EX-10.13





 Exhibit 10.13 

EXECUTION VERSION 
 MASTER
REPURCHASE AND SECURITIES CONTRACT AGREEMENT 
 among 

MORGAN STANLEY BANK, N.A. 

as Buyer 
 and 

CMTG MS FINANCE LLC 
 as
Seller 












 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
			
	1.	 	 APPLICABILITY
	  	 	1	 
			
	2.	 	 DEFINITIONS
	  	 	1	 
			
	3.	 	 INITIATION; CONFIRMATION; TERMINATION; FEES
	  	 	21	 
			
	4.	 	 MANDATORY PAYMENT OR DELIVERY OF ADDITIONAL ASSETS
	  	 	30	 
			
	5.	 	 INCOME PAYMENTS AND PRINCIPAL PAYMENTS
	  	 	30	 
			
	6.	 	 SECURITY INTEREST
	  	 	31	 
			
	7.	 	 PAYMENT, TRANSFER AND CUSTODY
	  	 	33	 
			
	8.	 	 CERTAIN RIGHTS OF BUYER WITH RESPECT TO THE PURCHASED ASSETS
	  	 	35	 
			
	9.	 	 EXTENSION OF FACILITY TERMINATION DATE
	  	 	35	 
			
	10.	 	 REPRESENTATIONS
	  	 	36	 
			
	11.	 	 NEGATIVE COVENANTS OF SELLER
	  	 	40	 
			
	12.	 	 AFFIRMATIVE COVENANTS OF SELLER
	  	 	42	 
			
	13.	 	 SINGLE-PURPOSE ENTITY
	  	 	46	 
			
	14.	 	 EVENTS OF DEFAULT; REMEDIES
	  	 	47	 
			
	15.	 	 SINGLE AGREEMENT
	  	 	51	 
			
	16.	 	 NOTICES AND OTHER COMMUNICATIONS
	  	 	51	 
			
	17.	 	 NON-ASSIGNABILITY
	  	 	52	 
			
	18.	 	 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC 
	  	 	53	 
			
	19.	 	 NO RELIANCE; DISCLAIMERS
	  	 	54	 
			
	20.	 	 INDEMNITY AND EXPENSES
	  	 	55	 
			
	21.	 	 DUE DILIGENCE
	  	 	56	 
			
	22.	 	 SERVICING
	  	 	57	 
			
	23.	 	 TREATMENT FOR TAX PURPOSES
	  	 	58	 
			
	24.	 	 INTENT
	  	 	58	 
			
	25.	 	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS
	  	 	59	 
			
	26.	 	 SETOFF RIGHTS
	  	 	59	 
			
	27.	 	 MISCELLANEOUS
	  	 	60	 


  
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 SCHEDULES 
  

			
	SCHEDULE 1	  	Maximum Purchase Percentage
		
	SCHEDULE 2	  	Purchased Asset Documents
		
	SCHEDULE 3	  	Prohibited Transferees

 EXHIBITS 
  

			
	EXHIBIT I	  	Form of Confirmation
		
	EXHIBIT II-1	  	Form of Power of Attorney to Buyer
		
	EXHIBIT II-2	  	Form of Power of Attorney to Seller
		
	EXHIBIT III	  	Representations and Warranties Regarding the Purchased Assets
		
	EXHIBIT IV	  	Form of Bailee Agreement
		
	EXHIBIT V	  	Authorized Representatives of Seller
		
	EXHIBIT VI	  	Form of Financial Covenant Compliance Certificate

 ANNEXES 
  

			
	ANNEX I	  	Notice Instructions
		
	ANNEX II	  	Wiring Instructions


  
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 MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT 

This Master Repurchase and Securities Contract Agreement (this “Agreement”) is dated as of January 26, 2017, and is made by
and among MORGAN STANLEY BANK, N.A., as buyer (together with its successors and assigns, “Buyer”) and CMTG MS FINANCE LLC, a Delaware limited liability company, as seller (“Seller”). 

 

	1.	 APPLICABILITY 



From time to time the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer one or more Eligible Assets, on a
servicing-released basis, against the transfer of funds by Buyer with a simultaneous agreement by Buyer to transfer to Seller such Eligible Assets at a date certain (or such earlier date in accordance with the terms hereof) against the transfer of
funds by Seller to Buyer. Each such transaction involving the transfer of an Eligible Asset from Seller to Buyer shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this
Agreement. For the avoidance of doubt, upon receipt of the Repurchase Price in each Transaction Buyer shall be obligated to return to Seller the same Purchased Assets Seller originally transferred to Buyer pursuant to such Transaction in accordance
with the terms hereof. 
  

	2.	 DEFINITIONS 



Capitalized terms in this Agreement shall have the respective meanings set forth below: 

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 

“AB Mortgage Loan” shall mean a Mortgage Loan evidenced by two or more senior and subordinate Mortgage Notes. 

“Accelerated Repurchase Date” shall have the meaning specified in Section 14(b)(i) of this
Agreement. 
 “Act of Insolvency” shall mean, with respect to any Person: (a) the filing of a decree or order for
relief by a court having jurisdiction over such Person or any substantial part of its assets or property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, or ordering the winding–up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed
and in effect for a period of thirty (30) days, (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, (c) the consent by such Person to the entry of an order for relief in
an involuntary case under any Insolvency Law, (d) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its assets or property, (e) the making by such Person of any general assignment for the benefit of creditors, (f) the admission of the inability of such Person to pay its debts or discharge its obligations generally as
they become due or mature, (g) the failure by such Person generally to pay its debts as they become due, (h) the taking of any action by any Governmental Authority or agency or any Person, agency or entity acting or purporting to act under
Governmental Authority to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such Person, or shall have taken any action to displace the management of such Person or to curtail its
authority in the conduct of the business of such Person, or (i) the taking of action by such Person in furtherance of any of the foregoing. 












 “Affiliate” shall mean, (i) when used with respect to any specified
Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with, such Person and (ii) with respect to Seller, any “affiliate” of Seller as such term is defined in the Bankruptcy Code. 

“Affiliated Hedge Counterparty” shall mean Morgan Stanley Bank, N.A., or any Affiliate thereof, in its capacity as a party to
any Hedging Transaction with Seller. 
 “Aggregate Repurchase Price” shall mean, as of any date of determination, the
aggregate Repurchase Price (excluding any accrued and unpaid Price Differential) of all Purchased Assets outstanding as of such date. 

“Agreement” shall have the meaning specified in the introductory paragraph of this Agreement. 

“Alternative Rate” shall have the meaning specified in Section 3(l) of this Agreement. 

“Alternative Rate Transaction” shall mean, with respect to any Pricing Period or (other applicable period), any Transaction
with respect to which the Pricing Rate for such Pricing Period (or other applicable period) is determined with reference to the Alternative Rate. 

“Applicable Spread” shall mean 

(i) so long as no Event of Default shall have occurred and be continuing, the amount set forth in the Fee Letter as being the “Applicable
Spread,” and 
 (ii) after the occurrence and during the continuance of an Event of Default, the applicable per annum rate
described in clause (i) of this definition, plus four percent (4.0%). 
 “Appraisal” shall mean an appraisal of
any Eligible Property prepared by a licensed Independent Appraiser approved by Buyer in its reasonable discretion, in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, in compliance with the
requirements of Title 11 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and utilizing customary valuation methods, such as the income, sales/market or cost approaches, as any of the same may be updated by recertification
from time to time by the appraiser performing such Appraisal. 
 “Asset Base Component” shall mean, as of any date of
determination, with respect to each Purchased Asset, the product of (a) its Market Value, multiplied by (b) the Maximum Purchase Percentage applicable to such Purchased Asset as of such date. 

“Assignment of Leases” shall mean, with respect to any Purchased Asset that is a Mortgage Loan, any assignment of leases,
rents and profits or equivalent instrument, whether contained in the related Mortgage or executed separately, assigning to the holder or holders of such Mortgage all of the related Mortgagor’s interest in the leases, rents and profits derived
from the ownership, operation, leasing or disposition of all or a portion of the related Mortgaged Property as security for repayment of such Purchased Asset. 

“Assignment of Mortgage” shall mean, with respect to any Purchased Asset that is a Mortgage Loan, an assignment of the
mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related property is located to reflect the assignment and pledge of the Mortgage, subject to the terms of this
Agreement. 

  
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 “Bailee” shall mean such third party as Buyer and Seller shall mutually
approve in their sole discretion. 
 “Bailee Agreement” shall mean a Bailee Agreement among Seller, Buyer and Bailee in the
form of Exhibit IV hereto. 
 “Bailee Delivery Failure” shall have the meaning specified in the Bailee Agreement.

 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended, modified or replaced from time to time.

 “Blocked Account” shall have the meaning specified in Section 5(a) of this Agreement. 

“Blocked Account Agreement” shall mean that certain Blocked Account Agreement executed by Buyer Seller and the Depository
Bank (and any successor thereto or replacement thereof executed by Buyer, Seller and the Depository Bank). 
 “Business
Day” shall mean (a) any day other than (i) a Saturday or Sunday and (ii) a day on which the New York Stock Exchange, the Federal Reserve Bank of New York, Custodian or Buyer is authorized or obligated by law or
executive order to be closed, and (b) with respect to any Pricing Rate Reset Date, a day on which banks are open for dealing in foreign currency and exchange in London. 

“Buyer” shall have the meaning set forth in the introductory paragraph hereto. 

“Capital Lease Obligations” shall mean, for any Person, all obligations of such Person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement,
the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Capital
Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation,
including, without limitation, any and all membership or other equivalent interests in any limited liability company, and any and all partnership or other equivalent interests in any partnership or limited partnership, and any and all warrants or
options to purchase any of the foregoing. 
 “Cause” shall mean, with respect to an Independent Director, (i) acts or
omissions by such Independent Director that constitute willful disregard of, or bad faith or gross negligence with respect to, the Independent Director’s duties with respect to Seller’s obligations under this Agreement, (ii) such
Independent Director has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Director, (iii) such Independent Director is unable to perform his or
her duties as Independent Director due to death, disability or incapacity, or (iv) such Independent Director no longer meets the definition of Independent Director, as that term is defined in this Section 2. 

  
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 “Change of Control” shall mean the occurrence of any of the following: 

(a) prior to a Public Sale of Guarantor: 

(i) Claros Manager ceases to perform its obligation under either Claros Management Agreement; provided that if a Control
Party’s management is “internalized”, whether by acquisition of, or merger or other combination with, Claros Manager, or otherwise, such internalization shall not be deemed to be a “transfer” subject to this subsection (i);

 (ii) Guarantor shall cease to own and control, of record and beneficially, directly or indirectly, 100% of each class of
the outstanding Capital Stock of Seller; 
 (iii) any time that less than two (2) of the following four
(4) Persons continue to be actively and directly involved in the management and policies of Guarantor: (1) Richard Mack, (2) Michael McGillis, (3) Peter Sotoloff and (4) Robert Feidelson; or 

(iv) a Transfer, whether directly or indirectly through its direct or indirect Subsidiaries, of all or substantially all of
Seller’s or Guarantor’s assets (excluding (a) any Transfer or Transfers by or among Guarantor, Seller and any Subsidiary or Subsidiaries (other than any Purchased Asset) and (b) any Transfer in connection with any securitization
transaction or repurchase or other similar transaction in the ordinary course of Seller’s or Guarantor’s business); or 
 (b)
following a Public Sale of Guarantor, the following shall occur with respect to the applicable Public Vehicle: 
 (i) any
transfer of all or substantially all of the assets of Guarantor to a Person that is not managed by Claros Manager, except for a securitization conducted or contributed to by Guarantor in the ordinary course of business; provided that if a Control
Party’s management is “internalized”, whether by acquisition of, or merger or other combination with, Claros Manager, or otherwise, such internalization shall not be deemed to be a “transfer” subject to this subsection (i);

 (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which
is that any person, other than Claros Manager or a Permitted Holder, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the 1934 Act), directly or
indirectly, of more than 35% on a fully diluted basis (excluding Affiliates) of the Public Vehicle’s outstanding Voting Stock or other Voting Stock into which the Public Vehicle’s Voting Stock is reclassified, consolidated, exchanged or
changed, measured by voting power rather than number of shares; 
 (iii) the Public Vehicle consolidates with, or merges with
or into, any person, or any person consolidates with, or merges with or into, the Public Vehicle, in any such event pursuant to a transaction in which any of the Public Vehicle’s outstanding Voting Stock or the Voting Stock of such other person
is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Public Vehicle’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or
exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or 

(iv) the adoption of a plan relating to the Public Vehicle’s liquidation or dissolution. The term “person,” as
used in this definition, has the meaning given thereto in Section 13(d)(3) of the 1934 Act. 

  
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 “Claros Management Agreement” shall mean that certain Amended and Restated
Management Agreement dated as of July 8, 2016, by and between Claros Mortgage Trust, Inc. and Claros Manager. 
 “Claros
Manager” shall mean Claros REIT Management LP, a Delaware limited partnership, together with its successors and assigns. 

“Closing Date” shall mean the date of this Agreement set forth in the introductory paragraph hereto. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collection Period” shall mean, (i) with respect to the first Remittance Date, the period beginning on and including the
Closing Date and continuing to and including the calendar day immediately preceding such Remittance Date, and (ii) with respect to each subsequent Remittance Date, the period beginning on the immediately preceding Remittance Date and continuing
to and including the calendar day immediately preceding the following Remittance Date. 
 “Concentration Limit” shall mean,
with respect to any New Asset, as of any date of determination, (a) the Purchase Price of such New Asset does not exceed 50% of the Facility Amount, and (b) no more than 40% of the Facility Amount shall consist of Purchased Assets for
which the Mortgaged Property consists of hospitality properties. 
 “Confirmation” means, a written confirmation from Buyer
to Seller, executed by Buyer and acknowledged by Seller, of Buyer’s Final Approval to purchase a Purchased Asset, substantially in the form attached hereto as Exhibit I. 

“Control” shall mean, with respect to any Person, the possession of the direct or indirect power to direct or cause the
direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”, “Controlled” and “under common Control” have
correlative meanings. 
 “Custodial Agreement” shall mean that certain Custodial Agreement, dated as of the date hereof,
entered into by and among Custodian, Seller and Buyer. 
 “Custodian” shall mean Wells Fargo Bank, National
Association, or any successor custodian appointed by Buyer and reasonably acceptable to Seller, or appointed by Buyer in its sole discretion during the continuance of an Event of Default. 

“Debt Yield Margin Deficit” shall have the meaning specified in Section 4(b) of this Agreement.

 “Debt Yield Ratio” shall mean, with respect to any Eligible Property or Properties directly or indirectly securing a New
Asset, the quotient (expressed as a percentage) of (i) net operating income for the trailing 12-month period for the most recently ended fiscal quarter, divided by
(ii) the total amount of indebtedness secured directly or indirectly by such Eligible Property or Properties that are senior to or pari passu with such New Asset. 

“Default” shall mean any event that, with the giving of notice, the passage of time, or both, would constitute an Event of
Default. 
 “Defaulted Asset” shall mean any Purchased Asset as to which (i) there is a breach beyond any applicable
notice and cure period of a representation or warranty by Seller under Exhibit III attached 

  
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hereto (without regard to any knowledge qualifier therein), except to the extent disclosed in Exception Report approved in writing by Buyer, (ii) a monetary default has occurred and is
continuing beyond five (5) Business Days or more (or, in the case of maturity, one (1) day) of any applicable notice and cure period under the related Purchased Asset Documents in the payment when due of any scheduled payment of interest
or principal or any other amounts due under the Purchased Asset Documents, (iii) a non-monetary default has occurred and is continuing beyond thirty (30) days or more of any applicable notice and
cure period under the related Purchased Asset Documents, (iv) to the extent that the related Transaction is deemed to be a loan under federal, state or local law, Buyer ceases to have a first priority perfected security interest in the related
Purchased Asset, (v) a Significant Modification has been made without the consent of Buyer pursuant to this Agreement, (vi) the related Purchased Asset File or any portion thereof is subject to a continuing Bailee Delivery Failure or has
been released from the possession of Custodian under the Custodial Agreement to anyone other than Buyer or any Affiliate of Buyer except in accordance with the terms of the Custodial Agreement or (vii) upon the occurrence of any Act of
Insolvency with respect to any co-participant that acts as administrative agent or paying agent in respect to such Purchased Asset or any related Mortgaged Property that is senior to, or pari passu
with, in right of payment or priority with the rights of Buyer in such Purchased Asset. 
 “Depository Bank” shall mean
JPMorgan Chase Bank, N.A., a national banking association, or any successor depository bank appointed by Buyer and reasonably acceptable to Seller, or appointed by Buyer in its sole discretion during the continuance of an Event of Default. 

“Diligence Fees” shall mean fees, costs and expenses payable by Seller to Buyer in respect of Buyer’s fees, costs and
expenses (other than legal expenses) incurred in connection with its review of the Diligence Materials hereunder and Buyer’s continuing due diligence reviews of Purchased Assets pursuant to Section 21 or otherwise
hereunder. 
 “Diligence Materials” shall mean, with respect to any New Asset, the related Preliminary Due Diligence
Package together with the related Supplemental Due Diligence Package. 
 “Draft Appraisal” shall mean a short form
appraisal, “letter opinion of value”, or any other form of draft appraisal acceptable to Buyer. 
 “Early Repurchase
Additional Amount” shall mean, with respect to any Purchased Asset that is repurchased on an Early Repurchase Date pursuant to Section 3(i) of this Agreement, an amount equal to ten percent (10%) multiplied
by the Purchase Price for such Purchased Asset. 
 “Early Repurchase Date” shall have the meaning specified in
Section 3(i) of this Agreement. 
 “EBITDA” shall mean, for any period, with respect to any
Person and its consolidated Subsidiaries, an amount equal to the Net Income of such Person, plus the sum of (i) the amount of depreciation and amortization expense deducted in determining Net Income for such fiscal quarter, (ii) the
amount of Interest Expense deducted in determining Net Income for such fiscal quarter, (iii) the sum of federal, state, local and foreign income taxes accrued or paid in cash during such fiscal quarter, and (iv) the amount of any
extraordinary or non-recurring items reducing Net Income for such period. 
 “Eligible
Assets” shall mean (i) performing Mortgage Loans and Participation Interests (A) acceptable to Buyer in the exercise of its sole discretion, provided, that following a determination by Buyer that an asset or loan is an Eligible
Asset pursuant to this clause (A), Buyer may not revise such determination as a result of an examination of the same due diligence materials received by it in connection with such initial determination unless any such information was untrue
or incorrect as of the time provided, (B) secured directly by an Eligible Property, (C) which have a term equal to or less than 

  
 6 













 
ten (10) years (assuming exercise of all extension options), (D) as to which the applicable representations and warranties set forth in Exhibit III are true and correct as of the
applicable Purchase Date unless otherwise disclosed in the Exception Report delivered to Buyer on or prior to such Purchase Date, (E) that do not require any Hedging Transaction or have a Hedging Transaction acceptable to Buyer in its sole
discretion, (F) that have a maximum LTV not in excess of 80.0%, (G) that have an original principal balance of not less than $5,000,000, (H) that is not a Defaulted Asset and (I) that are not subject to restrictions on transfer of
lender’s interest therein and (ii) such other commercial real estate debt instruments acceptable to Buyer in its sole discretion; in each case, acceptable to Buyer in its sole discretion on a case-by-case basis. 
 “Eligible Property” shall mean a property that is a
multifamily, office, retail, industrial, hospitality, self-storage or mixed-use property or such other property type acceptable to Buyer in the exercise of its sole discretion. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 

“ERISA Affiliate” shall mean any corporation or trade or business (whether or not incorporated) that is a member of any group
of organizations described in (i) Section 414(b) or (c) of the Code or Section 4001(b) of ERISA of which Seller is a member at any relevant time or (ii) solely for purposes of the lien created under Section 302(f) of
ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 

“Event of Default” shall have the meaning specified in Section 14(a). 

“Exception Report” shall have the meaning specified in Section 3(c)(viii). 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to Buyer or required to be withheld or
deducted from a payment to Buyer, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of Buyer being organized under the laws of, or having
its principal office or the office from which it books the Transaction located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes, (b) U.S. withholding Taxes imposed on
amounts payable to or for the account of Buyer or an assignee pursuant to a law in effect as of the date on which such Person (i) becomes a party to this Agreement, or (ii) changes the office from which it books the Transactions, except to
the extent that, pursuant to Section 3(q), the sum payable to such Person’s assignor immediately before such Person became a party to this Agreement or to such Person immediately before it changed the office from which
it books the Transaction was increased in respect of such Taxes, (c) Taxes attributable to Buyer’s failure to comply with Section 3(r) of this Agreement and (d) any U.S. withholding Taxes imposed under FATCA.

 “Executive Order 13224” shall mean Executive Order 13224 “On Terrorist Financing: Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism”, effective September 24, 2001. 

“Extension Fee” shall have the meaning specified in the Fee Letter. 

“Facility Amount” shall mean Three Hundred Million Dollars ($300,000,000). 

  
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 “Facility Termination Date” shall mean January 26, 2020, as the same
may be extended in accordance with Section 9(a) of this Agreement. 
 “FATCA” shall mean Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together in each case with any current or future regulations,
guidance or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law or agreement implementing an intergovernmental approach thereto and any law, regulation or practice adopted
pursuant to any such intergovernmental agreement. 
 “FATF” shall mean the Financial Action Task Force on Money Laundering.

 “FDIA” shall mean the Federal Deposit Insurance Act, as amended. 

“FDICIA” shall mean Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991. 

“Federal Funds Rate” shall mean, for any day, an interest rate per annum equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve Bank of New York arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is
not so published for any day that is a Business Day, the average of the quotations at approximately 10:00 a.m. (New York time) on such day on such transactions received by Buyer from three federal funds brokers of recognized standing selected by
Buyer in its sole discretion. 
 “Fee Letter” shall mean that certain letter agreement, dated the date hereof, between
Buyer and Seller, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Filings” shall have
the meaning specified in Section 6(b) of this Agreement. 
 “Final Approval” shall have the
meaning specified in Section 3(c) of this Agreement. 
 “Final Asset Debt Yield” shall mean, with
respect to any Purchased Asset, the quotient (expressed as a percentage) of (i) the “as-stabilized” net operating income of the related Purchased Asset as determined by Buyer in its sole good
faith discretion, divided by (ii) the Maximum Purchase Price of the related Purchased Asset. 
 “Final Asset LTV”
shall mean, with respect to any Purchased Asset, the ratio of the aggregate fully funded debt (which shall include such Purchased Asset and all debt senior to or pari passu with such Purchased Asset) secured, directly or indirectly, by the
related Mortgaged Property or Properties, to the aggregate “as-stabilized” market value of such Mortgaged Property or Properties as determined by Buyer in its sole discretion. 

“Financial Covenant Compliance Certificate” shall mean, with respect to any Person, a completed and executed Financial
Covenant Compliance Certificate in form and substance of the certificate attached hereto as Exhibit VI, to be delivered, subject to Section 3(f)(iii) of this Agreement, within forty-five (45) days after
the end of the first three (3) fiscal quarters and within ninety (90) days after the end of each fiscal year. 
 “First
Mortgage A-Note” shall mean (i) a senior Mortgage Note in an AB Mortgage Loan or (ii) a senior controlling pari passu Mortgage Note in a Split Mortgage Loan. 

  
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 “Future Advance Asset” shall mean any Purchased Asset with respect to which
there exists a continuing obligation on the part of the holder of such Purchased Asset, pursuant to the terms and conditions of the Purchased Asset Documents, to provide additional funding to the Mortgagor. 

“Future Advance Purchase” shall have the meaning specified in Section 3(h) of this Agreement. 

“GAAP” shall mean United States generally accepted accounting principles consistently applied as in effect from time to time.

 “GLB Act” shall have the meaning specified in Section 27(b) hereof. 

“GLB Indemnified Party” shall have the meaning specified in Section 27(b) hereof. 

“Governmental Authority” shall mean any national or federal government, any state, regional, local or other political
subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee” shall mean, as to any Person, any obligation of such Person directly or indirectly guaranteeing any Indebtedness
of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to keep-well, to
purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Guarantee of a Person shall be deemed to be an amount equal to the maximum reasonably anticipated liability in respect thereof as determined by such Person in accordance
with GAAP. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative meanings. 

“Guarantor” shall mean, Claros Mortgage Trust, Inc., a Maryland corporation, together with its permitted successors and
assigns. 
 “Guaranty” shall mean that certain Guaranty, dated as of the date hereof, made by Guarantor in favor of Buyer
as the same may be amended, supplemented or otherwise modified from time to time. 
 “Hedging Transactions” shall mean,
with respect to any or all of the Purchased Assets, any short sale of U.S. Treasury Securities or mortgage-related securities, futures contract (including currency futures) or options contract or any interest
rate swap, cap or collar agreement or similar arrangements providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller, or
by the underlying obligor with respect to any Purchased Asset and pledged to Seller as collateral for such Purchased Asset, with one or more counterparties that is an Affiliated Hedge Counterparty or a Qualified Hedge Counterparty or, with respect
to any Hedging Transaction pledged to Seller as additional collateral for a Purchased Asset, which complies with such other rating requirement applicable to such Hedging Transaction set forth in the related Purchased Asset Documents or which is
otherwise acceptable to Buyer; provided that Seller shall not grant or permit any liens, security interests, charges, or encumbrances with respect to any such Hedging Transactions for the benefit of any Person other than Buyer. 

“Income” shall mean, with respect to any Purchased Asset at any time, any payment or other cash distribution thereon of
principal, interest, dividends, fees, reimbursements or proceeds thereof (including sales proceeds) or other cash distributions thereon (including casualty or condemnation proceeds). 

  
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 “Indebtedness” shall mean, for any Person: (i) obligations created,
issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property
from such Person); (ii) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary
course of business so long as such trade accounts payable are payable within sixty (60) days of the date the respective goods are delivered or the respective services are rendered; (iii) Indebtedness of others secured by a lien on the
property of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person; (iv) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted
by banks and other financial institutions for account of such Person; (v) Capital Lease Obligations of such Person; (vi) obligations of such Person under repurchase agreements, sale/buy-back
agreements or like arrangements; (vii) Indebtedness of others Guaranteed by such Person; (viii) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; (ix) Indebtedness
of general partnerships of which such Person is a general partner or of which such Person is secondarily on contingently liable (other than by endorsement of instruments in the course of collection), whether by reason of any agreement to acquire
such indebtedness, to supply or advance sums or otherwise; and (x) all net liabilities or obligations under any interest rate swap, interest rate cap, interest rate floor, interest rate collar or other hedging instrument or agreement. 

“Indemnified Amounts” shall have the meaning specified in Section 20(a) of this Agreement. 

“Indemnified Parties” shall have the meaning specified in Section 20(a) of this Agreement. 

“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any obligation of Seller under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Appraiser” shall mean an independent professional real estate appraiser who is a member in good standing of the
American Appraisal Institute, and, if the state in which the subject Eligible Property is located certifies or licenses appraisers, is certified or licensed in such state, and in each such case, who has a minimum of five (5) years’
experience in the subject property type. 
 “Independent Director” shall mean, with respect to any corporation or limited
liability company, an individual who: (a) is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation, Puglisi &
Associates or, if none of those companies is then providing professional independent directors, another nationally-recognized company reasonably approved by Buyer, in each case that is not an Affiliate of such corporation or limited liability
company and that provides professional independent directors and other corporate services in the ordinary course of its business; (b) is duly appointed as a member of the board of directors of such corporation or as an independent manager,
member of the board of managers, or special member of such limited liability company; and (c) is not, and has never been, and will not while serving as Independent Director be (i) a member (other than an independent, non-economic “springing” member), partner, equityholder, manager, director, officer or employee of such corporation or limited liability company or any of its equityholders or affiliates (other than an
affiliate that is not in the direct chain of ownership of such corporation or limited liability company and that is a Single-Purpose Entity; provided that the fees such individual earns from serving as an Independent Director of such
affiliates in any given year constitute in the aggregate less than 5% of such individual’s annual income for that year); (ii) a creditor, supplier or service provider (including provider of professional services) to such corporation or limited
liability company or any of its equityholders or affiliates (other than a nationally recognized company that routinely provides 

  
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professional independent managers or directors and that also provides lien search and other similar services to such corporation or limited liability company or any of its equityholders or
affiliates in the ordinary course of business); (iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or (iv) a Person that controls (whether directly,
indirectly or otherwise) any of clauses (i) or (ii) above. 
 “Insolvency Law” shall mean the Bankruptcy
Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of
creditors generally. 
 “Insured Closing Letter and Escrow Instructions” shall mean a letter addressed to Seller and Buyer
from the title insurance underwriter (or any agent thereof) acting as an agent for each Table Funded Purchased Asset and related escrow instructions, which letter and instructions shall be in form and substance reasonably acceptable to Buyer and
Seller. 
 “Interest Expense” shall mean, for any period, with respect to any Person and its consolidated Subsidiaries, the
amount of total interest expense (including capitalized and accruing interest) incurred by such Person during such period. 

“KeyBank” shall mean KeyBank National Association, a national banking association. 

“Last Endorsee” shall have the meaning specified in Schedule 2 attached to this Agreement. 

“LIBOR” shall mean, for any Pricing Period with respect to a Purchased Asset, the per annum rate for deposits in U.S. dollars
that appears on Reuters Screen LIBOR01 Page (or the successor thereto) as one-month LIBOR as of 11:00 a.m. (London time) on the related Pricing Rate Reset Date. 

“LIBOR Rate” shall mean, as of any date of determination, a rate per annum determined in accordance with the following
formula (rounded upward to the nearest 1/100th of 1%): 
 LIBOR 

 
 1.00 —
LIBOR Rate Reserve Percentage 
 “LIBOR Rate Reserve Percentage” shall mean, with respect to any date of determination, the
reserve percentage (expressed as a decimal fraction) applicable two (2) Business Days before such date under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor thereto) for determining
the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve Bank of New York, with respect to liabilities or assets consisting of or
including any category of liabilities that includes deposits by reference to which the interest rate on Transactions is determined having a term comparable to the applicable Collection Period. 

