therefor. The determination of the Note Interest Rates and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error,
be final and binding on all parties to this Indenture and the Noteholders. 
 Section 7.15 REIT Status. 

(a) Sub-REIT shall not take any action that results in the Issuer failing to qualify as a Qualified
REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes, unless based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT; provided that no such opinion shall be required with respect to a transfer to an affiliate that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and
is disregarded for U.S. federal income tax purposes from Sub-REIT or such subsequent REIT. 

  
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 (b) Without limiting the generality of Section 7.15(a), if the
Issuer is no longer a Qualified REIT Subsidiary or other disregarded entity of a REIT, prior to the time that: 
 (i) any
Collateral Interest would cause the Issuer become subject to U.S. federal income tax on a net income basis; 
 (ii) the
Issuer would acquire or receive any asset in connection with a workout or restructuring of a Collateral Interest that could cause the Issuer to become subject to U.S. federal income tax on a net income basis; 

(iii) the Issuer would acquire the real property underlying any Collateral Interest pursuant to a foreclosure or deed-in-lieu of foreclosure; or 
 (iv) any
Collateral Interest is modified in such a manner that could cause the Issuer to become subject to U.S. federal income tax on a net income basis, 
 the
Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary, (y) contribute such Collateral Interest to an existing Permitted Subsidiary, or (z) sell such
Collateral Interest in accordance with Section 12.1; provided that such Permitted Subsidiary shall be an entity treated as a corporation for U.S. federal income tax purposes. 

Section 7.16 Permitted Subsidiaries. 

Notwithstanding any other provision of this Indenture, the Collateral Manager on behalf of the Issuer shall, following delivery of an Issuer
Order to the parties hereto, be permitted to sell or transfer to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an increase in the value of
equity interests already owned). Such Issuer Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture. The Custodian shall, upon receipt of a Request for Release with
respect to a Sensitive Asset, release such Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted Subsidiaries: 

(a) For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it were an asset
owned directly by the Issuer. 
 (b) Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest
Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all proceeds of and collections on
each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account. 
 (c) To the extent applicable, the
Issuer shall form one or more Securities Accounts with the Securities Intermediary for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts. 

  
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 (d) Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted
Subsidiary, the ownership interests of the Issuer in a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such
Permitted Subsidiary (and shall be treated as having the same characteristics as such Sensitive Asset). 
 (e) If the Special Servicer on
behalf of the Trustee, or any other authorized party takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer (or the Collateral Manager on its behalf) shall cause each Permitted
Subsidiary to sell each Sensitive Asset and all other Collateral held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange
for the equity interest in such Permitted Subsidiary held by the Issuer. 
 Section 7.17 Repurchase Requests. 

If the Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer receives any request or
demand that a Collateral Interest be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest or any Material Document Defect (any such request or demand, a
“Repurchase Request”) or a withdrawal of a Repurchase Request from any Person other than the Special Servicer, then the Collateral Manager (on behalf of the Issuer), the Servicer, the Trustee or the Note Administrator, as
applicable, shall promptly forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Special Servicer and include the following statement in the related correspondence: “This is a
“[Repurchase Request]/[withdrawal of a Repurchase Request]” under Section 3.19 of the Servicing Agreement relating to FS Rialto 2022-FL5 Issuer, LLC, requiring action from you as the
“Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Special Servicer pursuant to the prior sentence, the Special Servicer shall be deemed to be the
Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with
respect to such Repurchase Request. 
 Section 7.18 Servicing of Commercial Real Estate Loans and Control of Servicing
Decisions. 
 The Commercial Real Estate Loans (other than the Non-Serviced Commercial Real
Estate Loans) will be serviced by the Servicer and the Special Servicer, in each case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the Collateral Manager, as set forth in the Servicing Agreement,
and subject to any consent and/or consultation rights of the holder of the related Companion Participation under the related Participation Agreement, subject to those conditions, restrictions or termination events expressly provided therein. Nothing
in this Indenture shall be interpreted to limit in any respect the rights of the Collateral Manager under the Servicing Agreement and none of the Issuer, Note Administrator and Trustee shall take any action under this Indenture inconsistent with the
Collateral Manager’s rights set forth under the Servicing Agreement. 

  
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 ARTICLE 8 

SUPPLEMENTAL INDENTURES 

Section 8.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the Trustee and the
Note Administrator, at any time and from time to time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto,
for any of the following purposes: 
 (i) evidence the succession of any Person to the Issuer and the assumption by any such
successor of the covenants of the Issuer herein and in the Notes; 
 (ii) add to the covenants of the Issuer, the Note
Administrator or the Trustee for the benefit of the Holders of the Notes or to surrender any right or power herein conferred upon the Issuer; 

(iii) convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes; 
 (iv)
evidence and provide for the acceptance of appointment hereunder of a successor Trustee or a successor Note Administrator and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12; 

(v) correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure,
convey and confirm unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) or to subject
any additional property to the lien of this Indenture; 
 (vi) modify the restrictions on and procedures for resales and
other transfers of Notes to reflect any changes in applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption or exclusion from registration under the Securities Act, the Exchange Act or the 1940
Act (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under Section 619 of Dodd-Frank (such statutory provision together with such implementing regulations, the
“Volcker Rule”) or (B) to prevent the Issuer or the pool of Collateral from being considered a “covered fund” under the Volcker Rule) or to remove restrictions on resale and transfer to the extent not required
thereunder; 
 (vii) accommodate the issuance, if any, of Notes in global or book-entry form through the facilities of DTC or
otherwise; 

  
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 (viii) take any action commercially reasonably necessary or advisable as
required for the Issuer to comply with the requirements of FATCA; or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or to prevent the Issuer or
the Trustee from being subject to withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal, state, local or foreign income or franchise tax on a net income basis; 

(ix) amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned
to the Notes; 
 (x) accommodate the settlement of the Notes in book-entry form through the facilities of DTC, Euroclear or
Clearstream, Luxembourg or otherwise; 
 (xi) authorize the appointment of any listing agent, transfer agent, paying agent or
additional registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested by any
governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith; 

(xii) evidence changes to applicable laws and regulations; 

(xiii) to modify, eliminate or add to any of the provisions of this Indenture in the event the Credit Risk Retention Rules, the
EU Securitization Laws (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Rules (as defined in the EU/UK Risk Retention Letter) are amended or repealed, in order to modify or eliminate the risk retention requirements (or, in
respect of the EU Securitization Rules or the UK Securitization Laws, other requirements, including those relating to transparency, disclosure and credit-granting) in the event of such amendment or repeal; provided that (x) in
relation to the Credit Risk Retention Rules, the Trustee has received an opinion of counsel or (y) in relation to the EU Securitization Rules or the UK Securitization Laws, the Collateral Manager certifies to the Trustee that it has received
written legal advice, in each case, to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention Rules, the EU Securitization Rules or the UK Securitization Laws (as applicable); 

(xiv) reduce the minimum denominations required for transfer of the Notes; 

(xv) modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if (a) the
Collateral Manager determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard and (b) such modification does not adversely affect the status of Issuer
for U.S. federal income tax purposes, as evidenced by an Opinion of Counsel; 

  
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 (xvi) modify the procedures set forth in this Indenture relating to
compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Collateral Manager, the Note Administrator, Trustee, any paying
agent, the Servicer or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder; provided, further, that the Collateral Manager must
provide a copy of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Website and provide notice of any such amendment to the Rating Agencies;

 (xvii) make any change to any other provisions with respect to matters or questions arising under this Indenture;
provided that the party requesting the supplemental indenture represents that it believes the required action will not adversely affect in any material respect the interests of any Noteholder not consenting thereto, as evidenced by
(A) an Opinion of Counsel or (B) an Officer’s Certificate of the Collateral Manager; 
 (xviii) providing for
and/or facilitating the exchange of Exchangeable Notes for Exchanged Notes to the extent permitted by this Indenture and to extend to such Exchanged Notes (to the extent explicitly provided herein) the benefits and provisions of this Indenture; and

 (xix) make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation with legal
counsel of national reputation experienced in such matters and independent of the Issuer and any of its affiliates) as necessary or advisable (A) for any Class of Notes to not be considered an “ownership interest” as defined for
purposes of the Volcker Rule or (B) (1) to enable the Issuer to rely upon the exemption or exclusion from registration as an investment company provided by Rule 3a-7 under the 1940 Act or
another exemption or exclusion from registration as an investment company under the 1940 Act (other than Section 3(c)(1) or Section 3(c)(7) thereof) or (2) for the Issuer to not otherwise be considered a “covered fund” as
defined for purposes of the Volcker Rule, in each case so long as any such modification or amendment would not have a material adverse effect on any Class of Notes. 

The Note Administrator and Trustee are each hereby authorized to join in the execution of any such supplemental indenture and to make any
further appropriate agreements and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such supplemental indenture which affects the Note Administrator’s or Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law. 
 (b)
Notwithstanding Section 8.1(a) or any other provision of this Indenture, without prior notice to, and without the consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the
Trustee and the Note Administrator, may enter into one or more indentures supplemental hereto for any of the following purposes: 

(i) to conform this Indenture to the provisions described in the Offering Memorandum (or any supplement thereto); 

(ii) to correct any defect or ambiguity in this Indenture in order to address any manifest error, omission or mistake in any
provision of this Indenture; 
 (iii) to conform this Indenture to any Rating Agency Test Modification; 

  
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 (iv) to make Benchmark Replacement Conforming Changes at the direction of
the Collateral Manager; and/or 
 (v) to provide for the Notes of each Class to bear interest based on the applicable
Benchmark Replacement from and after the related Benchmark Replacement Date. 
 (c) In the event that any or all restrictions and/or
limitations under the Credit Risk Retention Rules, the EU Securitization Laws (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Laws (as defined in the EU/UK Risk Retention Letter) are withdrawn, repealed or modified to be
less restrictive on the Sponsor, at the request of the Sponsor and, in the case of the EU Securitization Laws or the UK Securitization Laws, the EU/UK Retention Holder, the Retention Holder, the Issuer, the Trustee and the Note Administrator agree
to modify any corresponding terms of this Indenture in accordance with Section 8.1(a)(xiii) hereto to reflect any such withdrawal, repeal or modification. 

Section 8.2 Supplemental Indentures with Consent of Noteholders. 

Except as set forth below, the Note Administrator, the Trustee and the Issuer may enter into one or more indentures supplemental hereto to add
any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes under this Indenture only with (x) the written consent of the holders
of at least a Majority of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by the Collateral Manager or any of its Affiliates as identified in the Beneficial Holder Information Form submitted along
with the related Noteholder’s consent) by Act of said Noteholders delivered to the Trustee, the Note Administrator and the Issuer and (y) satisfaction of the Rating Agency Condition, notice of which may be in electronic form. In connection
with any such supplemental indenture, the Collateral Manager may determine whether the Holders of any Class of Notes (evaluated individually on a Class-by-Class
basis) will be materially and adversely affected by a supplemental indenture. Such determination shall be conclusive and binding on all present and future Noteholders. 

Notwithstanding the foregoing, any supplemental indenture to add or modify any of the provisions of this Indenture with respect to
(a) the definitions of “Controlling Class,” “Majority” and “Supermajority” and (b) the Eligibility Criteria, the Acquisition Criteria or the Note Protection Tests, other than with respect to a Rating Agency
Test Modification, shall require the consent of the holders of at least a Supermajority of the Notes of each Class. 
 Without the consent
of all of the Holders of each Outstanding Class of Notes materially adversely affected, no supplemental indenture may: 
 (a) change the
Stated Maturity Date of the principal of or the due date of any installment of interest on any Note, reduce the principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the earliest date on
which any Note may be redeemed at the option of the Issuer, change the provisions of this Indenture that apply proceeds of any Collateral to the payment of principal of or interest on Notes or change any place where, or the coin or currency in
which, any Note or the principal thereof or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the
applicable Redemption Date); 

  
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 (b) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each
Class of the Holders thereof whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their consequences
provided for in this Indenture; 
 (c) impair or adversely affect the Collateral except as otherwise permitted in this Indenture; 

(d) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral
or terminate such lien on any property at any time subject hereto or deprive the Holder of any Secured Note of the security afforded by the lien of this Indenture; 

(e) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required to request the
Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to Section 5.4 or 5.5; 

(f) modify any of the provisions of Section 8.1 and this Section 8.2, except to increase
the percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby; 
 (g) modify the definitions of the terms “Outstanding,” “Priority of Payments” or “Reinvestment
Period” or the provisions of Section 11.1(a) or Section 13.1; 
 (h) modify any of
the provisions in this Indenture in such a manner as to affect the requirement that the Issuer be treated as a Qualified REIT Subsidiary or disregarded entity of a REIT for U.S. federal income tax purposes; 

(i) modify any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest on
or principal of any Note on any Payment Date (or any other date) or to affect the rights of the Holders of Notes to the benefit of any provisions for the redemption of such Notes contained herein; 

(j) reduce the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain an exemption from the
registration requirements of the Securities Act or the 1940 Act; or 
 (k) modify any provisions regarding
non-recourse or non-petition covenants with respect to the Issuer; 

provided that the holders of each Class of Notes will be deemed to be materially adversely affected by any supplemental indenture with respect to
clauses (b) and (f) above. 

  
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 The Trustee and Note Administrator shall be entitled to rely upon an Officer’s
Certificate of the Issuer (or the Collateral Manager on its behalf) in determining whether or not the Holders of Notes would be materially or adversely affected by such change (after giving notice of such change to the Holders of Notes). Such
determination shall be conclusive and binding on all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith. 

Section 8.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or
the modifications thereby of the trusts created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Noteholders would be materially and
adversely affected by such supplemental indenture). The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or
otherwise. 
 The Servicer and Special Servicer will be bound to follow any amendment or supplement to this Indenture of which it has
received written notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the
judgment of the Servicer or Special Servicer adversely affect the Servicer or Special Servicer, the Servicer or Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit any such amendment to become
effective) unless the Servicer or Special Servicer, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give written notice to the
Servicer and Special Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer or Special Servicer’s written consent, as applicable, shall be required prior to any amendment to this Indenture by which it
is adversely affected. 
 The Collateral Manager will be bound to follow any amendment or supplement to this Indenture of which it has
received written notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the
judgment of the Collateral Manager adversely affect the Collateral Manager, the Collateral Manager shall not be bound (and the Issuer agrees that it will not permit any such amendment to become effective) unless the Collateral Manager, as
applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer and the Note Administrator shall give written notice to the Collateral Manager of any amendment made to this Indenture pursuant to
its terms. In addition, the Collateral Manager’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected. 

