EX-10.26



 Exhibit 10.26 
 GUARANTEE AGREEMENT 
 GUARANTEE AGREEMENT, dated as of May 21, 2013
(as amended, restated, supplemented, or otherwise modified from time to time, this “Guarantee”), made by BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation (“Guarantor”), in favor of BANK OF AMERICA, N.A., a
national banking association (“Buyer”). 
 RECITALS 

Pursuant to that certain Master Repurchase Agreement, dated as of May 21, 2013 (as amended, supplemented or otherwise modified from
time to time, the “Repurchase Agreement”), between Buyer and Parlex 1 Finance, LLC (“Seller”), Seller agreed to sell, from time to time, to Buyer certain “Eligible Loans”, which, upon purchase by Buyer,
are “Purchased Loans”, as each such term is defined in the Repurchase Agreement and, in each case, upon the terms and subject to the conditions as set forth therein. 
 Pursuant to the terms of that certain Custodial Agreement, dated as of May 21, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Custodial
Agreement”), by and between U.S. Bank National Association (“Custodian”), Buyer and Seller, Custodian is required to take possession of those Eligible Loans purchased by Buyer, along with certain other documents specified
in the Custodial Agreement, as Custodian of Buyer and any future purchaser, on several delivery dates, in accordance with the terms and conditions of the Custodial Agreement. 
 It is a condition precedent to Buyer entering into the Repurchase Agreement and purchasing the Purchased Assets pursuant thereto that Guarantor shall have executed and delivered this Guarantee in favor of
Buyer with respect to the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following: (a) all payment obligations owing by Seller to Buyer under or in connection with the
Repurchase Agreement and any other Transaction Documents; (b) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by Buyer in the enforcement of any of the foregoing or any
obligation of Guarantor hereunder; and (c) any other obligations of Seller with respect to Buyer under each of the Transaction Documents (collectively, the “Obligations”). 

NOW, THEREFORE, in consideration of the foregoing premises, to induce Buyer to enter into the Transaction Documents and to enter into the
transactions contemplated thereunder, Guarantor hereby agrees with Buyer as follows: 
 1. Defined Terms. Unless
otherwise defined herein, terms which are defined in the Repurchase Agreement and used herein are so used as so defined. 

“Available Borrowing Capacity” shall mean, with respect to any Person, at any date of determination, the total
unrestricted borrowing capacity which may be drawn (taking into account required reserves and discounts) upon by such Person or its Subsidiaries, at such Person’s or its Subsidiary’s sole discretion, under committed credit facilities or
repurchase agreements which provide financing to such Person or its Subsidiaries. 

  








 “Cash Liquidity” shall mean, with respect to any Person, at any date of
determination, the sum of (i) unrestricted cash, plus (ii) Available Borrowing Capacity, plus (iii) Cash Equivalents. 
 “Consolidated Net Income” shall mean, with respect to any Person, for any period, the amount of consolidated net income (or loss) of such Person and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP. 
 “EBITDA” shall mean, with respect to any Person,
for any period, such Person’s Consolidated Net Income, excluding the effects of such Person’s and its Subsidiaries’ interest expense with respect to Indebtedness, taxes, depreciation, amortization, asset write-ups or impairment
charges, provisions for loan losses, and changes in mark-to-market value(s) (both gains and losses) of financial instruments and non-cash compensation expenses, all determined on a consolidated basis in accordance with GAAP. 

“Environmental Laws” shall mean any federal, state, foreign or local statute, law, rule, regulation, ordinance, code,
guideline, written policy and rule of common law now or hereafter in effect, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to the environment, employee
health and safety or hazardous materials, including CERCLA, RCRA, the Federal Water Pollution Control Act, the Toxic Substances Control Act, the Clean Air Act, the Safe Drinking Water Act, the Oil Pollution Act of 1990, the Emergency Planning and
the Community Right-to-Know Act of 1986, the Hazardous Material Transportation Act, the Occupational Safety and Health Act, and any state and local or foreign counterparts or equivalents. 

“Fixed Charges” shall mean, with respect to any Person, for any period, the amount of interest paid in cash with respect
to Indebtedness as shown on such Person’s consolidated statement of cash flow in accordance with GAAP as offset by the amount of receipts pursuant to net receive interest rate swap agreements of such Person and its consolidated Subsidiaries
during the applicable period. 
 “Materials of Environmental Concern” shall mean any hazardous, toxic or
harmful substances, materials, wastes, pollutants or contaminants defined as such in or regulated under any Environmental Law. 