“LIBOR Transaction” shall mean any Transaction with respect to which the Pricing Rate is determined with reference to the
LIBOR Rate. 
 “LTV” shall mean, with respect to any Eligible Asset, the ratio of the aggregate outstanding debt (which
shall include such Eligible Asset and all debt senior to or pari passu with such Eligible Asset) secured, directly or indirectly, by the related Eligible Property or Properties, to the aggregate
“as-is” market value of such Eligible Property or Properties as determined by Buyer in its sole discretion. 

  
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 “LTV Margin Deficit” shall have the meaning specified in
Section 4(b) of this Agreement. 
 “Margin Credit Event” shall mean, with respect to any
Purchased Asset, the date upon which material changes (i.e., changes that adversely impact the value of the Purchased Asset other than to a de minimis extent, and in any event, relative to Buyer’s initial underwriting or the most recent
determination of Market Value) relative to the performance or condition of (i) the relevant Mortgaged Property, (ii) the Mortgagor (or its sponsor(s)) in relation to such Purchased Asset or (iii) the commercial real estate market in
the relevant jurisdiction relating to the relevant Mortgaged Property, taken in the aggregate, exist with respect to such Purchased Asset as determined by Buyer in its sole discretion. Notwithstanding the foregoing, a Margin Credit Event shall not
be deemed to exist solely as a result of any disruption in the commercial mortgage backed securities market, capital markets or credit markets, or any other event that results in the increase or decrease of interest rate spreads or other similar
benchmarks (including, without limitation, U.S. treasury rates, interest rate swaps, LIBOR Rate, or the Federal Funds Rate). 

“Margin Deficit” shall have the meaning specified in Section 4(a) of this Agreement. 

“Margin Excess” shall have the meaning specified in Section 4(b) of this Agreement. 

“Market Value” shall mean, with respect to any Purchased Asset as of any relevant date, the market value of such Purchased
Asset on such date, as determined by Buyer in its sole discretion (using customary factors utilized by Buyer in its ordinary course, which may include an agreed upon market recognized third-party source). 

“Material Adverse Effect” shall mean a material adverse effect on (i) the property, business, operations, financial
condition prospects or credit quality of Guarantor and/or Seller, taken as a whole, (ii) the ability of the Guarantor or Seller to perform its obligations under any of the Transaction Documents to which it is party, (iii) the validity or
enforceability of any the Transaction Documents, (iv) the rights and remedies of Buyer under any of the Transaction Documents or (v) the Market Value, rating (if applicable) or liquidity of any Purchased Asset or of all the Purchased
Assets in the aggregate. 
 “Maximum Asset Exposure Threshold” shall mean, with respect to any Eligible Asset,
the Maximum Purchase Percentage, multiplied by the LTV of such Eligible Asset, shall not exceed 60%, unless otherwise permitted by Buyer in its sole discretion. 

“Maximum Final Asset LTV” shall mean the Maximum Final Asset LTV for any Purchased Asset as set forth in the related
Confirmation. 
 “Maximum Purchase Percentage” shall mean, with respect to any Purchased Asset, the “Maximum Purchase
Price Percentage” specified in Schedule 1 (or as otherwise specified in the applicable Confirmation), as adjusted in accordance with Schedule 1 (or as otherwise specified in the applicable Confirmation). 

“Maximum Purchase Price” shall mean, with respect to any Purchased Asset, the amount equal to the Maximum Purchase Percentage
for such Purchased Asset multiplied by the par amount of such Purchased Asset, as such amount may be increased, without duplication, by any Future Funding Purchase pursuant to Section 3(h), and as may be reduced,
without duplication, by any Principal Payment applied pursuant to Section 5 to reduce such Purchase Price and any other amounts paid to Buyer by Seller to reduce such Purchase Price. 

“Mezzanine Loan” shall mean a loan secured, in whole or in part, by a pledge of, or security interest in, any direct or
indirect ownership interest in the Mortgagor. 

  
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 “Mezzanine Note” shall mean a note or other evidence of indebtedness of a
Mezzanine Loan. 
 “Minimum Final Asset Debt Yield” shall mean the Minimum Final Asset Debt Yield for any Purchased Asset
as set forth in the related Confirmation. 
 “Monthly Statement” shall mean, for each calendar month during which this
Agreement shall be in effect, Seller’s or Servicer’s, as applicable, reconciliation in arrears of beginning balances, interest and principal paid to date and ending balances for each Purchased Asset, together with a certified written
report describing (i) any developments or events with respect to such Purchased Asset since the prior Monthly Statement that are reasonably likely to have a Material Adverse Effect, (ii) any Defaults or potential Defaults, (iii) any
and all written modifications to any Purchased Asset Documents since the prior Monthly Statement, (iv) loan status, collection performance and any delinquency and loss experience with respect to each Purchased Asset, (v) an update as to
the expected disposition or sale of the Purchased Assets and (vi) such other information as Buyer may reasonably request with respect to Seller, any Purchased Asset, Mortgagor or Mortgaged Property, which report shall be delivered to Buyer for
each calendar month during the term of this Agreement within fifteen (15) days following the end of such calendar month. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“More Favorable Agreement” shall have the meaning specified in Section 12(t) of this Agreement.

 “Mortgage” shall mean the mortgage, deed of trust, deed to secure debt or other instruments, creating a valid and
enforceable first lien on or a first priority ownership interest in a Mortgaged Property. 
 “Mortgage Loan” shall mean
(i) a whole commercial mortgage loan or (ii) a First Mortgage A-Note, in each case secured by a Mortgage and evidenced by a Mortgage Note and all other Purchased Asset Documents, all right, title and
interest of Seller in and to any Mortgaged Property covered by the related Mortgage and all related Servicing Rights. 
 “Mortgage
Note” shall mean (a) with respect to a Mortgage, a note or other evidence of indebtedness of a Mortgagor secured by such Mortgage and (b) with respect to a Participation Interest, a Participation Certificate evidencing such
Participation Interest. 
 “Mortgaged Property” shall mean the real property or properties securing repayment of the debt
evidenced by a Mortgage Note (or Mortgage Notes, in the case of an AB Mortgage Loan or Split Mortgage Loan). 
 “Mortgagor”
shall mean the obligor on a Mortgage Note, the grantor of the related Mortgage and the owner of the related Mortgaged Property. 

“Net Income” shall mean, for any period, with respect to any Person, the consolidated net income (or loss) for such period as
reported in such Person’s financial statements prepared in accordance with GAAP. 
 “New Asset” shall mean an Eligible
Asset that Seller proposes to sell to Buyer pursuant to a Transaction. 
 “OFAC” shall mean the Office of Foreign Assets
Control of the United States Department of the Treasury. 

  
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 “Officer’s Certificate” shall mean, as to any Person, a certificate of
the chief executive officer, the chief financial officer, the president, any vice president or the secretary of such Person. 

“Other Connection Taxes” shall mean, with respect to Buyer or an assignee, Taxes imposed as a result of a present or former
connection between such Buyer or an assignee and the jurisdiction imposing such Tax (other than connections arising from such Buyer or an assignee having executed, delivered, become a party to, performed its obligations under, received payments
under, received or perfected a security interest under, engaged in any other Transaction pursuant to or enforced by any Transaction Document, or sold or assigned an interest in any Transaction or any Transaction Document). 

“Other Taxes” shall mean any and all present or future stamp, court or documentary, intangible, recording, filing or similar
Taxes that may arise from any payment made under any Transaction Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Transaction Document, except for any such Taxes with respect to an assignment. 

“Participation Certificate” shall mean a participation certificate which evidences the outstanding balance of a Participation
Interest. 
 “Participation Interest” shall mean a senior controlling pari passu participation interest in a
performing Mortgage Loan. 
 “Permitted Encumbrances” shall mean (a) liens for real property Taxes, ground rents,
water charges, sewer rates and assessments not yet due and payable; (b) liens arising by operation of law (such as materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s and similar liens) arising in the ordinary
course of business which are (i) discharged by payment, bonding or otherwise or (ii) being contested in good faith by the related Mortgagor in accordance with the related Purchased Asset Documents; (c) covenants, conditions and
restrictions, rights of way, easements and other matters of public record, which do not individually or in the aggregate, in the reasonable judgment of Seller, materially interfere with (i) the current use of the related Mortgaged Property,
(ii) the security intended to be provided by the related Mortgage, (iii) the underlying obligor’s ability to pay its obligations when they become due or (iv) the value of the related Mortgaged Property; (d) liens and
encumbrances set forth in the related Title Policy; and (e) rights of existing or future tenants as tenants only pursuant to leases. 

“Permitted Holders” shall mean, with respect to Guarantor, any Person owning Capital Stock in Guarantor (i) as of the
Closing Date, (ii) that is managed by Claros Manager or (iii) that has been approved in writing by Buyer, in Buyer’s sole and absolute discretion, prior to the date of such Person’s acquisition of such Capital Stock in Guarantor.

 “Person” shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, joint stock company, joint venture, unincorporated organization, or other entity, or a federal, state or local government or any agency or political
subdivision thereof. 
 “Plan” shall mean an employee benefit or other plan established or maintained during the
five-year period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five-year period ended prior to the date of this Agreement, been required to make contributions and
that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code. 
 “Plan Assets” shall
mean assets of any (i) employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, (ii) plan (as defined in Section 4975(e)(l) of the Code) subject to Section 4975 of the Code, or
(iii) governmental plan (as defined in Section 3(32) of ERISA) subject to any other federal, state or local laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code. 

  
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 “Pledge and Security Agreement” shall mean that certain Pledge and Security
Agreement, dated as of the date hereof, by Pledgor in favor of Buyer, as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, pledging all of Pledgor’s interest in the Capital Stock of Seller to
Buyer. 
 “Pledgor” shall mean CMTG MS Finance Holdco LLC, a Delaware limited liability company. 

“Portfolio Exposure Threshold” shall mean that the product of (i) the actual weighted-average aggregate Purchase
Percentage of all Purchased Assets (weighted by Purchase Price), multiplied by (ii) the weighted average LTV for all Purchased Assets (weighted by Purchase Price) does not exceed 57.5%, unless otherwise permitted by Buyer in its sole
discretion. 
 “Portfolio Margin Deficit” shall have the meaning specified in Section 4(a) of
this Agreement. 
 “Power of Attorney to Buyer” shall mean (i) that certain Power of Attorney to Buyer dated as of the
date hereof executed by Seller in favor of Buyer and (ii) such other power of attorney executed pursuant to this Agreement in substantially the form attached as Exhibit II-1. 

“Power of Attorney to Seller” shall mean (i) that certain Power of Attorney to Seller dated as of the date hereof
executed by Buyer in favor of Seller and (ii) such other power of attorney executed pursuant to this Agreement substantially in the form of Exhibit II-2. 

“Preliminary Approval” shall have the meaning specified in Section 3(b) of this Agreement. 

“Preliminary Due Diligence Package” shall mean, with respect to any New Asset, the following due diligence information, to
the extent applicable, relating to such New Asset to be provided by Seller to Buyer pursuant to this Agreement: 
 (a) Seller’s internal
credit committee or investment committee memorandum, among other things, outlining the proposed transaction, including potential transaction benefits and all material underwriting risks and Underwriting Issues, anticipated exit strategies,
underwriting models and all other characteristics of the proposed transaction that a prudent buyer would consider material; 
 (b) current
rent roll and rollover schedule, if applicable; 
 (c) cash flow pro forma, plus historical information, if available; 

(d) flood certification (of the equivalent in the applicable jurisdiction); 

(e) maps and photos, if available; 

(f) interest coverage ratios and Debt Yield Ratio; 

(g) description of the Mortgaged Property, along with a description of the Mortgagor and sponsor (including their experience with other
projects, ownership structure and financial statements); 
 (h)
loan-to-value ratio; 

  
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 (i) Seller’s or any Affiliate’s relationship with the Mortgagor or any affiliate;

 (j) material third party reports, to the extent available and applicable, including: (i) engineering and structural reports, each in
form and prepared by consultants acceptable to Buyer; (ii) current Appraisal; (iii) Phase I environmental report (including asbestos and lead paint report) and, if applicable, Phase II or other
follow-up environmental report if recommended in Phase I, each in form and prepared by consultants acceptable to Buyer; (iv) seismic reports, each in form and prepared by consultants acceptable to Buyer;
(v) operations and maintenance plan with respect to asbestos containing materials, each in form and prepared by consultants acceptable to Buyer; and (vi) the servicing data tape; 

(k) copies of documents evidencing such New Asset, or current drafts thereof, including, without limitation, underlying debt and security
documents, guaranties, Mortgagor’s organizational documents, loan and collateral pledge agreements, and intercreditor agreements, as applicable; 

(l) insurance certificates or other evidence of insurance coverage evidencing the insurance required to be maintained with respect to any
Eligible Property or Properties pursuant to Section 3(c)(iv) hereof (including evidence of terrorism insurance coverage and such other customary insurance coverage satisfactory to Buyer); 

(m) analyses and reports with respect to such other matters concerning the New Asset as Buyer may in its reasonable discretion require; and

 (n) with respect to any Transaction involving a New Asset that is a Future Advance Asset, Seller shall indicate in the related
Preliminary Due Diligence Package that such New Asset is a Future Advance Asset and shall provide Buyer with the information required to complete the Confirmation regarding such Future Advance Asset, as well as the then remaining unfunded principal
amount of all Purchased Assets that constitute Future Advance Assets. 
 “Prescribed Laws” shall mean, collectively,
(a) the USA PATRIOT Act, (b) Executive Order 13224, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq., (d) the Bank Secrecy Act (31 U.S.C. Sections 5311 et seq.) as amended and (e) all other
Requirements of Law relating to money laundering or terrorism, including without limitation, the USA PATRIOT Act and all regulations and executive orders promulgated with respect to money laundering or terrorism, including, without limitation, those
promulgated by the Office of Foreign Assets Control of the United States Department of the Treasury. 
 “Price
Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the Repurchase Price thereof (excluding any amount attributable to
Price Differential in the definition thereof), calculated on the basis of a three hundred sixty (360) day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and
ending on (but excluding) the date of determination (such aggregate amount to be reduced by any amount of such Price Differential paid by Seller to Buyer, prior to such date, with respect to such Transaction). 

“Pricing Period” shall mean, with respect to each Purchased Asset, (a) in the case of the first (1st) Remittance Date,
the period from and including the original Purchase Date for such Purchased Asset to but excluding the next following Remittance Date, and (b) in the case of each subsequent Remittance Date, the one-month
period from and including the preceding Remittance Date to but excluding such Remittance Date; provided that no Pricing Period for a Purchased Asset shall end after the Repurchase Date for such Purchased Asset. 

  
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 “Pricing Rate” shall mean, for any Pricing Period with respect to a
Purchased Asset, an annual rate equal to the LIBOR Rate for such Pricing Period, plus the Applicable Spread for the related Purchased Asset (subject to adjustment and/or conversion as provided in Sections 3(l), 3(m), 3(o)
and 3(p) of this Agreement). 
 “Pricing Rate Reset Date” shall mean, with respect to a Purchased Asset, (a) in
the case of the first (1st) Pricing Period for such Purchased Asset, the original Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) Business Days preceding the Remittance Date on which
such Pricing Period begins. 
 “Principal Payment” shall mean, with respect to any Purchased Asset, any payment or
prepayment of principal received in respect thereof (including casualty or condemnation proceeds to the extent that such proceeds are not required under the underlying loan documents to be reserved, escrowed, readvanced or applied for the benefit of
the Mortgagor or the related Mortgaged Property). For purposes of clarification, prepayment premiums, fees or penalties shall not be deemed to be principal. 

“Prohibited Person” shall mean any Person: (i) listed in the Annex to, or otherwise subject to the provisions of,
Executive Order 13224; (ii) that is owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order 13224;(iii) with whom Buyer is prohibited
from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including Executive Order 13224;(iv) who commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order
13224;(v) that is the subject of Sanctions;(vi) that is a foreign shell bank; (vii) that is a resident of, or whose subscription funds are transferred from or through an account in, a jurisdiction that has been designated as a non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the FATF, of which the U.S. is a member and with which designation the U.S.
representative to the group or organization continues to concur (see http://www.fatf-gati.org for the FATF’s “Non-Cooperative Countries and Territories Initiative”); or (viii) who is an
Affiliate of a Person described above. 
 “Prohibited Transferee” shall mean any of the Persons listed on Schedule 3
attached to this Agreement. 
 “Public Sale” shall mean the transfer (but not a pledge), in one or a series of
transactions, including by way of merger, through which any direct or indirect owner of a legal or beneficial interest in Guarantor (including a transferee of such interests) becomes, or is merged with or into, a Public Vehicle. 

“Public Vehicle” shall mean a Person whose securities are listed and traded on a nationally or internationally recognized
securities exchange or quoted on a nationally or internationally recognized automated quotation system. 
 “Purchase Date”
shall mean, with respect to any Purchased Asset, the date on which such Purchased Asset is transferred by Seller to Buyer. 

“Purchase Percentage” shall mean, with respect to any Purchased Asset, the applicable Maximum Purchase Percentage specified
in Schedule 1 (or as otherwise specified in the applicable Confirmation), as adjusted in accordance with Schedule 1 (or as otherwise specified in the applicable Confirmation). 

“Purchase Price” shall mean, with respect to any Purchased Asset, the price at which such Purchased Asset is transferred by
Seller to Buyer on the applicable Purchase Date. The Purchase Price as of any Purchase Date for any Purchased Asset shall be an amount (expressed in dollars) equal to the 

  
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product of (a) the par amount of such Purchased Asset, multiplied by (b) the applicable Purchase Percentage. The Purchase Price shall increase by any Future Advance Purchase
pursuant to Section 3(h) and any payment made to Seller in connection with a Margin Excess pursuant to Section 4(b), and shall decrease by any payment applied in connection with a Margin Deficit
pursuant to Section 4(a) and any Principal Payment applied pursuant to Section 5 to reduce such Purchase Price and any other amounts paid to Buyer by Seller to reduce such Purchase Price. 

“Purchase Term” shall mean, with respect to any Purchased Asset and any date of determination, the applicable period from the
Purchase Date for such Purchased Asset to such date of determination. 
 “Purchased Asset” shall mean (i) with respect
to any Transaction, the Eligible Assets sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Assets sold by Seller to Buyer. 

“Purchased Asset Documents” shall mean, with respect to a Purchased Asset, the documents specified in Schedule 2. 

“Purchased Asset File” shall mean the Purchased Asset Documents, together with any additional documents and information
required to be delivered to Buyer or its designee (including Custodian) pursuant to this Agreement. 
 “Purchased Asset File
Checklist” shall have the meaning specified in the Custodial Agreement. 
 “Purchased Asset Schedule” shall have
the meaning specified in the Custodial Agreement. 
 “Qualified Hedge Counterparty” shall mean, with respect to any Hedging
Transaction, any entity other than an Affiliated Hedge Counterparty, that (a) qualifies as an “eligible contract participant” as such term is defined in the Commodity Exchange Act (as amended by the Commodity Futures Modernization Act
of 2000), (b) the long-term debt of which is rated no less than “A-” by Standard & Poor’s and “A1” by Moody’s and (c) is reasonably acceptable to Buyer;
provided that, with respect to clause (c), if Buyer has approved an entity as a counterparty, it may not thereafter deem such counterparty unacceptable with respect to any previously outstanding Transaction unless clause
(a) or (b) no longer applies with respect to such counterparty. 
 “Quarterly Report” shall mean, for
each fiscal quarter during which this Agreement shall be in effect, (i) Seller’s or Servicer’s, as applicable, certified written report summarizing (with a separate cover sheet for each Purchased Asset or, in the case of a Purchased
Asset secured (directly or indirectly) by a portfolio of Mortgaged Properties, a cover sheet for such portfolio on a consolidated basis), with respect to the Mortgaged Properties securing each Purchased Asset (or, in the case of a Purchased Asset
secured (directly or indirectly) by a portfolio of Mortgaged Properties, such information on a consolidated basis), the net operating income, debt service coverage, occupancy, the revenues per room (for hospitality properties) and sales per square
footage (for retail properties), in each case, to the extent received by Seller, and such other information as mutually agreed by Seller and Buyer, and (ii) the updated underwriting report, which reports shall be delivered to Buyer for each
fiscal quarter during the term of this Agreement within forty-five (45) days following the end of each such fiscal quarter. 

“Regulations T, U and X” shall mean Regulations T, U and X of the Board of Governors of the Federal Reserve System (or any
successor thereto), as the same may be modified and supplemented and in effect from time to time. 

  
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 “Remittance Date” shall mean the fifteenth (15th) calendar day of each
month, or the next succeeding Business Day, if such calendar day shall not be a Business Day. 
 “Representatives” shall
have the meaning specified in Section 27(a) hereof. 
 “Repurchase Assets” shall have the meaning
specified in Section 6(a) hereof. 
 “Repurchase Date” shall mean, with respect to any Purchased
Asset, the date that is the earliest to occur of the following: (a) the Facility Termination Date or (b) if applicable, the related Early Repurchase Date or Accelerated Repurchase Date. 

“Repurchase Obligations” shall mean the Aggregate Repurchase Price and all other amounts due under the Transaction Documents
(including interest which would be payable as post-petition interest in connection with any bankruptcy or similar proceeding) irrespective of whether such obligations are direct or indirect, absolute or contingent, matured or unmatured. 

“Repurchase Price” shall mean, with respect to any Purchased Asset, as of any date, the price at which such Purchased Asset
is to be transferred from Buyer to Seller upon termination of the related Transaction; in each case, such price shall equal the sum of (a) the Purchase Price of such Purchased Asset, (b) the accrued and unpaid Price Differential with
respect to such Purchased Asset as of the date of such determination and (c) the Early Repurchase Additional Amount, if applicable, minus all Income and other cash actually received by Buyer in respect of such Purchased Asset and applied
towards the Repurchase Price and/or Price Differential pursuant to this Agreement. 
 “Requirement of Law” shall mean any
law (including, without limitation, Prescribed Law), treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or any other Governmental Authority whether now or hereafter enacted or in
effect. 
 “Reserve Requirements” shall mean, with respect to any date of determination, the aggregate (without
duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect on such date (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the
Federal Reserve System, the Federal Reserve Bank of New York or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for Eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board of Governors of the Federal Reserve System) maintained by Buyer. 

“Sanctions” shall have the meaning specified in Section 10(xxv)(A) of this Agreement. 

“SEC” shall mean the Securities and Exchange Commission. 

“Seller” shall have the meaning specified in the introductory paragraph of this Agreement. 

“Servicer” shall mean Wells Fargo or any successor servicer appointed by Buyer and reasonably acceptable to Seller;
provided that the provisions of Section 22 are satisfied. Buyer acknowledges that it is pre-approving KeyBank as an acceptable servicer. 

“Servicer Acknowledgment” shall mean (i) that certain servicer acknowledgment, dated as of the date hereof, executed by
Seller and acknowledged by Wells Fargo and Buyer and (ii) such other servicer acknowledgment entered into by Seller on Buyer’s behalf in accordance with Section 22 of this Agreement. 

  
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 “Servicing Agreement” shall mean (i) that certain Servicing Agreement,
dated as of January 25, 2017, by and between Wells Fargo and Seller, and (ii) such other servicing or subservicing agreement entered into by Seller on Buyer’s behalf in accordance with Section 22 of this
Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Servicing Records” shall
have the meaning specified in Section 22(b) of this Agreement. 
 “Servicing Rights” shall mean
contractual, possessory or other rights of any Person to administer, service or subservice any Purchased Assets (or to possess any Servicing Records relating thereto), including: (i) the rights to service the Purchased Assets; (ii) the
right to receive compensation (whether direct or indirect) for such servicing, including the right to receive and retain the related servicing fee and all other fees with respect to such Purchased Assets; and (iii) all rights, powers and
privileges incidental to the foregoing, together with all Servicing Records relating thereto. 
 “Significant Modification”
shall mean (i) any extension, amendment, waiver, termination, rescission, cancellation, release, subordination or other modification to the terms of, or any collateral, guaranty or indemnity for, any Purchased Asset or Purchased Asset Document
(including, without limitation, any provision related to the amount or timing of any scheduled payment of interest or principal, the validity, perfection or priority of any security interest, or the release of any collateral or obligor), (ii) any
sale, transfer, disposition or any similar action with respect to any collateral for any Purchased Asset (except to the extent required under the Purchased Asset Documents) or (iii) the foreclosure or exercise of any material right or remedy by
the holder of any Purchased Asset or Purchased Asset Document. 
 “Single-Purpose Entity” shall mean any corporation,
limited partnership or limited liability company that, since the date of its formation and at all times on and after the date hereof, has complied with and shall at all times comply with the provisions of Section 13 of this
Agreement. 
 “SIPA” shall have the meaning specified in Section 25(a) of this Agreement. 

“Split Mortgage Loan” shall mean a Mortgage Loan evidenced by two or more senior pari passu Mortgage Notes. 

“Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, Inc., a division
of the McGraw Hill Companies Inc. and any successor in interest. 
 “Subsidiary” shall mean, as to any Person, a
corporation, partnership or other entity Controlled by such Person. Unless otherwise qualified, all references to a Subsidiary or to Subsidiaries in this Agreement shall refer to a Subsidiary or Subsidiaries of Seller and/or Guarantor. For all
purposes of this Agreement, CMTG/CN Mortgage REIT LLC and its Subsidiaries shall be deemed Subsidiaries of Guarantor. 

“Supplemental Due Diligence Package” shall mean, with respect to any New Asset, information or deliveries concerning such New
Asset that Buyer shall reasonably request in addition to the Preliminary Due Diligence Package, including, without limitation, a credit approval memorandum representing the final terms of the underlying transaction, a
loan-to-value ratio computation and a final Debt Yield Ratio computation for such New Asset. 

“Survey” shall mean a certified ALTA/ACSM (or applicable state standards for the state in which a Mortgaged Property is
located) survey of a Mortgaged Property prepared by a registered independent surveyor and in form and content reasonably satisfactory to Buyer and the company issuing the Title Policy for such Mortgaged Property. 

  
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 “Table Funded Purchased Asset” shall mean a Purchased Asset which is sold
to Buyer simultaneously with the origination or acquisition thereof, which origination or acquisition is financed with the Purchase Price, pursuant to Seller’s request, paid directly to a title company or other settlement agent, in each case,
approved by Buyer, for disbursement in connection with such origination or acquisition. A Purchased Asset shall cease to be a Table Funded Purchased Asset after Custodian has delivered a Trust Receipt to Buyer certifying its receipt of the Purchased
Asset File therefor. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Title Policy” shall mean (a) an American Land Title Association lender’s title insurance policy or a comparable
form of lender’s title insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably acceptable to Buyer or, (b) if such policy has not yet been issued, (i) a pro forma policy, (ii) a
preliminary title policy together with an Insured Closing Letter and Escrow Instructions or (iii) a “marked up” commitment, in each case that is binding on the title insurer. 

“Total Indebtedness” shall mean, with respect to any Person, as of any date of determination, the aggregate Indebtedness of
such Person plus the proportionate share of all Indebtedness of all non-consolidated Subsidiaries of such Person as of such date. 

“Transaction” shall have the meaning specified in Section 1 of this Agreement. 

“Transaction Conditions Precedent” shall have the meaning specified in Section 3(f) of this
Agreement. 
 “Transaction Costs” shall have the meaning specified in Section 20(b) of this
Agreement. 
 “Transaction Documents” shall mean, collectively, this Agreement, the Blocked Account Agreement, the
Custodial Agreement, the Fee Letter, the Guaranty, the Pledge and Security Agreement, the Servicing Agreement and Servicer Acknowledgment, the Power of Attorney to Buyer, the Power of Attorney to Seller, all Confirmations executed pursuant to this
Agreement in connection with specific Transactions and all other documents executed in connection herewith and therewith. 

“Transfer” shall mean, with respect to any Person, any sale or other whole or partial conveyance of all or any portion of
such Person’s assets, or any direct or indirect interest therein to a third party (other than in connection with the transfer of a Purchased Asset to Buyer in accordance herewith), including the granting of any purchase options, rights of first
refusal, rights of first offer or similar rights in respect of any portion of such assets or the subjecting of any portion of such assets to restrictions on transfer. 

“Transfer Documents” shall mean, with respect to any Purchased Asset, all applicable Purchased Asset Documents necessary to
transfer all of Seller’s right, title and interest in such Purchased Asset to Buyer in accordance with the terms of this Agreement. 

“Trust Receipt” shall mean a trust receipt issued by Custodian, or, in the case of a Table Funded Purchased Asset, Bailee, to
Buyer substantially in the form required under the Custodial Agreement or the Bailee Agreement. 

  
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 “UCC” shall mean the Uniform Commercial Code as in effect from time to time
in the State of New York; provided that if, by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of any security interest is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than New York, with respect to perfection or the effect of perfection or non-perfection, “UCC” shall mean the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such perfection or effect of perfection or non-perfection. 

“Underwriting Issues” shall mean, with respect to any New Asset, all material information of which Seller has knowledge that,
based on the making of reasonable inquiries and the exercise of reasonable care and diligence by a reasonable institutional mortgage loan buyer in determining whether to originate or acquire such New Asset under the circumstances, would, in the
context of the totality of the Transaction in question, be considered a materially “negative” factor (either separately or in the aggregate with other information relating to such New Asset), including, but not limited to, whether such New
Asset was repurchased from any warehouse loan facility or a repurchase transaction due to the breach of a representation and warranty or a material defect in loan documentation or closing deliveries (such as the absence of any material Purchased
Asset Document(s)). 
 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56). 

“U.S. Tax Compliance Certificate” shall have the meaning specified in Section 3(r)(ii)(C) hereof.

 “Voting Stock” shall mean, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the 1934 Act) as of any date, the Capital Stock of that person that is at the time entitled to vote generally in the election of the board of directors of that person. 

“Wells Fargo” shall mean Wells Fargo Bank, N.A., a national banking association. 

 

	3.	 INITIATION; CONFIRMATION; TERMINATION; FEES 



(a) From and after the Closing Date to the date that is one (1) year after the Closing Date, Seller may, from time to time request that
Buyer enter into a Transaction with respect to one or more New Assets by submitting a Preliminary Due Diligence Package for Buyer’s review and approval, which approval shall be in Buyer’s sole discretion. Notwithstanding anything to the
contrary herein, Buyer shall have no obligation to consider for purchase any New Asset if, immediately after the purchase of such New Asset, the Aggregate Repurchase Price would exceed the Facility Amount. Buyer and its representatives shall have
the right to review all New Assets proposed to be sold to Buyer in any Transaction and to conduct its own due diligence investigation of such New Assets as Buyer determines is necessary in Buyer’s sole discretion. Notwithstanding any provision
to the contrary herein or in any other Transaction Document, Buyer shall be entitled to determine, in its sole discretion, whether a New Asset qualifies as an Eligible Asset or whether to reject any New Asset proposed to be sold to Buyer by Seller.