The Sponsor’s written consent shall be required prior to any amendment to this Indenture by which the Sponsor is adversely affected. 


  
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 At the cost of the Issuer, the Note Administrator shall provide to each Noteholder and, for
so long as any Class of Notes shall remain Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of any proposed supplemental
indenture at least fifteen (15) Business Days prior to the execution thereof by the Note Administrator, and following execution shall provide to the 17g-5 Information Provider and the Rating Agencies a
copy of the executed supplemental indenture. 
 Neither the Trustee nor the Note Administrator shall enter into any such supplemental
indenture unless the Trustee and the Note Administrator have received an Opinion of Counsel from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters that the proposed supplemental
indenture will not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or otherwise become subject to U.S. federal income tax on a net income basis. The
Trustee and the Note Administrator shall be entitled to rely upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and
(ii) receipt of an Opinion of Counsel forwarded to the Trustee and Note Administrator certifying that, following provision of notice of such supplemental indenture to the Noteholders, that the Holders of Notes would not be materially and
adversely affected by such supplemental indenture. Such determination shall be conclusive and binding on all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good
faith and in reliance upon such Opinion of Counsel, as the case may be. 
 It shall not be necessary for any Act of Noteholders under this
Section 8.3 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer, the Note Administrator and the Trustee of any supplemental indenture pursuant to this
Section 8.3, the Note Administrator, at the expense of the Issuer, shall mail to the Noteholders, the Servicer, the Special Servicer and, so long as the Notes are Outstanding and so rated, the Rating Agencies a copy thereof
based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 8.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in
accordance therewith, such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder, shall be bound thereby. 

  
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 Section 8.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may,
and if required by the Note Administrator shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the
opinion of the Note Administrator and the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and authenticated and delivered by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the
foregoing, any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture. 

ARTICLE 9 
 REDEMPTION OF
NOTES; REDEMPTION PROCEDURES 
 Section 9.1 Clean-up Call; Tax Redemption; Optional
Redemption; and Auction Call Redemption. 
 (a) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of
and upon written notice by the Collateral Manager which shall be delivered in accordance with Section 9.3(a), at their applicable Redemption Prices on any Payment Date on or after the Payment Date on which the Aggregate
Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices (such
redemption, a “Clean-up Call”); provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total
Redemption Price. 
 (b) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and upon at the written
notice by the Majority Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a
price equal to their applicable Redemption Prices (such redemption, a “Tax Redemption”); provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

(c) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and upon written notice by the Majority
Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date after the end of the Non-call Period at a price equal to their applicable
Redemption Prices (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding
anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

(d) From and after the Payment Date in June 2032, the Special Servicer will be required to conduct an auction prior to each Payment Date
occurring in January, April, July and October in accordance with the requirements set forth in this Indenture. Notes shall be redeemed by the Issuer, in whole but not in part, at their respective Redemption Prices if a Successful Auction is
completed pursuant to the procedures set forth on Exhibit N hereto (each, an “Auction Call Redemption”). An Auction Call Redemption may only occur on a Payment Date in January, April, July and October. 

  
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 (e) In connection with any redemption pursuant to Section 9.1(a),
(b) or (c), if the holders of the Class H Notes and/or one or more affiliates thereof own any Notes, such holder(s) may elect to include such Notes as part of the consideration for such redemption and the Total Redemption Price
shall be reduced by the outstanding principal balance of such Notes (plus the interest accrued thereon). If such holder(s) own less than 100% of the Notes of any such Class, the Note Administrator shall cooperate with such holder(s) in order to
effect such redemption (including, if necessary, converting such Notes into definitive form). 
 (f) A redemption pursuant to
Section 9.1(a), (b) or (c) shall not occur unless at least six (6) Business Days prior to the scheduled Redemption Date, the Collateral Manager certifies to the Trustee and the Note Administrator
that: 
 (i) the Collateral Manager, on behalf of the Issuer, has entered into a binding commitment or agreement (which may
be an agreement with an affiliate of the Collateral Manager or an entity managed by the Collateral Manager) to sell (directly, by participation or other arrangement) all or part of the Collateral not later than the Business Day immediately preceding
the scheduled Redemption Date or FS Credit REIT (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction; 

(ii) the related Sale Proceeds (in immediately available funds), together with all other available funds (including proceeds
from the sale of the Collateral Interests, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be an aggregate amount sufficient to pay the Total Redemption Price; and

 (iii) all of the other conditions for such redemption, as applicable, have been satisfied. 

(g) In connection with an Optional Redemption, a Clean-Up Call, a Tax Redemption or an Auction Call
Redemption, the Collateral Manager, on behalf of the Issuer, and acting pursuant to the Collateral Management Agreement, shall sell such Collateral Interests and may at any time direct the Trustee in writing by Issuer Order to execute any transfer
documents required in order to effectuate the sale of such Collateral Interests, in the manner directed by the Collateral Manager without regard to any of the limitations in Section 12.1(a). Upon any such sale, the Trustee
shall release any such Collateral Interest pursuant to Section 10.11. 
 Section 9.2 Record Date for
Redemption. 
 In connection with a Clean-up Call pursuant to
Section 9.1(a), a Tax Redemption pursuant to Section 9.1(b), an Optional Redemption pursuant to Section 9.1(c) or an Auction Call Redemption pursuant to
Section 9.1(d), the Note Administrator shall set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. 

  
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 Section 9.3 Notice of Redemption or Maturity. 

(a) Notice of redemption (or a withdrawal thereof) or Clean-up Call pursuant to
Section 9.1 or the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or four (4) Business Days (or promptly thereafter upon receipt of written
notice, if later) where the notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.3(c)) prior to the
applicable Redemption Date or Maturity, to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Rating Agencies, and each Holder of Notes to be redeemed, at its address in the Notes Register. If any Notes are held as
Definitive Notes when called for redemption, such Notes must be surrendered at the office of the Paying Agent. 
 All notices of redemption
shall state: 
 (i) the applicable Redemption Date; 

(ii) the applicable Redemption Price; 

(iii) that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date
specified in the notice; and 
 (iv) the place or places where any Notes held as Definitive Notes to be redeemed in whole are
to be surrendered for payment of the Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2. 

(b) Notice of redemption shall be given by the Issuer, or at its request, by the Note Administrator in its name, and at the expense of the
Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes. 

(c) Any such notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or Tax
Redemption may be withdrawn by the Issuer at the direction of the Collateral Manager up to the Business Day prior to the scheduled Redemption Date by written notice to the Trustee, the Note Administrator, the Servicer, the Special Servicer and each
Holder of Notes to be redeemed, and the Collateral Manager. The failure of any Optional Redemption, Auction Call Redemption, Clean-up Call or Tax Redemption that is withdrawn in accordance with this Indenture
shall not constitute an Event of Default. 
 (d) The Redemption Price shall be determined no earlier than sixty (60) days prior to the
proposed Redemption Date. 
 Section 9.4 Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption Date. Upon
final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered to the
Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer, the Note
Administrator and the Trustee that the applicable Note has been 

  
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acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender. Payments of interest on Notes of a Class to be so redeemed whose Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according to the terms and provisions of
Section 2.7(j). 
 If any Note called for redemption shall not be paid upon surrender thereof for redemption, the
principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding. Subject to applicable escheatment law, any funds not
distributed to any Noteholder on the Payment Date because of the failure of such Holder or Holders to tender their Notes, shall, on such date, be set aside and held for the benefit of the appropriate
non-tendering Holder or Holders. 
 Section 9.5 Mandatory Redemption. 

On any Payment Date on which either of the Note Protection Tests is not satisfied as of any Determination Date, the Offered Notes shall be
redeemed (a “Mandatory Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(14) in an amount necessary, and only to the extent necessary, for such Note Protection Test to be satisfied or,
if sooner, until the Offered Notes have been paid in full. On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the Rating Agencies and the Note Administrator whether the Note Protection Tests have
been satisfied. 
 ARTICLE 10 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 10.1 Collection of Amounts; Custodial Account. 

(a) Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable by the Note Administrator pursuant to this Indenture, including all payments due on the Collateral in
accordance with the terms and conditions of such Collateral. The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account in trust for the Secured Parties, and shall apply such amounts as
provided in this Indenture. Any Indenture Account may include any number of subaccounts deemed necessary or appropriate by the Note Administrator for convenience in administering such account. 

(b) The Note Administrator shall credit all Collateral Interests and Eligible Investments to an Eligible Account in the name of the Issuer for
the benefit of the Secured Parties designated as the “Custodial Account,” except that Mortgage Notes and Participations may be held by the Custodian in the State of Minnesota pursuant to Section 3.3 of this
Indenture. 

  
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 Section 10.2 Reinvestment Account. 

(a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing Date, a single, segregated trust account which
shall be designated as the “Reinvestment Account,” which shall be held in trust in the name of the Issuer on behalf of the Trustee, for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control
and the sole right of withdrawal; provided, however, that the Note Administrator shall only withdraw such amounts as directed by the Issuer or the Collateral Manager on behalf of the Issuer. All amounts credited to the Reinvestment
Account pursuant to Section 11.1(a)(ii) or otherwise shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided. 

(b) The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Reinvestment
Account or any funds on deposit therein, or otherwise to the credit of the Reinvestment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or
beneficial interest in the Reinvestment Account other than in accordance with the Priority of Payments. The Reinvestment Account shall remain at all times an Eligible Account. 

(c) The Collateral Manager, on behalf of the Issuer, may direct the Note Administrator to, and upon such direction the Note Administrator
shall, cause the Securities Intermediary to invest all funds in the Reinvestment Account in Eligible Investments designated by the Collateral Manager as provided in Section 11.2. All interest and other income from such
investments shall be deposited in the Reinvestment Account, any gain realized from such investments shall be credited to the Reinvestment Account, and any loss resulting from such investments shall be charged to the Reinvestment Account. The Note
Administrator shall not in any way be held liable (except as a result of negligence, willful misconduct or bad faith) by reason of any insufficiency of such Reinvestment Account resulting from any loss relating to any such investment. If the Note
Administrator or the Securities Intermediary does not receive written investment instructions from an Authorized Officer of the Collateral Manager, funds in the Reinvestment Account shall be invested in accordance with
Section 11.2. 
 (d) Amounts in the Reinvestment Account shall remain in the Reinvestment Account (or invested in
Eligible Investments) until the earlier of (i) the time the Collateral Manager instructs the Note Administrator in writing to transfer any such amounts (or related Eligible Investments) to the Payment Account, (ii) the time the Collateral
Manager notifies the Note Administrator in writing that such amounts (or related Eligible Investments) are to be applied to the acquisition of Reinvestment Collateral Interests and Funded Companion Participations in accordance with
Section 12.2, and (iii) the first Business Day after the last day of the Reinvestment Period (or, if notified by the Collateral Manager, the last settlement date within sixty (60) days of the last day of the
Reinvestment Period). Upon receipt of notice pursuant to clause (i) above and on the dates described in clauses (ii) and (iii) above, the Note Administrator shall transfer the applicable amounts (or related Eligible
Investments) to the Payment Account, in each case for application on the next Payment Date pursuant to Section 11.1(a)(ii) as Principal Proceeds. 

  
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 (e) During the Reinvestment Period, the Collateral Manager on behalf of the Issuer may by
notice to the Note Administrator direct the Note Administrator to, and upon receipt of such notice the Note Administrator shall, reinvest amounts (and related Eligible Investments) credited to the Reinvestment Account in Commercial Real Estate Loans
and Participations selected by the Collateral Manager as permitted under and in accordance with the requirements of Article 12 and such notice. The Note Administrator shall be entitled to conclusively rely on such notice
and shall not be required to make any determination as to whether any loans or participations satisfy the Eligibility Criteria and the Acquisition Criteria. 

Section 10.3 Payment Account. 

(a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing Date, a single, segregated trust account which
shall be designated as the “Payment Account,” which shall be held in trust in the name of the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and
the sole right of withdrawal. All funds received by the Note Administrator from the Servicer on each Remittance Date shall be credited to the Payment Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment
Account shall be held in trust by the Note Administrator, in its capacity as Securities Intermediary, in the name of the Issuer on behalf of the Trustee for the benefit of the Secured Parties. Except as provided in Sections 10.3(c),
11.1 and 11.2, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other payments
in respect of the Notes in accordance with their terms and the provisions of this Indenture, (ii) upon Issuer Order, to pay other amounts specified therein, and (iii) otherwise to pay amounts payable pursuant to and in accordance with the
terms of this Indenture, each in accordance with the Priority of Payments. 
 (b) The Note Administrator agrees to give the Issuer and the
Collateral Manager prompt notice if it becomes aware that the Payment Account or any funds on deposit therein, or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or
similar process. The Issuer shall have no legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments. The Payment Account shall remain at all times an Eligible Account. 

(c) The Note Administrator may direct the Securities Intermediary to invest the funds on deposit in the Payment Account in one or more
Eligible Investments; provided that (i) any amounts held in the Payment Account that are invested shall be (x) invested only in short-term Eligible Investments and (y) sold no later than each Payment Date and prior to the
operation of the Priority of Payments, and (ii) in all cases, such funds shall be either (x) immediately available or (y) available in accordance with a schedule which will permit the Note Administrator to meet its payment obligations
hereunder. The Note Administrator shall be entitled to all income and gain realized from the investment of funds deposited in the Payment Account (such amount, “Additional Note Administrator Compensation”) in accordance with the
Priority of Payments. The Note Administrator shall deposit from its own funds in the Payment Account the amount of any loss incurred in respect of any such investment of funds immediately upon the realization of such loss; provided that the
Note Administrator shall not be required to deposit the amount of any loss on any investment of funds if such loss is incurred solely as a result of the insolvency of the federal or state-chartered depository institution or trust company that holds
the Payment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of “Eligible Account” in the month in which the loss occurred and at the time such investment was made.


  
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 Section 10.4 [Reserved]. 

Section 10.5 [Reserved]. 

Section 10.6 Interest Advances. 