“Recourse Indebtedness” shall mean, with respect to any Person, at any date of determination, the amount of Indebtedness
for which such Person has recourse liability (such as through a guarantee agreement), exclusive of any such Indebtedness for which such recourse liability is limited to obligations under agreements containing customary non-recourse carve-outs.

 “Tangible Net Worth” shall mean, with respect to any Person on any date of determination, all amounts which
would be included under capital or shareholder’s equity (or any like caption) on a balance sheet of such Person pursuant to GAAP, minus (a) amounts owing to such Person from any Affiliate thereof, or from officers, employees, partners,
members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (b) intangible assets, and (c) prepaid taxes and/or expenses, all on or as of such date. 

  
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 “Total Assets” shall mean, with respect to any Person on any date of
determination, an amount equal to the aggregate book value of all assets owned by such Person and the proportionate share of such Person of all assets owned by Affiliates of such Person as consolidated in accordance with GAAP, less (a) amounts
owing to such Person from any Affiliate thereof, or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (b) intangible assets, (c) prepaid
taxes and expenses, all on or as of such date, and (d) the amount of nonrecourse Indebtedness owing pursuant to securitization transactions such as a REMIC securitization, a collateralized loan obligation transaction or other similar
securitizations. 
 2. Guarantee. (a) Guarantor hereby unconditionally and irrevocably guarantees to Buyer the
prompt and complete payment and performance by Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. 
 (b) Notwithstanding anything to the contrary in this Guarantee or any other Transaction Document, except for and subject to clauses (c) and (d) below, the maximum liability of Guarantor
hereunder and under the Transaction Documents shall in no event exceed the sum of: 
 (i) 50% of the
then-currently unpaid aggregate Repurchase Price of all Senior Loans and Senior Interests; and 
 (ii) 100% of
the then-currently unpaid aggregate Repurchase Price of all other Purchased Loans not referenced in clause (i) above. 

(c) Notwithstanding the foregoing, the limitation on recourse liability as set forth in clause (b) above SHALL BECOME NULL AND VOID
and shall be of no further force and effect and the Obligations shall be fully recourse to Seller and Guarantor, jointly and severally, upon the occurrence of any of the following: 

(i) a voluntary bankruptcy or insolvency proceeding is commenced by Seller under the U.S. Bankruptcy Code or any similar
federal or state law; or 
 (ii) an involuntary bankruptcy or insolvency proceeding is commenced against Seller
or Guarantor with respect to which Seller, Guarantor or any Affiliate thereof has colluded in any way with the creditors commencing or filing such proceeding. 
 (d) In addition to the foregoing and notwithstanding the limitation on recourse liability set forth in clause (b) above, Guarantor shall be liable for any actual out-of-pocket losses, costs, claims,
expenses or other liabilities incurred by Buyer arising out of or attributable to the following items: 
 (i) any
material breach by Seller of the separateness covenants set forth in Article 9 of the Repurchase Agreement, which results in the substantive consolidation of Seller in any insolvency proceeding of Seller or any Affiliate of Seller;


  
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 (ii) fraud or intentional misrepresentation by Seller, Guarantor, or any
Affiliate of Seller or Guarantor in connection with (x) the execution and the delivery of this Guarantee, the Repurchase Agreement, or any of the other Transaction Documents or (y) any certificate, report, financial statement or other
instrument or document furnished to Buyer at the time of the closing of the Repurchase Agreement or during the term of the Repurchase Agreement; or 
 (iii) any material breach of any representations and warranties by Guarantor contained in any Transaction Document and any material breach by Seller or Guarantor, or any of their respective Affiliates, of
any representations and warranties relating to Environmental Laws, or any indemnity for costs incurred in connection with the violation of any Environmental Law, the correction of any environmental condition, or the removal of any Materials of
Environmental Concern, in each case in any way affecting Seller’s or Guarantor’s properties or any of the Purchased Loans; provided that the guarantee set forth in this clause (d)(iii) shall terminate upon foreclosure and transfer
or assumption of the Purchased Loan following an Event of Default under the Repurchase Agreement pursuant to a public or private sale or strict foreclosure, or other similar enforcement proceeding. 