 (b) Upon Buyer’s receipt of a Preliminary Due Diligence Package, Buyer shall have the right to request a Supplemental Due Diligence
Package to evaluate the proposed Transaction. Upon Buyer’s receipt or waiver of such Supplemental Due Diligence Package, Buyer shall, in its sole discretion, within five (5) Business Days, either (i) notify Seller of its intent to
proceed with the Transaction together with its determination of the Purchase Price and the Market Value for the related New Asset (such notice, a “Preliminary Approval”) or (ii) deny Seller’s request. Buyer’s failure
to respond to Seller within five (5) Business Days shall be deemed to be a denial of Seller’s request to enter into the proposed Transaction, unless Buyer and Seller have agreed otherwise in writing. 

  
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 (c) Upon Seller’s receipt of Preliminary Approval with respect to a Transaction, Seller
shall, if Seller desires to enter into such Transaction with respect to the related New Asset upon the terms set forth by Buyer in the Preliminary Approval, deliver the documents set forth below in this Section 3(c) with
respect to each New Asset and related Eligible Property or Properties (to the extent not already delivered in the Preliminary Due Diligence Package or in the Supplemental Due Diligence Package) as a condition precedent to a Final Approval and
issuance of a Confirmation, all in a manner and/or form satisfactory to Buyer in its sole discretion and pursuant to documentation satisfactory to Buyer in its sole discretion: 

(i) Delivery of Purchased Asset Documents. Copies of each of the final Purchased Asset Documents, or drafts of such
Purchased Asset Documents in substantially final form if such New Asset is being originated concurrently with the transfer to Buyer, subject to delivery of final, executed copies of such Purchased Asset Documents on the Purchase Date of such New
Asset. 
 (ii) Environmental and Engineering. A “Phase I” (and, if recommended by the Phase I, a “Phase
II”) environmental report, an asbestos survey, if applicable, and an engineering report, each in form reasonably satisfactory to Buyer, by an engineer and an environmental consultant, approved by Buyer in its reasonable discretion. 

(iii) Appraisal. If obtained by Seller, an Appraisal or a Draft Appraisal of the related Eligible Property or Properties
dated less than one hundred eighty (180) days prior to the proposed Purchase Date. If Buyer receives only a Draft Appraisal prior to entering into a Transaction, Seller shall use its best efforts to deliver an Appraisal on or before thirty
(30) days after the Purchase Date. 
 (iv) Insurance. Certificates or other evidence of insurance detailing
insurance coverage in respect of the related Eligible Property or Properties of types (including but not limited to casualty, general liability and terrorism insurance coverage), in amounts, with insurers and otherwise in compliance with the terms,
provisions and conditions set forth in the Purchased Asset Documents and otherwise reasonably satisfactory to Buyer. Such certificates or other evidence shall indicate that Seller (or as to a New Asset that is a Participation Interest, the lead
lender on the related whole loan in which Seller is a participant) will be named as an additional insured as its interest may appear and shall contain a loss payee endorsement in favor of such additional insured with respect to the policies required
to be maintained under the Purchased Asset Documents. 
 (v) Opinions of Counsel. Copies of all legal
opinions with respect to the New Asset (which shall include a non-consolidation opinion, if applicable) that shall be in form and substance reasonably satisfactory to Buyer; provided that Seller may
deliver drafts of such opinions if such New Asset is being originated concurrently with the transfer to Buyer and shall deliver final, executed copies of such legal opinions on the Purchase Date of such New Asset. 

(vi) Title Policy. (A) An unconditional commitment from the title company to issue a Title Policy or Policies in
favor of Seller and Seller’s successors and/or assigns with respect to each Mortgage securing such New Asset with an amount of insurance that shall be not less than the principal balance of such New Asset, or (B) an endorsement or
confirmatory letter from the title company that issued the existing Title Policy (in an amount not less than the principal balance of such New Asset) in favor of Seller and Seller’s successors and assigns adding such parties as an additional
insured. 

  
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 (vii) Additional Real Estate Matters. To the extent obtained by
Seller, such other real estate related certificates and documentation as may have been reasonably requested by Buyer, such as: (A) certificates of occupancy issued by the appropriate Governmental Authority and either letters certifying that the
related Eligible Property or Properties are in compliance with all applicable zoning laws issued by the appropriate Governmental Authority, a zoning report in form and prepared by a zoning consultant satisfactory to Buyer or evidence that the
related Title Policy includes a zoning endorsement; and (B) abstracts of all material leases in effect at the Mortgaged Property delivered in connection with the New Asset. 

(viii) Exception Report. A written report of any exceptions to the representations and warranties in Exhibit III
attached hereto (an “Exception Report”). 
 (ix) Other Documents. Such other documents as Buyer shall
reasonably deem to be necessary. 
 (d) Within five (5) Business Days of Seller’s delivery of the documents and materials
contemplated in Section 3(c) above, Buyer shall in its sole discretion notify Seller that either (A) Buyer has not approved the New Asset or (B) Buyer agrees to purchase the New Asset, subject to satisfaction (or
waiver by Buyer) of the Transaction Conditions Precedent (such notice, a “Final Approval”) set forth in Section 3(f) below. Buyer’s failure to respond to Seller within five (5) Business Days shall
be deemed to be a denial of Seller’s request that Buyer purchase the New Asset, unless Buyer and Seller have agreed otherwise in writing. 

(e) Subject to satisfaction of the Transaction Conditions Precedent, Buyer shall deliver to Seller an executed Confirmation with respect to a
proposed Transaction; provided that, unless otherwise agreed by Seller, Buyer shall deliver a separate Confirmation with respect to each New Asset that will be the subject of a Transaction. Each Confirmation shall be deemed to be incorporated
herein by reference with the same effect as if set forth herein at length. 
 (f) Buyer shall transfer the Purchase Price to Seller with
respect to each New Asset for which it has issued a Confirmation on the Purchase Date specified in such Confirmation (which Purchase Date shall be at least three (3) Business Days after the date the Final Approval is delivered), and the related
New Asset shall be concurrently transferred by Seller to Buyer or Buyer’s nominee; provided that the following conditions (collectively, the “Transaction Conditions Precedent”) shall be satisfied (or waived by Buyer in
its sole discretion) with respect to such proposed Transaction: 
 (i) no Default, Event of Default or Margin Deficit shall
have occurred and be continuing as of the Purchase Date; 
 (ii) Seller shall have executed a Confirmation for such proposed
Transaction; 
 (iii) Guarantor shall have delivered to Buyer a true and accurate Financial Covenant Compliance Certificate
with respect to Guarantor’s most recently ended fiscal quarter for which a Financial Covenant Compliance Certificate is required to be delivered hereunder; 

(iv) Seller shall have delivered an Officer’s Certificate of Seller covering such matters as Buyer may reasonably request
with respect to matters relating to this Agreement or the other Transaction Documents; 

  
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 (v) Buyer shall have (A) determined, in its sole discretion in
accordance with Section 3(a) of this Agreement, that the New Asset proposed to be sold to Buyer by Seller in such Transaction is an Eligible Asset, (B) obtained internal credit approval for the inclusion of such New
Asset as a Purchased Asset in a Transaction, (C) confirmed that, after giving effect to such Purchased Asset, the Concentration Limit shall be satisfied and (D) determined, in its sole discretion, that the Maximum Asset Exposure Threshold
and Portfolio Exposure Threshold will be satisfied immediately after giving effect to such proposed Transaction; 
 (vi) (A)
if the New Asset is not a Table Funded Purchased Asset, the applicable Purchased Asset File described in Section 7(b)(i) of this Agreement shall have been delivered to Custodian, and Buyer shall have received a Trust
Receipt with respect to such Purchased Asset File, and (B) if the Purchased Asset is a Table Funded Purchased Asset, the documents required by Section 7(b)(i) shall have been delivered to Bailee and Bailee shall have
executed and delivered a Bailee Agreement; 
 (vii) Seller shall have delivered to any related Mortgagor, obligor, related
servicer or lead lender a direction letter in accordance with Section 5(a) of this Agreement unless such Mortgagor, obligor, related servicer or lead lender is already remitting payments to Servicer, in which case Seller
shall direct Servicer to remit all such amounts into the Blocked Account in accordance with Section 5(a) of this Agreement and to service such payments in accordance with the provisions of this Agreement; 

(viii) Seller shall have paid to Buyer (A) any fees then due and payable under the Fee Letter and (B) any unpaid
Transaction Costs in respect of such Purchased Asset due and owing by Seller (which amounts, at Seller’s option, may be held back from funds remitted to Seller by Buyer on the Purchase Date); 

(ix) the New Asset shall not be a Defaulted Asset; 

(x) Buyer shall have received true and complete copies of fully executed originals of all Transfer Documents; 

(xi) Buyer shall have received a copy of any document relating to any Hedging Transaction, and Seller shall have validly
pledged and assigned to Buyer all of Seller’s rights under each Hedging Transaction included within a Purchased Asset, if any; 

(xii) no circumstance shall exist or event have occurred resulting in a Material Adverse Effect; 

(xiii) there shall not have occurred (A) a material adverse change in financial markets, an outbreak or escalation of
hostilities or a material change in national or international political, financial or economic conditions, or (B) a general suspension of trading on major stock exchanges, or (C) a material disruption in or moratorium on commercial banking
activities or securities settlement services; and 
 (xiv) no circumstance shall exist or event have occurred resulting in
(A) the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by commercial mortgage loans or (B) Buyer not being able to finance Eligible Assets through the
“repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events. 

  
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 (g) Each Confirmation, together with this Agreement, shall be conclusive evidence of the
terms of the related Transaction covered thereby. 
 (h) Subject to Section 4 of this Agreement, at any time prior
to the Repurchase Date, in the event a future advance is to be made by Seller pursuant to the Purchased Asset Documents with respect to a Future Advance Asset, Seller may submit to Buyer a request that Buyer transfer cash to Seller in an amount not
to exceed the Maximum Purchase Percentage, multiplied by the amount of such future advance (a “Future Advance Purchase”), which Future Advance shall increase the outstanding Purchase Price for such Future Advance Asset. Buyer
shall transfer cash to Seller as provided in this Section 3(h) (and in accordance with the wire instructions provided by Seller in such request) on the date requested by Seller, which date shall be no earlier than two
(2) Business Days following the Business Day on which Buyer reasonably determines that the conditions precedent to Buyer’s obligation to make any Future Advance Purchase as set forth in this Section 3(h) have been
satisfied (or, in Buyer’s sole discretion, waived). It shall be a condition to Buyer’s obligation to make any Future Advance Purchase that: 

(i) no Margin Deficit, Default or Event of Default has occurred and is continuing or will result from the funding of such
Future Advance Purchase; 
 (ii) the funding of the Future Advance Purchase will not cause the aggregate
outstanding Purchase Price for all Purchased Assets to exceed the Facility Amount; 
 (iii) the Future Advance Purchase will
not cause the Purchase Price of the applicable Future Advance Asset to exceed the Concentration Limit; 
 (iv) Buyer
shall have determined, in its sole discretion, that the Maximum Asset Exposure Threshold and Portfolio Exposure Threshold will be satisfied immediately after giving effect to the funding of the Future Advance Purchase; 

(v) Seller shall have demonstrated to Buyer’s reasonable satisfaction that all conditions to the future advance under the
Purchased Asset Documents have been satisfied; 
 (vi) the Future Advance Purchase shall be in an amount equal to or greater
than $1,000,000; and 
 (vii) previously or simultaneously with Buyer’s funding of the Future Advance Purchase, Seller
shall have funded or caused to be funded to the Mortgagor (or to an escrow agent or as otherwise directed by the Mortgagor) its pro rata portion of such Future Advance Purchase in respect of such Future Advance Asset. 

(i) Seller shall be entitled to terminate a Transaction on demand, and repurchase the related Purchased Asset on any Business Day prior to the
applicable Repurchase Date (an “Early Repurchase Date”); provided, however, that: 
 (i) no
Default, Event of Default or Margin Deficit shall be continuing or would occur or result from such early repurchase; 
 (ii)
Seller notifies Buyer in writing, no later than five (5) Business Days prior to the Early Repurchase Date, of its intent to terminate such Transaction and repurchase the related Purchased Asset; and 

  
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 (iii) Seller shall pay to Buyer on the Early Repurchase Date an amount equal
to the sum of the Repurchase Price for such Transaction, all Transaction Costs and any other amounts payable by Seller and outstanding under this Agreement or the other Transaction Documents (including, without limitation,
Section 3(o), Section 3(p) and Section 3(q) of this Agreement, if any) with respect to such Transaction against transfer to Seller or its agent of the related Purchased
Asset. 
 (j) On the Repurchase Date for any Transaction, termination of the applicable Transaction will be effected by transfer to Seller
or, if requested by Seller, its designee of the related Purchased Assets, and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to
Section 4 or Section 5 hereof) against the simultaneous transfer to Buyer of the applicable Repurchase Price, all Transaction Costs and any other amounts payable by Seller and outstanding under
this Agreement with respect to such Transaction (including without limitation, Section 3(o), Section 3(p) and Section 3(q) of this Agreement, if any) to an account of
Buyer. 
 (k) So long as no Event of Default has occurred and is then continuing, the Repurchase Price with respect to one or more Purchased
Assets may be paid in part at any time upon two (2) Business Days prior written notice from Seller to Buyer; provided, however, that any such payment shall be accompanied by an amount representing accrued Price Differential with
respect to such Purchased Asset(s) on the amount of such payment and all other amounts then due under the Transaction Documents. Each partial payment of the Repurchase Price that is voluntary (as opposed to mandatory under the terms of this
Agreement) shall be in an amount of not less than $1,000,000. 
 (l) If (i) Buyer shall have reasonably determined (which determination
shall be conclusive and binding upon Seller absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate, or (ii) the LIBOR Rate determined or
to be determined will not adequately and fairly reflect the cost to Buyer (as reasonably determined by Buyer) of making or maintaining Transactions, Buyer shall give facsimile or telephonic notice thereof to Seller as soon as practicable thereafter.
If such notice is given, the Pricing Rate with respect to all outstanding Transactions until such notice has been withdrawn by Buyer, shall be a per annum rate equal to the sum of (i) the Federal Funds Rate, plus (ii) 0.25%, plus
(iii) the Applicable Spread (the “Alternative Rate”). 
 (m) Notwithstanding any other provision herein, if, after the
date of this Agreement, the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer to effect LIBOR Transactions as contemplated by the Transaction Documents, (i) the
commitment of Buyer hereunder to enter into new LIBOR Transactions and to continue LIBOR Transactions as such shall forthwith be canceled, and (ii) the LIBOR Transactions then outstanding shall be converted automatically to Alternative Rate
Transactions; provided, however, that to the extent any such determination by Buyer and the imposition of Alternative Rate Transactions apply to all sellers under similar repurchase facilities with Buyer, such determination and imposition of
Alternative Rate Transactions will not be applied to Seller unless Buyer is imposing Alternative Rate Transactions on substantially all of its customers similarly situated to Seller under similar repurchase facilities. 

(n) If Buyer shall have determined that the introduction of, or a change in, any Requirement of Law or in the interpretation or administration
of any Requirement of Law (including, without limitation changes in any Reserve Requirements and any other increase in cost to Buyer) has made it unlawful, or any Governmental Authority shall have asserted that it is unlawful, for Buyer to enter
into any Transaction or any Governmental Authority has imposed material restrictions on the authority of Buyer to enter into any Transaction, then on notice thereof by Buyer to Seller, any obligations of Buyer to enter into Transactions shall be
suspended until Buyer notifies Seller that the circumstances giving rise to such determination no longer exist. 

  
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 (o) Upon demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any
loss, cost or expense (not to include any lost profit or opportunity) (including, without limitation, attorneys’ fees and disbursements) that Buyer actually sustains or incurs as a consequence of (i) a default by Seller in terminating any
Transaction after Seller has given a notice in accordance with Section 3(i) of a termination of a Transaction, (ii) any payment of all or any portion of the Repurchase Price, as the case may be, on any day other than a
Remittance Date, (iii) Seller’s failure to sell Eligible Assets to Buyer after Seller has notified Buyer of a proposed Transaction and Buyer has given a Final Approval to purchase such Eligible Assets in accordance with the provisions of
this Agreement, (iv) Buyer’s enforcement of the terms of any of the Transaction Documents or (v) any actions taken to perfect or continue any lien created under any Transaction Document. A certificate as to such losses, costs and
expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller in writing and shall be prima facie evidence of the information set forth therein, absent manifest error. This
Section 3(o) shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets. 

(p) If Buyer shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy, including the
Reserve Requirements or any other reserve, special deposit or similar requirements relating to extensions of credit or other assets of Buyer or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer
with any request or directive regarding such requirements (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof has the effect of reducing the rate of return on Buyer’s or such
corporation’s capital as a consequence of its obligations hereunder to a level below that which Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such
corporation’s policies with respect to such requirements) by an amount deemed by Buyer to be material, then from time to time, within five (5) Business Days after submission by Buyer to Seller of a written request therefor, Seller shall
pay to Buyer such additional amount or amounts as will compensate Buyer for such reduction; provided, however, that to the extent any such determination by Buyer and imposition of such increased costs apply to all sellers under similar repurchase
facilities with Buyer, such determination and imposition of such increased costs will not be applied to Seller unless Buyer is imposing such increased costs on substantially all of its customers similarly situated to Seller under similar repurchase
facilities. A certificate as to the calculation of any additional amounts payable pursuant to this Section 3(p) shall be submitted by Buyer to Seller and shall be conclusive and binding upon Seller in the absence of
manifest error. This Section 3(p) shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets. 

(q) Any and all payments by or on account of any obligation of Seller under this Agreement shall be made without deduction or withholding for
any Taxes, except as required by applicable law (which, for purposes of this Section 3(q) and Section 3(r) includes FATCA). If any applicable law requires the deduction or withholding of any Tax
from any such payment, then Seller shall make (or cause to be made) such deduction or withholding and shall timely pay (or cause to be timely paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable shall be increased by Seller as necessary so that after such deduction or withholding has been made, Buyer receives an amount equal to the sum it would have received had no
such deduction or withholding been made. Seller shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law. As soon as practicable after any payment of Taxes by Seller to a Governmental Authority
pursuant to this Section 3(q), Seller shall deliver to Buyer the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other


  
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evidence of such payment reasonably satisfactory to Buyer. Seller shall indemnify Buyer, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by Buyer or required to be withheld or deducted from a payment to Buyer and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Seller by Buyer shall be conclusive absent manifest
error. 
 (r) If Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under the Transaction
Documents, Buyer shall deliver to Seller, prior to becoming a party to this Agreement, and at the time or times reasonably requested by Seller, such properly completed and executed documentation reasonably requested by Seller as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, Buyer shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will enable Seller to determine whether or not
Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 3(r)(i), Section 3(r)(ii) and Section 3(r)(iv) below) shall not be required if in Buyer’s reasonable judgment such completion, execution or
submission would be illegal, would subject Buyer to any material unreimbursed cost or expense or would otherwise materially prejudice the legal or commercial position of Buyer. Without limiting the generality of the foregoing: 

(i) if Buyer is a United States person as defined in Section 7701(a)(30) of the Code, it shall deliver to Seller on or
prior to the date on which Buyer becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of Seller), executed originals of IRS Form W-9 certifying that Buyer is exempt
from U.S. federal backup withholding tax; 
 (ii) if Buyer is not a United States person as defined in
Section 7701(a)(30) of the Code, it shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a party under this Agreement
(and from time to time thereafter upon the reasonable request of Seller), whichever of the following is applicable: 
 (A) in
the case of Buyer claiming the benefits of an income tax treaty to which the United States is a party, (1) with respect to payments characterized as interest for U.S. tax purposes under any Transaction Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with
respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “business profits” or “other income” article of such tax treaty; 
 (B) executed
originals of IRS Form W-8ECI; 
 (C) in the case of Buyer claiming the benefits of
the exemption for portfolio interest under Section 881(c) of the Code, (1) a certificate to the effect that Buyer is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of Seller within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(2) executed originals of IRS Form W-8BEN-E; or 

  
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 (D) to the extent Buyer is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance
Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if Buyer is a partnership and one or more direct or indirect partners of Buyer
are claiming the portfolio interest exemption, Buyer may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

(iii) if Buyer is not a United States person as defined in Section 7701(a)(30) of the Code, it shall, to the extent it is
legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of
Seller), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit Seller to determine the withholding or deduction required to be made; and 
 (iv) if a payment made
to Buyer under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if Buyer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), Buyer shall deliver to Seller at the time or times prescribed by law and at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Seller as may be necessary for Seller to comply with its obligations under FATCA and to determine whether Buyer has complied with Buyer’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 3(r)(iv), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement; 
 provided that Buyer agrees that if any form or certification it previously delivered pursuant to this
Section 3(r) expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Seller in writing of its legal inability to do so. 

(s) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Article 3 (including by the payment of additional amounts pursuant to this Article 3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Article 3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
Article (s) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this paragraph (s), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (s) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person. 

  
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 (t) Each party’s obligations under Section 3(q),
Section 3(r) and Section 3(s) shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets. 

(u) If any of the events described in Section 3(o), Section 3(p) or
Section 3(q) result in Buyer’s request for additional amounts, then Seller shall have the option to notify Buyer in writing of its intent to terminate all of the Transactions and this Agreement and repurchase all of
the Purchased Assets no later than five (5) Business Days after such notice is given to Buyer, and such repurchase by Seller shall be conducted pursuant to and in accordance with Section 3(h). The election by Seller to
terminate the Transactions in accordance with this Section (t) shall not relieve Seller for liability with respect to any additional amounts or increased costs actually incurred by Buyer prior to the actual repurchase of the Purchased
Assets. 
 (v) From and after the Facility Termination Date, Buyer shall have no further obligation to purchase any New Assets. On the
Facility Termination Date, Seller shall be obligated to repurchase all of the Purchased Assets and transfer payment of the Repurchase Price for each such Purchased Asset, together with the accrued and unpaid Price Differential and all Transaction
Costs and other amounts due and payable to Buyer hereunder, against the transfer by Buyer to Seller of each such Purchased Asset. Following the Facility Termination Date, Buyer shall not be obligated to transfer any Purchased Assets to Seller until
payment in full to Buyer of all amounts due hereunder. 
 (w) Notwithstanding any provision herein to the contrary, (i) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all rules, regulations, guidelines or directives promulgated in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, shall in each case be deemed to be an adoption of or
change in a Requirement of Law made subsequent to the date of this Agreement. 
  

	4.	 MANDATORY PAYMENT OR DELIVERY OF ADDITIONAL ASSETS 



(a) Buyer may determine and re-determine the Asset Base Components on any Business Day and on as many
Business Days as it may elect. Upon the occurrence of a Margin Credit Event with respect to one or more Purchased Assets, if at any such time the aggregate Purchase Price of the Purchased Assets is greater than the aggregate Asset Base Components of
the Purchased Assets as determined by Buyer in its sole discretion (a “Portfolio Margin Deficit”), then, Seller shall, not later than two (2) Business Days after receipt of notice of such Portfolio Margin Deficit from
Buyer, deliver to Buyer cash in an amount sufficient to reduce the aggregate Purchase Price of such Purchased Assets to an amount equal to the aggregate Asset Base Components as re-determined by Buyer after
giving effect to the delivery of cash or additional collateral by Seller to Buyer pursuant to this Section 4(a); provided that, so long as no Event of Default has occurred and is continuing, Seller shall not be
required to cure a Portfolio Margin Deficit unless and until the aggregate Portfolio Margin Deficit of all Purchased Assets equals or exceeds $500,000 on any date of determination. Any cash delivered to Buyer pursuant to this
Section 4(a) shall be applied by Buyer to reduce the Purchase Price of the applicable Purchased Assets. 
 (b)
Without limiting the rights and obligations of Buyer and Seller set forth in Section 4(a) above, if, at any time after the date that is one year after the Closing Date and so long as no more than one (1) Purchased
Asset is subject to a Transaction, (i) the Final Asset LTV is greater than the Maximum Final Asset LTV for such Purchased Asset (an “LTV Margin Deficit”) or (ii) the Final Asset Debt Yield is less than the Minimum Final
Asset Debt Yield for such Purchased Asset (a “Debt Yield Margin Deficit” and, together with LTV Margin Deficit and Portfolio Margin Deficit, each as applicable, a “Margin Deficit”), then, Seller shall, not later
than two (2) Business Days after receipt of notice of such 

  
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LTV Margin Deficit or Debt Yield Margin Deficit, as applicable, from Buyer, deliver to Buyer cash in reduction of the Purchase Price of such Purchased Asset, such that the Final Asset LTV is less
than or equal to the Maximum Final Asset LTV or the Final Asset Debt Yield is equal to or greater than the Minimum Final Asset Debt Yield, as applicable. 

(c) If at any such time the Purchase Price of one or more Purchased Assets is less than the aggregate Asset Base Components of such Purchased
Assets as determined by Buyer in its sole discretion (a “Margin Excess”), then Buyer shall, no later than five (5) Business Days after receipt of a request from Seller, transfer cash to Seller in an amount (not to exceed such
Margin Excess) such that the Purchase Price of the Purchased Assets, after the addition of any such cash so transferred, will thereupon not exceed the Asset Base Component as re-determined by Buyer after
giving effect to the delivery of cash by Buyer to Seller pursuant to this Section 4(b); provided that (i) no Margin Deficit, Default or Event of Default has occurred and is continuing or would result from such
funding, (ii) such funding shall not result in the Aggregate Repurchase Price of all Purchased Assets exceeding the Facility Amount and (iii) each such funding shall be in an amount of not less than $1,000,000. Any cash delivered by Buyer
to Seller pursuant to this Section 4(b) shall be applied by Buyer to increase the Purchase Price of the applicable Purchased Asset. Buyer and Seller shall execute and deliver a restated Confirmation for the applicable
Transaction to set forth the new Purchase Price for such Purchased Asset. Seller may not request funding under this Section 4(b) more than three (3) times in any calendar month. 

(d) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions
to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement
or otherwise existing by law or in any way create additional rights for Seller. 
  

	5.	 INCOME PAYMENTS AND PRINCIPAL PAYMENTS 



(a) On or before the date hereof, Seller and Buyer shall establish and maintain with the Depository Bank a deposit account in the name of
Seller and under the sole control of Buyer with respect to which the Blocked Account Agreement shall have been executed (such account, together with any replacement or successor thereof, the “Blocked Account”). Seller shall
cause all Income with respect to the Purchased Assets to be deposited in the Blocked Account. In furtherance of the foregoing, Seller shall cause Servicer to remit to the Blocked Account all Income received in respect of the Purchased Assets within
one (1) Business Day of receipt. All Income in respect of the Purchased Assets, which may include payments in respect of associated Hedging Transactions, shall be deposited directly into, or, if applicable, remitted directly from the applicable
underlying collection account to, the Blocked Account. 
 (b) Unless an Event of Default shall have occurred and be continuing, on each
Remittance Date, all Income on deposit in the Blocked Account in respect of the Purchased Assets and the associated Hedging Transactions shall be applied as follows: 

(i) first, to Buyer, an amount equal to the Price Differential which has accrued and is outstanding in respect of the
Transactions as of such Remittance Date; 
 (ii) second, to Buyer, any accrued and unpaid Unused Fee and all
Transaction Costs and all other amounts payable by Seller and outstanding hereunder and under the other Transaction Documents (other than the Repurchase Price); 

  
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 (iii) third, if a Principal Payment in respect of any Purchased Asset
has been made during the related Collection Period, to Buyer an amount equal to the product of the amount of such Principal Payment, multiplied by the applicable Purchase Percentage; 

(iv) fourth, if a Margin Deficit shall exist with respect to one or more Purchased Assets, to Buyer, an amount such
that, after giving effect to such payment, the aggregate Purchase Price of the Purchased Assets is equal to the aggregate Asset Base Components of the Purchased Assets, as determined by Buyer after giving effect to such payment to the extent of
remaining funds in the Blocked Account; and 
 (v) fifth, to Seller, the remainder, if any. 

If, on any Remittance Date, the amounts deposited in the Blocked Account shall be insufficient to make the payments required under (i) through
(iii) above of this Section 5(b), and Seller does not otherwise make such payments on such Remittance Date, the same shall constitute an Event of Default hereunder. 

(c) Unless an Event of Default shall have occurred and be continuing, any Early Repurchase Additional Amount remitted by Seller to Buyer or to
the Depository Bank, if applicable, following the early repurchase by Seller of a Purchased Asset pursuant to Section 3(i) shall be applied by Buyer or the Depository Bank, as applicable, on the Business Day following the
Business Day on which such funds are deposited in the Blocked Account as follows: 
 (i) first, to Buyer, an
amount equal to any amounts payable by Seller and outstanding hereunder and under the other Transaction Documents (other than the Repurchase Price); 

(ii) second, to Buyer, to reduce the aggregate Purchase Prices of all Purchased Assets on a pro rata basis until
the aggregate Purchase Prices of all Purchased Assets has been reduced to zero; 
 (iii) third, to Seller, the
remainder, if any. 
 (d) If an Event of Default shall have occurred and be continuing, all Income on deposit in the Blocked Account in
respect of the Purchased Assets and the associated Hedging Transactions shall be applied as determined in Buyer’s sole discretion pursuant to Section 14(b)(ii). 

(e) If at any time during the term of any Transaction any Income is distributed to Seller with respect to the related Purchased Asset or
Seller has otherwise received such Income and has made a payment in respect of such Income to Buyer pursuant to this Section 5, and for any reason such amount is required to be returned by Buyer to an obligor under such
Purchased Asset (either before or after the Repurchase Date), Buyer may provide Seller with notice of such required return, and Seller shall pay the amount of such required return to Buyer by 11:00 a.m. (New York time) on the Business Day following
Seller’s receipt of such notice. 
 (f) Subject to the other provisions hereof, Seller shall be responsible for all Transaction Costs
in respect of any Purchased Assets to the extent it would be so obligated if the Purchased Assets had not been sold to Buyer. Buyer shall provide Seller with notice of any Transaction Costs, and Seller shall pay the amount of any Transaction Costs
to Buyer by 11:00 a.m. (New York time) on the later of (i) five (5) Business Days after the date on which Buyer has informed Seller that such amount is due under the Purchased Asset Documents and (ii) three (3) Business Days following
Seller’s receipt of such notice. 