(a) With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the
related Due Period and remitted to the Note Administrator that are available to pay interest on the Class A Notes, the Class A-S Notes and the Class B Notes in accordance with the Priority of
Payments, are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a result of interest
shortfalls on the Collateral Interests (or the application of interest received on the Collateral Interests to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of such insufficiency, an “Interest
Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such Interest Shortfall no later than 12:00 p.m. (New York time) on the Business Day preceding such Payment Date, at the following addresses:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator shall provide the Advancing
Agent with additional email notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Note Administrator after delivery of such initial notice that reduces such Interest
Shortfall. No later than 10:00 a.m. (New York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an amount equal to such
Interest Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.6(b), and subject to a maximum limit in respect of any Payment Date equal to the lesser
of (i) the aggregate amount of the Interest Shortfalls that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date and (ii) the
aggregate amount of the interest payments not received in respect of Collateral Interests with respect to such Payment Date (including, for such purpose, interest payments received on the Collateral Interests but applied to pay certain expenses in
accordance with the terms of the Servicing Agreement). 
 Notwithstanding the foregoing, in no circumstance will the Advancing Agent be
required to make an Interest Advance in respect of a Collateral Interest to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B Notes. In addition, in no event will the Advancing Agent, Backup Advancing Agent or the Trustee be required to advance any payments in respect of (i) interest on any
Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or (ii) principal of any Note. Any Interest Advance made by the Advancing Agent with respect to a
Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the next Business Day (or, if such Interest Advance is made prior to final determination by
the Note Administrator of such Interest Shortfall, on the Business Day of such final determination). 

  
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 The Advancing Agent shall provide the Note Administrator written notice of a determination
by the Advancing Agent that a proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date. If the Advancing Agent shall fail to make any required Interest Advance
no later than 10:00 a.m. (New York time) on the Payment Date upon which distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator shall remove the Advancing Agent in its capacity as advancing agent
hereunder as required under Section 17.5(d) and the Backup Advancing Agent shall be required to make such Interest Advance no later than 11:00 a.m. (New York time) on the Payment Date, subject to a determination of
recoverability by the Backup Advancing Agent as described in Section 10.6(b). If the Backup Advancing Agent fails to make any required Interest Advance by 12:00 p.m. on the Payment Date, then the Backup Advancing Agent
shall notify the Trustee, via email at cmbstrustee@wilmingtontrust.com no later than 12:00 p.m. on the Payment Date and shall furnish to the Trustee any information requested by the Trustee to determine recoverability of such Interest Advance. The
Trustee shall, based on its determination of recoverability, make such Interest Advance no later than 3:00 p.m. on the Payment Date. The Trustee shall be entitled to conclusively rely on any notice given by the Advancing Agent or Backup Advancing
Agent with respect to a Nonrecoverable Interest Advance hereunder. Based upon available information at the time, the Backup Advancing Agent or the Advancing Agent or the Collateral Manager, as applicable, will provide fifteen (15) days prior
notice to the Rating Agencies if recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall on the next succeeding Payment Date. No later than the close of business on the Determination Date related to a Payment Date on
which the recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall, the Backup Advancing Agent or the Advancing Agent or the Collateral Manager, as applicable, shall provide the Rating Agencies with notice of such
recovery. 
 (b) Notwithstanding anything herein to the contrary, neither the Advancing Agent, the Backup Advancing Agent nor the Trustee,
as applicable, shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest expected to accrue
thereon at the Reimbursement Rate, will not be a Nonrecoverable Interest Advance. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing
Agent, the Backup Advancing Agent or the Trustee, as applicable, will take into account: 
 (i) amounts that may be realized
on each Mortgaged Property in its “as is” or then-current condition and occupancy; 
 (ii) the potential length of
time before such Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and 

(iii) the possibility and effects of future adverse changes with respect to the Mortgaged Properties, and 

  
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 (iv) the fact that Interest Advances are intended to provide liquidity only
and not credit support to the Holders of the Notes. 
 For purposes of any such determination of whether an Interest Advance constitutes or
would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to be nonrecoverable if the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable, determines that future Interest Proceeds and Principal
Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate within a reasonable period of time. The Backup Advancing Agent and the Trustee will be entitled to conclusively
rely on any affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the Advancing Agent, the Backup Advancing Agent or the Trustee, as
applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding on the Holders of the Class A Notes, the Class A-S Notes and the Class B Notes. 

(c) Each of the Advancing Agent, the Backup Advancing Agent and the Trustee may recover any previously unreimbursed Interest Advance made by
it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second (to the extent that there are insufficient Interest Proceeds for such reimbursement), from Principal Proceeds to the extent
that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time an Interest Advance is determined to be a Nonrecoverable Interest Advance, the Advancing Agent, the Backup Advancing Agent or the
Trustee shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing Agreement on any Business Day during any Interest Accrual Period prior to the related Determination Date. The Advancing
Agent or Backup Advancing Agent, as the case may be, shall be permitted (but not obligated) to defer or otherwise structure the timing of recoveries of Nonrecoverable Interest Advances in such manner as the Advancing Agent or Backup Advancing Agent,
as the case may be, determines is in the best interest of the Holders of the Notes, as a collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments. 

(d) The Advancing Agent, the Backup Advancing Agent and the Trustee will each be entitled with respect to any Interest Advance made by it
(including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate. 

(e) The obligations of the Advancing Agent, the Backup Advancing Agent and the Trustee to make Interest Advances in respect of the
Class A Notes, the Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless such Notes are previously redeemed or repaid in full. 

(f) In no event shall the Advancing Agent, in its capacity as such hereunder, the Note Administrator, in its capacity as Backup Advancing
Agent hereunder, or the Trustee, in its capacity as backup advancing agent hereunder, be required to advance any amounts in respect of payments of principal of any Notes, nor payments in respect of interest, other than with respect to the
Class A Notes, the Class A-S Notes and the Class B Notes. Additionally, in no event will the Advancing Agent, in its capacity as such hereunder, or the Note Administrator, in its capacity as
Backup Advancing Agent hereunder, be required to advance any amounts in respect of payments of principal or interest, or any other amounts, of any Collateral Interest. 

  
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 (g) In consideration of the performance of its obligations hereunder, the Advancing Agent
shall be entitled to receive, at the times set forth herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as (i) FS Credit REIT (or any of its Affiliates) is the
Advancing Agent and (ii) any of FS Credit REIT’s affiliates owns the Class H Notes, FS Credit REIT hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement
Interest. In the event that the Advancing Agent fails to make an Interest Advance required to be made by the Advancing Agent pursuant to the terms of this Indenture, (x) the Advancing Agent shall be in default of its obligations under this
Indenture, (y) the Backup Advancing Agent shall be required to make such Interest Advance and shall be entitled to receive, in consideration thereof, the Advancing Agent Fee in accordance with the Priority of Payments and (z) the Note
Administrator shall terminate the Advancing Agent and use commercially reasonable efforts for up to 90 days following such termination to replace the Advancing Agent with a successor advancing agent that satisfies the requirements set forth in this
Indenture. If the Advancing Agent is terminated for failing to make an Interest Advance hereunder (as provided in Section 17.5(d)) (or for failing to make a Servicing Advance under the Servicing Agreement) that the
Advancing Agent did not determine to be nonrecoverable, any applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest on any Interest Advance made by the applicable
subsequent successor advancing agent). 
 (h) The determination by the Advancing Agent, the Backup Advancing Agent or the Trustee (in its
capacity as successor Advancing Agent), as applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a
Nonrecoverable Interest Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the
basis for such determination; provided that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent, the Backup Advancing Agent or the Trustee, entitlement to reimbursement
with respect to, any Interest Advance. 
 (i) With respect to any Interest Advance made by the Trustee, the Trustee shall succeed to all of
the Backup Advancing Agent’s rights, protections and immunities hereunder, including, without limitation, the Backup Advancing Agent’s rights of reimbursement and interest on each Interest Advance at the reimbursement rate, the Advancing
Agent Fee and the right to determine that a proposed Interest Advance is a Nonrecoverable Interest Advance. Without limiting the generality of the foregoing, all references to “Backup Advancing Agent” in
Section 11.1 relating to reimbursing the Backup Advancing Agent for any Interest Advance or interest thereon shall include the “Trustee” so the Note Administrator shall be entitled to withdraw from the Payment
Account any amounts available to pay the Trustee, reimburse the Trustee for such Interest Advances and other items and use such amounts instead to reimburse the Trustee for such Interest Advances; provided that the Trustee shall have priority
over the Backup Advancing Agent for such reimbursements. 

  
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 (j) The Trustee will remain eligible to act as Backup Advancing Agent for so long as it
maintains its eligibility requirements as Trustee under Section 6.8. 
 Section 10.7 Reports by
Parties. 
 The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Special Servicer, the Servicer and
the Collateral Manager any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Special Servicer, the Servicer or the Collateral Manager may from time to time request in writing with respect to the Collateral
or the Indenture Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.8 or to permit the
Collateral Manager to perform its obligations under the Collateral Management Agreement. Each of the Issuer, the Servicer, and the Special Servicer shall promptly forward to the Collateral Manager, the Trustee and the Note Administrator any
information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any
report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the terms of this Indenture. 

Section 10.8 Reports; Accountings. 

(a) Based on the CREFC® Loan Periodic Update File prepared by the Servicer with
respect to the Serviced Commercial Real Estate Loans and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the 2nd Business Day prior to each Remittance Date, the Note Administrator shall prepare and make
available on the Note Administrator’s Website, on each Payment Date to Privileged Persons, a report substantially in the form of Exhibit P hereto (the “Monthly Report”), setting forth the following information: 

(i) the amount of the distribution of principal and interest on such Payment Date to the Noteholders and any reduction of the
Aggregate Outstanding Amount of the Notes; 
 (ii) the aggregate amount of compensation paid to the Note Administrator, the
Trustee and servicing compensation paid to the Servicer during the related Due Period; 
 (iii) the Aggregate Outstanding
Portfolio Balance outstanding immediately before and immediately after the Payment Date; 
 (iv) the number, Aggregate
Outstanding Portfolio Balance, weighted average remaining term to maturity and weighted average interest rate of the Collateral Interests as of the end of the related Due Period; 

(v) the number and aggregate principal balance of Collateral Interests that are (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but Specially Serviced Loans or in foreclosure but not an REO Property;


  
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 (vi) the value of any REO Property owned by the Issuer or any Permitted
Subsidiary as of the end of the related Due Period, on an individual Collateral Interest basis, based on the most recent appraisal or valuation; 

(vii) the amount of Interest Proceeds and Principal Proceeds received in the related Due Period; 

(viii) the amount of any Interest Advances made by the Advancing Agent, the Backup Advancing Agent or the Trustee, as
applicable; 
 (ix) the payments due pursuant to the Priority of Payments with respect to each clause thereof; 

(x) the number and related principal balances of any Collateral Interests that have been (or are related to Participated Loans
that have been) extended or modified during the related Due Period on an individual basis; 
 (xi) the amount of any
remaining unpaid Interest Shortfalls as of the close of business on the Payment Date; 
 (xii) a listing of each Collateral
Interest that was the subject of a principal prepayment during the related collection period and the amount of principal prepayment occurring; 

(xiii) the aggregate unpaid principal balance of the Collateral Interests outstanding as of the close of business on the
related Determination Date; 
 (xiv) with respect to any Collateral Interest as to which a liquidation occurred during the
related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the liquidation
(separately identifying the portion thereof allocable to distributions of the Notes); 
 (xv) with respect to any REO
Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period,
(A) the related Collateral Interest and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Notes);

 (xvi) [Reserved]; 

(xvii) the aggregate amount of interest on monthly debt service advances in respect of the Collateral Interests paid to the
Advancing Agent, the Backup Advancing Agent and/or the Trustee since the prior Payment Date; 
 (xviii) a listing of each
material modification, extension or waiver made with respect to each Collateral Interest; 

  
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 (xix) an itemized listing of any Special Servicing Fees received from the
Special Servicer or any of its affiliates during the related Due Period; 
 (xx) the Net Outstanding Portfolio Balance; and

 (xxi) confirmation that the Trustee has received, within the preceding month, a certificate from FS Credit REIT and the
Retention Holder in accordance with Section 1(d)(i) of the EU/UK Risk Retention Letter. 
 (b) The Note Administrator will post on the
Note Administrator’s Website, any report received from the Servicer or Special Servicer detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps
taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any
of its affiliates to cure such breach. 
 (c) All information made available on the Note Administrator’s Website will be restricted and
the Note Administrator will only provide access to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note Administrator may require registration and the acceptance of a
disclaimer. 
 (d) Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding an Auction
Call Redemption, a Clean-up Call, a Tax Redemption, or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely receipt of the necessary information to the
extent not in its possession, compute the following information and provide such information in a statement delivered to the Collateral Manager and the Holders of the Class H Notes: 

(i) the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such Redemption Date; 

(ii) the amount of accrued interest due on such Notes as of the last day of the Due Period immediately preceding such
Redemption Date; 
 (iii) the Redemption Price; 

(iv) the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the
Notes being redeemed or to the Noteholders thereof); and 
 (v) the amounts in the Collection Account and the Indenture
Accounts available for application to the redemption of such Notes. 
 (e) Commencing after the quarter ending on September 30, 2022,
the Issuer (or the Collateral Manager on its behalf) shall use its reasonable best efforts to provide quarterly updates on the status of the business plan for each Collateral Interest, which reports shall be posted to the Note Administrator’s
Website. Such reports shall be delivered by the Issuer via email to the Note Administrator at CREBondAdmin@wellsfargo.com. 

  
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 (f) Commencing in July 2022, the Issuer (or the Collateral Manager on its behalf) shall
provide monthly updates with respect to any Commercial Real Estate Loan where the related obligors have formally requested any forbearance and/or material monetary modification, which reports will be posted to the Note Administrator’s Website.
No such report will be required for any month in which no such request has been made and no previously reported request (including any request disclosed in the Offering Memorandum) is resolved or remains under consideration. Such reports shall be
delivered by the Issuer via email to the Note Administrator at CREBondAdmin@wellsfargo.com. 
 Section 10.9 Release of
Collateral Interests; Release of Collateral. 
 (a) If no Event of Default has occurred and is continuing and subject to
Article 12 hereof, the Issuer (or the Collateral Manager on its behalf) may direct the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee and the
Custodian at least two (2) Business Days prior to the settlement date for any sale of a Pledged Collateral Interest, which Issuer Order shall be accompanied by a certification of the Collateral Manager (i) that the Pledged Collateral
Interest has been sold pursuant to and in compliance with Article 12 or (ii) in the case of a redemption pursuant to Section 9.1, that the Pledged Collateral Interest has been sold in
compliance with Section 9.1(g), and, upon receipt of a Request for Release of such Collateral Interest from the Collateral Manager, the Servicer or the Special Servicer, the Custodian shall deliver any such Pledged
Collateral Interest, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order, or, if such Pledged Collateral Interest is represented by a Security
Entitlement, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as set forth in such Issuer Order. If requested, the Custodian may deliver any such Pledged Collateral Interest in physical form
for examination (prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver any agreements and other documents in its possession relating to such Pledged Collateral Interest and
(ii) the Trustee, if applicable, duly assign each such agreement and other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order. 