  
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	6.	 SECURITY INTEREST 



(a) Buyer and Seller intend that all Transactions hereunder be sales to Buyer of the Purchased Assets for all purposes (other than for U.S.
federal, state and local income or franchise tax purposes) and not loans from Buyer to Seller secured by the Purchased Assets. However, in the event that any Transaction is deemed to be a loan, Seller hereby pledges to Buyer as security for the
performance by Seller of the Repurchase Obligations and hereby grants to Buyer a first priority security interest in all of Seller’s right, title and interest in and to the following (collectively, the “Repurchase Assets”):

 (i) all of the Purchased Assets (including, for the avoidance of doubt, all security interests, mortgages and liens on
personal or real property securing the Purchased Assets) and related Servicing Rights; 
 (ii) all Income from the Purchased
Assets; 
 (iii) all insurance policies and insurance proceeds relating to any Purchased Asset or the related Eligible
Property; 
 (iv) all “general intangibles”, “accounts” and “chattel paper” as defined in the
UCC relating to or constituting any and all of the foregoing; 
 (v) all replacements, substitutions or distributions on or
proceeds, payments and profits of, and records and files relating to, any and all of the foregoing; and 
 (vi) any other
property, rights, titles or interests as are specified in the Confirmation and/or the Trust Receipt, the Purchased Asset Schedule or exception report with respect to the foregoing in all instances, whether now owned or hereafter acquired, now
existing or hereafter created. 
 (b) With respect to the security interest in the Repurchase Assets granted in
Section 6(a) hereof, and with respect to the security interests granted in Sections 6(c) and 6(d), Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC
and any other applicable law and shall have the right to apply the Repurchase Assets or proceeds therefrom to the obligations of Seller under the Transaction Documents. In furtherance of the foregoing, (i) Buyer, at Seller’s sole cost and
expense, shall cause to be filed as a protective filing with respect to the Repurchase Assets and as a UCC filing with respect to the security interests granted in Sections 6(c) and 6(d) one or more UCC financing statements in form
satisfactory to Buyer (to be filed in the filing office indicated therein) and containing the following collateral description “all assets now owned or hereafter acquired”, in such locations as may be necessary to perfect and maintain
perfection and priority of the outright transfer (including under Section 22 of this Agreement) and the security interest granted hereby and, in each case, continuation statements and any amendments thereto (including,
without limitation, by causing to be filed any amendments necessary to add or delete Repurchase Assets covered by the financing statement to reflect the purchase and repurchase of Purchased Assets) (collectively, the “Filings”), and
shall forward copies of such Filings to Seller upon completion thereof, and (ii) Seller shall, from time to time, at its own expense, deliver and cause to be duly filed all such further filings, instruments and documents and take all such
further actions as may be necessary or desirable or as may be requested by Buyer with respect to the perfection and priority of the outright transfer of the Purchased Assets and the security interest granted hereunder in the Repurchase Assets and
the rights and remedies of Buyer with respect to the Repurchase Assets (including under Section 22 of this Agreement) (including the payments of any fees and Taxes required in connection with the execution and delivery of
this Agreement). 

  
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 (c) Seller hereby pledges to Buyer as security for the performance by Seller of the
Repurchase Obligations and hereby grants to Buyer a first priority security interest in all of Seller’s right, title and interest in and to Seller’s rights under all Hedging Transactions relating to Purchased Assets entered into by Seller
and all proceeds thereof. Seller shall take all action as is necessary or desirable to obtain consent to assignment of any such Hedging Transaction to Buyer and shall cause the counterparty under each such Hedging Transaction to enter into such
document or instrument satisfactory to Buyer, Seller and such counterparty, pursuant to which such counterparty will covenant and agree to accept notice from Buyer to redirect payments under such Hedging Transaction as Buyer may direct. So long as
no Event of Default shall be continuing, Buyer agrees that it will not redirect payments under any Hedging Transaction pledged to Buyer pursuant to the terms of this Section 6(c). 

(d) Seller hereby pledges to Buyer as security for the performance by Seller of the Repurchase Obligations and hereby grants to Buyer a first
priority security interest in all of Seller’s right, title and interest in and to the Blocked Account and all amounts and property from time to time on deposit therein and all replacements, substitutions or distributions on or proceeds,
payments and profits of, and records and files relating to, the Blocked Account. 
 (e) In connection with the repurchase by Seller of any
Purchased Asset in accordance herewith, upon receipt of the Repurchase Price by Buyer, Buyer will deliver to Seller, at Seller’s expense, such documents and instruments as may be reasonably necessary and requested by Seller to reconvey such
Purchased Asset and any Income related thereto to Seller. 
  

	7.	 PAYMENT, TRANSFER AND CUSTODY 



(a) Subject to the terms and conditions of this Agreement, on the Purchase Date for each Transaction, ownership of the Purchased Assets and all
rights thereunder shall be transferred to Buyer or its designee (including Custodian) against the simultaneous transfer of the Purchase Price to an account of Seller specified in the Confirmation relating to such Transaction. Buyer will provide
Seller with a Power of Attorney to Seller, allowing Seller to administer, operate and service such Purchased Assets. Provided that no Event of Default shall have occurred and be continuing, such Power of Attorney to Seller shall be binding
upon Buyer and Buyer’s successors and assigns. 
 (b) Seller shall: 

(i) with respect to each Table Funded Purchased Asset, (A) not later than 1:00 p.m. (New York time) on the Purchase Date,
deliver or cause Bailee to deliver to Buyer, by electronic transmission, a true and complete copy of the related Mortgage Note or Participation Certificate with assignment in blank (as applicable), loan agreement, Mortgage, Title Policy, Insured
Closing Letter and Escrow Instructions, if any, and the executed Bailee Agreement; (B) not later than 1:00 p.m. (New York time) on the third (3rd) Business Day following the Purchase Date, deliver or cause Bailee to deliver and release to
Custodian (with a copy to Buyer), together with a Purchased Asset File Checklist, the Purchased Asset Documents with respect to each Purchased Asset identified in the Purchased Asset File Checklist delivered therewith, and (C) not later than
two (2) Business Days following receipt of such Purchased Asset Documents by Custodian, cause Custodian to deliver a Trust Receipt confirming such receipt; and 

(ii) with respect to each Purchased Asset that is not a Table Funded Purchased Asset, (A) not later than 1:00 p.m. (New
York time) two (2) Business Days prior to the related Purchase Date, deliver and release to Custodian (with a copy to Buyer), together with the Purchased Asset File Checklist, the Purchased Asset Documents with respect to each Table Funded
Purchased Asset identified in the Purchased Asset File Checklist delivered therewith, and (B) on the Purchase Date, cause Custodian to deliver a Trust Receipt confirming receipt of such Purchased Asset Documents; 

  
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 provided that if Seller cannot deliver, or cause to be delivered, any of the original Purchased Asset
Documents required to be delivered as originals (excluding the Mortgage Note, the Mezzanine Note, the Assignment of Mortgage and, if applicable, the Participation Certificate, originals of which must be delivered at the time required under the
provisions above), Seller shall deliver a photocopy thereof and an Officer’s Certificate of Seller certifying that such copy represents a true and correct copy of the original and shall use its best efforts to obtain and deliver such original
document within one hundred eighty (180) days after the related Purchase Date (or such longer period after the related Purchase Date to which Buyer may consent in its sole discretion, so long as Seller is, as certified in writing to Buyer not
less frequently than monthly, using its best efforts to obtain the original). After the expiration of such best efforts period, Seller shall deliver to Buyer a certification that states, despite Seller’s best efforts, Seller was unable to
obtain such original document, and thereafter Seller shall have no further obligation to deliver the related original document. Notwithstanding the foregoing, Buyer shall, at its option, have the right to cancel the purchase of an Eligible Asset if
all required originals have not been delivered as required in this Agreement. 
 (c) From time to time, Seller shall forward to Custodian
additional original documents or additional documents evidencing any assumption, modification, consolidation or extension of a Purchased Asset approved in accordance with the terms of this Agreement, and upon receipt of any such other documents,
Custodian shall hold such other documents on behalf of Buyer and as Buyer shall request from time to time. With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned
to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall deliver to Buyer a true copy thereof with an Officer’s Certificate certifying that such copy is a true,
correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver such original documents to Custodian promptly when they are received. With respect to all of the Purchased Assets delivered by Seller to
Buyer or its designee (including Custodian), Seller shall execute an omnibus Power of Attorney to Buyer irrevocably appointing Buyer its attorney-in-fact with full power
to (i) complete and record any Assignment of Mortgage, (ii) complete the endorsement of any Mortgage Note, Mezzanine Note or Participation Certificate (as applicable) and (iii) after the occurrence and during the continuance of an
Event of Default, take such other steps as may be necessary or desirable to enforce Buyer’s rights against any Purchased Assets and the related Purchased Asset Files and the Servicing Records. Buyer shall deposit the Purchased Asset Files
representing the Purchased Assets, or cause the Purchased Asset Files to be deposited directly, with Custodian to be held by Custodian on behalf of Buyer. The Purchased Asset Files shall be maintained in accordance with Custodial Agreement. Any
Purchased Asset File not delivered to Buyer or its designee (including Custodian) is and shall be held in trust by Seller or its designee for the benefit of Buyer as the owner thereof. Seller or its designee shall maintain a copy of the Purchased
Asset File and the originals of the Purchased Asset File not delivered to Buyer or its designee. The possession of the Purchased Asset File by Seller or its designee is at the will of Buyer for the sole purpose of servicing the related Purchased
Asset, and such retention and possession by Seller or its designee is in a custodial capacity only. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to
reflect clearly the transfer, subject to the terms and conditions of this Agreement, of the related Purchased Asset to Buyer. Seller or its designee (including Custodian) shall release its custody of the Purchased Asset File only in accordance with
written instructions from Buyer, unless such release is required as incidental to the servicing of the Purchased Assets or is in connection with a repurchase of any Purchased Asset by Seller or is pursuant to the order of a court of competent
jurisdiction. 

  
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 (d) On the date of this Agreement, Buyer shall have received all of the following items and
documents, each of which shall be satisfactory to Buyer in form and substance: 
 (i) Transaction Documents.
(A) This Agreement, duly executed and delivered by Seller and Buyer; (B) the Custodial Agreement, duly executed and delivered by Seller, Buyer and Custodian;(C) the Blocked Account Agreement, duly executed and delivered by Seller, Buyer
and Depository Bank; (D) the Fee Letter, duly executed and delivered by Seller and Buyer; and (E) the Guaranty, duly executed and delivered by Guarantor; (F) the Pledge and Security Agreement, duly executed and delivered by Pledgor;
(G) the Power of Attorney to Buyer; (H) the Power of Attorney to Seller; (I) the Servicing Agreement and Servicer Acknowledgment duly executed by the parties thereto; and (J) the Filings; 

(ii) Fees and Costs. The Upfront Fee and all other Transaction Costs payable to Buyer in connection with the negotiation
of the Transaction Documents; 
 (iii) Organizational Documents. Certified copies of the organizational documents
of Seller and Guarantor and resolutions or other documents evidencing the authority of Seller and Guarantor with respect to the execution, delivery and performance of the Transaction Documents to which it is a party and each other document to be
delivered by Seller and/or Guarantor from time to time in connection with the Transaction Documents (and Buyer may conclusively rely on such certifications until it receives notice in writing from Seller or Guarantor, as the case may be, to the
contrary); 
 (iv) Legal Opinion. Opinions of counsel to Seller and Guarantor in form and substance satisfactory to
Buyer as to authority, enforceability of the Transaction Documents to which it is a party, perfection, bankruptcy safe harbors, the Investment Company Act and such other matters as may be requested by Buyer; and 

(v) Other Documents. Such other documents as Buyer may reasonably request. 

 

	8.	 CERTAIN RIGHTS OF BUYER WITH RESPECT TO THE PURCHASED ASSETS 



(a) Subject to the terms and conditions of this Agreement, title to all Purchased Assets shall pass to Buyer on the applicable Purchase Date,
and Buyer shall have free and unrestricted use of its interest in the Purchased Assets in accordance with the terms and conditions of the Purchased Asset Documents. Subject to the provisions of Article 17 of this Agreement, nothing in this
Agreement or any other Transaction Document shall preclude Buyer from engaging (at its expense) in repurchase transactions with the Purchased Assets with Persons in conformity with the terms and conditions of the Purchased Asset Documents or
otherwise selling, transferring, pledging, repledging, hypothecating, or rehypothecating the Purchased Assets to Persons in conformity with the terms and conditions of the Purchased Asset Documents, but no such transaction shall relieve Buyer of its
obligations to transfer the Purchased Assets to Seller pursuant to Section 3 of this Agreement or of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to
Section 5 of this Agreement or of the obligations of Buyer pursuant to Article 17 of this Agreement or otherwise affect the rights, obligations and remedies of any party to this Agreement. 

(b) Nothing contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any Purchased Assets delivered to
Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Asset shall remain in the custody of Seller or an Affiliate of Seller other than as permitted herein. Subject to the terms
and conditions of this Agreement, any documents delivered to Custodian pursuant to Section 7 of this Agreement shall be released only in accordance with the terms and conditions of the Custodial Agreement. 

  
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	9.	 EXTENSION OF FACILITY TERMINATION DATE 



(a) Extension of Facility Termination Date. At the request of Seller delivered to Buyer no earlier than ninety (90) days and no
later than thirty (30) days before: (i) the first anniversary of the Closing Date, Seller has one (1) option to request an extension of the then current Facility Termination Date for a one (1) year period, and (ii) the
fourth (4th) anniversary of the Closing Date, Seller has two (2) successive options to request an extension of the then current Facility Termination Date for a one (1) year period. Such requests may be approved or denied in Buyer’s
sole discretion, and in any case shall be approved only if (i) no Default, Event of Default or Margin Deficit shall exist on the date of Seller’s request to extend or on the then current Facility Termination Date, (ii) all
representations and warranties in this Agreement shall be true, correct, complete and accurate in all respects as of the then current Facility Termination Date (except such representations which by their terms speak as of a specified date and
subject to any exceptions disclosed to Buyer in an Exception Report prior to such date and approved by Buyer), and (iii) on or before the then current Facility Termination Date, Seller shall have paid the Extension Fee to Buyer. 

 

	10.	 REPRESENTATIONS 



Seller represents and warrants to Buyer that as of the date of this Agreement and as of each Purchase Date and at all times while this
Agreement and any Transaction thereunder is in effect or any Repurchase Obligations remain outstanding: 
 (i)
Organization. Seller (A) is a limited liability company duly organized, validly existing and in good standing under the laws and regulations of the State of Delaware; (B) is duly licensed, qualified, and in good standing in every
state where such licensing or qualification is necessary for the transaction of Seller’s business, except where failure to so qualify could not be reasonably likely to have a Material Adverse Effect; (C) has all requisite limited liability
company or other power, and has all governmental licenses, authorizations, consents and approvals necessary, to (1) own and hold its assets and to carry on its business as now being conducted and proposed to be conducted and (2) to execute
the Transaction Documents and enter into the Transactions thereunder, and (D) has all requisite limited liability company or other power to execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents.

 (ii) Authorization; Due Execution; Enforceability. The execution, delivery and performance by Seller of this
Agreement and each of the Transaction Documents have been duly authorized by all necessary limited liability company or other action on its part. The Transaction Documents have been duly executed and delivered by Seller for good and valuable
consideration. The Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors’
rights generally and to equitable principles. 
 (iii) Non-Contravention;
Consents. Neither the execution and delivery of the Transaction Documents, nor consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and
provisions of the Transaction Documents (or any of them) will (A) conflict with or result in a breach of the organizational documents of Seller (B) conflict with any applicable law (including, without limitation, Prescribed Laws), rule or
regulation or result in a breach or violation of any of 

  
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the terms, conditions or provisions of any judgment or order, writ, injunction, decree or demand of any Governmental Authority applicable to Seller, (C) result in the creation or imposition
of any lien or any other encumbrance upon any of the assets of Seller, other than pursuant to the Transaction Documents or (D) violate or conflict with contractual provisions of, or cause an event of default under, any indenture, loan
agreement, mortgage, contract or other material agreement to which Seller is a party or by which Seller may be bound, in the case of clause (B) above, to the extent that such conflict or breach would have a Material Adverse Effect upon
Seller’s ability to perform its obligations hereunder. 
 (iv) Litigation; Requirements of Law. There is no
action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller or any of its assets which may, individually or in the aggregate, result in any Material Adverse Effect. Seller is in
compliance in all material respects with all Requirements of Law. Seller is not in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 

(v) No Broker. Seller has not dealt with any broker, investment banker, agent or other Person (other than Buyer or an
Affiliate of Buyer) who may be entitled to any commission or compensation in connection with the sale of the Purchased Assets pursuant to any Transaction Documents. 

(vi) Good Title to Purchased Assets. Immediately prior to the purchase of any Purchased Assets by Buyer from Seller,
such Purchased Assets are free and clear of any lien, security interest, claim, option, charge, encumbrance or impediment to transfer to Buyer (including any “adverse claim” as defined in
Section 8-102(a)(1) of the UCC), and are not subject to any rights of setoff, any prior sale, transfer, assignment, or participation by Seller or any agreement (other than the Transaction Documents) by
Seller to assign, convey, transfer or participate in such Purchased Assets, in whole or in part, and Seller is the sole legal record and beneficial owner of, and owns and has the right to sell and transfer, such Purchased Assets to Buyer, and, upon
transfer of such Purchased Assets to Buyer, Buyer shall be the owner of such Purchased Assets (other than for U.S. federal, state and local income and franchise tax purposes) free of any adverse claim, subject to Seller’s rights pursuant to
this Agreement. In the event that the related Transaction is recharacterized as a secured financing of the Purchased Assets and with respect to the security interests granted in Section 6(a),
Section 6(c) and Section 6(d), the provisions of this Agreement and the filing of the Filings are effective to create in favor of Buyer a valid security interest in all right, title and interest of
Seller in, to and under the Repurchase Assets specified in Section 6(a) and the other collateral specified in Section 6(c) and Section 6(d), and Buyer shall have a valid,
perfected and enforceable first priority security interest in the Repurchase Assets and such other collateral, subject to no lien or rights of others other than as granted herein. 

(vii) No Default; No Material Adverse Effect. No Default or Event of Default exists under or with respect to the
Transaction Documents. To Seller’s knowledge, there are no post-Transaction facts or circumstances that have a Material Adverse Effect on any Purchased Asset that Seller has not notified Buyer of in writing. 

(viii) Representations and Warranties Regarding Purchased Assets; Delivery of Purchased Asset File. Each Purchased Asset
sold hereunder, as of the applicable Purchase Date for the Transaction in question, conforms to the applicable representations and warranties set forth in Exhibit III attached hereto, except as has been disclosed to Buyer in an Exception
Report prior to Buyer’s issuance of a Confirmation with respect to the related Purchased Asset. It is 

  
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understood and agreed that the representations and warranties set forth in Exhibit III hereto (as modified by any Exception Report disclosed to Buyer in writing prior to Buyer’s
issuance of a Confirmation with respect to the related Purchased Asset), shall survive delivery of the respective Purchased Asset File to Buyer or its designee (including Custodian). With respect to each Purchased Asset, the Purchased Asset File and
any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Asset have been delivered to Buyer or Bailee, as applicable, or to Custodian on behalf of Buyer. Seller or its designee is in possession
of a complete, true and accurate Purchased Asset File with respect to each Purchased Asset, except for such documents the originals of which have been delivered to Custodian. 

(ix) Adequate Capitalization; No Fraudulent Transfer. After giving effect to each Transaction (A) the amount of the
“present fair saleable value” of the assets of Seller will, as of such date, exceed the amount of all liabilities of Seller as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (B) the present fair saleable value of the assets of Seller will, as of such date, be greater than the amount that will be required to pay the liabilities of Seller on debts as such debts become
absolute and matured, (C) Seller will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (D) Seller will be able to pay its debts as they mature. Seller does not intend to incur, or
believe that it has incurred, debts beyond its ability to pay such debts as they mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator,
conservator, trustee or similar official in respect of Seller or any of its assets. Seller is not transferring any New Assets with any intent to hinder, delay or defraud any of its creditors. For purposes of this
Section 10(ix), “debt” means “liability on a claim”, “claim” means any (1) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, and (2) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an
equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

(x) Organizational Documents. Seller has delivered to Buyer true and correct certified copies of its organizational
documents, together with all amendments thereto, if any. 
 (xi) No Encumbrances. Except to the extent expressly set
forth in this Agreement, there are (A) no outstanding rights, options, warrants or agreements on the part of Seller for a purchase, sale or issuance, in connection with the Purchased Assets (B) no agreements on the part of Seller to issue,
sell or distribute the Purchased Assets and (C) no obligations on the part of Seller (contingent or otherwise) to purchase, redeem or otherwise acquire any securities or interest therein, except, in each of the foregoing instances, as
contemplated by the Transaction Documents. 
 (xii) No Investment Company or Holding Company. Seller is not required
to register as an “investment company”, or a company “controlled by an investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

(xiii) Taxes. Seller has filed or caused to be filed all federal and other material tax returns that would be delinquent
if they had not been filed on or before the date hereof and has paid all federal and other material Taxes due and payable on or before the date hereof and all Taxes, fees or other charges imposed on it and any of its assets by any Governmental
Authority; no tax liens have been filed against any of Seller’s assets; and, to Seller’s knowledge, no claims 

  
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are being asserted with respect to any such Taxes, fees or other charges (except for liens and with respect to Taxes not yet due and payable or liens or claims with respect to Taxes that are
being contested in good faith and for which adequate reserves have been established in accordance with GAAP). 
 (xiv)
ERISA. Neither Seller nor any ERISA Affiliate (A) sponsors or maintains any Plans or (B) makes any contributions to or has any liabilities or obligations (direct or contingent) with respect to any Plans. Seller does not hold Plan
Assets, and the consummation of the transactions contemplated by this Agreement will not constitute or result in any non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the
Code or substantially similar Laws. 
 (xv) Judgments/Bankruptcy. Except as disclosed in writing to Buyer, there are
no judgments against Seller that are unsatisfied of record or docketed in any court located in the United States of America and no Act of Insolvency has ever occurred with respect to Seller. 

(xvi) Full and Accurate Disclosure. No information provided pursuant to or during the negotiation of the Transaction
Documents, or any written statement furnished by or on behalf of Seller pursuant to the terms of the Transaction Documents, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained
herein or therein not misleading in light of the circumstances under which they were made when such statements and omissions are considered in the totality of the circumstances in question. 

(xvii) Financial Information. All financial data concerning Seller and, to Seller’s actual knowledge, all data
concerning the Purchased Assets that has been delivered to Buyer by Seller, any Affiliate of Seller or Seller’s advisors is true, complete and correct in all material respects and has been prepared in accordance with GAAP (to the extent
applicable). Since the delivery of such data, except as otherwise disclosed in writing to Buyer, there has been no material adverse change in the business or financial condition of Seller or the Purchased Assets, or in the results of operations of
Seller. 
 (xviii) Jurisdiction of Organization. Seller’s jurisdiction of organization is the State of Delaware.

 (xix) Location of Books and Records. The location where Seller keeps its books and records is at its chief
executive office at c/o Mack Real Estate Credit Strategies, 60 Columbus Circle, 20th Floor, New York, New York 10023. 
 (xx)
Authorized Representatives. The duly authorized representatives of Seller are listed on, and true signatures of such authorized representatives are set forth on, Exhibit V attached to this Agreement. 

(xxi) Use of Proceeds; Regulations T, U and X. All proceeds of each Transaction shall be used by Seller for purposes
permitted under Seller’s governing documents; provided that no part of the proceeds of any Transaction will be used by Seller to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying
any margin stock. Neither the entering into nor consummation of any Transaction hereunder, nor the use of the proceeds thereof, will violate any provision of Regulations T, U and X. 

(xxii) Regulatory Status. Seller is not a “bank holding company” or a direct or indirect subsidiary of a
“bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 

  
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 (xxiii) Hedging Transactions. As of the Purchase Date for any
Purchased Asset that is subject to a Hedging Transaction, each such Hedging Transaction is in full force and effect in accordance with its terms, each counterparty thereto is an Affiliated Hedge Counterparty or a Qualified Hedge Counterparty, and no
“Termination Event”, “Event of Default”, “Potential Event of Default” or any similar event, however denominated, has occurred with respect thereto. 

(xxiv) Anti-Money Laundering. The operations of Seller, Guarantor and their Subsidiaries are and have been conducted at
all times in material compliance with all applicable financial recordkeeping and reporting requirements required by the Prescribed Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving Seller or Guarantor or any of their Subsidiaries with respect to the Prescribed Laws is pending or, to the best knowledge of Seller, threatened. 

(xxv) OFAC. 

(A) None of Seller, any director, officer or employee of Seller, or to Seller’s knowledge, any agent, Affiliate or
representative of Seller, is a Person that is, or is owned or controlled by a Person that is: (1) the subject of any sanction administered or enforced by OFAC, the United Nations Security Council, the European Union, or Her Majesty’s
Treasury (collectively, “Sanctions”); or (2) located, organized or resides in a country or territory that is the subject of comprehensive Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan
and Syria. 
 (B) Seller is not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with
any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

(xxvi) Anti-Corruption. 

(A) None of Seller, its directors, officers, or employees, or, to Seller’s knowledge, any agent, Affiliate or
representative of Seller or any Affiliate of them, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value,
directly or indirectly, to any Person while knowing that all or some portion of the money or value will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business or otherwise to secure any improper
advantage, in each case in violation of applicable anti-corruption or anti-bribery laws. 
 (B) Seller and, to Seller’s
knowledge, Seller’s Affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained, and will continue to maintain, policies and procedures reasonably designed to promote and
achieve compliance with such laws and with the representations and warranties contained in this Section 10(xxvi). 

  
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	11.	 NEGATIVE COVENANTS OF SELLER 



On and as of date of this Agreement and each Purchase Date and at all times while this Agreement and any Transaction hereunder is in effect or
any Repurchase Obligations remain outstanding, Seller shall not without the prior written consent of Buyer: 
 (a) subject to Seller’s
right to repurchase the Purchased Assets, take any action which would directly or indirectly materially impair or adversely affect Buyer’s title to the Purchased Assets; 

(b) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or
indirectly, any interest in the Purchased Assets (or any of them) to any Person other than Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Assets (or any of them) with any Person other than Buyer,
except where the Purchased Assets in question are simultaneously repurchased from Buyer; 
 (c) create, incur or permit to exist any lien,
encumbrance or security interest in or on any of the Repurchase Assets or other collateral subject to the security interests granted by Seller pursuant to Section 6 of this Agreement; 

(d) create, incur or permit any lien, security interest, charges, or encumbrances with respect to any Repurchase Assets or Hedging Transaction
relating to the Purchased Assets for the benefit of any Person other than Buyer; 
 (e) consent or assent to a Significant Modification
relating to the Purchased Assets or other agreement or instrument relating to the Purchased Assets; 
 (f) reserved; 

(g) after the occurrence and during the continuation of any Default or Event of Default, make any distribution, payment on account of, or set
apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity or ownership interest of Seller, whether now or hereafter outstanding, or make any other distribution in
respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller; provided that, so long as no monetary Event of Default referenced in Section 14(a)(i), (ii), (iv) or (v) of this Agreement in an
amount equal to or greater than $500,000 shall have occurred and be continuing, Seller may distribute the minimum amount of cash required to be distributed so that Claros Mortgage Trust, Inc. can maintain its status as a “real estate investment
trust” under Sections 856 through 860 of the Code and avoid the payment of any income or excise taxes imposed under Section 857(b)(1), 857(b)(3) or 4981 or the Code; 

(h) sponsor or maintain any Plans or make any contributions to, or have any liability or obligation (direct or contingent) with respect to,
any Plan or permit any ERISA Affiliate to sponsor or maintain any Plans or make any contributions to, or have any liability or obligation (direct or contingent) with respect to, any Plan; 

(i) engage in any transaction that would cause any obligation or action taken or to be taken hereunder (or the exercise by Buyer of any of its
rights under this Agreement, the Purchased Assets or any Transaction Document) to be a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or substantially
similar provisions under any other similar Laws; 
 (j) make any future advances under any Purchased Asset to any underlying obligor that
are not permitted by the related Purchased Asset Documents; 

  
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 (k) seek its dissolution, liquidation or winding up, in whole or in part; 

(l) incur any Indebtedness except as provided in Section 13(i) hereof or otherwise cease to be a Single-Purpose
Entity; 
 (m) permit the organizational documents or organizational structure of Seller to be amended without the prior written consent of
Buyer, which consent shall not, prior to the occurrence and during the continuance of a Default or an Event of Default, be unreasonably withheld, conditioned or delayed, other than with respect to special purpose entity provisions, for which such
consent shall be at Buyer’s sole discretion; 
 (n) acquire or maintain any right or interest in any Purchased Asset or Mortgaged
Property that is senior to, junior to or pari passu with the rights and interests of Buyer therein under this Agreement and the other Transaction Documents unless such right or interest becomes a Purchased Asset hereunder or unless such right
or interest exists as of the Purchase Date for such Purchased Asset and is approved by Buyer in writing; 
 (o) knowingly, directly or
indirectly use the proceeds from any Transaction, or lend contribute or otherwise make available such proceeds to any other Person (i) to fund or facilitate any activities or business of or with any Person or in any country or territory that,
at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including Buyer); 

(p) knowingly, directly or indirectly use the proceeds from any Transaction or lend, contribute or otherwise make available such proceeds to
any Person for the purpose of financing or facilitating any activity that would violate applicable anti-corruption laws, rules, or regulations; 

(q) permit, at any time, a breach of the Concentration Limit due to an early repurchase pursuant to Section 3(i) above (provided,
however, in the event of such a breach, no later than two (2) Business Days after receipt of notice of such breach from Buyer or Seller knowledge thereof, Seller may cure such breach by: (i) delivering to Buyer cash, (ii) repurchasing
such Purchased Assets giving rise to such breach of the Concentration Limit at their Repurchase Prices, or (iii) choosing any combination of the foregoing, such that, after giving effect to such transfers, the Concentration Limit is no longer
breached) ; or 
 (r) cause any Purchased Asset to be serviced by any servicer other than a servicer expressly approved in writing by Buyer.