(b) The Issuer (or the Collateral Manager on behalf of the Issuer) may deliver to the Trustee and Custodian at least three (3) Business
Days prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged Collateral Interest is being paid in full. Thereafter, the Collateral Manager, the Servicer or the Special
Servicer, by delivery of a Request for Release, may direct the Custodian to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before the date set for redemption or payment, to the Collateral Manager,
the Servicer or the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof. 
 (c)
With respect to any Collateral Interest subject to a workout or restructuring, the Issuer (or the Collateral Manager on behalf of the Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to
the date set for an exchange, tender or sale, certify that a Collateral Interest is subject to a workout or restructuring and setting forth in reasonable detail the procedure for response thereto. Thereafter, the Collateral Manager, the Servicer or
the Special Servicer may, in accordance with the terms of, and subject to any required consent and consultation obligations set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver
any Collateral to the Collateral Manager, the Servicer or the Special Servicer in accordance with such Request for Release. 

  
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 (d) The Special Servicer shall remit to the Servicer for deposit into the Collection Account
any proceeds received by it from the disposition of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter. None of the
Trustee, the Note Administrator or the Securities Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith. 

(e) The Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the Issuer
hereunder have been satisfied, release the Collateral from the lien of this Indenture. 
 (f) Upon receiving actual notice of any offer or
any request for a waiver, consent, amendment or other modification with respect to any Collateral Interest, or in the event any action is required to be taken in respect to a Loan Document, the Special Servicer on behalf of the Issuer will promptly
notify the Collateral Manager and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance with the Servicing
Standard. In the case of any modification or amendment that results in the release of the related Collateral Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a Request for
Release, shall release the related Collateral Interest File upon the written instruction of the Special Servicer. 
 Section 10.10
Information Available Electronically. (a) The Note Administrator shall make available to any Privileged Person (in each case, as applicable, to the extent received by it) by means of the Note Administrator’s Website the following
items (to the extent such items were prepared by or delivered to the Note Administrator in electronic format): 
 (i) the
following documents, which will initially be available under a tab or heading designated “deal documents”: 
 (1)
the final Offering Memorandum related to the Offered Notes; 
 (2) the Servicing Agreement, and any schedules, exhibits and
supplements thereto; 
 (3) this Indenture, and any schedules, exhibits and supplements thereto; and 

(4) the CREFC® Loan Setup file; 

  
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 (ii) the following documents will initially be available under a tab or
heading designated “periodic reports”: 
 (1) the Monthly Reports prepared by the Note Administrator pursuant to
Section 10.8(a); and 
 (2) certain information and reports specified in the Servicing Agreement
(including the collection of reports specified by CRE Finance Council or any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC®
Investor Reporting Package” relating to the Collateral Interests (including Reinvestment Collateral Interests, Exchange Collateral Interests and Contribution Collateral Interests) to the extent that the Note Administrator receives such
information and reports from the Servicer and the Special Servicer from time to time; 
 (iii) the following documents, which
will initially be available under a tab or heading designated “additional documents”: 
 (1) inspection reports
delivered to the Note Administrator under the terms of the Servicing Agreement; 
 (2) appraisals delivered to the Note
Administrator under the terms of the Servicing Agreement; 
 (3) any quarterly updates on the status of the business plan for
each Collateral Interest delivered by the Issuer to the Note Administrator; 
 (4) any monthly updates on the status of
borrower requests for forbearance and/or material monetary modification relating to each Collateral Interest delivered by the Issuer to the Note Administrator and 

(5) upon direction of the Issuer, any reports or such other information that, from time to time, the Issuer or the Special
Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website; 
 (iv) the
following documents, which will initially be available under a tab or heading designated “special notices”: 
 (1)
notice of final payment on the Notes delivered to the Note Administrator pursuant to Section 2.7(e); 

(2) notice of termination of the Servicer or the Special Servicer; 

(3) notice of a servicer termination event (with respect to the Servicer or the Special Servicer, as applicable), as defined in
the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement; 

  
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 (4) notice of the resignation of any party to this Indenture and notice of
the acceptance of appointment of a replacement for any such party, to the extent such notice is prepared or received by the Note Administrator; 

(5) officer’s certificates supporting the determination that any Interest Advance was (or, if made, would be) a
Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.6(b); 

(6) any direction received by the Note Administrator from the Collateral Manager for the termination of the Special Servicer
during any period when such person is entitled to make such a direction; 
 (7) any direction received by the Note
Administrator from a Majority of the Controlling Class or a Supermajority of the Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c); 

(8) any notices from the Collateral Manager with respect to any Benchmark Transition Event, Benchmark Replacement Date,
Benchmark Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes; 

(9) any notice or documents provided to the Note Administrator by the Collateral Manager or the Servicer directing the Note
Administrator to post to the “special notices” tab; and 
 (10) any notice of a proposed supplement, amendment or
modification to this Indenture. 
 (v) Any notices required pursuant to the EU/UK Risk Retention Letter and provided by the
EU/UK Retention Holder, the Retention Holder, or the Collateral Manager to the Note Administrator, which will initially be available under a tab or heading designated “EU/UK Risk Retention”; 

(vi) The following notices provided by the Retention Holder or the Collateral Manager to the Note Administrator, if any, which
will initially be available under a tab or heading designated “U.S. Risk Retention Special Notices”: 
 (1) any
changes to the fair values set forth in the “Credit Risk Retention” section of the Offering Memorandum between the date of the Offering Memorandum and the Closing Date; 

(2) any material differences between the valuation methodology or any of the key inputs and assumptions that were used in
calculating the fair value or range of fair values prior to the pricing of the Notes and the Closing Date; and 
 (3) any
noncompliance by the Sponsor with the Credit Risk Retention Rules; 

  
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 (vii) the “Investor Q&A Forum” pursuant to
Section 10.11; and 
 (viii) solely to Noteholders, the “Investor Registry” pursuant to
Section 10.11. 
 (b) Privileged Persons who execute Exhibit Q-2
shall only be entitled to access the Monthly Report, and shall not have access to any other information on the Note Administrator’s Website. 

(c) The Note Administrator’s Website shall initially be located at www.ctslink.com. The foregoing information shall be made
available by the Note Administrator on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the titles of the tabs and headings on portions of its website, and may
re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete,
conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Note Administrator may remove it from the Note Administrator’s
Website. The Note Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the extent such information was not produced by the Note Administrator.
In connection with providing access to the Note Administrator’s Website, the Note Administrator may require registration and the acceptance of a disclaimer. The Note Administrator shall not be liable for the dissemination of information in
accordance with the terms of this Indenture, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. Assistance in using the Note
Administrator’s Website can be obtained by calling (866) 846-4526. 
 Section 10.11
Investor Q&A Forum; Investor Registry. 
 (a) The Note Administrator shall make the “Investor Q&A Forum”
available to Privileged Persons and prospective purchasers of Notes that are Privileged Persons by means of the Note Administrator’s Website, where Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note
Administrator relating to the Monthly Reports, and submit inquiries to the Collateral Manager, the Servicer or the Special Servicer (each, a “Q&A Respondent”) relating to any servicing reports prepared by that party, the
Collateral Interests, or the properties related thereto (each, an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward the Inquiry to the applicable Q&A Respondent, in each case via email within a commercially reasonable period of time following receipt thereof.
Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent
shall be by email (or such other method as to which the Note Administrator, the Collateral Manager, the Servicer and the Special Servicer may mutually agree) to the Note Administrator. The Note Administrator shall post (within a commercially
reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note Administrator’s Website. If the Note Administrator or the applicable Q&A Respondent determines,
in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any 

  
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Inquiry would not be in the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents, this Indenture, the
Servicing Agreement, the Collateral Management Standard or the Collateral Management Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator,
the Servicer, the Special Servicer or the Collateral Manager, as applicable or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is
otherwise not advisable to answer, it shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination. The Note Administrator shall notify the Person who submitted such Inquiry in the event that
the Inquiry shall not be answered in accordance with the terms of this Indenture. Any notice by the Note Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because the
Indenture and the Servicing Agreement provides that the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is
beyond the scope of the topics described in the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan
Documents, the Collateral Management Agreement, the Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the
Servicer, the Special Servicer or the Collateral Manager, as applicable, or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is
otherwise not advisable to answer, no inference shall be drawn from the fact that the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager has declined to answer the Inquiry.” Answers posted on the Investor Q&A
Forum shall be attributable only to the respondent, and shall not be deemed to be answers from any of the Issuer, the Collateral Manager, the Placement Agents or any of their respective Affiliates. None of the Placement Agents, the Issuer, the
Seller, the Collateral Manager, the Advancing Agent, the Future Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer, the Note Administrator or the Trustee, or any of their respective Affiliates shall certify to any of the
information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Note Administrator shall not be required to post to the Note Administrator’s Website any
Inquiry or answer thereto that the Note Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect questions, answers and other communications that are not submitted via
the Note Administrator’s Website. Additionally, the Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum. 

(b) The Note Administrator shall make available to any Noteholder and any beneficial owner of a Note, the Investor Registry. The
“Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where Noteholders and beneficial owners of Notes can register and thereafter obtain information with respect to any other
Noteholder or beneficial owner that has so registered. Any Person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder or a beneficial owner of a Note and (ii) it grants authorization to the
Note Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then
be asked to enter 

  
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certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and phone number. If any Noteholder or
beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove it from
the Investor Registry. The Note Administrator shall not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Note
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry. 
 (c) Certain information concerning
the Collateral and the Notes, including the Monthly Reports, CREFC® reports and supplemental notices, shall be provided by the Note Administrator to certain market data providers upon receipt
by the Note Administrator from such persons of a certification in the form of Exhibit R hereto, which certification may be submitted electronically via the Note Administrator’s Website. The Issuer hereby authorizes the provision of such
information to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Inc., KBRA Analytics, LLC, MBS Data, LLC, RealInsight,
Thomson Reuters Corporation and PricingDirect Inc. 
 (d) The 17g-5 Information Provider will make
the “Rating Agency Q&A Forum and Servicer Document Request Tool” available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Trustee or Note
Administrator relating to the Monthly Report, (ii) submit inquiries to the Servicer, Collateral Manager or the Special Servicer relating to servicing reports, or the Collateral, except to the extent already obtained, (iii) submit requests
for loan-level reports and information, and (iv) view previously submitted inquiries and related answers or reports, as the case may be. The Collateral Manager, the Trustee, the Note Administrator, the Servicer or the Special Servicer, as
applicable, will be required to answer each inquiry, unless it determines that (a) answering the inquiry would be in violation of applicable law, the Servicing Standard, this Indenture, the Servicing Agreement, the Collateral Management
Standard, the Collateral Management Agreement or the applicable Loan Documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, or
(c) answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of such additional cost or expense is beyond the
scope of its duties under this Indenture or the Servicing Agreement, as applicable. In the event that any of the Collateral Manager, the Trustee, the Note Administrator, the Servicer or the Special Servicer declines to answer an inquiry, it shall
promptly email the 17g-5 Information Provider with the basis of such declination. The 17g-5 Information Provider will be required to post the inquiries and the related
answers (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that an inquiry is unanswered, the inquiry and the basis for which it was unanswered. The Rating Agency
Q&A Forum and Servicer Document Request Tool may not reflect questions, answers, or other communications which are not submitted through the 17g-5 Website. Answers and information posted on the Rating
Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the respondent, and will not be deemed to be answers from any other Person. No such other Person will have any responsibility or liability for, and will not be
deemed to have knowledge of, the content of any such information. 

  
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 Section 10.12 Certain Procedures. 

(a) For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer (or the Collateral Manager on its behalf)
will ensure that any Bloomberg screen containing information about the Rule 144A Global Notes includes the following (or similar) language: 

(i) the “Note Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will
state: “Iss’d Under 144A”; 
 (ii) the “Security Display” page will have the flashing red indicator
“See Other Available Information”; and 
 (b) the indicator will link to the “Additional Security Information” page,
which will state that the Offered Notes “are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities
Act).” 
 ARTICLE 11 

APPLICATION OF FUNDS 

Section 11.1 Disbursements of Amounts from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, but subject to the other subsections of this
Section 11.1, on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”): 

(i) Interest Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date
following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

(1) to the payment of taxes and filing fees (including any registered office and government fees) owed by the Issuer, if any;

 (2) (a) first, to the extent not previously reimbursed, to the Trustee, the Backup Advancing Agent and the
Advancing Agent, in that order, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the Advancing Agent (or to the Backup Advancing Agent or the Trustee, as applicable), the
Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the Advancing Agent) (provided that the Advancing


  
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Agent, the Backup Advancing Agent or the Trustee, as applicable, has not failed to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of this
Indenture); and (c) third, to the Trustee, the Backup Advancing Agent and the Advancing Agent, in that order and to the extent due and payable to such party, Reimbursement Interest and reimbursement of any outstanding Interest Advances
not to exceed, in each case, the amount that would result in an Interest Shortfall with respect to such Payment Date; 
 (3)
(a) first, to the payment to the Note Administrator and the Trustee of the accrued and unpaid fees in respect of their services equal to, in the aggregate, $5,750 per month, and to the Note Administrator, the Additional Note
Administrator Compensation, (b) second, to the payment of other accrued and unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the Custodian and the Paying Agent and (c) third, to the
payment of any other accrued and unpaid Company Administrative Expenses, the aggregate of all such amounts in this clause (c) (other than amounts payable to the Servicer or the Special Servicer) per Expense Year not to exceed $150,000 per annum
for the Note Administrator and $100,000 per annum for the Trustee; 
 (4) to the payment of the Collateral
Manager Fee and any previously due but unpaid Collateral Manager Fee (if not waived by the Collateral Manager); 
 (5) to the
payment of the Class A Interest Distribution Amount, plus, any Class A Defaulted Interest Amount; 
 (6) to
the payment of the Class A-S Interest Distribution Amount, plus, any Class A-S Defaulted Interest Amount; 

(7) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount;

 (8) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest
Amount; 
 (9) to the payment of the Class C Deferred Interest (in reduction of the Aggregate Outstanding Amount of the
Class C Notes); 
 (10) to the payment of the Class D Interest Distribution Amount, plus, any Class D
Defaulted Interest Amount; 
 (11) to the payment of the Class D Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class D Notes); 
 (12) to the payment of the Class E Interest Distribution Amount,
plus, any Class E Defaulted Interest Amount; 
 (13) to the payment of the Class E Deferred Interest (in
reduction of the Aggregate Outstanding Amount of the Class E Notes); 

  
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 (14) if either of the Note Protection Tests is not satisfied as of the
Determination Date relating to such Payment Date, to the payment of, (i) first, principal on the Class A Notes, (ii) second, principal on the Class A-S Notes,
(iii) third, principal on the Class B Notes, (iv) fourth, principal on the Class C Notes, (v) fifth, principal on the Class D Notes, and (vi) sixth, principal on the
Class E Notes, in each case to the extent necessary to cause each of the Note Protection Tests to be satisfied or, if sooner, until the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full; 
 (15) pro rata,
based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest
Distribution Amount plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest
Amount; 
 (16) pro rata, based on entitlement, to the payment of the Class F Deferred Interest (in reduction of the
Aggregate Outstanding Amount of the Class F Notes) and the Class F-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class F-E
Notes); 
 (17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(18) pro rata, based on entitlement, to the payment of the Class G Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class G Notes) and the Class G-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class G-E Notes);

 (19) to the payment of any Company Administrative Expenses not paid pursuant to clause (3) above in the order
specified therein; and 
 (20) any remaining Interest Proceeds to be paid to the holders of the Class H Notes. 