  

	12.	 AFFIRMATIVE COVENANTS OF SELLER 



On and as of the date of this Agreement and each Purchase Date and at all times while this Agreement and any Transaction thereunder is in
effect or any Repurchase Obligations remain outstanding: 
 (a) Seller shall promptly notify Buyer of any event and/or condition that is
likely to have a Material Adverse Effect. 
 (b) Seller shall give notice to Buyer of the following (accompanied by an Officer’s
Certificate setting forth details of the occurrence referred to therein and stating what actions Seller has taken or proposes to take with respect thereto): 

  
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 (i) promptly upon receipt by Seller of notice or knowledge of the occurrence
of any Default or Event of Default; 
 (ii) with respect to any Purchased Asset sold to Buyer hereunder, promptly following
receipt of any unscheduled Principal Payment (in full or in part); 
 (iii) with respect to any Purchased Asset sold to Buyer
hereunder, promptly following receipt by Seller of notice or knowledge that the related Mortgaged Property has been damaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so as to
affect adversely the value of such Mortgaged Property; 
 (iv) promptly upon receipt of notice by Seller or knowledge of
(A) any Purchased Asset that becomes a Defaulted Asset, (B) any lien or security interest (other than security interests created hereby) on, or claim asserted against, any Purchased Asset or, to Seller’s knowledge, the underlying
collateral therefor, (C) any event or change in circumstances that has or could reasonably be expected to have a material adverse effect on the Market Value of a Purchased Asset, or (D) any change with respect to Servicer or in the
servicing of any Purchased Asset; 
 (v) promptly, and in any event within ten (10) days after service of process on any
of the following, give to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are pending or threatened) or other legal or arbitrable proceedings affecting Seller or
affecting any of the assets of Seller before any Governmental Authority that (A) questions or challenges the validity or enforceability of any of the Transaction Documents or any action to be taken in connection with the transactions
contemplated hereby, (B) makes a claim or claims in an aggregate amount greater than $100,000, (C) which, individually or in the aggregate, if adversely determined could reasonably be likely to have a Material Adverse Effect, (D) requires
filing with the SEC in accordance with the 1934 Act and any rules thereunder or (E) raises any lender licensee issues with respect to any Purchased Asset; 

(vi) promptly upon any transfer of any underlying Mortgaged Property or any direct or indirect equity interest in any Mortgagor
of which Seller has knowledge, whether or not consent to such transfer is required under the applicable Purchased Asset Documents; 

(vii) promptly, and in any event within ten (10) days after Seller or any of its ERISA Affiliates knows or has reason to
know that any “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur in respect of a Plan that, individually or in the aggregate, either has resulted, or could reasonably be
expected to result, in a Material Adverse Effect; and 
 (viii) promptly upon receipt by Seller of notice or knowledge of the
occurrence of any breach of the representations and warranties in Exhibit III of this Agreement. 
 (c) Seller shall provide Buyer
with copies of such documents as Buyer may reasonably request evidencing the truthfulness of the representations set forth in Section 10 hereof, to the extent such documents are in Seller’s possession. 

(d) Seller shall defend the right, title and interest of Buyer in and to the Purchased Assets and any Hedging Transactions against, and take
such other action as is necessary to remove, any liens, security interests, claims, encumbrances, charges and demands of all Persons thereon (other than security interests granted to Buyer hereunder), and, upon Buyer’s reasonable request, take
any such other action as is necessary to obtain or preserve a first priority perfected security interest in the Purchased Assets and any Hedging Transactions. 

  
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 (e) Seller will permit Buyer or its designated representative to inspect any of
Seller’s records with respect to all or any portion of the Purchased Assets and the conduct and operation of its business related thereto upon Buyer’s reasonable notice at such reasonable times and with reasonable frequency requested by
Buyer or its designated representative and to make copies of extracts of any and all thereof, subject to terms of any confidentiality agreement between Buyer and Seller. Buyer shall act in a commercially reasonable manner in requesting and
conducting any inspection related to the conduct and operation of Seller’s business. 
 (f) If any amount payable under or in
connection with any of the Purchased Assets shall be or become evidenced by any promissory note, other instrument or chattel paper (as each of the foregoing is defined under the UCC), such note, instrument or chattel paper shall be immediately
delivered to Buyer or its designee, duly endorsed in a manner satisfactory to Buyer or if any collateral or other security shall subsequently be delivered to Seller in connection with any Purchased Asset, Seller shall immediately deliver or forward
such item of collateral or other security to Buyer or its designee, together with such instruments of assignment as Buyer may reasonably request. 

(g) Seller shall provide (or cause to be provided) to Buyer the following financial and reporting information: 

(i) the Monthly Statement; 

(ii) the Quarterly Report, together with all operating statements and occupancy information that Seller or Servicer has
received relating to the Purchased Assets for the related fiscal quarter; 
 (iii) a Financial Covenant Compliance
Certificate; 
 (iv) within forty-five (45) days following the end of each of the first three quarters, and within
ninety (90) days following the end of each fiscal year, as the case may be, an Officer’s Certificate of Seller in form and substance reasonably satisfactory to Buyer certifying that during such fiscal quarter or year Seller has observed or
performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Transaction Documents to be observed, performed or satisfied by it, and that there has occurred no Event of Default and no
event or circumstance has occurred that is reasonably likely to result in a Material Adverse Effect; 
 (v) within ten
(10) Business Days after Buyer’s request, such further information with respect to the operation of any Mortgaged Property, Purchased Asset, the financial affairs of Seller or Guarantor and any Plan and Multiemployer Plan as may be
reasonably requested by Buyer, including all business plans prepared by or for Seller; 
 (vi) upon the request of Buyer no
more often than annually, updated Appraisals of the Mortgaged Properties relating to the Purchased Assets, at Seller’s sole cost and expense; and 

(vii) such other reports as Buyer shall reasonably request. 

  
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 (h) Seller shall at all times comply in all material respects with all laws (including,
without limitation, Prescribed Laws), ordinances, rules and regulations of any federal, state, municipal or other public authority having jurisdiction over Seller or any of its assets, and Seller shall do or cause to be done all things reasonably
necessary to preserve and maintain in full force and effect its legal existence and all licenses material to its business. 
 (i) Seller
agrees that, from time to time upon the prior written request of Buyer, it shall (A) execute and deliver such further documents, provide such additional information and reports and perform such other acts as Buyer may reasonably request in
order to insure compliance with all Prescribed Laws and to fully effectuate the purposes of this Agreement and (B) provide such opinions of counsel concerning matters relating to the Prescribed Laws as Buyer may reasonably request;
provided, however, that nothing in this Section 3(i) shall be construed as requiring Buyer to conduct any inquiry or decreasing Seller’s responsibility for its statements, representations, warranties or
covenants under this Agreement. In order to enable Buyer and its respective Affiliates to comply with any anti-money laundering program and related responsibilities including, but not limited to, any obligations under the Prescribed Laws and
regulations thereunder, Seller, on behalf of itself and its Affiliates, represents and covenants to Buyer and its Affiliates that: (A) neither Seller, nor, any of its Affiliates, is a Prohibited Person and (B) Seller is not acting on
behalf of or on behalf of any Prohibited Person. Seller agrees to promptly notify Buyer or a person appointed by Buyer to administer its anti-money laundering program, if applicable, of any change in information affecting this
Section 12(i). 
 (j) Seller shall at all times keep proper books of records and accounts in which full, true and
correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 

(k) Seller shall advise Buyer in writing of the opening of any new chief executive office of Seller or the closing of any such office and of
any change in Seller’s name or the places where the books and records pertaining to the Purchased Assets are held not less than fifteen (15) Business Days prior to taking any such action. 

(l) Seller shall pay when due all Transaction Costs. Seller shall pay and discharge all Taxes, levies, liens and other charges, if any, on its
assets and on the Purchased Assets that, in each case, in any manner would create any lien or charge upon the Purchased Assets, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently
conducted and with respect to which adequate reserves have been provided in accordance with GAAP. 
 (m) Seller shall maintain its existence
as a limited liability company organized solely and in good standing under the law of the State of Delaware and shall not dissolve, liquidate, merge with or into any other Person or otherwise change its organizational structure or documents or
identity or incorporate or organize in any other jurisdiction. 
 (n) Seller shall maintain all records with respect to the Purchased Assets
and the conduct and operation of its business with no less a degree of prudence than if the Purchased Assets were held by Seller for its own account and will furnish Buyer, upon request by Buyer or its designated representative, with information
reasonably obtainable by Seller with respect to the Purchased Assets and the conduct and operation of its business. 
 (o) Seller shall
provide Buyer with notice of each modification of any Purchased Asset Documents consented to by Seller (including such modifications which do not constitute a Significant Modification). 

  
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 (p) Seller shall provide Buyer with reasonable access to operating statements, the occupancy
status and other property level information, with respect to the Mortgaged Properties, plus any such additional reports as Buyer may reasonably request. 

(q) Seller may propose, and Buyer will consider, but shall be under no obligation to approve, strategies for the foreclosure or other
realization upon the security for any Purchased Asset that has become a Defaulted Asset. 
 (r) Seller shall not cause any Purchased Asset
to be serviced by any servicer other than a servicer expressly approved in writing by Buyer. Seller shall provide written notification to Buyer within one (1) Business Day of any rating agency reducing the credit or servicer rating applicable
to any servicer. 
 (s) If Seller shall at any time become entitled to receive or shall receive any rights, whether in addition to, in
substitution of, as a conversion of, or in exchange for a Purchased Asset, or otherwise in respect thereof, Seller shall accept the same as Buyer’s agent, hold the same in trust for Buyer and deliver the same forthwith to Buyer (or Custodian,
as appropriate) in the exact form received, duly endorsed by Seller to Buyer if required, together with all related and necessary duly executed Transfer Documents to be held by Buyer hereunder as additional collateral security for the Transactions.
If any sums of money or property so paid or distributed in respect of the Purchased Assets shall be received by Seller, Seller shall, until such money or property is paid or delivered to Buyer, hold such money or property in trust for Buyer,
segregated from other funds of Seller, as additional collateral security for the Transactions. 
 (t) If Guarantor or any Subsidiary of
Guarantor has entered into or shall enter into or amend a repurchase agreement, warehouse facility, credit facility or other similar arrangement with any Person which by its terms provides more favorable terms with respect to any financial covenants
tested at the Guarantor level, including without limitation covenants covering the same or similar subject matter set forth in any Financial Covenant Compliance Certificate required to be delivered hereunder (a “More Favorable
Agreement”), Seller shall (i) give notice to Buyer of such more favorable terms (A) in the case of an existing More Favorable Agreement, promptly, and (B) in the case of a More Favorable Agreement that has not been executed,
not less than ten (10) Business Days’ prior to execution of such More Favorable Agreement, and (ii) enter into such amendments to this Agreement and the other Transaction Documents as may be required by Buyer to give effect to such
more favorable terms (A) in the case of an existing More Favorable Agreement, no later than ten (10) Business Days after notice is given pursuant to clause (i)(A) above, or (B) in the case of a More Favorable Agreement that has
not been executed, the date on which such more favorable terms become effective. 
  

	13.	 SINGLE-PURPOSE ENTITY 



Seller hereby represents and warrants to Buyer and covenants with Buyer that, on and as of the date of this Agreement and each Purchase Date
and at all times while this Agreement and any Transaction hereunder is in effect or any Repurchase Obligations remain outstanding: 
 (a) it
is and intends to remain solvent, and it has paid and will pay its debts and liabilities (including overhead expenses) from its own assets as the same shall become due; 

(b) it has complied and will comply with the provisions of its certificate of formation and its limited liability company agreement; 

(c) it has done or caused to be done and will do all things necessary to observe limited liability company formalities and to preserve its
existence; 

  
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 (d) it has maintained and will maintain all of its books, records, financial statements and
bank accounts separate from those of its affiliates, its members and any other Person, and it will file its own tax returns (except to the extent consolidation is required or permitted under GAAP or as a matter of law); 

(e) it has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other
entity (including any Affiliate of Seller), it shall correct any known misunderstanding regarding its status as a separate entity, it shall conduct business in its own name, it shall not identify itself or any of its Affiliates as a division or part
of the other and it shall maintain and utilize separate stationery, invoices and checks; 
 (f) it has not owned and will not own any
property or any other assets other than the Purchased Assets, cash and its interest under any associated Hedging Transactions; 
 (g) it has
not engaged and will not engage in any business other than the origination, acquisition, ownership, financing and disposition of the Purchased Assets and the associated Hedging Transactions in accordance with the applicable provisions of the
Transaction Documents; 
 (h) it has not entered into, and will not enter into, any contract or agreement with any of its affiliates, except
upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm’s length basis with Persons other than such affiliate; 

(i) it has not incurred and will not incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent
(including guaranteeing any obligation), other than (A) obligations under the Transaction Documents, (B) obligations under the documents evidencing the Purchased Assets, and (C) unsecured trade payables, in an aggregate amount not to
exceed $200,000 at any one time outstanding, incurred in the ordinary course of acquiring, owning, financing and disposing of the Purchased Assets; provided, however, that any such trade payables incurred by Seller shall be paid within
sixty (60) days of the date incurred; 
 (j) it has not made and will not make any loans or advances to any other Person, and shall not
acquire obligations or securities of any member or affiliate of any member or any other Person (other than in connection with the origination or acquisition of Purchased Assets); 

(k) it will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations; 
 (l) it will not seek the dissolution, liquidation or winding up, in whole or in part of Seller;

 (m) it will not commingle its funds and other assets with those of any of its Affiliates or any other Person; 

(n) it has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or
identify its individual assets from those of any of its Affiliates or any other Person; 
 (o) it has not held and will not hold itself out
to be responsible for the debts or obligations of any other Person; 

  
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 (p) it will (i) have at all times at least one (1) Independent Director and
(ii) provide Buyer with up-to-date contact information for all Independent Directors and a copy of the agreement pursuant to which each Independent Director
consents to and serves as an Independent Director for Seller; 
 (q) its organizational documents shall provide that (i) no Independent
Director of Seller may be removed or replaced without Cause, (ii) Buyer be given at least two (2) Business Days prior notice of the removal and/or replacement of any Independent Director, together with the name and contact information of
the replacement Independent Director and evidence of the replacement’s satisfaction of the definition of Independent Director and (iii) any Independent Director of Seller shall not have any fiduciary duty to anyone including the holders of
the equity interests in Seller and any Affiliates of Seller except Seller and the creditors of Seller with respect to taking of, or otherwise voting on, any Act of Insolvency; provided that the foregoing shall not eliminate the implied
contractual covenant of good faith and fair dealing; 
 (r) it shall not, without the consent of its Independent Directors, institute any
proceeding to be adjudicated as bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or consent to
the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator, liquidator, assignee, trustee or sequestrator (or other similar official) of it or of any substantial part of its property, or ordering the winding up
or liquidation of its affairs, or make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; and 

(s) it shall not have any employees. 
  

	14.	 EVENTS OF DEFAULT; REMEDIES 



(a) Events of Default. The following shall constitute an event of default (each, an “Event of Default”) by Seller
hereunder: 
 (i) failure of Seller to repurchase one or more Purchased Assets on the applicable Repurchase Date; 

(ii) failure of Seller or any servicer to deposit all Income as required by the provisions of this Agreement when due and such
failure continues for a period of one (1) Business Day past the date on which the same was due; 
 (iii) if any of the
Transaction Documents shall for any reason (A) not cause, or shall cease to cause, Buyer to be the owner of, or, if recharacterized as a secured financing, a secured party with respect to, the Repurchase Assets specified in
Section 6(a) hereof and the other collateral specified in Sections 6(c) or 6(d) hereof free of any adverse claim, liens and other rights of others (other than as granted herein); (B) cease, if a Transaction is
recharacterized as a secured financing, to create a valid first priority perfected security interest in favor of Buyer in the Repurchase Assets specified in Section 6(a) hereof and the other collateral specified in
Sections 6(c) or 6(d) hereof; or (C) cease to be in full force and effect or if the enforceability of any of them is challenged or repudiated by Seller, Guarantor or Servicer or any counterparty thereto; 

(iv) failure of Seller to make the payments required under Section 4(a) or
Section 5(b) hereof on the date such payment is due; 

  
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 (v) failure of Seller to make any other payment owing to Buyer which has
become due, whether by acceleration or otherwise, under the terms of this Agreement which failure is not remedied within the period specified herein or, if no period is specified for such payments three (3) Business Days after notice thereof to
Seller from Buyer; 
 (vi) intentionally omitted; 

(vii) a Change of Control shall have occurred with respect to Seller or Guarantor; 

(viii) any representation made by Seller herein or in any Transaction Document shall have been incorrect or untrue in any
material respect when made or repeated or deemed to have been made or repeated and such incorrect or untrue representation exists and continues unremedied for five (5) Business Days after the earlier of receipt of written notice thereof from
Buyer or Seller’s actual knowledge of such incorrect or untrue representation; provided that the representations and warranties made by Seller in Sections 10(vi) or 10(viii) hereof shall not be considered an Event of
Default if incorrect or untrue in any material respect (which determination shall be made with respect to the representations and warranties in Exhibit III without regard to any knowledge qualifier therein), if Buyer terminates the related
Transaction and Seller repurchases the related Purchased Asset(s) on an Early Repurchase Date no later than five (5) Business Days after receiving written notice of such incorrect or untrue representation; provided, however, that
if Seller shall have made any such representation with knowledge that it was materially incorrect or untrue at the time made, such misrepresentation shall constitute an Event of Default; 

(ix) (A) a final judgment by any competent court in the United States of America for the payment of money in an amount greater
than $250,000 shall have been rendered against Seller and remains undischarged or unpaid for a period of sixty (60) days, during which period execution of such judgment is not effectively stayed or (B) a final judgment by any competent
court in the United States of America for the payment of money in an amount greater than $10,000,000 shall have been rendered against Guarantor and remains undischarged or unpaid for a period of thirty (30) days, during which period execution
of such judgment is not effectively stayed; 
 (x) (A) Seller shall have defaulted or failed to perform under any
Indebtedness, and which default involves the failure to pay an obligation in excess of $250,000 or (B) Guarantor shall have defaulted or failed to perform under any Indebtedness, and which default involves the failure to pay an obligation in
excess of $10,000,000; provided, however, that any such default, failure to perform or breach shall not constitute an Event of Default if Seller or Guarantor, as the case may be, cures such default, failure to perform or breach, as the
case may be, within the grace period, if any, provided under the applicable agreement; 
 (xi) if Seller shall breach or fail
to perform any of the terms, covenants, obligations or conditions of this Agreement or any other Transaction Document, other than as specifically otherwise referred to in this Section 14(a), and such breach or failure to
perform is susceptible of cure and is not remedied within (A)the specified cure period or (B) if no cure period is specified, five (5) Business Days after notice thereof to Seller by Buyer, or its successors or assigns; provided,
however, that with respect to clause (B) only, if such default is susceptible of cure but cannot reasonably be cured within such five (5) Business Day period; and provided further that Seller shall have
commenced to cure such default within such five (5) Business Day period and thereafter diligently and expeditiously proceeds to cure the same, such five (5) Business Day period shall be extended for such time as is reasonably necessary for
Seller, in the exercise of due 

  
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diligence, to cure such default, and in no event shall such cure period exceed fifteen (15) days from Seller’s receipt of Buyer’s notice of such default; 

(xii) the breach by Guarantor of (A) any financial covenant set forth in Section 9 of the Guaranty or (B) any
other term, covenant, obligation or condition set forth in the Guaranty; provided, however, that any such default or breach under clause (B) only shall not constitute an Event of Default if Guarantor cures such default or breach, as the case
may be, within ten (10) Business Days after notice thereof from Buyer to Guarantor or Seller, provided, further, that if such default or breach under clause (B) is susceptible of cure but cannot reasonably be cured within such ten
(10) Business day period and Guarantor shall have commenced to cure such default or breach within such ten (10) Business Day period and thereafter diligently and expeditiously proceeds to cure the same, such ten (10) Business Day
period shall be extended for such time as is reasonably necessary for Guarantor, in the exercise of due diligence, to cure such default, and in no event shall such cure period exceed fifteen (15) Business Days from Guarantor’s or
Seller’s receipt of Buyer’s notice of such default; 
 (xiii) if Pledgor shall breach or fail to perform any of the
terms, covenants, obligations or conditions of the Pledge and Security Agreement, and such breach or failure to perform is susceptible of cure and is not remedied within (A) the specified cure period or (B) if no cure period is specified,
ten (10) Business Days after notice thereof to Seller or Pledgor by Buyer, or its successors or assigns; provided, however, that with respect to clause (B) only, if such default is susceptible of cure but cannot
reasonably be cured within such ten (10) Business Day period; and provided further that Pledgor shall have commenced to cure such default within such ten (10) Business Day period and thereafter diligently and expeditiously
proceeds to cure the same, such ten (10) Business Day period shall be extended for such time as is reasonably necessary for Seller, in the exercise of due diligence, to cure such default, and in no event shall such cure period exceed fifteen
(15) Business Days from Pledgor’s or Seller’s receipt of Buyer’s notice of such default; 
 (xiv) an Act
of Insolvency shall have occurred with respect to Seller, Pledgor or Guarantor; 
 (xv) Intentionally omitted; 

(xvi) an “event of default” or “facility termination event” (as defined in the agreements relating to a
facility described below), by Seller, Guarantor or a Subsidiary of Guarantor beyond any applicable notice and cure period, shall have occurred under (A) any repurchase facility, loan facility or hedging transaction entered into by Guarantor or
any Subsidiary of Guarantor and Buyer or any Affiliate of Buyer, (B) any repurchase facility, loan facility or hedging transaction with Buyer or any Affiliate of Buyer in which Guarantor or any Subsidiary of Guarantor is a guarantor or
(C) any Hedging Transaction entered into by Seller, Guarantor or any Subsidiary of Guarantor or in which Seller, Guarantor or any Subsidiary of Guarantor is a guarantor; or 

(xvii) any of the representations and warranties of Guarantor in any Financial Covenant Compliance Certificate shall have been
incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated. 
 (b) Remedies. If an
Event of Default shall occur and be continuing, the following rights and remedies shall be available to Buyer: 

  
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 (i) At the option of Buyer, exercised by written notice to Seller (which
option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Act of Insolvency with respect to Seller), the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be
deemed immediately to occur (the date on which such option is exercised or deemed to have been exercised, the “Accelerated Repurchase Date”) (and any Transaction for which the related Purchase Date has not yet occurred shall be
canceled). 
 (ii) If Buyer exercises or is deemed to have exercised the option referred to in
Section 14(b)(i) hereof (A) Seller’s obligations hereunder to repurchase all Purchased Assets shall become immediately due and payable on and as of the Accelerated Repurchase Date, and all Income deposited in the
Blocked Account shall be retained by Buyer and applied to the Repurchase Obligations; (B) the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall include the accrued and unpaid Price
Differential with respect to each Purchased Asset accrued at the Pricing Rate applicable upon an Event of Default for such Transaction; and (C) Custodian shall, upon the request of Buyer (with simultaneous copy of such request to Seller),
deliver to Buyer all instruments, certificates and other documents then held by Custodian relating to the Purchased Assets. 

(iii) Buyer may, after ten (10) days’ notice to Seller of Buyer’s intent to take such action (provided
that no such notice shall be required in the circumstances set forth in Section 9-611(d) of the UCC), (A) immediately sell, at a public or private sale in a commercially reasonable manner and at such
price or prices as Buyer may deem to be satisfactory any or all of the Purchased Assets on a servicing released basis or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Seller credit for
such Purchased Assets in an amount equal to the Market Value of such Purchased Assets against the aggregate Repurchase Obligations. The proceeds of any disposition of Purchased Assets effected pursuant to this
Section 14(b)(iii) shall be applied: first, to the costs and expenses incurred by Buyer in connection with Seller’s default; second, to the costs of cover and/or Hedging Transactions, if any;
third, to the Repurchase Price; fourth, to all other outstanding Repurchase Obligations; and fifth, the balance, if any, to Seller. In the event that Buyer shall not have received repayment in full of the Repurchase Obligations
following its liquidation of the Purchased Assets, Buyer may, in its sole discretion, pursue Seller and Guarantor (to the extent provided in the Guaranty) for all or any part of any deficiency. 

(iv) The parties recognize that it may not be possible to purchase or sell all of the Purchased Assets on a particular Business
Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. In view of the nature of the Purchased Assets, the parties agree that, to the extent permitted by applicable law,
liquidation of a Transaction or the Purchased Assets shall not require a public purchase or sale and that a private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Buyer may elect, in its sole
discretion, the time and manner of liquidating any Purchased Assets, and nothing contained herein shall (A) obligate Buyer to liquidate any Purchased Assets following the occurrence of an Event of Default or to liquidate all of the Purchased
Assets in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. 
 (v)
Seller shall be liable to Buyer for (A) the amount of all expenses, including reasonable legal fees and expenses of counsel, incurred by Buyer in connection with or as a consequence of an Event of Default, (B) all costs incurred in
connection with covering transactions or Hedging Transactions (including short sales) or entering into replacement transactions, (C) all damages, losses, judgments, costs and other expenses of any kind that may be


  
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imposed on, incurred by or asserted against Buyer relating to or arising out of such hedging transactions or covering transactions, and (D) any other loss, damage, cost or expense directly
arising or resulting from the occurrence of an Event of Default. 
 (vi) Buyer may exercise any or all of the remedies
available to Buyer immediately upon the occurrence of an Event of Default and at any time during the continuance thereof. All rights and remedies arising under the Transaction Documents, as amended from time to time, are cumulative and not exclusive
of any other rights or remedies that Buyer may have. 
 (vii) Buyer may enforce its rights and remedies hereunder without
prior judicial process or hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to require Buyer to enforce its rights by judicial process. Seller also waives any defense Seller might otherwise have arising from the
use of nonjudicial process, disposition of any or all of the Purchased Assets, or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity
and are the result of a bargain at arm’s length. 
 (viii) Without limiting any other rights or remedies of Buyer, Buyer
shall have the right of set-off set forth in Section 26 hereof. 

(ix) Buyer shall have, in addition to its rights and remedies under the Transaction Documents, all of the rights and remedies
provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as secured financings, the rights and remedies of a secured party under the UCC of the State of New York, to the
extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between Buyer and Seller, exercisable upon ten (10) days notice from Buyer to Seller. Without limiting the
generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of Seller’s obligations to Buyer or its Affiliates, whether under this Agreement or under any other agreement
between Seller and Buyer or between Seller and any Affiliate of Buyer, or otherwise, whether or not such obligations are then due, without prejudice to Buyer’s right to recover any deficiency. 

(x) Buyer shall at any time have the right, in each case until such time as Buyer determines otherwise, to retain, to suspend
payment or performance of, or to decline to remit, any amount or property that Buyer would otherwise be obligated to pay, remit or deliver to Seller hereunder if a Default or an Event of Default has occurred. 

(xi) For the avoidance of doubt, Buyer shall have no obligation to review or purchase any Eligible Asset during the continuance
of an Event of Default. 
  

	15.	 SINGLE AGREEMENT 



Buyer and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance
upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees to perform all of its obligations in respect of
each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder. 

  
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	16.	 NOTICES AND OTHER COMMUNICATIONS 



All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes
if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, or (d) by email (with confirmation of receipt by the receiving party); provided that such email notice must also be delivered by one of the means set forth in clauses (a), (b) or
(c) above, to the addresses specified in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the
manner provided for in this Section 16. A notice shall be deemed to have been given: (i) in the case of hand delivery, at the time of delivery; (ii) in the case of registered or certified mail, when delivered or
the first attempted delivery on a Business Day; (iii) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day; or (iv) in the case of email, upon receipt of confirmation or receipt; provided
that such emailed notice is also delivered as required in this Section 16. A party receiving a notice that does not comply with the technical requirements for notice under this Section 16 may elect
to waive any deficiencies and treat such notice as having been properly given. Notwithstanding the foregoing, notices pursuant to Section 4 hereof may be sent by electronic mail to the email addresses set forth on Annex
I attached hereto; provided that such notice delivered by email shall be deemed to be given only upon receipt of confirmation of receipt by the receiving party. 
  

	17.	 NON-ASSIGNABILITY 



(a) The rights and obligations of Seller under the Transaction Documents, the Hedging Transactions and under any Transaction shall not be
assigned by Seller without the prior written consent of Buyer. Any attempt by Seller to assign any of its rights or obligations under this Agreement without the prior written consent of Buyer shall be null and void, ab initio. 