(ii) Principal Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date
following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

(1) to the payment of the amounts referred to in clauses (1) through (5) of
Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder; 

  
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 (2) during the Reinvestment Period and for so long as the Note Protection
Tests are satisfied, so long as the Issuer is permitted to purchase Reinvestment Collateral Interests at the direction of the Collateral Manager, the amount designated by the Collateral Manager during the related Interest Accrual Period to be held
for reinvestment in Reinvestment Collateral Interests or for payment of the purchase price of Reinvestment Collateral Interests (it being understood that the Collateral Manager will be deemed to have directed the reinvestment of all Principal
Proceeds until such time as it has provided the Note Administrator with a notice to the contrary); 
 (3) to the payment of
principal of the Class A Notes until the Class A Notes have been paid in full; 
 (4) to the payment of the Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount, to the extent not paid pursuant to clause (6) of
Section 11.1(a)(i) above; 
 (5) to the payment of principal of the
Class A-S Notes until the Class A-S Notes have been paid in full; 

(6) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount, to
the extent not paid pursuant to clause (7) of Section 11.1(a)(i) above; 

(7) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; 

(8) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount, to
the extent not paid pursuant to clause (8) of Section 11.1(a)(i) above; 

(9) to the payment of principal of the Class C Notes (including any Class C Deferred Interest) until the Class C
Notes have been paid in full; 
 (10) to the payment of the Class D Interest Distribution Amount plus any
Class D Defaulted Interest Amount, to the extent not paid pursuant to clause (10) of Section 11.1(a)(i) above; 

(11) to the payment of principal of the Class D Notes (including any Class D Deferred Interest) until the
Class D Notes have been paid in full; 
 (12) to the payment of the Class E Interest Distribution Amount
plus any Class E Defaulted Interest Amount, to the extent not paid pursuant to clause (12) of Section 11.1(a)(i) above; 

(13) to the payment of principal of the Class E Notes (including any Class E Deferred Interest) until the
Class E Notes have been paid in full; 

  
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 (14) pro rata, based on entitlement, to the payment of the Class F
Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount plus, any Class F Defaulted
Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount, to the extent not paid pursuant to clause
(15) of Section 11.1(a)(i) above; 
 (15) pro rata, based on Aggregate Outstanding Amount,
to the payment of principal of the Class F Notes (including any Class F Deferred Interest) and the Class F-E Notes (including any Class F-E Deferred
Interest) until the Class F Notes and the Class F-E Notes have been paid in full; 

(16) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, to the extent not paid pursuant to clause (17) of
Section 11.1(a)(i) above; 
 (17) pro rata, based on Aggregate Outstanding Amount, to the payment
of principal of the Class G Notes (including any Class G Deferred Interest) and the Class G-E Notes (including any Class G-E Deferred Interest) until
the Class G Notes and the Class G-E Notes have been paid in full; and 

(18) any remaining Principal Proceeds to be paid to the holders of the Class H Notes. 

During the Reinvestment Period, the Collateral Manager may request that the Servicer remit Principal Proceeds to the Note Administrator, no
later than five (5) Business Days after receipt by the Servicer of the related Principal Proceeds, for deposit into the Reinvestment Account prior to a Payment Date upon certification by the Collateral Manager to each of the Servicer and the
Note Administrator that (i) the Note Protection Tests were satisfied as of the immediately preceding Payment Date, (ii) the Collateral Manager reasonably expects the Note Protection Tests to be satisfied on the immediately succeeding
Payment Date and (iii) the Collateral Manager reasonably expects that such Principal Proceeds will not be necessary to make payments in accordance with clause (1) of this Section 11.1(a)(ii), and Principal
Proceeds available for distribution in accordance with this Section 11.1(a)(ii) shall be reduced accordingly. The Collateral Manager shall provide each such request to the Servicer at least five (5) Business Days prior
to the expected receipt of Principal Proceeds subject to such request. Any such request referred to above (a) shall be allowed no more than once in each Due Period and only during the Reinvestment Period and (b) shall specify the requested
date of remittance and amount of the Principal Proceeds to be remitted. Upon receipt of such certification by the Note Administrator and receipt of such funds from the Servicer, the Note Administrator shall be entitled to release any such funds upon
direction from the Collateral Manager. 

  
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 (iii) Redemption Dates and Payment Dates During Events of Default. On
any Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period
will be distributed in the following order of priority: 
 (1) to the payment of the amounts referred to in clauses
(1) through (4) of Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein; 

(2) to the payment of any out-of-pocket fees
and expenses of the Issuer, the Note Administrator, Custodian and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation
of any of the Collateral in connection therewith, to the extent not previously paid or withheld; 
 (3) to the payment of the
Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount; 
 (4) to the payment in
full of principal of the Class A Notes; 
 (5) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount; 

(6) to the payment in full of principal of the Class A-S Notes; 

(7) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount;

 (8) to the payment in full of principal of the Class B Notes; 

(9) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount;

 (10) to the payment in full of principal of the Class C Notes (including any Class C Deferred Interest); 

(11) to the payment of the Class D Interest Distribution Amount plus any Class D Defaulted Interest Amount;

 (12) to the payment in full of principal of the Class D Notes (including any Class D Deferred Interest); 

(13) to the payment of the Class E Interest Distribution Amount plus any Class E Defaulted Interest Amount;

 (14) to the payment in full of principal of the Class E Notes (including any Class E Deferred Interest); 

(15) pro rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F- X Interest Distribution Amount, plus, any Class F Defaulted Interest Amount, any Class F-E
Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

  
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 (16) pro rata, based on Aggregate Outstanding Amount, to the payment in full
of principal of the Class F Notes and the Class F-E Notes (including any Class F Deferred Interest and any Class F-E Deferred Interest); 

(17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(18) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class G Notes and the Class G-E Notes (including any Class G Deferred Interest and any Class G-E Deferred Interest); and 

(19) any remaining Interest Proceeds and Principal Proceeds to be paid to the Class H Noteholders. 

(b) On or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to Section 10.3, remit or
cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be paid on such Payment Date. 

(c) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are insufficient to
make the full amount of the disbursements required by any clause of Sections 11.1(a)(i), (a)(ii) or (a)(iii), such payments will be made to Noteholders of each applicable Class, as to each such clause, ratably
in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor. 
 (d) In
connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the
Collateral Interests, the Servicer or the Special Servicer, as applicable, shall be entitled to retain or withdraw such amounts from the Collection Account and the Participated Loan Collection Account pursuant to the terms of the Servicing
Agreement. 
 Section 11.2 Securities Accounts. 

The Issuer hereby directs the Note Administrator to invest all amounts held by, or deposited with, the Securities Intermediary in the
Reinvestment Account pursuant to the provisions of this Indenture. Such amounts shall be invested in Eligible Investments as directed in writing by the Collateral Manager on behalf of the Issuer and credited to the Reinvestment Account, as the case
may be. Absent such direction, all amounts deposited with the Note Administrator in the Reinvestment Account shall be invested in Goldman Sachs Government Money Market Fund #465 

  
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(Institutional Class – FGTXX), so long as such investment continues to be an Eligible Investment. Amounts held by or deposited with the Securities Intermediary in the Payment Account may be
invested pursuant to Section 10.3(c). Any amounts not invested in Eligible Investments as herein provided shall be credited to one or more Securities Accounts established and maintained pursuant to the Securities Account
Control Agreement with the Securities Intermediary. The Custodial Account held by the Note Administrator shall be held uninvested. 

ARTICLE 12 
 SALE OF
COLLATERAL INTERESTS; REINVESTMENT COLLATERAL 
 INTERESTS; EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES 

Section 12.1 Sales of Collateral Interests. 

(a) Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral
Interest. The Collateral Manager, on behalf of the Issuer, acting pursuant to the Collateral Management Agreement may direct the Special Servicer in writing to sell at any time: 

(i) any Defaulted Collateral Interest; 

(ii) any Credit Risk Collateral Interest, unless (A) the Trustee, upon written direction of a majority of the Controlling
Class, has provided written notice to the Collateral Manager that no further sales of Credit Risk Collateral Interests shall be permitted or (B) in the case of a sale of a Credit Risk Collateral Interest to an entity other than the Collateral
Manager or an affiliate thereof that is for a Cash purchase price that is less than the Par Purchase Price, the Note Protection Tests were not satisfied as of the immediately preceding Determination Date and have not been cured as of the proposed
sale date; and 
 (iii) any Collateral Interest acquired in violation of the Eligibility Criteria or the Acquisition
Criteria. 
 The Special Servicer shall sell any Collateral Interest in any sale permitted pursuant to this
Section 12.1(a), as directed by the Collateral Manager. Promptly after any sale pursuant to this Section 12.1(a), the Collateral Manager shall notify the
17g-5 Information Provider of the Collateral Interest sold and the sale price and shall provide such other information relating to such sale as may be reasonably requested by the Rating Agencies. 

(b) In addition, with respect to any Defaulted Collateral Interest or Credit Risk Collateral Interest permitted to be sold pursuant to
Section 12.1(a), such Defaulted Collateral Interest or Credit Risk Collateral Interest may be sold by the Issuer: 

(i) with respect to a Credit Risk Collateral Interest, to an entity, other than an Interested Person; 

  
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 (ii) with respect to a Credit Risk Collateral Interest, to an Interested
Person that is purchasing such Credit Risk Collateral Interest from the Issuer for a cash purchase price that is at least equal to: 

(A) in the case of an Interested Person other than the Collateral Manager or any of its Affiliates, the Par Purchase Price, or

 (B) in the case of the Collateral Manager or any of its Affiliates: 

A. until the Disposition Limitation Threshold has been met, the Par Purchase Price thereof; and 

B. after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory Committee,
the greater of (x) the Par Purchase Price thereof and (y) the fair market value thereof; or 
 (iii) with respect
to a Defaulted Collateral Interest, to any entity (including an Interested Person) for a price that (x) the Special Servicer, in accordance with the Servicing Standard, or (y) the Trustee, as applicable, determines to be at least equal to
the fair market value of such Defaulted Collateral Interest (any purchase in this clause (iii) or clause (ii) above is referred to herein as a “Credit Risk/Defaulted Collateral Interest Cash Purchase”). 

In connection with the sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest, the Collateral Manager may cause the
Issuer to create one or more participation interests in such Defaulted Collateral Interest or Credit Risk Collateral Interest and direct the sale of one or more of such participation interests. 

If the Collateral Manager directs the sale of a Collateral Interest acquired in violation of the Eligibility Criteria or the Acquisition
Criteria, the Issuer may sell such Collateral Interest to the Collateral Manager or an Affiliate thereof for a Cash purchase price that is equal to or greater than the Par Purchase Price. 

If a Collateral Interest that is a Defaulted Collateral Interest is not sold or otherwise disposed of by the Issuer within three years of such
Collateral Interest becoming a Defaulted Collateral Interest, the Collateral Manager will use commercially reasonable efforts to cause the Issuer to sell or otherwise dispose of such Collateral Interest as soon as commercially practicable
thereafter. In no event shall the Issuer or the Collateral Manager be permitted to sell or otherwise dispose of any Collateral Interest for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. 

(c) [Reserved]. 
 (d) Whether
any offer constitutes a fair price for any Defaulted Collateral Interest shall be determined by the Special Servicer, if the highest offeror is a person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person. If the Trustee is required to determine the fair price for any Defaulted Collateral Interest, Trustee may (at its option and at the expense of the Issuer), and shall be required to, if the purchaser is the Seller or


  
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any of its Affiliates, designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing or investing in
mortgage loans similar to the Defaulted Collateral Interest, that has been selected with reasonable care by the Trustee to determine the fair market value for such Defaulted Collateral Interest. The Trustee shall be entitled to conclusively rely
upon any such third party determination; provided that no offer from an Interested Person will constitute a fair price for purposes of this Section 12.1 unless (i) it is the highest offer received and
(ii) if the Defaulted Collateral Interest has been marketed for sale for a period of less than three (3) months, at least one other offer is received from an independent third party. All reasonable fees and costs of any appraisals,
inspection reports, and opinions of value incurred by any such third party shall be covered by, and shall be paid in advance of any determination by the applicable Interested Person; provided that the Trustee may not engage a third
party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. 
 (e) A Defaulted Collateral Interest or
Credit Risk Collateral Interest may be disposed of at any time, following disclosure to, and approval by, the Advisory Committee, by the Collateral Manager directing the Issuer to exchange such Defaulted Collateral Interest or Credit Risk Collateral
Interest for (1) a substitute Collateral Interest owned by the Collateral Manager or an Affiliate of the Collateral Manager that satisfies the Eligibility Criteria and the Acquisition Criteria (such Collateral Interest, an “Exchange
Collateral Interest”) or (2) a combination of an Exchange Collateral Interest and Cash; provided that: 

(i) with respect to any Defaulted Collateral Interest, the sum of (1) the Par Purchase Price of such Exchange Collateral
Interest plus (2) the cash amount (if any) to be paid to the Issuer in connection with such exchange, is equal to or greater than the Par Purchase Price of the Defaulted Collateral Interest sought to be exchanged; 

(ii) with respect to any Credit Risk Collateral Interest: 

(A) until the Disposition Limitation Threshold has been met, the sum of (1) the Par Purchase Price of such Exchange
Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in connection with such exchange, is equal to or greater than the Par Purchase Price of the
Credit Risk Collateral Interest sought to be exchanged; 
 (B) after the Disposition Limitation Threshold has been met, the
sum of (1) the Par Purchase Price of such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in connection with such exchange, is
equal to or greater than the greater of (x) the Par Purchase Price of the Credit Risk Collateral Interest and (y) the fair market value thereof; and 

(iii) the aggregate Principal Balance of all Credit Risk Collateral Interests subject to such exchange cumulatively after the
Reinvestment Period, including the Credit Risk Collateral Interest proposed for exchange, does not cause the Credit Risk Exchange Limitation to be met. 