(b) Buyer may at any time, without the consent of Seller, sell participations in up to 100% (in the aggregate, in one or more Transactions,
including any assignments under Section 17(c)) of Buyer’s rights and/or obligations under the Transaction Documents; provided that, so long as no Event of Default has occurred, Buyer shall not sell
participations in all or any portion of its rights and obligations under the Transaction Documents to a Prohibited Transferee. In connection with any participation by Buyer hereunder, other than a participation by Buyer of one hundred percent (100%)
of its rights and obligations under the Transaction Documents, so long as no Event of Default has occurred and is continuing, (i) Buyer shall retain control and authority over its rights and obligations under the Transaction Documents and any
Transaction and (ii) Seller shall not be obligated or required to deal directly or indirectly with any Person other than Buyer. Seller agrees to, and to cause Guarantor to, cooperate at no out-of-pocket expense to Seller with Buyer in connection with any such participating interest and to enter into such restatements of, and amendments, supplements and other modifications to, this Agreement in
order to give effect to such sale. 
 (c) Buyer may at any time, without the consent of Seller, sell and assign up to 100% (in the
aggregate, in one or more Transactions, and including any participation under Section 17(b)) of the rights and obligations of Buyer under the Transaction Documents; provided that, so long as no Event of Default has
occurred, Buyer shall not sell or assign all or any portion of its rights and obligations under the Transaction Documents to a Prohibited Transferee. From and after the effective date of such assignment, such assignee shall be a party and, to the
extent provided in such assignment agreement, have the rights and obligations of Buyer under the Transaction Documents with respect to the percentage and amount of the Repurchase Price allocated to it. In connection with any sale, assignment or
transfer by Buyer hereunder, other than a sale, assignment or transfer by Buyer of one hundred percent (100%) of its rights 

  
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and obligations under the Transaction Documents, so long as no Event of Default has occurred and is continuing, (i) Buyer shall retain control and authority over its rights and obligations
under the Transaction Documents and any Transaction and (ii) Seller shall not be obligated or required to deal directly or indirectly with any Person other than Buyer. Seller agrees to, and to cause Guarantor to, cooperate at no out-of-pocket expense to Seller with Buyer in connection with any such assignment, transfer or sale of participating interest and to enter into such restatements of, and
amendments, supplements and other modifications to, this Agreement in order to give effect to such assignment, transfer or sale. 
 (d) As
long as a Default or an Event of Default shall have occurred and be continuing, Buyer may assign, participate or sell its rights and obligations under the Transaction Documents and/or any Transaction to any Person without prior notice to Seller and
without regard to the limitations set forth in Section 17(b) and Section 17(c) above. From and after the date Buyer is no longer a party to this Agreement, Buyer shall have no obligation to act as
agent or to make decisions under this Agreement. 
 (e) Buyer, acting solely for this purpose as an agent of Seller, shall maintain a copy
of each assignment and a register for the recordation of the names and addresses of the assignees, and ownership rights in the Transactions, Purchased Assets or other interests under this Agreement. The entries in such register shall be conclusive
absent manifest error, and each of Seller and Buyer and their respective assignees shall treat each Person whose name is recorded in such register pursuant to the terms hereof as the beneficial owner of the interests in the Transactions, Purchased
Assets or other interests under this Agreement for all purposes. Such register shall be available for inspection by the Seller and Buyer, at any reasonable time and from time to time upon reasonable prior notice. If any assignee is a non-U.S. Person, such assignee shall timely provide Seller with such forms as may be required to establish the assignee’s status for U.S. withholding tax purposes. 

(f) If Buyer sells a participation, Buyer shall, acting solely for this purpose as an agent of Seller, maintain a register on which it enters
the name and address of each participant and the ownership rights of each participant in the Transactions, Purchased Assets or other interests under this Agreement. The entries in such register shall be conclusive absent manifest error, and Buyer
shall treat each Person whose name is recorded in such register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. If any participant is a
non-U.S. Person, such participant shall timely provide Buyer with such forms as may be required to establish such participant’s status for U.S. withholding tax purposes. 

(g) Subject to the foregoing, the Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the
parties and their respective successors and permitted assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and their respective successors, any benefit or
any legal or equitable right, power, remedy or claim under the Transaction Documents. 
 (h) Notwithstanding anything to the contrary in
this Agreement, nothing in this Agreement shall prevent or prohibit Buyer from pledging its interest in the Purchased Assets hereunder to a Federal Reserve Bank in support of borrowings made by Buyer from such Federal Reserve Bank; provided,
however, no such pledge shall release Buyer, as the case may be, from any of its obligations hereunder or substitute any such pledgee for Buyer, as the case may be, as a party hereto. 

  
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	18.	 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC. 



(a) This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof,
except for Section 5-1401 of the General Obligations Law of the State of New York. 
 (b) Each
party irrevocably and unconditionally submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely
for the purpose of any suit, action or proceeding brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. 

(c) To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or
proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or
otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Agreement or relating in any way to
this Agreement or any Transaction under this Agreement. 
 (d) EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE AND IRREVOCABLY CONSENTS TO THE SERVICE OF ANY
SUMMONS AND COMPLAINT AND ANY OTHER PROCESS BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS RESPECTIVE ADDRESS SPECIFIED HEREIN. EACH PARTY HEREBY 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. NOTHING IN THIS SECTION 18 SHALL AFFECT THE RIGHT OF BUYER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE
RIGHT OF BUYER TO BRING ANY ACTION OR PROCEEDING AGAINST SELLER OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 (e) EACH
PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

  

	19.	 NO RELIANCE; DISCLAIMERS 



(a) Each party hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into, and
the performance under, the Transaction Documents and each Transaction thereunder: 
 (i) It is not relying (for purposes of
making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents. 


  
 57 













 (ii) It has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent that it has deemed to be necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own
judgment and upon any advice from such advisors as it has deemed to be necessary and not upon any view expressed by the other party. 

(iii) It is a sophisticated and informed Person that has a full understanding of all the terms, conditions and risks (economic
and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks. 

(iv) It is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings
or investments or hedging its underlying assets or liabilities and not for purposes of speculation. 
 (v) It is not acting
as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits
(either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 

(b) Each determination by Buyer of the Market Value with respect to each New Asset or Purchased Asset or the communication to Seller of any
information pertaining to Market Value under this Agreement shall be made in Buyer’s sole discretion, subject to the following disclaimers: 

(i) Buyer has assumed and relied upon, with Seller’s consent and without independent verification, the accuracy and
completeness of the information provided by Seller and reviewed by Buyer. Buyer has not made any independent inquiry of any aspect of the New Assets or Purchased Assets or the underlying collateral. Buyer’s view is based on economic, market and
other conditions as in effect on, and the information made available to Buyer as of, the date of any such determination or communication of information, and such view may change at any time without prior notice to Seller. 

(ii) Market Value determinations and other information provided to Seller constitute a statement of Buyer’s view of the
value of one or more loans or other assets at a particular point in time and does not (A) constitute a bid for a particular trade, (B) indicate a willingness on the part of Buyer or any Affiliate thereof to make such a bid, or
(C) reflect a valuation for substantially similar assets at the same or another point in time, or for the same assets at another point in time. 

(iii) Market Value determinations and other information provided to Seller may vary significantly from valuation determinations
and other information that may be obtained from other sources. 
 (iv) Market Value determinations and other information
provided to Seller are communicated to Seller solely for its use and may not be relied upon by any other person and may not be disclosed or referred to publicly or to any third party without the prior written consent of Buyer, which consent Buyer
may withhold or delay in its sole and absolute discretion. 
 (v) Buyer makes no representations or warranties with respect
to any Market Value determinations or other information provided to Seller. Buyer shall not be liable for any 

  
 58 













 
incidental or consequential damages arising out of any inaccuracy in such valuation determinations and other information provided to Seller, including as a result of any act of gross negligence
or breach of any warranty. 
 (vi) Market Value determinations and other information provided to Seller in connection with
Section 3(b) hereof are only indicative of the initial Market Value of the New Asset submitted to Buyer for consideration thereunder, and may change without notice to Seller prior to, or subsequent to, the transfer by
Seller of the New Asset pursuant to Section 3(f) hereof. No indication is provided as to Buyer’s expectation of the future value of such Purchased Asset or the underlying collateral. 

(vii) Initial Market Value determinations and other information provided to Seller in connection with
Section 3(b) hereof are to be used by Seller for the sole purpose of determining whether to proceed in accordance with Section 3 hereof and for no other purpose. 

 

	20.	 INDEMNITY AND EXPENSES 



(a) Seller hereby agrees to indemnify Buyer and its respective officers, directors and employees (the “Indemnified Parties”)
from and against any and all actual out-of-pocket liabilities, obligations, losses, damages, penalties, actions, judgments, suits, or disbursements (all of the
foregoing, collectively, “Indemnified Amounts”) that may at any time (including, without limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or
asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any Transactions hereunder or any action taken or omitted to be taken by any Indemnified Party under or in
connection with any of the foregoing; provided that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence, fraud or willful misconduct of any such Indemnified Party. Without limiting the generality of the
foregoing, Seller agrees to hold each Indemnified Party harmless from and indemnify each Indemnified Party against all Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any violation or alleged violation of any
environmental law, rule or regulation or any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or Real Estate Settlement Procedures Act, that, in each case, results from anything other than the gross negligence,
fraud or willful misconduct of an Indemnified Party. In any suit, proceeding or action brought by any Indemnified Party in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset
Documents, Seller will save, indemnify and hold such Indemnified Party harmless from and against all expenses, loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment or reduction
or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such account
debtor or obligor or its successors from Seller. Seller also agrees to reimburse an Indemnified Party as and when billed by such Indemnified Party for all such Indemnified Party’s costs and expenses incurred in connection with the enforcement
or the preservation of such Indemnified Party’s rights under this Agreement and any other Transaction Document or any transaction contemplated hereby or thereby, including without limitation the fees and disbursements of its counsel. Seller
hereby acknowledges that its obligations hereunder are recourse obligations of Seller. This Section 20(a) shall not apply with respect to Taxes other than any Indemnified Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (b) Seller agrees to pay as and when billed by Buyer (i) all Indemnified Amounts
provided in Section 20(a), (ii) all of the costs and expenses incurred by Buyer in connection with the development, preparation and execution of, and any amendment, supplement or modification to this Agreement and the other
Transaction Documents or any other documents prepared in connection herewith or therewith 

  
 59 













 
including without limitation all the fees, disbursements and expenses of counsel to Buyer, (iii) all of the costs and expenses incurred in connection with the consummation and
administration of the Transactions contemplated hereby and thereby including without limitation all the fees, disbursements and expenses of counsel to Buyer, (iv) all costs and expenses contemplated by
Section 14(b)(v) and (v) all the Diligence Fees (collectively, “Transaction Costs”). 
  

	21.	 DUE DILIGENCE 



Seller acknowledges that Buyer has the right to perform continuing due diligence reviews with respect to the Purchased Assets, for purposes of
verifying compliance with the representations, warranties and specifications made hereunder, or determining or re-determining the Asset Base for purposes of Section 4 of this
Agreement, or otherwise, and Seller agrees that Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on any or all of the Purchased Assets, including, without limitation, ordering new credit reports
and Appraisals on the applicable collateral and otherwise regenerating the information used to originate such Purchased Assets. Upon reasonable prior notice to Seller, Buyer or its authorized representatives will be permitted during normal business
hours to examine, inspect, and make copies and extracts of, the Purchased Asset Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to any Purchased Asset in the possession or under the
control of Seller, any servicer or sub-servicer and/or Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the
Purchased Asset Files, the Servicing Records and the Purchased Assets. Seller agrees to cooperate with Buyer and any third party underwriter designated by Buyer in connection with such underwriting, including, but not limited to, providing Buyer and
any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession, or under the control, of such Seller. Seller agrees to reimburse Buyer for any and
all attorneys’ fees, costs and expenses incurred by Buyer in connection with continuing due diligence on Eligible Assets and Purchased Assets, including, without limitation, the cost of annual updated Appraisals on the Mortgaged Properties and
Diligence Fees. 
  

	22.	 SERVICING 



(a) The parties hereto agree and acknowledge that the Purchased Assets will be sold by Seller to Buyer on a servicing released basis. In
furtherance of the foregoing, Seller and Buyer hereby agree and confirm that from and after the date hereof, only such Servicing Agreements that have been approved by Buyer shall govern the servicing of the Purchased Assets and any prior agreement
between Seller and any other Person or otherwise with respect to such servicing is hereby superseded in all respects. Provided that Buyer shall have received a duly executed Servicer Acknowledgment from Servicer, prior to an Event of Default,
Seller may retain Servicer, on behalf of Buyer, to service the Purchased Assets for the benefit of or on behalf of Buyer; provided, however, that the obligation of Servicer to service any Purchased Asset for the benefit of or on behalf
of Buyer as aforesaid shall cease upon the repurchase of such Purchased Asset by Seller in accordance with the provisions of this Agreement or as otherwise provided in the Servicer Acknowledgment. 

(b) Seller agrees that, as between Seller and Buyer, Buyer is the owner of all servicing records, including but not limited to any and all
servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating
to or evidencing the servicing of Purchased Assets (the “Servicing Records”) so long as the Purchased Assets are subject to this Agreement. Seller covenants to safeguard any such Servicing Records in Seller’s possession and to
deliver them promptly to Buyer or its designee (including Custodian) at Buyer’s request. 

  
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 (c) Seller shall not, and shall not provide consent to Servicer to, employ any other sub-servicers to service the Purchased Assets without the prior written approval of Buyer which approval shall be in Buyer’s sole discretion. 

(d) Seller shall cause Servicer and any other sub-servicers engaged on behalf of Buyer to execute a
Servicer Acknowledgment acknowledging Buyer’s interest in the Purchased Assets and the Servicing Agreement and agreeing that Servicer and any sub-servicer (if applicable) shall deposit all Income with
respect to the Purchased Assets in the Blocked Account, all in such manner as shall be reasonably acceptable to Buyer. 
 (e) To the extent
applicable, Seller shall cause Servicer to permit Buyer to inspect Servicer’s servicing facilities for the purpose of satisfying Buyer that Servicer has the ability to service such Purchased Asset as provided in this Agreement. 

(f) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, sell the Purchased Assets on a servicing
released basis without payment of any termination fee or any other amount to Servicer. Upon the occurrence of an Event of Default hereunder, Buyer shall have the right immediately to terminate Servicer’s right to service the Purchased Assets
without payment of any penalty or termination fee. 
  

	23.	 TREATMENT FOR TAX PURPOSES 



It is the intention of the parties that, for U.S. federal, state and local income and franchise tax purposes, the Transactions constitute a
financing, and that Seller is, and, so long as no Event of Default shall have occurred and be continuing, will continue to be, treated as the owner of the Purchased Assets for such purposes. Unless prohibited by applicable law (in which case the
party aware of such prohibition shall promptly notify the other party of such prohibition), Seller and Buyer agree to treat the Transactions as described in the preceding sentence on any and all filings with any U.S. federal, state or local taxing
authority and to take no action inconsistent with such treatment. 
  

	24.	 INTENT 



(a) The parties intend and acknowledge that this Agreement is a “master netting agreement” as that term is defined in
Section 101(38A)(A) of the Bankruptcy Code. 
 (b) The parties intend and acknowledge that each Transaction is a “securities
contract” as that term is defined in Section 741(7) of the Bankruptcy Code. 
 (c) The parties intend and acknowledge that the
Guaranty is a “securities contract” as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code. 
 (d) The
parties intend and acknowledge that any provisions hereof or in any other document, agreement or instrument that is related in any way to the servicing of the Purchased Assets shall be deemed “related to” this Agreement within the meaning
of Section 741 of the Bankruptcy Code. 
 (e) Each party hereto agrees that is shall not challenge the characterization of this
Agreement as a “securities contract” or a “master netting agreement” within the meaning of the Bankruptcy Code. 
 (f)
It is understood that either party’s right to accelerate or terminate this Agreement or to liquidate Purchased Assets delivered to it in connection with the Transactions hereunder or to exercise any other remedies pursuant to
Section 14 hereof is a contractual right to accelerate or terminate this 

  
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Agreement or to liquidate Purchased Assets as described in Sections 555 and 559 of the Bankruptcy Code. It is further understood and agreed that either party’s right to cause the
termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with this Agreement or the Transactions hereunder is a contractual right to cause the
termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with this Agreement as described in Section 561 of the Bankruptcy Code. 

(g) The parties agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the
FDIA, then each Transaction hereunder is a “qualified financial contract,” as that term is defined in the FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would
render such definition inapplicable). 
 (h) It is understood that this Agreement constitutes a “netting contract” as defined in
and subject to FDICIA and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation,” respectively, as
defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). It is further understood and agreed that either party’s right to cause the
termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with this Agreement or the Transactions hereunder is a contractual right to cause the
termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with this Agreement as described in Section 561 of the Bankruptcy Code. 

(i) It is understood that this Agreement constitutes a “netting contract” as defined in and subject to FDICIA and each payment
entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation,” respectively, as defined in and subject to FDICIA
(except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 
  

	25.	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 



The parties acknowledge that they have been advised that: 

(a) in the case of Transactions in which one of the parties is a broker or dealer registered with the SEC under Section 15 of the 1934
Act, the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 

(b) in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered
with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; 

(c) in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a
Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable; and 

(d) in the case of Transactions in which one of the parties is an “insured depository institution”, as that term is defined in
Section 1813(c)(2) of Title 12 of the United States Code, funds held by the financial institution pursuant to a Transaction are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation, the Savings Association
Insurance Fund or the Bank Insurance Fund, as applicable. 

  
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	26.	 SETOFF RIGHTS 



Without limiting any other rights or remedies of Buyer, Buyer shall have the right, without prior notice to Seller, and any such notice being
expressly waived by Seller to the extent permitted by applicable law, to set off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final) in any currency, and any other obligation (including to return
excess margin), credits, indebtedness, claims, securities, collateral or other property, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from Buyer or any
Affiliate thereof to or for the credit of the account of Seller to any obligations of Seller hereunder to Buyer. If a sum or obligation is unascertained, Buyer may estimate that obligation and set off in respect of the estimate, subject to the
relevant party accounting to the other when the obligation is ascertained. This Section 26 shall be without prejudice and in addition to any right of setoff, combination of accounts, lien or other rights to which any party
is at any time otherwise entitled (whether by operation of law, contract or otherwise). 
  

	27.	 MISCELLANEOUS 



(a) The Transaction Documents and their respective terms, provisions, supplements and amendments, and transactions and notices thereunder, are
proprietary to Buyer and shall be held by Seller in strict confidence and shall not be disclosed to any third party without the consent of Buyer except for (i) disclosure to Seller’s Affiliates, directors, attorneys, agents or accountants
and potential or existing investors in or financing parties (other than the business unit of any financing parties that provide commercial real estate repurchase, warehouse or similar financing arrangements as Buyer hereunder) to Guarantor or its
Affiliates and Subsidiaries (to the extent that such investors or financing parties have entered into non-disclosure agreements with Guarantor or its Affiliates or Subsidiaries) (the
“Representatives”); provided that Seller shall (A) inform each of its Representatives receiving any Transaction Documents of the confidential nature of the Transaction Documents, (B) direct its Representatives to
treat the Transaction Documents confidentially, and (C) be responsible for any improper use of the Transaction Documents by Seller or its Representatives or (ii) upon prior written notice to Buyer (if permitted by law), disclosure required
by law, rule, regulation or order of a court or other regulatory body or (iii) upon prior written notice to Buyer (if permitted by law), disclosure to any Approved Hedge Counterparty to the extent necessary to obtain any Hedging Transaction
hereunder or (iv) any disclosures or filing required under SEC or state securities’ laws; provided that, in the case of disclosure by any party pursuant to the foregoing clauses (ii), (iii) and (iv), Seller
shall provide Buyer with prior written notice to permit Buyer to seek a protective order to take other appropriate action; provided further that, in the case of clause (iv), Seller shall not file any of the Transaction Documents
other than this Agreement with the SEC or state securities office unless Seller shall have provided at least thirty (30) days (or such lesser time as may be demanded by the SEC or state securities office) prior written notice of such filing to
Buyer. Seller shall cooperate in Buyer’s efforts to obtain a protective order or other reasonable assurance that confidential treatment will be accorded the Transaction Documents. If, in the absence of a protective order, Seller or any of its
Representatives is compelled as a matter of law to disclose any such information, Seller may disclose to the party compelling disclosure only the part of the Transaction Documents as is required by law to be disclosed (in which case, prior to such
disclosure, Seller shall advise and consult with Buyer and its counsel as to such disclosure and the nature and wording of such disclosure) and Seller shall use its best efforts to obtain confidential treatment therefor. Buyer acknowledges that this
Agreement may be filed with the SEC; provided that Seller shall, to the extent permitted by the SEC, redact any pricing and other confidential provisions, including, without limitation, the amount of any Unused Fee, Extension Fee, Applicable
Spread and Purchase Percentage from such filed copy of this Agreement. 

  
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 (b) Seller shall, with respect to all Purchased Assets, comply with the applicable
provisions of the Gramm-Leach-Bliley Act of 1999 (the “GLB Act”) and any applicable state and local privacy laws pursuant to the GLB Act for financial institutions and applicable state and local privacy laws. Seller agrees to hold
Buyer and its Affiliates and each of its officers, directors and employees (each, a “GLB Indemnified Party”) harmless from and indemnify any GLB Indemnified Party against all liabilities, losses, damages, judgments, costs and
expenses of any kind which may be imposed on, incurred by or asserted against such GLB Indemnified Party relating to or arising out of Seller’s violation of the GLB Act or any applicable state or local privacy laws with respect to the Purchased
Assets. 
 (c) No express or implied waiver of any Event of Default by Buyer shall constitute a waiver of any other Event of Default and no
exercise of any remedy hereunder by Buyer shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure here from shall be
effective unless and until such shall be in writing and duly executed by both of the parties hereto. 
 (d) Time is of the essence under the
Transaction Documents and all Transactions thereunder, and all references to a time shall mean New York time in effect on the date of the action unless otherwise expressly stated in the Transaction Documents. 

(e) All rights, remedies and powers of Buyer hereunder and in connection herewith are irrevocable and cumulative, and not alternative or
exclusive, and shall be in addition to all other rights, remedies and powers of Buyer whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement to the extent applicable, Buyer shall have all
rights and remedies of a secured party under the UCC and any other applicable law. 
 (f) The Transaction Documents may be executed in
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

(g) The headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of
the Transaction Documents. 
 (h) Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement. 
 (i) This Agreement, the Fee Letter and each Confirmation contains a final and complete
integration of all prior expressions by the parties with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written
understandings. 
 (j) Each party understands that this Agreement is a legally binding agreement that may affect such party’s rights.
Each party represents to the other that such party has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it.


  
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 (k) Should any provision of this Agreement require judicial interpretation, it is agreed
that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against
the Person who itself or through its agent prepared the same, it being agreed that all parties have participated in the preparation of this Agreement. 

(l) Seller agrees that it shall not assert any claims against Buyer for special, indirect, consequential or punitive damages for the actual
use or purported use of proceeds hereunder. 
 [SIGNATURES COMMENCE ON THE NEXT PAGE] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	 BUYER:

	
	 MORGAN STANLEY BANK, N.A.,
 a
national baking association

		
	By:	 	/s/Anthony Preisano
		 	Name: Anthony Preisano
		 	Title: Authorized Signatory


  
 Signature Page to Master Repurchase
and Securities Contract Agreement 












 
			
	 SELLER:

	
	 CMTG MS FINANCE LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ J. Michael McGillis
		 	Name: J. Michael McGillis
		 	Title: Authorized Signatory


  
 Signature Page to Master Repurchase
and Securities Contract Agreement 












 SCHEDULE 1 

MAXIMUM PURCHASE PERCENTAGE 
  

					
	 LTV
	  	Maximum Purchase Price
Percentage	 
	 Less than or equal to 60%
	  	 	45.00-48.00	% 
	 Greater than 60% but less than or equal to 65%
	  	 	48.75-52.00	% 
	 Greater than 65% but less than or equal to 70%
	  	 	52.50-56.00	% 
	 Greater than 70% but less than or equal to 75%
	  	 	56.25-60.00	% 
	 Greater than 75% but less than or equal to 80%
	  	 	60	% 


  
 Schedule 1 













 SCHEDULE 2 

PURCHASED ASSET DOCUMENTS 

(a) the original Mortgage Note, Mezzanine Note or Participation Certificate bearing all intervening endorsements, endorsed “Pay to the
order of _________ without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an authorized Person of the Last Endorsee (provided that, in the event that such Purchased Asset was acquired by
the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]” and, in the event that such Purchased Asset was acquired or originated by the Last Endorsee while
doing business under another name, the signature must be in the following form: “[Last Endorsee], [formerly known] or [doing business] as [previous name]”) or a lost note affidavit in a form reasonably approved by Buyer, with a copy of the
applicable Mortgage Note attached thereto; 
 (b) the original loan agreement and guaranty, if any, executed in connection with such
Purchased Asset; 
 (c) the original Mortgage with evidence of recording thereon, or a true and correct copy of the original that has been
submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(d) the originals of all assumption, modification, consolidation or extension agreements with evidence of recording thereon, or true and
correct copies of the originals that have each been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(e) the original Assignment of Mortgage in blank for each Purchased Asset, in form and substance acceptable for recording and signed in the
name of the Last Endorsee; provided that, in the event that such Purchased Asset was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of
predecessor]” and, in the event that such Purchased Asset was acquired or originated while doing business under another name, the signature must be in the following form: “[Last Endorsee], [formerly known] or [doing business] as [previous
name]”; 
 (f) the originals, or copies thereof, of all intervening Assignments of Mortgage (if any) with evidence of recording
thereon; 
 (g) the original Title Policy; 

(h) the original security agreement, chattel mortgage or equivalent document, if any, executed in connection with such Purchased Asset; 

(i) the original Assignment of Leases, if any, with evidence of recording thereon, or a true and correct copy of the original that has been
submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(j) originals, or copies thereof, of all intervening assignments of assignment of leases and rents, if any, or copies thereof, with evidence
of recording thereon; 
 (k) a copy of the UCC financing statements, certified as true and correct by Seller, and all necessary UCC
continuation statements with evidence of filing thereon or copies thereof together with 

  
 Schedule 2 













 
evidence that such UCC financing or continuation statements have been sent for filing, and UCC assignments in blank, which UCC assignments shall be in form and substance acceptable for filing in
the applicable jurisdictions; 
 (l) the original environmental indemnity agreement or similar guaranty or indemnity (if any), whether
stand-alone or incorporated into the applicable loan documents; 
 (m) the original omnibus assignment in blank, or such other document(s)
necessary and sufficient to transfer to Buyer all of Seller’s right, title and interest in and to such Purchased Asset (if any); 
 (n)
a Survey of the Mortgaged Property (if any), as accepted in connection with the issuance of the Title Policy; 
 (o) a copy of all servicing
agreements and Servicing Records related to such Purchased Asset, which Seller shall deliver to Servicer (with a copy to Buyer); 
 (p) a
copy of the Mortgagor’s opinions of counsel, which shall be in form and substance reasonably satisfactory to Buyer; 
 (q) in the case
of a Purchased Asset that is a Participation Interest, the original Participation Certificate evidencing such Participation Interest and including an assignment in blank; 

(r) in the case of a Purchased Asset that is a Participation Interest, the participation agreement and any other documents evidencing such
Participation Interest; 
 (s) an assignment of any management agreements, permits, contracts and any other material agreements; 

(t) reports of UCC, tax lien, judgment and litigation searches, conducted by search firms reasonably acceptable to Buyer with respect to such
Purchased Asset, Seller and the related underlying obligor, such searches to be conducted in each location Buyer shall reasonably designate and such reports reasonably satisfactory to Buyer; 

(u) the original or a copy of the intercreditor or co-lender agreement executed in connection with
such Purchased Asset, to the extent the subject borrower or an affiliate thereof, has encumbered its assets with senior, junior or other similar financing, whether mortgage financing or mezzanine loan financing; 

(v) copies of all documents relating to the formation and organization of the related obligor under such Purchased Asset, together with all
consents and resolutions delivered in connection with such obligor’s obtaining such Purchased Asset; and 
 (w) all other material
documents and instruments evidencing, guaranteeing, insuring, securing or modifying such Purchased Asset, executed and delivered in connection with, or otherwise relating to, such Purchased Asset, including, but not limited to, all documents
establishing or implementing any lockbox pursuant to which Seller is entitled to receive any payments from cash flow of the underlying real property. 

  
 Schedule 2 - 2 













 SCHEDULE 3 

PROHIBITED TRANSFEREES 
  

	 	1.	 Blackstone 


  

	 	2.	 Starwood 


  

	 	3.	 TPG 


  

	 	4.	 Brookfield 


  

	 	5.	 H/2 


  

	 	6.	 LoanCore 


  

	 	7.	 Lonestar 



  
 Schedule 3 













 EXHIBIT I 

CONFIRMATION 
 MORGAN
STANLEY BANK, N.A. 
 Ladies and Gentlemen: 

Morgan Stanley Bank, N.A. (together with its successors and assigns, “Buyer”) is pleased to deliver our written
CONFIRMATION of our agreement (subject to satisfaction of the Transaction Conditions Precedent) to enter into the Transaction pursuant to which Buyer shall purchase from CMTG MS Finance LLC (“Seller”), the Purchased Asset
identified in Schedule 1 attached hereto, pursuant to the Master Repurchase and Securities Contract Agreement among Buyer and Seller, dated as of January 26, 2017 (as amended from time to time, the “Repurchase Agreement”;
capitalized terms used herein without definition have the meanings given in the Repurchase Agreement), as follows below and on Schedule 1: 
  

					
		 	Seller:	  	CMTG MS Finance LLC
			
		 	Purchase Date:	  	[__________], [______]
			
		 	Purchased Asset:	  	As identified on attached Schedule 1
			
		 	Aggregate Principal 
Amount of Purchased Asset:	  	$[__________]
			
		 	Remaining Future 
Advance Amount (if any):	  	$[__________]
			
		 	Repurchase Date:	  	[__________],[_______]
			
		 	Initial Purchase Price:	  	$[_______]
			
		 	Current Purchase Price:	  	$[_______]
			
		 	Pricing Rate:	  	LIBOR + [__]%
			
		 	Purchase Percentage:	  	[__]%1
			
		 	Maximum 
Purchase Percentage	  	[__]%
			
		 	Maximum Asset Exposure Threshold:	  	[__]%
			
		 	Maximum Final Asset LTV:	  	
			
		 	Minimum Final Asset Debt Yield:	  	
			
		 	Type of Funding:	  	[Table Funded]/[Non-Table Funded]
			
		 	Governing Agreement:	  	As identified on attached Schedule 1

  

	1 	 To reflect actual advance rate for Purchased Asset. 



  
 Exhibit I 














							
		 	Seller’s Wiring Instructions: 	  	 [***] 

				
		 	Name and address for communications:	  	Buyer:	  	Morgan Stanley Bank, N.A. 
1585 Broadway, 25th Floor 
New York, New York 10036 
Attention: Anthony Preisano 
Telephone:[***] 
Fax: [***] 
Email: [***]
				
		 		  	with a copy to:	  	Morgan Stanley Bank, N.A. 
One Utah Center, 201 South Main Street 
Salt Lake City, Utah 84111
				
		 		  	and to:	  	Morgan Stanley Bank, N.A. 
1 New York Plaza, 41st Floor 
New York, New York 10004 
Attention: Robert Les 
Telephone: [***] 
Fax: [***] 
Email: [***]
				
		 		  	 and to:
	  	 Paul Hastings LLP
 200 Park Avenue

New York, New York 10166
 Telephone: [***]

Fax: [***]
 Email: [***]

				
		 		  	Seller:	  	CMTG MS Finance LLC 
c/o Mack Real Estate Credit Strategies 
60 Columbus Circle, 20th Floor 
New York, New York 10023 
Attention: Michael McGillis 
Telephone: [***] 
Email: [***]
				
		 		  	 with a copy to:
	  	 c/o Mack Real Estate Group 
60 Columbus Circle, 20th Floor 
New York, New York 10023 
Attention:General Counsel

Email: [***]

				
		 		  	 and to:
	  	 Sidley Austin LLP 
787 7th Avenue 
New York, New York 10019 
Attention:Brian
Krisberg, Esq. 
Telephone:[***] 
Telecopy:[***]
 Email: [***]



  
 Exhibit I - 2 













 [SIGNATURES ON THE NEXT PAGE] 

  
 Exhibit I - 3 














			
	MORGAN STANLEY BANK, N.A., a national banking association
		
	By:	 	 
		 	Name:
		 	Title:

 AGREED AND ACKNOWLEDGED: 

 

			
	 CMTG MS FINANCE LLC,
 a
Delaware limited liability company

		
	By:	 	 
		 	Name:
		 	Title:


 : 

  
 Exhibit I - 4 













 SCHEDULE 1 TO CONFIRMATION STATEMENT 

 

			
	 Purchased Asset:
	  	[Asset Type] dated as of [______] in the original principal amount of $[_________], made by [____] to [____] under and pursuant to that certain [loan agreement]/[applicable document] (the “Governing
Agreement”).
		
	 Aggregate Principal Amount:
	  	$[_________] [(plus up to $[______] of future advances under Section [____] of the Governing Agreement). Buyer’s obligation to fund any future advances is contingent on (a) Seller’s satisfaction of the conditions
captained in Section 3(h) of the Repurchase Agreement and (b) a bringdown by Seller of all representations and warranties made on the date hereof with regard to the Purchased Asset pursuant to Section 10 of the Repurchase
Agreement.]
		
	 Representations:
	  	Seller acknowledges and agrees that upon funding by Buyer of the Purchase Price for the Purchased Asset [and, in connection with any subsequent funding of the Purchase Percentage of a future advance under the Purchased Asset,
(i)] Seller shall be deemed to have confirmed that all of the representations and warranties set forth in Section 10 of the Repurchase Agreement are true and correct as of the Purchase Date with respect to all Purchased Assets [or the
applicable funding date, as the case may be,], except such representations and warranties which by their terms speak as of a specified date and except as set forth in the attached Exception Report or in the Exception Report delivered with respect to
any other Purchased Asset [and (ii) with respect to the funding of a Future Advance Purchase, Seller shall be deemed to have represented and warranted that all of the conditions to funding of such advance set forth in Section [___] of the
Governing Agreement have been satisfied (and no conditions have been waived, except as has been previously disclosed by Seller to Buyer in writing)].
		
	 Fixed/Floating:
	  	[Fixed]/[Floating]
		
	 Coupon:
	  	[___]%
		
	 Term of Loan including Extension Options:
	  	[__________],[_______]
		
	 Amortization (e.g., IO, full amortization, etc.):
	  	[__]-year amortization[, with [__]-month IO.]


  
 Exhibit I - 5 













 EXCEPTION REPORT 

Representation numbers referred to below relate to the corresponding Representations and Warranties Regarding the Purchased Assets set forth in Exhibit
III to the Repurchase Agreement. 

  
 Exhibit I - 6 













 EXHIBIT II-1 

FORM OF POWER OF ATTORNEY TO BUYER 

Know All Men by These Presents, that CMTG MS FINANCE LLC (“Seller”), does hereby appoint MORGAN STANLEY BANK, N.A. (together
with its permitted successors and assigns, “Buyer”), in connection with the Repurchase Agreement (defined below) its attorney-in-fact to act in
Seller’s name, place and stead in any way which Seller could do with respect to (i) the completion of the endorsements of the Mortgage Notes and Participation Certificates (as applicable) and the Assignments of Mortgages, (ii) the
recordation of the Assignments of Mortgages and (iii) after an Event of Default, the enforcement of Seller’s rights under the Purchased Assets purchased by Buyer pursuant to the Master Repurchase and Securities Contract Agreement dated as
of January 26, 2017, as amended from time to time, between Seller and Buyer (the “Repurchase Agreement”) (including, for the avoidance of doubt, the enforcement and exercise of Seller’s rights in respect of any interest reserve
account or other deposit account or securities account established by any borrower or any other related obligor in connection with any Purchased Assets (including the enforcement and exercise of Seller’s rights in respect of all funds or other
assets deposited in, or credited to, such accounts)) and to take such other steps as may be necessary or desirable to enforce Buyer’s rights against such Purchased Assets, the related Purchased Asset Files, the Servicing Records and the Hedging
Transactions to the extent that Seller is permitted by law to act through an agent. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Repurchase Agreement. 

TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS
INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OR SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND
SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING
RELIED ON THE PROVISIONS OF THIS INSTRUMENT. 

  
 Exhibit II-1 













 IN WITNESS WHEREOF, Seller has caused this Power of Attorney to be executed this ____ day of
__________, 20__. 
  

			
	
	 CMTG MS FINANCE LLC,
 a Delaware
limited liability company

		
	By:	 	 
		 	Name:
		 	Title:


 STATE
OF                                         
  ) 
                  ) 

COUNTY
OF                                      ) 

On this _____ of ____________, before me, the undersigned, a Notary Public in and for said state, personally appeared
_______________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the person, or the entity upon behalf of which the person acted, executed the instrument. 
  

	
	
	 
	Notary Public


 (Seal) 

  
 Exhibit II-1 - 2 













 EXHIBIT II-2 

FORM OF POWER OF ATTORNEY TO SELLER 

Know All Men by These Presents, that Morgan Stanley Bank, N.A. (together with its permitted successors and assigns, “Buyer”)
does hereby appoint CMTG MS Finance LLC (“Seller”), its attorney-in-fact to act in Buyer’s name, place and stead in any way which Buyer could with
respect to modifications described below, to mortgage loan documents with respect to Purchased Assets sold by Seller to Buyer under that certain Master Repurchase and Securities Contract Agreement dated as of January 26, 2017, as amended from time
to time, between Seller and Buyer (the “Repurchase Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Repurchase Agreement. 

Seller is permitted to administer and service the Purchased Assets without the consent of Buyer, any assignee or any other Person, pursuant to
this power of attorney delivered by Buyer, which power of attorney shall not be revoked by Buyer unless an Event of Default under the Repurchase Agreement has occurred and is then continuing. Notwithstanding the foregoing, Seller shall not consent
or assent to a Significant Modification without the prior written consent of Buyer. All waivers or material actions entered into or taken in respect of the Purchased Assets pursuant to this power of attorney shall be in writing. Seller shall notify
Buyer and Custodian, in writing, of any waiver or other action entered into or taken thereby in respect of any such Purchased Asset pursuant to this power of attorney, and shall deliver to Custodian (with a copy to Buyer) for deposit in the related
Purchased Asset File, an original counterpart of the agreement, if any, relating to such waiver or other action, within three (3) Business Days following the execution thereof. Actions taken under the foregoing power of attorney shall be
binding upon each holder of the Purchased Assets. 
 THIS POWER OF ATTORNEY MAY BE REVOKED BY BUYER BY DELIVERY OF WRITTEN NOTICE TO SELLER
DURING THE CONTINUANCE OF ANY EVENT OF DEFAULT UNDER THE REPURCHASE AGREEMENT. IF THIS POWER OF ATTORNEY HAS NOT BEEN REVOKED AND IF REQUESTED BY SELLER, BUYER WILL PROMPTLY CONFIRM IN WRITING TO SELLER, AND ANY OTHER PERSON OR ENTITY REASONABLY
DESIGNATED BY SELLER, THAT THIS POWER OF ATTORNEY HAS NOT BEEN REVOKED AND IS IN FULL FORCE AND EFFECT. 

  
 Exhibit II-2 













 IN WITNESS WHEREOF, Buyer has caused this Power of Attorney to be executed this ____ day of
________, 20__. 
  

			
	MORGAN STANLEY BANK, N.A., a national banking association
		
	By:	 	 
		 	Name:
		 	Title:


 STATE
OF                                         
  ) 
                  ) 

COUNTY
OF                                      ) 

On this _____ of ____________, before me, the undersigned, a Notary Public in and for said state, personally appeared
_______________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
capacity, and that by his/her signature on the instrument, the person, or the entity upon behalf of which the person acted, executed the instrument. 
  

	
	
	 
	Notary Public


 (Seal) 

  
 Exhibit II-2 - 2 













 EXHIBIT III 

REPRESENTATIONS AND WARRANTIES 

REGARDING THE PURCHASED ASSETS 

With respect to each Purchased Asset and the related Mortgaged Property or Mortgaged Properties, on the related Purchase Date and at all times while this
Agreement and any Transaction contemplated hereunder is in effect, Seller shall be deemed to make the following representations and warranties to Buyer as of such date; provided, however, that, with respect to any Purchased Asset, such
representations and warranties shall be deemed to be modified by any Exception Report delivered by Seller to Buyer prior to the issuance of a Confirmation with respect thereto. 

 

	(1)	 Whole Loan; Ownership of Purchased Assets. Each Purchased Asset is an Eligible Asset. At the time of the
sale, transfer and assignment to Buyer, no Mortgage Note, Mortgage or Participation Certificate was subject to any assignment (other than assignments to Seller), participation (other than with respect to the Participation Interests) or pledge, and
Seller had good title to, and was the sole owner of, each Purchased Asset free and clear of any and all liens, charges, pledges, encumbrances, participations (other than with respect to the Participation Interests), any other ownership interests on,
in or to such Purchased Asset. Seller has full right and authority to sell, assign and transfer each Purchased Asset, and the assignment to Buyer constitutes a legal, valid and binding assignment of such Purchased Asset free and clear of any and all
liens, pledges, charges or security interests of any nature encumbering such Purchased Asset. 


  

	(2)	 Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate
instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Purchased Asset is the legal, valid and binding obligation of the related Mortgagor, guarantor or other
obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency, one-action or market value limit
deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (a) as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (b) that certain provisions in such
Purchased Asset Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance or prepayment fees, charges and/or premiums) are, or may be, further limited or rendered
unenforceable by or under applicable law, but (subject to the limitations set forth in clause (a) above) such limitations or unenforceability will not render such Purchased Asset Documents invalid as a whole or materially interfere with
the mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (a) and (b) collectively, the “Standard Qualifications”). Except as set forth in the immediately preceding
sentences, there is no valid offset, defense, counterclaim or right of rescission available to the related borrower with respect to any of the related Mortgage Notes, Mortgages or other Purchased Asset Documents, including, without limitation, any
such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Purchased Asset, that would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note,
Mortgage or other Purchased Asset Documents. 


  

	(3)	 Mortgage Provisions. The Purchased Asset Documents for each Purchased Asset contain provisions that
render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if
applicable, non-judicial foreclosure subject to the limitations set forth in the Standard Qualifications. 



  
 Exhibit III 














	(4)	 Hospitality Provisions. The Purchased Asset Documents for each Purchased Asset that is secured by a
hospitality property operated pursuant to a franchise agreement includes an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of such property enforceable against such franchisor, either directly or as an assignee
of the originator. The Mortgage or related security agreement for each Purchased Asset secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the
appropriate filing office. 


  

	(5)	 Mortgage Status; Waivers and Modifications. Since origination and except by written instruments set
forth in the related Purchased Asset File or as otherwise provided in the related Purchased Asset Documents (a) the material terms of such Mortgage, Mortgage Note, guaranty, participation agreement, if applicable, and related Purchased Asset
Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect that could have a material adverse effect on Purchased Asset; (b) no related Mortgaged Property or any portion thereof
has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and
(c) neither the related borrower nor the related guarantor nor the related participating Person has been released from its material obligations under the Purchased Asset Documents. With respect to each Purchased Asset, except as contained in a
written document included in the Purchased Asset File, there have been no modifications, amendments or waivers, that could be reasonably expected to have a material adverse effect on such Purchased Asset consented to by Seller.



  

	(6)	 Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and
assignment of Assignment of Leases to Buyer constitutes a legal, valid and binding assignment to Buyer. Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor. Each related Mortgage is a
legal, valid and enforceable first lien on the related Mortgagor’s fee or leasehold interest in the Mortgaged Property in the principal amount of such Purchased Asset or allocated loan amount (subject only to Permitted Encumbrances, except as
the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances) is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other
recorded encumbrances, and no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by
a lender’s title insurance policy (as described below). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Purchased Asset establishes and creates a valid and enforceable lien on
property described therein, except as such enforcement may be limited by Standard Qualifications subject to the limitations described in Paragraph (9) below. Notwithstanding anything herein to the contrary, no representation is made as
to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements is required in order to effect such perfection.



  

	(7)	 Permitted Liens; Title Insurance. Each Mortgaged Property securing a Purchased Asset is covered by a
Title Policy in the original principal amount of such Purchased Asset (or with respect to a Purchased Asset secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such
property) after all advances of 



  
 Exhibit III - 2 














	 	
principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage,
which lien is subject only to Permitted Encumbrances. None of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title
Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by Seller thereunder and no claims have been paid thereunder. Neither Seller,
nor to Seller’s knowledge, any other holder of the Purchased Asset, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively insures
(except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the area shown on the survey is the same as the property legally described in the
Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous. 

  

	(8)	 Junior Liens. There are no subordinate mortgages or junior liens securing the payment of money
encumbering the related Mortgaged Property (other than Permitted Encumbrances). Seller has no knowledge of any mezzanine debt secured directly by interests in the related Mortgagor. 



 

	(9)	 Assignment of Leases. There exists as part of the related Purchased Asset File an Assignment of Leases
(either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security
interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the
right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. No Person other than the related Mortgagor owns any interest in any payments due under such lease or leases that is
superior to or of equal priority with the lender’s interest therein. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Purchased Asset, a receiver is permitted to
be appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. 



 

	(10)	 UCC Filings. Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed
and/or recorded, have been submitted in proper form for filing and/or recording), UCC-1 financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination
of the Purchased Asset to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Asset Documents
or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related
Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of any security interest in rents or other personal property to
the extent that possession or control of such items or actions other than the filing of UCC-1 financing statements are required in order to effect such perfection. Each
UCC-1 financing statement, if any, filed with respect to personal property constituting a part of the related Mortgaged Property and each UCC-2 or UCC-3 assignment, if any, of such financing statement to Seller was in suitable form for filing in the filing office in which such financing statement was filed. 



  
 Exhibit III - 3 














	(11)	 Condition of Property. Seller or the originator of the Purchased Asset inspected or caused to be
inspected each related Mortgaged Property within six months of origination of the Purchased Asset and within twelve months of the Purchase Date. An engineering report or property condition assessment was prepared in connection with the origination
of each Purchased Asset no more than twelve months prior to the Purchase Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, each related Mortgaged
Property was (a) free and clear of any material damage, (b) in good repair and condition and (c) is free of structural defects, except in each case (i) for any damage or deficiencies that would not materially and adversely affect
the use, operation or value of such Mortgaged Property as security for the Purchased Asset, (ii) if such repairs have been completed or (iii) if escrows in an aggregate amount consistent with the standards utilized by Seller with respect
to similar loans its holds for its own account have been established, which escrows will in all events be in an aggregate amount not less than the estimated cost of such repairs. Seller has no knowledge of any material issues with the physical
condition of the Mortgaged Property that Seller believes would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the engineering report and those addressed in clauses (i),
(ii) and (iii) above. 


  

	(12)	 Taxes and Assessments. All real estate taxes, governmental assessments and other similar outstanding
governmental charges (including, without limitation, water and sewage charges), or installments thereof, that could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to
the Purchase Date have become delinquent in respect of each related Mortgaged Property have been paid, or, if the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute, an escrow of funds has been established in an
amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this Paragraph (12), real estate taxes and governmental assessments and other outstanding governmental charges and
installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related
taxing authority. 


  

	(13)	 Condemnation. As of the date of origination and to Seller’s knowledge as of the Purchase Date,
there is no proceeding pending, and, to Seller’s knowledge as of the date of origination and as of the Purchased Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a
material adverse effect on the value, use or operation of the Mortgaged Property. 


  

	(14)	 Actions Concerning Purchased Asset. As of the date of origination and to Seller’s knowledge as of
the Purchase Date, there was no pending, filed or threatened action, suit or proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or the Mortgaged Property, an adverse outcome of which would reasonably be
expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Purchased Asset
Documents, (d) such guarantor’s ability to perform under the related guaranty, (e) the use, operation or value of the Mortgaged Property, (f) the principal benefit of the security intended to be provided by the Purchased Asset
Documents, (g) the current ability of the Mortgaged Property to generate net cash flow sufficient to service such Purchased Asset or (h) the current principal use of the Mortgaged Property. 



  
 Exhibit III - 4 














	(15)	 Escrow Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to the
Purchased Asset Documents are in the possession, or under the control, of Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the
right thereto) that are required to be escrowed with lender under the related Purchased Asset Documents are being conveyed by Seller to Buyer or its servicer. Any and all requirements under the Purchased Asset Documents as to completion of any
material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have
not been released. No other escrow amounts have been released except in accordance with the terms and conditions of the Purchased Asset Documents. 


  

	(16)	 No Holdbacks. The principal balance of the Purchased Asset set forth on the Purchased Asset Schedule has
been fully disbursed as of the Purchase Date and there is no requirement for future advances thereunder (except in those cases where the full amount of the Purchased Asset has been disbursed but a portion thereof is being held in escrow or reserve
accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback), and any
requirements or conditions to disbursements of any loan proceeds held in escrow have been satisfied with respect to any disbursements of any such escrow fund made on or prior to the date hereof. 



 

	(17)	 Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be,
insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting
the requirements of the related Purchased Asset Documents and having a claims-paying or financial strength rating of any one of the following: (i) at least “A-:VII” from A.M. Best Company, Inc.,
(ii) at least “A3” (or the equivalent) from Moody’s or (iii) at least “A-” from Standard & Poor’s (collectively, the “Insurance Rating
Requirements”), in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the Purchased Asset and (2) the full insurable value on a replacement cost basis of the
improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such
endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property. 



Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Loan Documents, by business interruption or
rental loss insurance which (subject to a customary deductible) (i) covers a period of not less than 12 months (or with respect to each Purchased Asset on a single asset with a principal balance of $50 million or more, 18 months); (ii) for
a Purchased Asset with a principal balance of $50 million or more, contains a 180 day “extended period of indemnity”; and (iii) covers the actual loss sustained during restoration. 

If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal
Register by the Federal Emergency Management Agency as having special flood hazards, the related Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such additional excess
flood coverage in an amount as is generally required by prudent institutional commercial mortgage lenders originating mortgage loans for securitization. 

  
 Exhibit III - 5 













 If windstorm and/or windstorm related perils and/or “named storms” are excluded
from the primary property damage insurance policy, the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or
windstorm related perils and/or named storms in an amount at least equal to 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures included in the related Mortgaged Property by an insurer meeting
the Insurance Rating Requirement. 
 The Mortgaged Property is covered, and required to be covered pursuant to the related Purchased Asset
Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in
amounts as are generally required by a prudent institutional commercial mortgage lender for loans originated for securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate. 

An architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in
order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing either the scenario expected limit (the “SEL”) or the probable maximum loss (the “PML”) for the Mortgaged
Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the
resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VII”
by A.M. Best Company, Inc. or “A3” (or the equivalent) from Moody’s or “A-” by Standard & Poor’s in an amount not less than 150% of the SEL or PML, as applicable. 

The Purchased Asset Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or
restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Purchased Asset, the lender (or a trustee appointed by it) having the right to
hold and disburse such proceeds as the repair or restoration progresses, or (b) to the reduction of the outstanding principal balance of such Purchased Asset together with any accrued interest thereon. 

All premiums on all insurance policies referred to in this Paragraph (17) required to be paid as of the Purchase Date have been
paid, and such insurance policies name the lender under the Purchased Asset and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional
insured. Such insurance policies will inure to the benefit of Buyer. Each related Purchased Asset obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the lender to maintain such
insurance at the Mortgagor’s cost and expense and to charge such Mortgagor for related premiums and other related expenses, including reasonable attorney’s fees. All such insurance policies (other than commercial liability policies)
require at least 10 days’ prior notice to the lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than
10 days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller. 

 

	(18)	 Access; Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a
public road and has direct legal access to such road, or has access via an irrevocable easement or 



  
 Exhibit III - 6 














	 	
irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and
all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject
to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Purchased
Asset Documents require the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created or the
non-recourse carveout guarantor under the Purchased Asset Documents has indemnified the mortgagee for any loss suffered in connection therewith. 


 

	(19)	 No Encroachments. To Seller’s knowledge based solely on surveys obtained in connection with
origination (which may have been a previously existing “as built” survey) and the lender’s Title Policy (or, if such policy is not yet issued, a pro forma title policy, a preliminary title policy with escrow instructions or a
“marked up” commitment) obtained in connection with the origination of each Purchased Asset, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of
the origination of such Purchased Asset are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or
endorsements were obtained under the Title Policy. No improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value or current use of such Mortgaged
Property or for which insurance or endorsements were obtained under the Title Policy. No material improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect the value or current
use of such Mortgaged Property or for which insurance or endorsements have been obtained under the Title Policy. 


  

	(20)	 No Contingent Interest or Equity Participation. No Purchased Asset has a shared appreciation feature,
any other contingent interest feature or a negative amortization feature (except that an anticipated repayment date loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the anticipated Repayment Date)
or an equity participation by Seller. 


  

	(21)	 REMIC. The Purchased Asset is a “qualified mortgage” within the meaning of
Section 860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and,
accordingly, (a) the issue price of the Purchased Asset to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Purchased Asset and (b) either: (i) such
Purchased Asset is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (A) at the date the Purchased Asset was originated at least equal to
80% of the adjusted issue price of the Purchased Asset on such date or (B) at the Purchase Date at least equal to 80% of the adjusted issue price of the Purchased Asset on such date, provided that, for purposes hereof, the fair market
value of the real property interest must first be reduced by (1) the amount of any lien on the real property interest that is senior to the Purchased Asset and (2) a proportionate amount of any lien that is in parity with the Purchased
Asset; or (ii) substantially all of the proceeds of such Purchased Asset were used to acquire, improve or protect the real property which served as the only security for such Purchased Asset (other than a recourse feature or other third-party
credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Purchased Asset was “significantly modified” prior to the Purchase Date so as to result in a
taxable exchange under Section 1001 of the Code, it either (i) was modified as a result of the 



  
 Exhibit III - 7 














	 	
default or reasonably foreseeable default of such Purchased Asset or (ii) satisfies the provisions of either clause (b)(i)(A) above (substituting the date of the last such
modification for the date the Purchased Asset was originated) or clause (b)(i)(B), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Purchased Asset constitute “customary prepayment
penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this Paragraph (21) shall have the same meanings as set forth in the related Treasury
Regulations. 

  

	(22)	 Compliance with Usury Laws. The interest rate (exclusive of any default interest, late charges, yield
maintenance charges, exit fees, or prepayment premiums) of such Purchased Asset complied as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.



  

	(23)	 Authorized to do Business. To the extent required under applicable law, as of the Purchase Date and as
of each date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not
materially and adversely affect the enforceability of such Purchased Asset by Buyer. 


  

	(24)	 Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, a trustee, duly
qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable
law by the related mortgagee, and except in connection with a trustee’s sale after a default by the related Mortgagor or in connection with any full or partial release of the related Mortgaged Property or related security for such Purchased
Asset, and except in connection with a trustee’s sale after a default by the related Mortgagor, no fees are payable to such trustee except for de minimis fees paid. 



 

	(25)	 Local Law Compliance. To Seller’s knowledge, based upon any of a letter from any governmental
authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller
for similar commercial, multifamily and manufactured housing community mortgage loans intended for securitization, with respect to the improvements located on or forming part of each Mortgaged Property securing a Purchased Asset, there are no
material violations of applicable laws, zoning ordinances, rules, covenants, building codes, restrictions and land laws (collectively, “Zoning Regulations”) other than those which (i) constitute a legal non-conforming use or structure, as to which the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to
restore or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or
other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by prudent commercial mortgage lenders for loans originated for securitization that provides coverage for additional costs to
rebuild and/or repair the property to current Zoning Regulations or (iv) would not have a material adverse effect on the Purchased Asset. The terms of the Purchased Asset Documents require the Mortgagor to comply in all material respects with
all applicable governmental regulations, zoning and building laws. 


  

	(26)	 Licenses and Permits. Each Mortgagor covenants in the Purchased Asset Documents that it shall keep all
material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force




  
 Exhibit III - 8 














	 	
and effect, and to Seller’s knowledge based upon a letter from any government authorities or other affirmative investigation of local law compliance consistent with the investigation
conducted by Seller for similar commercial, multifamily and manufactured housing community mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect. The Purchased Asset
Documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located and for the Mortgagor and the Mortgaged Property to be in compliance in all material respects with all
regulations, zoning and building laws. 

  

	(27)	 Recourse Obligations. The Purchased Asset Documents for each Purchased Asset provide that such Purchased
Asset is non-recourse to the related parties thereto except that: (a) the related Mortgagor and a guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be
affiliated with Mortgagor) that has assets other than equity in the related Mortgaged property that are not de minimis) shall be fully liable for losses, liabilities, costs and damages arising from certain acts of the related Mortgagor and/or
its principals specified in the related Purchased Asset Documents, which acts generally include the following: (i) acts of fraud or intentional material misrepresentation, (ii) misappropriation of rents (following an event of default),
insurance proceeds or condemnation awards, (iii) intentional material physical waste of the Mortgaged Property, (iv) intentional misconduct and (v) any breach of the environmental covenants contained in the related Loan Documents, and
(b) the Purchased Asset shall become full recourse to the related Mortgagor and a guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with Mortgagor) that has assets other than equity
in the related Mortgaged property that are not de minimis), upon any of the following events: (i) if any petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or nay similar federal or state
law, shall be filed, consented to, or acquiesced in by the Mortgagor, (ii) Mortgagor and/or its principals shall have colluded with other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) upon the
transfer of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Purchased Asset Documents. 


  

	(28)	 Mortgage Releases. The terms of the related Mortgage or related Purchased Asset Documents do not provide
for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment of not less than a specified percentage at least equal to the lesser of (i) 115% of the
related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Purchased Asset, (b) upon payment in full of such Purchased Asset, (c) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material
value in the appraisal obtained at the origination of the Purchased Asset and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (d) as required pursuant to an order of condemnation. With
respect to any partial release under the preceding clause (a) or (d), either: (i) such release of collateral (A) would not constitute a “significant modification” of the subject Purchased Asset within the
meaning of Treasury Regulations Section 1.860G-2(b)(2) and (B) would not cause the subject Purchased Asset to fail to be a “qualified mortgage” within the meaning of
Section 860G(a)(3)(A) of the Code; or (ii) the mortgagee or servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel
to the effect specified in the immediately preceding clause (i). For purposes of the preceding clause (i), if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least
80% of the principal balance of the Purchased Asset outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the provisions governing a “real estate mortgage
investment conduit” as defined in Section 860D of the Code (the “REMIC Provisions”). 



  
 Exhibit III - 9 













 In the event of a taking of any portion of a Mortgaged Property by a State or any political
subdivision or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Purchased Asset in an amount not less than the amount required by the REMIC Provisions and, to such
extent, awards are not required to be applied to the restoration of the Mortgaged Property or to be released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into
account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Purchased Asset. 

No such Purchased Asset that is secured by more than one Mortgaged Property or that is cross-collateralized with another Purchased Asset
permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions. 
  

	(29)	 Financial Reporting and Rent Rolls. The Purchased Asset Documents for each Purchased Asset require the
Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have leases
contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Purchased Asset with more than one Mortgagor are in the form of an
annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the
Mortgaged Properties on a combined basis. 


  

	(30)	 Acts of Terrorism Exclusion. With respect to each Purchased Asset over $20 million, the related
special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the
Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively, the “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism
insurance policy. With respect to each other Purchased Asset, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating
Requirements) does not specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Purchased Asset, the related Purchased
Asset Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in the TRIA, or damages related thereto except to the extent that any right to require such coverage may be limited by
commercial availability on commercially reasonable terms; provided, however, that if the TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor
under each Purchased Asset is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable in respect of
the property and business interruption/rental loss insurance required under the related Purchased Asset Documents (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss
insurance) at the time of the origination of the Purchased Asset, and if the cost of terrorism insurance exceeds such amount, the borrower is required to purchase the maximum amount of terrorism insurance available with funds equal to such amount.




  
 Exhibit III - 10 














	(31)	 Due on Sale or Encumbrance. Subject to specific exceptions set forth below, each Purchased Asset
contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Purchased Asset if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be
unreasonably withheld) and/or complying with the requirements of the related Purchased Asset Documents (which provide for transfers without the consent of the lender which are customarily acceptable to prudent commercial and multifamily mortgage
lending institutions on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly
replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Purchased Asset Documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related
Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the
related Purchased Asset Documents, (iii) transfers that do not result in a change of Control of the related Mortgagor or transfers of passive interests so long as the guarantor retains Control, (iv) transfers to another holder of direct or
indirect equity in the Mortgagor, a specific Person designated in the related Purchased Asset Documents or a Person satisfying specific criteria identified in the related Purchased Asset Documents, such as a qualified equityholder,
(v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of Paragraph (28) herein, or (vii) to the extent set forth in any Exception
Report, by reason of any mezzanine debt that existed at the origination of the related Purchased Asset, or future permitted mezzanine debt in each case as set forth in any Exception Report or (b) the related Mortgaged Property is encumbered
with a subordinate lien or security interest against the related Mortgaged Property, other than any Permitted Encumbrances. The Mortgage or other Purchased Asset Documents provide that to the extent any rating agency fees are incurred in connection
with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance. For purposes of the
foregoing representation, “Control” means the power to direct the management and policies of an entity, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise.