  
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 (f) In addition to the above, at all times the Majority Class H Noteholder shall have
the right to purchase any Defaulted Collateral Interest and any Credit Risk Collateral Interest for a purchase price equal to: 

(i) until the Disposition Limitation Threshold has been met, the Par Purchase Price; and 

(ii) after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory Committee,
the greater of (x) the Par Purchase Price and (y) the fair market value thereof. 
 (g) In the event that any Notes remain
Outstanding as of the Payment Date occurring six months prior to the Stated Maturity Date of the Notes, the Collateral Manager will be required to determine whether the proceeds expected to be received on the Collateral Interests prior to the Stated
Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and accrued interest on) the Notes on the Stated Maturity Date. If the Collateral Manager determines, in its sole discretion, that such proceeds will not be
sufficient to pay the outstanding principal amount of and accrued interest on the Notes on the Stated Maturity Date of the Notes, the Issuer will, at the direction of the Collateral Manager, be obligated to liquidate the portion of Collateral
Interests sufficient to pay the remaining principal amount of and interest on the Notes on or before the Stated Maturity Date. The Collateral Interests to be liquidated by the Issuer will be selected by the Collateral Manager. 

(h) Notwithstanding anything herein to the contrary, the Collateral Manager on behalf of the Issuer shall be permitted to sell or otherwise
transfer (including as a contribution) to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting of equity interests in such Permitted Subsidiary (or an increase in the value of equity interests already owned). 

(i) Under no circumstances shall the Trustee in its individual capacity be required to acquire any Collateral Interests or any property
related thereto. 
 (j) Any Collateral Interest sold pursuant to this Section 12.1 shall be released from the lien
of this Indenture. 
 (k) Any disposition of a Collateral Interest shall comply with the Acquisition and Disposition Requirements. 

Section 12.2 Reinvestment Collateral Interests. 

(a) Except as provided in Section 12.3(c), during the Reinvestment Period, amounts (or Eligible Investments)
credited to the Reinvestment Account may, but are not required to, be reinvested in Reinvestment Collateral Interests (which shall be, and hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this
Indenture) that satisfy as of the date of the commitment to purchase such Reinvestment Collateral Interests the applicable Eligibility Criteria and the following additional criteria (the “Acquisition Criteria”), as evidenced by an
Officer’s Certificate of the Collateral Manager on behalf of the Issuer delivered to the Trustee and the Note Administrator, substantially in the form of Exhibit S hereto (which 

  
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shall include the Subsequent Transfer Instrument attached to such Officer’s Certificate), delivered as of the date of the commitment to purchase such Reinvestment Collateral Interests: 

(i) the Note Protection Tests are satisfied; 

(ii) no Event of Default has occurred and is continuing; 

(iii) its acquisition will be in compliance with the Acquisition and Disposition Requirements; and 

(iv) the Sub-Advisor or one of its affiliates acts as the sub-advisor to the Collateral Manager. 
 In addition, the acquisition by the Issuer of any Reinvestment
Collateral Interest shall be conditioned upon receipt by the Note Administrator and Custodian of a Subsequent Transfer Instrument which shall, as of the date of such transfer, (1) list the purchase price for the related Reinvestment Collateral
Interest, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Collateral Interest Purchase Agreement and (3) make the representations and warranties made in Section 4 of the
Collateral Interest Purchase Agreement, subject only to such exceptions, if any, as are taken by the Seller with respect to such Reinvestment Collateral Interest (which are also set forth on such transfer instrument). In connection with any such
acquisition, the Custodian shall receive the Collateral Interest File no later than one (1) Business Day prior to the acquisition of the applicable Collateral Interest, along with a Subsequent Transfer Instrument in accordance with
Section 12.3, and shall review such Collateral Interest File in accordance with Section 3.3(f). 

(b) Notwithstanding the foregoing provisions, (i) Cash on deposit in the Reinvestment Account may be invested in Eligible Investments
pending investment in Reinvestment Collateral Interests and (ii) if an Event of Default shall have occurred and be continuing, no Reinvestment Collateral Interest may be acquired unless it was the subject of a commitment entered into by the
Issuer prior to the occurrence of such Event of Default. 
 (c) Notwithstanding the foregoing provisions, the Holders of the Class H
Notes may contribute additional Cash, Eligible Investments and/or Collateral Interests to the Issuer so long as, in the case of Collateral Interests, any such Collateral Interests satisfy the Eligibility Criteria at the time of such contribution
(any such Collateral Interests, “Contribution Collateral Interests”), including, but not limited to, for purposes of effecting any cure rights reserved for the holder of the Participations, pursuant to and in accordance with the
terms of the related Participation Agreement. Cash or Eligible Investments contributed to the Issuer by the Retention Holder (during the Reinvestment Period) shall be credited to the Reinvestment Account (unless the Retention Holder directs
otherwise) and may be reinvested by the Issuer in Reinvestment Collateral Interests and Funded Companion Participations so long as no Event of Default has occurred and is continuing. 

Section 12.3 Conditions Applicable to All Transactions Involving Sale or Grant. 

(a) Any transaction effected after the Closing Date under this Article 12 or shall be conducted in accordance with
the requirements of the Collateral Management Agreement; 

  
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provided that (1) the Collateral Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from the Collateral Manager or any of
its Affiliates as principal or to sell any Collateral Interest from the Collateral to the Collateral Manager or any of its Affiliates as principal unless the transaction is effected in accordance with the Collateral Management Agreement and
(2) the Collateral Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from any account or portfolio for which the Collateral Manager, FS Real Estate Advisor, LLC, the Sub-Advisor or any of their respective affiliates serves as investment adviser or direct the Special Servicer to sell any Collateral Interest to any account or portfolio for which the Collateral Manager serves as
investment adviser unless such transactions comply with the Collateral Management Agreement and Section 206(3) of the Advisers Act. The Trustee shall have no responsibility to oversee compliance with this clause by the other parties. 

(b) Upon any Grant pursuant to this Article 12 (including any Grant pursuant to the acquisition of any Collateral
Interest as evidenced by any Subsequent Transfer Instrument), all of the Issuer’s right, title and interest to the Collateral Interest or Notes shall be Granted to the Trustee pursuant to this Indenture, such Collateral Interest or Notes shall
be registered in the name of the Issuer, and the Custodian shall receive such Pledged Collateral Interest or Notes. The Trustee and the Note Administrator also shall receive, not later than the date of delivery of any Collateral Interest delivered
after the Closing Date, an Officer’s Certificate of the Collateral Manager, on behalf of the Issuer, certifying that, as of the date of such Grant, such Grant complies with the applicable conditions of and is permitted by this
Article 12 (and setting forth, to the extent appropriate, calculations in reasonable detail necessary to determine such compliance). 

(c) Notwithstanding anything contained in this Article 12 to the contrary, the Issuer shall, subject to this
Section 12.3(c), have the right to effect any transaction that has been consented to by the Holders of Notes evidencing 100% of the Aggregate Outstanding Amount of each and every Class of Notes. 

Section 12.4 Modifications to Note Protection Tests. 

In the event that (1) Moody’s modifies the definitions or calculations relating to any of the Moody’s specific Eligibility
Criteria or (2) any Rating Agency modifies the definitions or calculations relating to either Note Protection Test (each, a “Rating Agency Test Modification”), in any case in order to correspond with published changes in the
guidelines, methodology or standards established by such Rating Agency, the Issuer may, but is under no obligation solely as a result of this Section 12.4 to, incorporate corresponding changes into this Indenture by an
amendment or supplement hereto without the consent of the Holders of the Notes (except as provided below) (but with written notice to the Noteholders) if (x) in the case of a modification of a Moody’s specific Eligibility Criteria, the
Rating Agency Condition is satisfied with respect to Moody’s, (y) in the case of a modification of a Note Protection Test, the Rating Agency Condition is satisfied with respect to each Rating Agency then rating any Class of Notes and
(z) written notice of such modification is delivered by the Collateral Manager to the Trustee and the Holders of the Notes (which notice may be included in the next regularly scheduled report to Noteholders). Any such Rating Agency Test
Modification shall be effected without execution of a supplemental indenture; provided, however, that such amendment shall be (i) evidenced by a written instrument executed and delivered by each of the Issuer and the Collateral
Manager and delivered to the Trustee, and (ii) accompanied by delivery by the Issuer to the Trustee of an Officer’s Certificate of the Issuer (or the Collateral Manager on behalf of the Issuer) certifying that such amendment has been made
pursuant to and in compliance with this Section 12.4. 

  
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 Section 12.5 Future Funding Agreement. 

(a) The Note Administrator and the Trustee, on behalf of the Noteholders, are hereby directed by the Issuer to (i) enter into the Future
Funding Agreement and the Future Funding Reserve Account Control Agreement, pursuant to which FS Credit REIT will agree to cause the Seller to pledge certain collateral described therein in order to secure certain future funding obligations of
affiliates of the Seller as holders of the related Future Funding Participations under the Participation Agreements and (ii) administer the rights of the Note Administrator and the secured party, as applicable, under the Future Funding
Agreement and the Future Funding Reserve Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related account bank and for so long as such
Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall direct the use of funds on deposit in the Future Funding Reserve Account in accordance with written instructions delivered pursuant to the terms of
the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall have any obligation to ensure that FS Credit REIT and the Seller are depositing or causing to be deposited all amounts into the Future Funding Reserve Account that
are required to be deposited therein pursuant to the Future Funding Agreement. 
 (b) The 17g-5
Information Provider shall promptly post to the 17g-5 Website pursuant to Section 14.12(d), any certification with respect to the holder of the related Future Funding Participations
that is delivered to it in accordance with the Future Funding Agreement. 
 Section 12.6 Cross-Collateralized and Cross-Defaulted
Collateral Interests. 
 With respect to any Collateral Interests that are cross-collateralized and cross-defaulted with each other, if
one of such Collateral Interests is to be sold or exchanged in any manner described herein, the Issuer will be obligated to dispose of such Collateral Interest and all of the related cross-collateralized and cross-defaulted Collateral Interests,
unless the related borrower satisfies the conditions in the related Loan Documents for the uncrossing of such Collateral Interests. 

ARTICLE 13 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Subordination. 

(a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A Notes, that the rights of the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes,
the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior 

  
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to the Class A Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment
Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A Notes shall be paid pursuant to
Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further payment or distribution is made on account of any other Class of Notes,
to the extent and in the manner provided in Section 11.1(a)(iii). 
 (b) Anything in this Indenture or the Notes
to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class A-S Notes, that the rights of the Holders of the Class B Notes, the Class C Notes,
the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class A-S Notes
to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the
Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to
Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution is made on
account of any of the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to
the extent and in the manner provided in Section 11.1(a)(iii). 
 (c) Anything in this Indenture or the Notes to
the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class B Notes, that the rights of the Holders of the Class C Notes, the Class D Notes, the Class E Notes, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class B Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to
the extent and in the manner provided in Section 11.1(a)(iii). 
 (d) Anything in this Indenture or the Notes to
the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class C Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 

  
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100% of Holders of the Class C Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class D Notes, the Class E Notes, the
Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(e) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class D Notes, that the rights of the Holders of the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class D Notes to the extent
and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes
following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class D Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100%
of Holders of the Class D Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class E Notes, the Class F Notes, the Class F-E
Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H
Notes to the extent and in the manner provided in Section 11.1(a)(iii). 
 (f) Anything in this Indenture or the
Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class E Notes, that the rights of the Holders of the Class F Notes, the Class F-E
Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H
Notes shall be subordinate and junior to the Class E Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a
result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes shall be paid pursuant to
Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class E Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class F Notes,
the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(g) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class F Notes, the Class F-E Notes and the Class F-X Notes, that the rights of the Holders of the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class F Notes, the
Class F-E Notes and the Class F-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided
that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on
the Class F Notes, the Class F-E Notes and the Class F-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash
or, to the extent 100% of Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class G Notes, the Class G-E Notes and the Class G-X Notes or the Class H Notes to the
extent and in the manner provided in Section 11.1(a)(iii). 

  
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 (h) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and
the Holders agree that, for the benefit of the Holders of the Class G Notes, the Class G-E Notes and the Class G-X Notes that the rights of the Holders of
the Class H Notes shall be subordinate and junior to the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the
extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of
Default, all accrued and unpaid interest on and outstanding principal on the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be paid
pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class G Notes, the Class G-E Notes, the Class G-X Notes and
the Class H Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class H Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 

(i) In the event that notwithstanding the provisions of this Indenture, any Holders of any Class of Notes shall have received any payment
or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior Classes of Notes have been paid in full in accordance
with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Note Administrator, which shall pay and deliver the same to the Holders of the more
senior Classes of Notes in accordance with this Indenture. 
 (j) Each Holder of any Class of Notes agrees with the Note Administrator
on behalf of the Secured Parties that such Holder shall not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture including Section 11.1(a) and this
Section 13.1; provided, however, that after all accrued and unpaid interest on, and principal of, each Class of Notes senior to such Class have been paid in full, the Holders of such Class of
Notes shall be fully subrogated to the rights of the Holders of each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of such Class of Notes any
amounts due and payable hereunder. 
 (k) The Holders of each Class of Notes agree, for the benefit of all Holders of the Notes, not to
institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under the laws of any
jurisdiction before one year and one day or, if longer, the applicable preference period then in effect and one day, have elapsed since the final payments to the Holders of the Notes. 

Section 13.2 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Noteholder under this Indenture, a
Noteholder or Noteholders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or
any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Noteholder, the Issuer, or any other Person, except for any liability to which such Noteholder
may be subject to the extent the same results from such Noteholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

  
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 ARTICLE 14 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to the Trustee and Note Administrator. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer of the Issuer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager or any other Person, stating that the information with respect to such factual matters is in
the possession of the Issuer, the Collateral Manager or such other Person, unless such Authorized Officer of the Issuer or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion
of Counsel also may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer, or the Servicer or the Special Servicer on behalf of the Issuer, certifying as to
the factual matters that form a basis for such Opinion of Counsel and stating that the information with respect to such matters is in the possession of the Issuer or the Collateral Manager on behalf of the Issuer, unless such counsel knows that the
certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default
is a condition precedent to the taking of any action by the Trustee or the Note Administrator at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s
rights to make such request or direction, the Trustee or the Note Administrator shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of
Default as provided in Section 6.1(i). 

  
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 Section 14.2 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee, the Note Administrator, the Issuer, if made in the manner provided in this Section 14.2. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee or the
Note Administrator deems sufficient. 
 (c) The principal amount and registered numbers of Notes held by any Person, and the date of his
holding the same, shall be proved by the Notes Register. Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder shall bind such Noteholder (and
any transferee thereof) of such Note and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Note Administrator or the Issuer
in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 14.3 Notices, etc., to the Trustee,
the Note Administrator, the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Placement Agents, the Collateral Manager and the Rating Agencies. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and addressed in each case as follows: 
 (a) if to the Trustee, addressed to Wilmington Trust, National
Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2022-FL5, Facsimile number: (302) 636-6196, with a copy by
email to cmbstrustee@wilmingtontrust.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Noteholders; 

(b) if to the Note Administrator, addressed to Computershare Trust Company, National Association, Corporate Trust Office, 9062 Old Annapolis
Road, Columbia, Maryland 21045 Attention: Corporate Trust Services—FS Rialto 2022-FL5, e-mail: trustadministrationgroup@wellsfargo.com with a copy to
CREBondAdmin@wellsfargo.com and, with respect to any certification sent by the EU/UK Retention Holder with respect to EU Compliance, to eurrcompliance@wellsfargo.com, or at any other address previously furnished in writing to the parties
hereto and the Servicing Agreement, and to the Noteholders; 

  
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 (c) if to the Issuer, addressed to FS Rialto
2022-FL5 Issuer, LLC, c/o FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com,
credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; with copies to FS Investments, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com,
credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing
DirectorE-mail: philip.orban@rialtocapital.com; and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously
furnished in writing to the Trustee and the Note Administrator by the Issuer, with a copy to the Special Servicer; 
 (d) if to the
Advancing Agent, addressed to FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and
Portfolio_finance@fsinvestments.com, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail:
philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Trustee, the Note Administrator,
and the Issuer, with a copy to the Special Servicer at its address set forth below; 
 (e) if to the Servicer, addressed to Wells Fargo
Bank, National Association, Commercial Mortgage Servicing, 550 South Tryon Street, 23rd Floor, MAC D1086-23A, Charlotte, North Carolina 28202, Attention: FS
Rialto 2022-FL5 Asset Manager, Fax: (704) 715-0036, email: commercial.servicing@wellsfargo.com, with a copy to Mayer Brown LLP, 214 North Tryon Street, Suite 3800,
Charlotte, North Carolina 28202, Attention: Christopher J. Brady, Esq., Fax: (704) 377-2033, with a copy by email to cbrady@mayerbrown.com, or at any other address previously furnished in writing to the
Issuer, the Note Administrator and the Trustee; 
 (f) if to the Special Servicer, addressed to Rialto Capital Advisors, LLC, Rialto Capital
Advisors, LLC, 200 S. Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Adam Singer, Managing Director, E-mail: adam.singer@rialtocapital.com, with copies to Rialto Capital Advisors, LLC, 200 S.
Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Liat Heller, General Counsel, E-mail: liat.heller@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York,
New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(g) if to the Rating Agencies, addressed to them at (i) DBRS, Inc., 22 West Washington St., Chicago, Illinois 60602, Attention:
Commercial Mortgage Surveillance, Fax: (312) 332-3492 (or by electronic mail at cmbs.surveillance@morningstar.com) and (ii) with respect to Moody’s Investor Services, Inc., 7 World Trade Center, 250
Greenwich Street, New 

  
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York, New York 10007, Attention: CRE CDO Surveillance (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall designate in the future;
provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with the
Rating Agencies shall be given in accordance with, and subject to, the provisions of Section 14.12; 
 (h) if to
Goldman Sachs as a Placement Agent, addressed to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Leah Nivison, email: Leah.Nivison@gs.com and
gs-refgsecuritization@gs.com, with copies to: Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Structured Finance Legal (REFG), email:
gs-refglegal@gs.com, and Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attention: Laura Swihart, email: laura.swihart@dechert.com, or at any other address furnished in
writing to the Issuer, the Note Administrator and the Trustee; 
 (i) if to Barclays as a Placement Agent, addressed to Barclays Capital
Inc., 745 7th Avenue, New York, New York 10019, Attention: Daniel Vinson, email: Daniel.vinson@barclays.com (with a copy by email to: steven.glynn@barclays.com), with a copy to Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York,
New York 10036, Attention: Laura Swihart, email: laura.swihart@dechert.com, or at any other address furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(j) if to WFS as a Placement Agent, addressed to Wells Fargo Securities, LLC, 30 Hudson Yards, New York, New York 10001, Attention: A.J.
Sfarra, email: CMBSNOTICES@wellsfargo.com, with copies to Troy Stoddard, Esq., Wells Fargo Legal Department, 401 S. Tryon Street, 26th Floor, MAC D1050-266, Charlotte, North Carolina 28202, email:
troy.stoddard@wellsfargo.com and Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attention: Laura Swihart, email: laura.swihart@dechert.com, or at any other address furnished in writing to the Issuer, the Note
Administrator and the Trustee; 
 (k) if to the Collateral Manager, addressed to FS Credit Real Estate Income Trust, Inc., 201 Rouse
Boulevard, Philadelphia, Pennsylvania 19112, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail:
philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address furnished in writing to the Issuer, the Note Administrator and the
Trustee; and 
 (l) if to the Note Administrator, (i) for purposes of note transfers, addressed to 600 South 4th Street, Minneapolis,
Minnesota 55415, Attention: CTS—Note Transfer Services—FS Rialto 2022-FL5, or (ii) otherwise, addressed to the Note Administrator at the Corporate Trust Office of the Note Administrator. 

  
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 Section 14.4 Notices to Noteholders; Waiver. 

Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any
event, 
 (a) such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage prepaid, to each
Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice; and 

(b) such notice shall be in the English language. 

The Note Administrator shall deliver to the Holders of the Notes any information or notice in its possession, requested to be so delivered by
at least 25% of the Holders of any Class of Notes. 
 Neither the failure to mail any notice, nor any defect in any notice so mailed,
to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes. In case by reason of the suspension of regular mail service or by reason of any other cause, it shall be impracticable to give
such notice by mail, then such notification to Holders of Notes shall be made with the approval of the Note Administrator and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of the regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient giving of such notice. 

Section 14.5 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 14.7 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 14.8 Benefits of Indenture. 

Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than (i) the parties hereto and their
successors hereunder and (ii) the Servicer, the Special Servicer, the Collateral Manager, the Notes Registrar and the Noteholders (each of whom shall be an express third party beneficiary hereunder), any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 14.9 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 14.10 Submission to Jurisdiction. 

The Issuer hereby irrevocably submits to the nonexclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and the Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in
such New York State or federal court. The Issuer hereby irrevocably waives, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. 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 it at the office of the Issuer’s agent set forth in Section 7.2. The Issuer 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. 

Section 14.11 Counterparts. 

This Indenture may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like import as used above and elsewhere in this Indenture or in any other certificate, agreement or
document related to this transaction shall include, in addition to manually executed signatures, images of 

  
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manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”) and other electronic signatures (including, without limitation,
any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Section 14.12 17g-5 Information. 

(a) The Issuer shall comply with its obligations under Rule 17g-5 promulgated under the Exchange Act
(“Rule 17g-5”), by its or its agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all
information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special Servicer, provide to the Rating Agencies for the purposes of determining the initial credit rating of the Notes
or undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided that no party other than the Issuer, the Trustee, the Note Administrator, the
Servicer or the Special Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Issuer. At all times while any Notes are rated by any Rating Agency or any other NRSRO, the Issuer
shall engage a third party to post 17g-5 Information to the 17g-5 Website. The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.12, and the Note Administrator hereby accepts such engagement. 

(b) Any information required to be delivered to the 17g-5 Information Provider by any party under this
Indenture or the Servicing Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5 – FS Rialto 2022-FL5 Issuer, LLC” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto
or any other delivery method established or approved by the 17g-5 Information Provider. 
 Upon
delivery by the Issuer to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Issuer and the 17g-5 Information Provider) of information
designated by the Issuer as having been previously made available to NRSROs by the Issuer (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Issuer and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 14.12(b). The Issuer shall not be entitled to direct the 17g-5 Information Provider
to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website
to any designee or other third party. 

  
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 (c) The 17g-5 Information Provider shall make
available, solely to NRSROs, the following items to the extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5
– FS-Rialto 2022-FL5 Issuer, LLC” and an identification of the type of information being provided in the body of the email, or via any alternate email address
following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial; provided that such
information is not locked or corrupted and is otherwise received in a readable and uploadable format: 
 (i) any statements
as to compliance and related Officer’s Certificates delivered under Section 7.9; 
 (ii) any
information requested by the Issuer or the Rating Agencies (it being understood the 17g-5 Information Provider shall not disclose on the Note Administrator’s Website which Rating Agencies requested such
information as provided in Section 14.12); 
 (iii) any notice to the Rating Agencies relating to
the Special Servicer’s determination to take action without satisfaction of the Rating Agency Condition; 
 (iv) any
requests for satisfaction of the Rating Agency Condition that are delivered to the 17g-5 Information Provider pursuant to Section 14.13; 

(v) any summary of oral communications with the Rating Agencies that are delivered to the
17g-5 Information Provider pursuant to Section 14.12(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication
was with; 
 (vi) any amendment or proposed supplemental indenture to this Indenture pursuant to
Section 8.3; and 
 (vii) the “Rating Agency Q&A Forum and Servicer Document Request
Tool” pursuant to Section 10.11(d). 
 The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in writing. 

(d) Information shall be posted on the same Business Day of receipt; provided that such information is received by 2:00
p.m. (New York time) or, if received after 2:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the
information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall not be deemed to have obtained actual
knowledge of any information posted to the 17g-5 Website to the extent such information was not produced by it. Access will be provided by the 17g-5 Information Provider
to NRSROs upon receipt of an NRSRO Certification in the form of Exhibit O hereto (which certification may be submitted electronically via the 17g-5 Website). 

  
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 (e) Upon request of the Issuer or a Rating Agency, the
17g-5 Information Provider shall post on the 17g-5 Website any additional information requested by the Issuer or such Rating Agency to the extent such information is
delivered to the 17g-5 Information Provider electronically in accordance with this Section 14.12. In no event shall the 17g-5 Information
Provider disclose on the 17g-5 Website the Rating Agency or NRSRO that requested such additional information. 

(f) The 17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in respect of the transaction governed by this Indenture each time an additional document is posted to the 17g-5 Website. 
 (g) Any other information required to be delivered to the Rating Agencies pursuant to
this Indenture shall be furnished to the Rating Agencies so long as such information (x) was previously provided to the 17g-5 Information Provider or (y) is simultaneously delivered to the 17g-5 Information Provider in accordance with this Section 14.12. 
 (h)
Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.12 shall not constitute a Default or Event of Default. 

(i) If any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in
connection with any third-party due diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Website. The 17g-5
Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to
this Indenture, promptly upon receipt thereof. It being understood that no party to this Indenture shall be required to make a determination as to whether any material provided to such party is Form ABS Due
Diligence-15E and any Form ABS Due Diligence-15E shall be labeled as such. 

Section 14.13 Rating Agency Condition. 

Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing,
which writing shall contain a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agencies to
process such request. Such written request for satisfaction of the Rating Agency Condition shall be provided in electronic format to the 17g-5 Information Provider in accordance with
Section 14.12 and after receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting delivered by the 17g-5 Website to such
party), the Requesting Party shall send the request for satisfaction of such Rating Agency Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3. 

  
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 Section 14.14 Patriot Act Compliance. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee and Note Administrator may be required to obtain, verify and record certain information relating to individuals and
entities which maintain a business relationship with the Trustee or Note Administrator, as the case may be. Accordingly, each of the parties agrees to provide to the Trustee and the Note Administrator, upon its request from time to time, such
identifying information and documentation as may be available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law. 

ARTICLE 15 
 ASSIGNMENT
OF THE COLLATERAL INTEREST PURCHASE AGREEMENT 
 Section 15.1 Assignment of Collateral Interest Purchase Agreement. 

(a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Secured Notes and amounts payable to the Secured
Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by persons
responsible therefor pursuant to this Indenture and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase Agreement (now or hereafter entered into) (an
“Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action
upon the breach of an obligation of the Seller or Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases
and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a license to exercise all of the
Issuer’s rights pursuant to the Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in
Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained in each of the Article 15 Agreement be imposed on the Trustee. 

(c) Upon the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this assignment and all rights herein
assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreement shall revert to the Issuer and no further
instrument or act shall be necessary to evidence such termination and reversion. 
 (d) The Issuer represents that it has not executed any
assignment of the Article 15 Agreement other than this collateral assignment. 