  

	(32)	 Single-Purpose Entity. Each Purchased Asset requires the borrower to be a Single-Purpose Entity for at
least as long as the Purchased Asset is outstanding. Both the Purchased Asset Documents and the organizational documents of the Mortgagor with respect to each Purchased Asset with a principal amount on the Purchase Date of $5 million or more
provide that the borrower is a Single-Purpose Entity, and each Purchased Asset with a principal amount on the Purchase Date of $20 million or more has a counsel’s opinion regarding non-consolidation
of the Mortgagor. For purposes of this Paragraph (32), a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents provide substantially to the effect that it was formed or
organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Purchased Assets and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational
documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or
Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Asset Documents, that it has its own books and records and accounts separate and apart from those of any other person, and that it
holds itself out as a legal entity, separate and apart from any other person or entity. 



  
 Exhibit III - 11 














	(33)	 Defeasance. With respect to any fixed rate Purchased Asset that, pursuant to the Purchased Asset
Documents, can be defeased, (i) the Purchased Asset Documents provide for defeasance as a unilateral right of the Mortgagor, subject to satisfaction of conditions specified in the Purchased Asset Documents; (ii) the Purchased Asset cannot
be defeased within two years after the closing date of a securitization of such Purchased Asset; (iii) the Mortgagor is permitted to pledge only United States “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), the revenues from which will be sufficient to make all scheduled payments under the Purchased Asset when due, including the entire remaining principal balance on the maturity date
(or on or after the first date on which payment may be made without payment of a yield maintenance charge or prepayment penalty) and if the Purchased Asset permits partial releases of real property in connection with partial defeasance, the revenues
from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to 115% of the allocated loan amount for the real property to be released; (iv) the
defeasance collateral is not permitted to be subject to prepayment, call, or early redemption; (v) the Mortgagor is required to provide a certification from an independent certified public accountant that the collateral is sufficient to make
all scheduled payments under the Mortgage Note as set forth in (iii) above; (vi) if the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Purchased Asset secured by defeasance collateral is
required to be assumed by a Single-Purpose Entity; (vii) the Mortgagor is required to provide an opinion of counsel that the mortgagee has a perfected security interest in such collateral prior to any other claim or interest; and
(viii) the Mortgagor is required to pay all rating agency fees associated with defeasance (if rating confirmation is a specific condition precedent thereto) and all other reasonable expenses associated with defeasance, including, but not
limited to, accountant’s fees and opinions of counsel. 


  

	(34)	 Ground Leases. For purposes of this Exhibit III, a “Ground Lease” shall mean a
lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such
lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does not include industrial development agency (IDA) or similar
leases for purposes of conferring a tax abatement or other benefit. 


 With respect to any Purchased Asset where the
Purchased Asset is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease
and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants that: 
  

	 	(a)	 (i) the Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for
recordation in a form that is acceptable for recording in the applicable jurisdiction; (ii) the Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related
Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage and (iii) no material change in
the terms of the Ground Lease had occurred since its recordation, except by any written instrument which are included in the related Purchased Asset File; 


  

	 	(b)	 the lessor under such Ground Lease has agreed in a writing included in the related Purchased Asset File (or in
such Ground Lease) that the Ground Lease may not be 



  
 Exhibit III - 12 














	 	
amended or modified, or canceled or terminated, without the prior written consent of the lender (except termination or cancellation if (i) notice of a default under the Ground Lease is
provided to lender and (ii) such default is curable by lender as provided in the Ground Lease but remains uncured beyond the applicable cure period), and no such consent has been granted by Seller since the origination of the Purchased Asset
except as reflected in any written instruments which are included in the related Purchased Asset File; 

  

	 	(c)	 the Ground Lease has an original term (or an original term plus one or more optional renewal terms, which,
under all circumstances, may be exercised, and will be enforceable, by either Mortgagor or the mortgagee) that extends not less than 20 years beyond the stated maturity of the related Purchased Asset, or 10 years past the stated maturity if such
Purchased Asset fully amortizes by the stated maturity (or with respect to a Purchased Asset that accrues on an actual 360 basis, substantially amortizes); 


  

	 	(d)	 the Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal priority
with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii) is subject to a subordination, non-disturbance and attornment agreement to which the
mortgagee on the lessor’s fee interest in the Mortgaged Property is subject; 


  

	 	(e)	 the Ground Lease does not place commercially unreasonable restrictions on the identity of the mortgagee and the
Ground Lease is assignable to the holder of the Purchased Asset and its successors and assigns without the consent of the lessor thereunder, and in the event it is so assigned, it is further assignable by the holder of the Purchased Asset and its
successors and assigns without the consent of the lessor; 


  

	 	(f)	 Seller has not received any written notice of material default under or notice of termination of such Ground
Lease and, to Seller’s knowledge, there is no material default under such Ground Lease and no condition that, but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to
Seller’s knowledge, such Ground Lease is in full force and effect; 


  

	 	(g)	 the Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give to the
lender written notice of any default, and provides that no notice of default or termination is effective against the lender unless such notice is given to the lender; 



 

	 	(h)	 a lender is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession
of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground Lease which is curable after the lender’s receipt of notice of any default before the lessor may terminate the Ground Lease;



  

	 	(i)	 the Ground Lease does not impose any restrictions on subletting that would be viewed as commercially
unreasonable by a prudent commercial mortgage lender; 


  

	 	(j)	 under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the
related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of
a total or 



  
 Exhibit III - 13 














	 	
substantially total loss or taking as addressed in Paragraph (34)(k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so
long as such proceeds are in excess of the threshold amount specified in the related Purchased Asset Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to
the payment of the outstanding principal balance of the Purchased Asset, together with any accrued interest; 

  

	 	(k)	 in the case of a total or substantially total taking or loss, under the terms of the Ground Lease, an estoppel
or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee’s interest in respect of a total or substantially total loss or taking of the related
Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Purchased Asset, together with any accrued interest; and 



 

	 	(l)	 provided that the lender cures any defaults which are susceptible to being cured, the ground lessor has
agreed to enter into a new lease with the lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding. 



 

	(35)	 Servicing. The servicing and collection practices used by Seller with respect to the Purchased Asset
have been, in all material respects, legal and have met customary industry standards for servicing of similar commercial loans. 


  

	(36)	 Origination and Underwriting. The origination practices of Seller (or the related originator if Seller
was not the originator) with respect to each Purchased Asset have been, in all material respects, legal and as of the date of its origination, such Purchased Asset and the origination thereof complied in all material respects with, or was exempt
from, all requirements of federal, state or local laws and regulations relating to the origination of such Purchased Asset. At the time of origination of such Purchased Asset, the origination, due diligence and underwriting performed by or on behalf
of Seller in connection with each Purchased Asset complied in all material respects with the terms, conditions and requirements of Seller’s origination, due diligence, underwriting procedures, guidelines and standards for similar commercial and
multifamily loans. 


  

	(37)	 Rent Rolls; Operating Histories. Seller has obtained a rent roll (other than with respect to hospitality
properties) certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Purchased Asset. Seller has obtained operating
histories (the “Certified Operating Histories”) with respect to each Mortgaged Property certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of
the date of origination of the related Purchased Asset. The Certified Operating Histories collectively report on operations for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property was
owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such shorter period of time. 


  

	(38)	 No Material Default; Payment Record. No Purchased Asset has been more than 30 days delinquent, without
giving effect to any grace or cure period, in making required payments since origination, and as of the Purchased Date, no Purchased Asset is delinquent (beyond any applicable grace or cure period) in making required payments. To Seller’s
knowledge, there is (a) no, and since origination there has been no, material default, breach, violation or event of 



  
 Exhibit III - 14 














	 	
acceleration existing under the related Purchased Asset Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or (b),
materially and adversely affects the value of the Purchased Asset, or the value, use or operation of the related Mortgaged Property, provided, however, that this Paragraph (38) does not cover any default, breach, violation
or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in any Exception Report. No person other than the holder of such Purchased Asset may declare any
event of default under the Purchased Asset or accelerate any indebtedness under the Purchased Asset Documents. 

  

	(39)	 Bankruptcy. As of the date of origination of the related Purchased Asset and to Seller’s knowledge
as of the Purchase Date, neither the Mortgaged Property nor any portion thereof is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.



  

	(40)	 Organization of Mortgagor. With respect to each Purchased Asset, in reliance on certified copies of the
organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Purchased Asset, the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia
or the Commonwealth of Puerto Rico. No Purchased Asset has a Mortgagor that is an Affiliate of another borrower. 


 Seller
has obtained an organizational chart or other description of each Mortgagor which identifies all beneficial controlling owners of the Mortgagor (i.e., managing members, general partners or similar controlling person for such Mortgagor) (the
“Controlling Owner”) and all owners that hold a 20% or greater direct ownership share (the “Major Sponsors”). Seller (a) required questionnaires to be completed by each Controlling Owner and guarantor or
performed other processes designed to elicit information from each Controlling Owner and guarantor regarding such Controlling Owner’s or guarantor’s prior history regarding any bankruptcies or other insolvencies, any felony convictions,
and (b) performed or caused to be performed searches of the public records or services such as Lexis/Nexis, or a similar service designed to elicit information about each Controlling Owner, Major Sponsor and guarantor regarding such Controlling
Owner’s, Major Sponsor’s or guarantor’s prior history regarding any bankruptcies or other insolvencies, any felony convictions, and provided, however, that manual public records searches were limited to the last 10 years
(clauses (a) and (b) collectively, the “Sponsor Diligence”). Based solely on the Sponsor Diligence, to the knowledge of Seller, no Major Sponsor or guarantor (i) was in a state or federal bankruptcy or
insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy or insolvency, or (iii) had been convicted of a felony. 
  

	(41)	 Environmental Conditions. At origination, each Mortgagor represented and warranted that to its knowledge
no hazardous materials or any other substances or materials which are included under or regulated by Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged
from the Mortgaged Property, except for those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner that does
not result in contamination of the Mortgaged Property or in a material adverse effect on the value, use or operations of the Mortgaged Property. 



  
 Exhibit III - 15 













 A Phase I environmental site assessment (or update of a previous Phase I and or Phase II
site assessment) and, with respect to certain Purchased Assets, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements was conducted by a reputable environmental consultant in connection with
such Purchased Asset within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA either (i) did not identify the existence of recognized “environmental conditions” as such term is defined
in ASTM E1527-05 or its successor (the “Environmental Conditions”) at the related Mortgaged Property or the need for further investigation with respect to any Environmental Condition that was
identified, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable
environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the
related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, and the only recommended action in the ESA is the institution of
such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental
report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the Environmental Condition
affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action is required); (D) a secured creditor environmental policy
or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer rated no less than “A-“ (or the equivalent) by Moody’s,
Standard & Poor’s and/or Fitch, Inc.; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental Condition and such responsible party has financial resources reasonably estimated to be
adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To Seller’s knowledge, except as set forth in
the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property. 

In the case of each Purchased Asset with respect to which there is an environmental insurance policy (the “Environmental Insurance
Policy”), (i) such Environmental Insurance has been issued by the issuer set forth in the related Exception Report (the “Policy Issuer”) and is effective as of the Purchase Date, (ii) as of origination and to
Seller’s knowledge as of the Purchase Date the Environmental Insurance Policy is in full force and effect, there is no deductible and Seller is a named insured under such policy, (iii) (A) a property condition or engineering report was
prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to asbestos-containing materials (“ACM”) and, if the related Mortgaged Property is a multifamily property, with respect to radon gas
(“RG”) and lead-based paint (“LBP”), and (B) if such report disclosed the existence of a material and adverse LBP, ACM or RG environmental condition or circumstance affecting the related Mortgaged Property, the
related Mortgagor (1) was required to remediate the identified condition prior to closing the Purchased Asset or provide additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by Seller, for the
remediation of the problem, and/or (2) agreed in the Purchased Asset Documents to establish an operations and maintenance plan after the closing of the Purchased Asset that should reasonably be expected to mitigate the environmental risk
related to the identified LBP, ACM or RG condition, (iv) on the effective date of the Environmental Insurance Policy, Seller as originator had no knowledge of any material and adverse environmental condition or


  
 Exhibit III - 16 













 
circumstance affecting the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one or more of the following: (A) the application
for insurance, (B) a Mortgagor questionnaire that was provided to the Policy Issuer, or (C) an engineering or other report provided to the Policy Issuer, and (v) the premium of any Environmental Insurance Policy has been paid through
the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of the Purchased Asset. 
  

	(42)	 Lease Estoppels. With respect to each Purchased Asset secured by retail, office or industrial
properties, Seller requested the related Mortgagor to obtain estoppels from each commercial tenant with respect to the rent roll delivered as of the origination date. With respect to each Purchased Asset predominantly secured by a retail, office or
industrial property leased to a single tenant, Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the related Purchased Asset, and to Seller’s knowledge, (i) the related lease
is in full force and effect and (ii) there exists no default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant’s rights, such as with respect to common area
maintenance (“CAM”) and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. With respect to each Purchased Asset predominantly secured by a retail,
office or industrial property, Seller has received lease estoppels executed within 90 days of the origination date of the related Purchased Asset that collectively account for at least 65% of the in-place base
rent for the Mortgaged Property that secure a Purchased Asset that is represented as of the origination date. To Seller’s knowledge, (i) each lease represented on the rent roll delivered as of the origination date is in full force and
effect and (ii) there exists no material default under any such related lease that represents 20% or more of the in-place base rent for the Mortgaged Property either by the lessee thereunder or by the
related Mortgagor, subject, in each case, to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy
provisions. 


  

	(43)	 Appraisal. The Purchased Asset File contains an appraisal of the related Mortgaged Property with an
appraisal date within six months of the Purchased Asset origination date, and within 12 months of the Purchase Date. The appraisal is signed by an appraiser who is a Member of the Appraisal Institute. Each appraiser has represented in such appraisal
or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such
appraiser had no interest, direct or indirect, in the Mortgaged Property or the borrower or in any loan made on the security thereof, and its compensation is not affected by the approval or disapproval of the Purchased Asset. 



 

	(44)	 Purchased Asset Schedule. The information pertaining to each Purchased Asset which is set forth in the
Purchased Asset Schedule is true and correct in all material respects as of the Purchased Date and contains all information required by the Repurchase Agreement to be contained therein. 



 

	(45)	 Cross-Collateralization. No Purchased Asset is cross-collateralized or cross-defaulted with any other
mortgage loan. 


  

	(46)	 Advance of Funds by Seller. After origination, no advance of funds has been made by Seller to the
related Mortgagor other than in accordance with the Purchased Asset Documents, and, to Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the
Purchased Asset (other than as contemplated by the Purchased Asset Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the
related lease or Purchased Asset Documents). Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Purchased Asset, other than contributions made on or prior to the date hereof.




  
 Exhibit III - 17 














	(47)	 Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with the
Prescribed Laws. Seller has established an anti-money laundering compliance program as required by the Prescribed Laws, has conducted the requisite due diligence in connection with the origination of the Purchased Asset for purposes of the
Prescribed Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by the said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify
the applicable Mortgagor for purposes of the Prescribed Laws. 


  

	(48)	 OFAC. (a) No Purchased Asset is (i) subject to nullification pursuant to Executive Order 13224
or the regulations promulgated by OFAC (the “OFAC Regulations”) or (ii) in violation of Executive Order 13224 or the OFAC Regulations, and (b) no Mortgagor is (i) subject to the provisions of Executive Order 13224 or
the OFAC Regulations or (ii) listed as a “blocked person” for purposes of the OFAC Regulations. 


  

	(49)	 Floating Interest Rates. Each Purchased Asset bears interest at a floating rate of interest that is
based on LIBOR plus a margin (which interest rate may be subject to a minimum or “floor” rate). 


  

	(50)	 Senior Participations. With respect to each Purchased Asset that is a Participation Interest:
(i) either (A) the Participation Interest is treated as a real estate asset for purposes of Section 856(c) of the Code, and the interest payable pursuant to such Participation Interest is treated as interest on an obligation secured by a
mortgage on real property or on an interest in real property for purposes of Section 856(c) of the Code, or (B) the Participation Interest qualifies as a security that would not otherwise cause any parent REIT to fail to qualify as a REIT
under the Code (including after the sale, transfer and assignment to Buyer of such Participation Interest); (ii) to the actual knowledge of Seller, as of the Closing Date, the related participating Person was not a debtor in any outstanding
proceeding pursuant to the federal bankruptcy code; and (iii) Seller has not received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind for which the holder of such Participation Interest is or may become obligated. 



  
 Exhibit III - 18 













 EXHIBIT IV 

FORM OF BAILEE AGREEMENT 

CMTG MS Finance LLC 
 c/o
Mack Real Estate Group 
 60 Columbus Circle, 20th Floor 

New York, New York 10023 

_______________ __, 20__ 

[                          
              ] 
  

	 	Re:	 Bailee Agreement (this “Bailee Agreement”) in connection with the sale of [______________] by
CMTG MS Finance LLC (“Seller”) to Morgan Stanley Bank, N.A., as buyer (together with its permitted successors and assigns, “Buyer”) 



Ladies and Gentlemen: 
 In consideration of the
mutual premises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Buyer and [_________] (“Bailee”) hereby agree as follows: 

1. Seller shall deliver to Bailee in connection with any Purchased Assets delivered to Bailee hereunder a Purchased Asset File Checklist to
which shall be attached a Purchased Asset Schedule identifying the Purchased Assets that are being delivered to Bailee hereunder. 
 2. On
or prior to the date indicated on the Purchased Asset File Checklist (the “Purchase Date”), Seller shall have delivered to Bailee, as bailee for hire, the Purchased Asset File for each of the Purchased Assets listed in the Purchased
Asset Schedule attached to such Purchased Asset File Checklist. 
 3. Bailee shall issue and deliver to Buyer (as defined in
Section 5 below) on or prior to the Purchase Date by facsimile or other electronic transmission an initial trust receipt and certification in the form of Attachment 1 attached hereto (the “Trust
Receipt”), which Trust Receipt shall state that Bailee has received the documents comprising the Purchased Asset File as set forth in the Purchased Asset File Checklist, in addition to such other documents required to be delivered to Buyer
pursuant to the Master Repurchase and Securities Contract Agreement dated as of January 26, 2017, among Seller and Buyer (the “Repurchase Agreement”). 

4. On the applicable Purchase Date, in the event that Buyer fails to purchase any New Asset from Seller that is identified in the related
Purchased Asset File Checklist, Buyer shall deliver by facsimile or other electronic transmission to Bailee at [_______] to the attention of [________], an authorization (the “Facsimile Authorization”) to release the Purchased Asset
Files with respect to the Purchased Assets identified therein to Seller. Upon receipt of such Facsimile Authorization, Bailee shall release the Purchased Asset Files to Seller in accordance with Seller’s instructions. 

5. Following the Purchase Date, Bailee shall forward the Purchased Asset Files to Wells Fargo Bank, National Association
(“Custodian”) by insured overnight courier for receipt by Custodian no later than 1:00 p.m. on the third (3rd) Business Day following the applicable Purchase Date (the “Delivery Date”). 

  
 Exhibit IV 













 6. From and after the applicable Purchase Date until the time of receipt of the Facsimile
Authorization or the applicable Delivery Date, as applicable, Bailee (a) shall maintain continuous custody and control of the related Purchased Asset Files as bailee for Buyer and (b) is holding the related Purchased Asset Loans as sole
and exclusive bailee for Buyer unless and until otherwise instructed in writing by Buyer. 
 7. Seller agrees to indemnify and hold Bailee
and its partners, directors, officers, agents and employees harmless against any and all third party liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever,
including reasonable attorney’s fees, that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of this Bailee Agreement or any action taken or not taken by it or them hereunder unless such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements (other than special, indirect, punitive or consequential damages, which shall in no event be paid by Seller) were imposed on, incurred
by or asserted against Bailee because of the breach by Bailee of its obligations hereunder, which breach was caused by negligence, lack of good faith or willful misconduct on the part of Bailee or any of its partners, directors, officers, agents or
employees. The foregoing indemnification shall survive any resignation or removal of Bailee or the termination or assignment of this Bailee Agreement. 

8. In the event that Bailee fails to deliver a Mortgage Note, Participation Certificate or other material portion of a Purchased Asset File
that was in its possession to Custodian within three (3) Business Days following the applicable Purchase Date, the same shall constitute a “Bailee Delivery Failure” under this Bailee Agreement. 

9. Seller hereby represents, warrants and covenants that Bailee is not an affiliate of or otherwise controlled by Seller. Notwithstanding the
foregoing, the parties hereby acknowledge that Bailee hereunder may act as counsel to Seller in connection with a proposed loan. 
 10. This
Bailee Agreement may not be modified, amended or altered, except by written instrument, executed by all of the parties hereto. 
 11. This
Bailee Agreement may not be assigned by Seller or Bailee without the prior written consent of Buyer. 
 12. For the purpose of facilitating
the execution of this Bailee Agreement as herein provided and for other purposes, this Bailee Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts
shall constitute and be one and the same instrument. 
 13. This Bailee Agreement shall be construed in accordance with the laws of the
State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

14. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Repurchase Agreement. 

[SIGNATURES COMMENCE ON NEXT PAGE] 

  
 Exhibit IV - 2 













 
			
	 Very truly yours,

	
	 CMTG MS FINANCE LLC,

a Delaware limited liability company, Seller

		
	By:	 	 
		 	Name:
		 	Title:


 ACCEPTED AND AGREED: 

[_______], Bailee 
  

			
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ACCEPTED AND AGREED:
	
	 MORGAN STANLEY BANK, N.A.,
 a
national banking association, Buyer

		
	By:	 	 
		 	Name:
		 	Title:


  
 Exhibit IV - 3 













 ATTACHMENT 1 TO BAILEE AGREEMENT 

FORM OF BAILEE’S TRUST RECEIPT 

____________, 20__ 
 Morgan Stanley Bank, N.A.

 1585 Broadway, 25th Floor 
 New York, New York 10036 

Attention: Anthony Preisano 
  

	 	Re:	 Bailee Agreement, dated __________, 20___ (the “Bailee Agreement”) among CMTG MS Finance LLC
(“Seller”), Morgan Stanley Bank, N.A. (“Buyer”) and _______________ (“Bailee”) 



Ladies and Gentlemen: 
 In accordance with the provisions of
Section 3 of the Bailee Agreement, the undersigned, as Bailee, hereby certifies that as to the Purchased Asset(s) referred to therein, it has reviewed the Purchased Asset File(s) and has determined that (i) all
documents listed in Schedule A attached to the Bailee Agreement are in its possession and (ii) such documents have been reviewed by it and appear regular on their face and relate to the Purchased Asset(s). 

Bailee hereby confirms that it is holding the Purchase Loan File as agent and bailee for the exclusive use and benefit of Buyer pursuant to the terms of the
Bailee Agreement. 
 All capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Bailee Agreement. 

 

			
	                                    
                                        
,
	Bailee
		
	By:	 	 
		 	Name:
		 	Title:



  
 Exhibit IV - 4 













 EXHIBIT V 

AUTHORIZED REPRESENTATIVES OF SELLER 
  

			
	 Name
	  	 Specimen Signature

		
	 Richard Mack
	  	 /s/ Richard Mack

		
	 Peter Sotoloff
	  	 /s/ Peter Sotoloff

		
	 J. Michael McGillis
	  	 /s/ J. Michael McGillis

		
	 Robert Feidelson
	  	 /s/ Robert Feidelson

		
	 J.D. Seigel
	  	 /s/ J.D. Seigel



  
 Exhibit V 













 EXHIBIT VI 

FORM OF FINANCIAL COVENANT COMPLIANCE CERTIFICATE 

[    ] [ ], 20[ ] 
 Morgan
Stanley Bank, N.A. 
 1585 Broadway, 25th Floor 
 New York, New
York 10036 
 Attention: Anthony Preisano 
 This Financial
Covenant Compliance Certificate is furnished pursuant to that certain Master Repurchase and Securities Contract Agreement, dated as of January 26, 2017 by and between Morgan Stanley Bank, N.A. (“Buyer”), and CMTG MS Finance
LLC (“Seller”) (as amended, restated, supplemented, or otherwise modified and in effect from time to time, the “Master Repurchase and Securities Contract Agreement”). Unless otherwise defined in the
Master Repurchase and Securities Contract Agreement, capitalized terms used in this Financial Covenant Compliance Certificate have the respective meanings ascribed thereto in the Guaranty. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 
  

	 	1.	 The Person executing this Financial Covenant Compliance Certificate on behalf of Seller is a duly elected
responsible officer of Seller and such Person provides this Financial Covenant Compliance Certificate solely in such Person’s capacity as an officer of Seller and not in such Person’s individual capacity. 



 

	 	2.	 All of the financial statements, calculations and other information set forth in this Financial Covenant
Compliance Certificate, including, without limitation, in any exhibit or other attachment hereto, are true, complete and correct in all material respects as of the date hereof. 



 

	 	3.	 The Seller and Guarantor have reviewed the terms of the Master Repurchase and Securities Contract Agreement and
have made, or have caused to be made under its supervision, a detailed review of the transactions and financial condition of Seller, Guarantor, and Pledgor during the accounting period covered by the financial statements attached (or most recently
delivered to Buyer if none are attached). 


  

	 	4.	 Each of Seller, Guarantor and Pledgor has, during the period since the delivery of the immediately preceding
Financial Covenant Compliance Certificate, observed or performed all of its covenants, duties and agreements in all material respects, and satisfied in all material respects every condition contained in the Master Repurchase and Securities Contract
Agreement and the related documents to be observed, performed or satisfied by it, and Seller, Pledgor and Guarantor have no knowledge of the occurrence during such period, or present existence, of any condition or event which constitutes an Event of
Default or Default (including after giving effect to any pending Transactions requested to be entered into), except as set forth below. 


  

	 	5.	 Attached as Exhibit 1 hereto are the calculations demonstrating that, after giving effect to any
pending Transactions requested to be entered into, no Margin Deficit shall then exist. 



  
 Exhibit VI 














	 	6.	 Attached as Exhibit 2 hereto are the financial statements required to be delivered pursuant to
the Master Repurchase and Securities Contract Agreement (or, if none are required to be delivered as of the date of this Financial Covenant Compliance Certificate, the financial statements most recently delivered pursuant to the Master Repurchase
and Securities Contract Agreement), which    financial statements, to the best knowledge of Seller and Guarantor, fairly and accurately present    in all material respects, the consolidated financial condition
and    operations of Guarantor, Guarantor’s Consolidated Subsidiaries and the consolidated results of their operations as of the date or with respect    to the period therein specified, determined in
accordance with GAAP. 


  

	 	7.	 Seller and Guarantor are in compliance in all respects with the Financial Covenants. Attached as Exhibit
3 hereto are the calculations demonstrating compliance with the Financial Covenants. 


  

	 	8.	 Attached as Exhibit 4 hereto is a description of all interests of Seller, Guarantor, Pledgor, and
Affiliates of any of the foregoing, in any Mortgaged Property (including, without limitation. any lien, encumbrance or other debt or equity position or other interest in the Mortgaged Property that is senior or junior to, or pari passu with,
a Purchased Asset in right of payment or priority). 


  

	 	9.	 Attached as Exhibit 5 hereto is a copy of Guarantor’s current organizational chart (showing
all Subsidiaries and Affiliates of Guarantor). 


  

	 	10.	 Except as otherwise set forth herein, all representations and warranties made by Seller, Guarantor and Pledgor
in, pursuant to or in connection with the Master Repurchase and Securities Contract Agreement or any other document, agreement, statement, affirmation, certificate, notice, report or financial or other statement delivered in connection herewith or
therewith, are true and correct in all material respects on and as of the date of this Compliance Certificate as though made on and as of such day and shall be deemed to be made on such day . 



Described below are the exceptions, if any, to the above paragraphs, setting forth in detail the nature of the condition or event, the period during which it
has existed and the action which Seller, Guarantor and/or Pledgor has taken, is taking, or proposes to take with respect to each such condition or event: 
  

 
  

 
  

 
  

 
 The foregoing certifications, together with the
financial statements, updates, reports, materials, calculations and other information set forth in any exhibit or other attachment hereto, or otherwise covered by this Financial Covenant Compliance Certificate, are made and delivered this [ ] day of
[    ], 20[ ]. 
 [Signature Page(s) Follow] 

  
 Exhibit IV - 2 














			
	Claros Mortgage Trust, Inc., a Maryland corporation
		
	By:	 	 
		 	Name:
		 	Title:

 [_____________________] 

			
		
	By:	 	 
		 	Name:
		 	Title:


  
 Exhibit IV - 3 













 ANNEX I 

NOTICE INSTRUCTIONS 
  

			
	BUYER	  	 Morgan Stanley Bank, N.A.
 1585 Broadway, 25th
Floor
 New York, New York 10036
 Attention: Anthony
Preisano
 Telephone: [***]
 Fax: [***]

Email: [***]

		
	with a copy to:	  	 Morgan Stanley Bank, N.A.
 One Utah Center, 201
South Main Street
 Salt Lake City, Utah 84111

		
	and to:	  	 Morgan Stanley Bank, N.A.
 1 New York Plaza,
41st Floor
 New York, New York 10004
 Attention: Robert J.
Les
 Telephone: [***]
 Email: [***]

		
	and to:	  	 Paul Hastings LLP
 200 Park Avenue

New York, New York 10166
 Attention: Lisa A. Chaney, Esq.

Telephone: [***]
 Fax: [***]

Email: [***]

		
	SELLER	  	 CMTG MS Finance LLC
 c/o Mack Real Estate Credit
Strategies
 60 Columbus Circle, 20th Floor
 New York, New York
10023
 Attention: Michael McGillis
 Telephone: [***]

Email: [***]

		
	with a copy to:	  	 c/o Mack Real Estate Group
 60 Columbus Circle,
20th Floor
 New York, New York 10023
 Attention: General
Counsel
 Email: [***]

		
	and to:	  	 Sidley Austin LLP
 787 7th Avenue New York,
 New York 10019

Attention: Brian Krisberg, Esq.
 Telephone: [***]

Telecopy: [***]
 Email: [***]



  
 Annex I - 1 













 ANNEX II 

WIRING INSTRUCTIONS 

Payments to Buyer: Payments to Buyer under this Agreement shall be made by transfer, via wire transfer, to the following account of
Buyer: 
 [***] 
 Buyer may consider on a case-by-case-basis in its sole and absolute discretion alternative funding arrangements. 

Payments to Seller: Payments to any Seller under this Agreement shall be made by transfer, via wire transfer, to the following account
of Seller: 
 [***] 

  
 Annex II