  
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 (e) The Issuer agrees that this assignment is irrevocable, and that it shall not take any
action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute all instruments of further assurance and all such supplemental
instruments with respect to this assignment as the Trustee may specify. 
 (f) The Issuer hereby agrees, and hereby undertakes to obtain the
agreement and consent of the Seller in the Collateral Interest Purchase Agreement to the following: 
 (i) the Seller
consents to the provisions of this collateral assignment and agrees to perform any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement; 

(ii) the Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in, to and under
the Collateral Interest Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in the Article 15 Agreement are also for the
benefit of, and enforceable by, the Trustee and the Noteholders; 
 (iii) the Seller shall deliver to the Trustee duplicate
original copies of all notices, statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; 

(iv) none of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the applicable
Article 15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and without the prior written
consent and written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn; 

(v) except as otherwise set forth herein and therein (including, without limitation, pursuant to Section 12 of the
Collateral Management Agreement), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement, notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral
Management Agreement because sufficient funds were not then available hereunder to pay such amounts pursuant to the Priority of Payments. The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the
nonpayment of the fees or other amounts payable to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to the applicable preference
period under the Bankruptcy Code plus ten days following such payment; and 
 (vi) the Collateral Manager irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes
or this Indenture, and the Collateral Manager irrevocably agrees that all claims in respect 

  
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of such action or proceeding may be heard and determined in such New York State or federal court. The Collateral Manager irrevocably waives, to the fullest extent it may legally do so, the
defense of an inconvenient forum to the maintenance of such action or proceeding. The Collateral Manager irrevocably consents to the service of any and all process in any action or Proceeding by the mailing by certified mail, return receipt
requested, or delivery requiring signature and proof of delivery of copies of such initial process to it at c/o FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department. The
Collateral Manager agrees that a final and non-appealable judgment by a court of competent jurisdiction 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. 
 ARTICLE 16 

CURE RIGHTS; PURCHASE RIGHTS 

Section 16.1 Collateral Interest Purchase Agreements. 

Following the Closing Date, unless a Collateral Interest Purchase Agreement is necessary to comply with the provisions of this Indenture, the
Issuer may acquire Collateral Interests in accordance with customary settlement procedures in the relevant markets. In any event, the Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain from any seller of a Collateral Interest,
all Loan Documents with respect to each Collateral Interest that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Interest with respect to the Collateral Interest and any certificate evidencing the Collateral
Interest. 
 Section 16.2 Representations and Warranties Related to Reinvestment Collateral Interests and Exchange Collateral
Interests. 
 (a) Upon the acquisition of any Reinvestment Collateral Interest or Exchange Collateral Interest by the Issuer, the
related seller shall be required to make representations and warranties substantially in the form attached as Exhibit B to the Collateral Interest Purchase Agreement with such exceptions as may be relevant and reasonably acceptable to the Collateral
Manager. 
 (b) The representations and warranties in Section 16.2(a) with respect to the acquisition of any
Reinvestment Collateral Interest or Exchange Collateral Interest may be subject to any modification, limitation or qualification that the Collateral Manager determines to be reasonably acceptable in accordance with the Collateral Management
Standard; provided that the Collateral Manager, upon the Rating Agencies’ request, will provide the Rating Agencies with a report (by providing such report to the 17g-5 Information Provider)
attached to each Monthly Report identifying each such affected representation or warranty and the modification, exception, limitation or qualification received with respect to the acquisition of any Reinvestment Collateral Interest and/or Exchange
Collateral Interest during the period covered by such Monthly Report, which report may contain explanations by the Collateral Manager as to its determinations. 

  
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 (c) The Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain a covenant
from the Person making any representation or warranty to the Issuer pursuant to Section 16.2(a) that such Person shall repurchase the related Collateral Interest if any such representation or warranty is breached (but only
after the expiration of any permitted cure periods and failure to cure such breach). The purchase price for any Collateral Interest repurchased shall be a price equal to the sum of the following (in each case, without duplication) as of the date of
such repurchase: (i) the then outstanding Principal Balance of such Collateral Interest, discounted based on the percentage amount of any discount that was applied when such Collateral Interest was purchased by the Issuer, plus
(ii) accrued and unpaid interest on such Collateral Interest, plus (iii) any unreimbursed advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (iv) accrued and unpaid interest on
advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any enforcement action, incurred by the Issuer or the
Trustee in connection with any such repurchase), plus (vi) any Liquidation Fee payable to the Special Servicer in connection with a repurchase of the Collateral Interest by the Seller. 

Section 16.3 Purchase Right; Majority Class H Noteholder. 

If the Issuer, as holder of a Participation, has the right pursuant to the related Loan Documents to purchase any other interest in the same
Underlying Commercial Real Estate Loan as the Participation (an “Other Tranche”), the Issuer shall, only if directed by the Majority Class H Noteholder, exercise such right, if the Collateral Manager determines, in accordance
with the Collateral Management Standard, that the exercise of such right would be in the best interest of the Noteholders. The Collateral Manager shall deliver to the Trustee an Officer’s Certificate certifying such determination, accompanied
by an Act of the Majority Class H Noteholder directing the Issuer to exercise such right. In connection with the purchase of any such Other Tranche(s), the Issuer shall assign to the Majority Class H Noteholder or its designee all of its
right, title and interest in such Other Tranche(s) in exchange for a purchase price (such price and any other associated expense of such exercise to be paid by the Holder of a Majority of the Class H Notes) of the Other Tranche(s) (or, if the
Loan Documents permit, the Issuer may assign the purchase right to the Majority Class H Noteholder or its designee; otherwise the Majority Class H Noteholder or its designee shall fund the purchase by the Issuer, which shall then assign
the Other Tranche(s) to the Majority Class H Noteholder or its designee), which purchase price shall be delivered by such Holder or its designee from its own funds to or upon the instruction of the Collateral Manager in accordance with terms of
the related Loan Documents related to the acquisition of such Other Tranche(s). The Issuer shall execute and deliver at the direction of such Majority Class H Noteholder such instruments of transfer or assignment prepared by such Holder, in
each case without recourse, as shall be necessary to transfer title to such Majority Class H Noteholder or its designee of the Other Tranche(s) and the Trustee shall have no responsibility with regard to such Other Tranche(s). Notwithstanding
anything to the contrary herein, any Other Tranche purchased hereunder by the Issuer shall not be subject to the Grant to the Trustee under the Granting Clause. 

  
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 ARTICLE 17 

ADVANCING AGENT 

Section 17.1 Liability of the Advancing Agent. 

The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by
the Advancing Agent. 
 Section 17.2 Merger or Consolidation of the Advancing Agent. 

(a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in
which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture to
perform its duties under this Indenture. 
 (b) Any Person into which the Advancing Agent may be merged or consolidated, or any corporation
resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing Agent shall
have no effect on the Backup Advancing Agent’s obligations under Section 10.6, which obligations shall continue pursuant to the terms of Section 10.6). 

Section 17.3 Limitation on Liability of the Advancing Agent and Others. 

None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action
taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer or
Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of
obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless
against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the
terms hereof or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of
a representation, warranty or covenant made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties hereunder or any violation of any state or federal securities
law. 

  
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 Section 17.4 Representations and Warranties of the Advancing Agent. 

The Advancing Agent represents and warrants that: (a) the Advancing Agent (i) has been duly organized, is validly existing and is in
good standing under the laws of the State of Maryland, (ii) has full power and authority to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where
the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this 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 or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the provisions
of this Indenture applicable to the Advancing Agent; 
 (b) the Advancing Agent has full power and authority to execute, deliver and perform
this Indenture; this Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, 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 execution and delivery of this Indenture
nor the performance by the Advancing Agent of its duties hereunder 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 Articles of Incorporation and
bylaws of the Advancing Agent, (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 Advancing
Agent is a party or is bound, (iii) any law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the
Advancing Agent or its properties, and which would have, in the case of any of (i), (ii) or (iii) of this Section 17.4(c), either individually or in the aggregate, a material adverse effect on the business, operations
or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under this Indenture; 
 (d)
no litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the
Advancing Agent to perform any of its obligations under this Indenture in accordance with the terms hereof; and 
 (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 Advancing Agent of its duties hereunder, except such as have been duly made or
obtained. 

  
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 Section 17.5 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this
Article 17 shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 17.6. 

(b) The Advancing Agent may, subject to Section 17.5(a), resign at any time by giving written notice thereof to the
Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Servicer, the Noteholders and the Rating Agencies. 
 (c) The
Advancing Agent may be removed at any time by Act of Supermajority of the Class H Notes upon written notice delivered to the Trustee and to the Issuer. 

(d) If the Advancing Agent fails to make a required Interest Advance and it has not determined such Interest Advance to be a Nonrecoverable
Interest Advance, (i) the Advancing Agent will be in default under this Indenture, (ii) the Backup Advancing Agent shall be required to make such Interest Advance, subject to a determination of recoverability, and (iii) the Note
Administrator shall terminate such Advancing Agent and use commercially reasonable efforts for up to 90 days following such termination to replace such Advancing Agent with a successor Advancing Agent, subject to the satisfaction of the Rating
Agency Condition. Following the termination of the Advancing Agent, the Backup Advancing Agent will be required to make Interest Advances until a successor advancing agent is appointed. 

(e) Subject to Section 17.5(d), if the Advancing Agent shall resign or be removed, upon receiving such notice of
resignation or removal, the Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and
one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Collateral Manager, the Trustee, the Note Administrator, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall
be appointed only subject to satisfaction of the Rating Agency Condition, upon the written consent of the Class H Noteholder. If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing
Agent shall not have been delivered to the Advancing Agent within 30 days after the giving of such notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator, or the Class H Noteholders, on behalf of himself and
all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Advancing Agent. 
 (f)
The Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies,
the Trustee, the Note Administrator, and to the Holders of the Notes as their names and addresses appear in the Notes Register. 

  
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 Section 17.6 Acceptance of Appointment by Successor Advancing Agent. 

(a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Collateral Manager, the
Servicer, the Special Servicer, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and under the Servicing Agreement. Upon delivery of the required instruments, the resignation or
removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Advancing
Agent hereunder and under the Servicing Agreement. 
 (b) Except with respect to the Backup Advancing Agent as set forth in
Section 17.5(d), no appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been satisfied with respect to the appointment of such successor Advancing Agent and
(2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

Section 17.7 Removal and Replacement of Backup Advancing Agent. 

The Note Administrator shall replace any such successor Advancing Agent (excluding the Trustee or the Note Administrator in its capacity as
Backup Advancing Agent) upon receiving notice that such successor Advancing Agent’s (i) long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s and whose short-term unsecured debt rating becomes lower
than “P-1” by Moody’s or (ii) long-term unsecured debt rating becomes lower than “A” by DBRS Morningstar, with a successor Advancing Agent that satisfies the foregoing rating
requirements. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the
day and year first above written. 
  

			
	FS RIALTO 2022-FL5 ISSUER, LLC, as Issuer
		
	By:	 	/s/ Chris Condelles
		 	Name: Chris Condelles
		 	Title: President
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC., as Advancing Agent
		
	By:	 	/s/ Ted Gallivan
		 	Name: Ted Gallivan
		 	Title: Chief Financial Officer
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Patrick A. Kanar
		 	Name: Patrick A. Kanar
		 	Title: Assistant Vice President
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Note Administrator
		
	By:	 	/s/ Michael J. Barker
		 	Name: Michael J. Baker
		 	Title: Vice President



  
 FS RIALTO 2022-FL5 -
Indenture 












 
			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Custodian
		
	By:	 	/s/ Michael J. Barker
		 	Name: Michael J. Baker
		 	Title: Vice President



  
 FS RIALTO 2022-FL5 -
Indenture 












 SCHEDULE A 

COLLATERAL INTEREST SCHEDULE 
  

									
	 Collateral Interest Name
	  	Collateral Interest
Cut-off Date Balance	 	  	Collateral Interest Type	 
	 Sage Canyon Apartment Homes
	  	$	59,479,903	 	  	 	Participation	 
	 Spectrum Center
	  	$	54,787,674	 	  	 	Participation	 
	 Henson Creek Apartment Homes
	  	$	52,128,455	 	  	 	Participation	 
	 NYC Multifamily Portfolio
	  	$	26,949,491	 	  	 	Participation	 
	 NYC Midtown West Multifamily Portfolio
	  	$	24,343,572	 	  	 	Participation	 
	 Courtyard Marriott Hudson Yards
	  	$	50,123,514	 	  	 	Participation	 
	 3500 The Vine
	  	$	48,285,652	 	  	 	Participation	 
	 360 Huguenot
	  	$	35,086,460	 	  	 	Participation	 
	 Paramount at Kingwood
	  	$	30,765,813	 	  	 	Participation	 
	 Watermark Apartments
	  	$	30,742,422	 	  	 	Participation	 
	 The Hendrix Apartments
	  	$	30,282,301	 	  	 	Participation	 
	 Davenport Place
	  	$	27,400,854	 	  	 	Participation	 
	 Fairmont Grand Del Mar
	  	$	26,732,541	 	  	 	Participation	 
	 Lawrence Station
	  	$	26,732,541	 	  	 	Participation	 
	 Nob Hill
	  	$	25,032,291	 	  	 	Participation	 
	 Jupiter Innovation Center
	  	$	24,059,287	 	  	 	Participation	 
	 Huron Building
	  	$	22,438,627	 	  	 	Participation	 
	 Buckhead Centre
	  	$	22,375,137	 	  	 	Participation	 
	 Marram Hotel
	  	$	20,684,304	 	  	 	Participation	 
	 AKA Brickell
	  	$	17,802,201	 	  	 	Participation	 
	 1971 Mount Zion
	  	$	15,237,548	 	  	 	Participation	 
	 La Mirada
	  	$	10,448,246	 	  	 	Participation	 
	 Candlelight
	  	$	8,081,166	 	  	 	Participation	 


  
 Sch. A-1 












 SCHEDULE B 

BENCHMARK 
 Calculation of the Benchmark

 For purposes of calculating the Benchmark (which shall initially be Term SOFR), the Issuer shall initially appoint the Note
Administrator as calculation agent (in such capacity, the “Calculation Agent”). 
 Term SOFR with respect to any Interest
Accrual Period shall be determined by the Calculation Agent in accordance with the following provisions: 
 1. On each Benchmark
Determination Date, Term SOFR shall equal the rate, as obtained by the Calculation Agent, identified as “1 Month CME Term SOFR,” as reported on the Term SOFR Source as of the Reference Time. 

2. If, on any Benchmark Determination Date, Term SOFR does not appear on the Term SOFR Source by 5:00 p.m. (New York City time), then Term
SOFR for purposes of calculating Term SOFR shall be the rate published on the last SOFR Business Day preceding such Benchmark Determination Date for which Term SOFR was published. 

3. In no event shall Term SOFR be less than zero. 

In making the above calculations, all percentages resulting from the calculation shall be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point (0.00001%). 

  
 Sch. B-1 












 SCHEDULE C 

LIST OF AUTHORIZED OFFICERS OF COLLATERAL MANAGER 
  

			
	 Name
	  	 Title

	Michael C. Forman	  	President and Chief Executive Officer
	Edward T. Gallivan, Jr.	  	Chief Financial Officer
	Stephen S. Sypherd	  	Vice President, Treasurer and Secretary
	James Volk	  	Chief Compliance Officer


  
 Sch. C-1