(e) Nothing herein shall be deemed to be a waiver of any right which Buyer may have under Section 506(a), 506(b),
 1111(b) or any
other provision of the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Repurchase Agreement or to require that all collateral shall continue to secure all of the indebtedness owing to the Buyer in
accordance with the Repurchase Agreement or any other Transaction Documents. 
 (f) Guarantor further agrees to pay any and all
reasonable expenses (including, without limitation, all reasonable fees and disbursements of counsel) which may be paid or incurred by Buyer in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any
or all of the Obligations and/or enforcing any rights with respect to, or collecting against, Guarantor under this Guarantee. This Guarantee shall remain in full force and effect until the Obligations are satisfied or paid in full, notwithstanding
that from time to time prior thereto Seller may be free from any Obligations. 
 (g) No payment or payments made by Seller or
any other Person or received or collected by Buyer from Seller or any other Person by virtue of any action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Obligations until the Obligations are paid
in full. 
 (h) Guarantor agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to Buyer on
account of Guarantor’s liability hereunder, Guarantor will notify Buyer in writing that such payment is made under this Guarantee for such purpose. 
 3. Subrogation. Upon making any payment hereunder, Guarantor shall be subrogated to the rights of Buyer against Seller and any collateral for any Obligations with


  
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respect to such payment; provided that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation until all amounts due and payable by Seller to Buyer under the
Transaction Documents or any related documents have been paid in full; and further provided that such subrogation rights shall be subordinate in all respects to all amounts owing to the Buyer under the Transaction Documents. 

4. Amendments, etc. with Respect to the Obligations. Until the Obligations shall have been paid or performed in full, Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Obligations made by Buyer may be rescinded by
Buyer and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in
whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Buyer, and any Transaction Document and any other document in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part (other than a termination in whole of the Repurchase Agreement, which shall automatically terminate this Guarantee), as Buyer may deem advisable from time to time, and any collateral security, guarantee or right of
offset at any time held by Buyer for the payment of the Obligations may be sold, exchanged, waived, surrendered or released in accordance with the Transaction Documents. Buyer shall have no obligation to protect, secure, perfect or insure any lien
at any time held by it as security for the Obligations or for this Guarantee or any property subject thereto. When making any demand hereunder against Guarantor, Buyer may, but shall be under no obligation to, make a similar demand on Seller or any
other guarantor, and any failure by Buyer to make any such demand or to collect any payments from Seller or any such other guarantor or any release of Seller or such other guarantor shall not relieve Guarantor of its Obligations or liabilities
hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of Buyer against Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal
proceedings. 
 5. Guarantee Absolute and Unconditional. (a) Guarantor hereby agrees that its obligations under this
Guarantee constitute a guarantee of payment when due and not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by Buyer upon this Guarantee
or acceptance of this Guarantee; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee; and all dealings between Seller or Guarantor, on the one hand, and Buyer,
on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. Guarantor waives promptness, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or
upon Seller or Guarantor with respect to the Obligations. This Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity, regularity or enforceability of any Transaction
Document, any of the Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by Buyer, (ii) any defense, set-off or counterclaim (other than a defense of payment
or performance) which may at any time be available to or be asserted by Seller against Buyer, (iii) any requirement that Buyer exhaust any right to take any action against Seller or any other Person prior to or contemporaneously with proceeding
to 

  
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exercise any right against Guarantor under this Guarantee or (iv) any other circumstance whatsoever (with or without notice to or knowledge of Seller or Guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of Seller for the Obligations or of Guarantor under this Guarantee, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against Guarantor, Buyer
may, but shall be under no obligation, to pursue such rights and remedies that Buyer may have against Seller or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any
failure by Buyer to pursue such other rights or remedies or to collect any payments from Seller or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Seller
or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter
of law, of Buyer against Guarantor. This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns thereof, and shall inure to the benefit of Buyer,
and its permitted successors, endorsees, transferees and assigns, until all of the Obligations shall have been satisfied in full, notwithstanding any sale by Buyer of any Purchased Asset as set forth in Section 10(b) of the Repurchase
Agreement or the exercise by Buyer of any of the other rights and remedies set forth in any of the Transaction Documents. 
 (b)
Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Buyer as follows: 
 (i) Guarantor hereby waives any defense arising by reason of, and any and all right to assert against Buyer any claim or defense based upon, an election of remedies by Buyer which in any manner impairs,
affects, reduces, releases, destroys and/or extinguishes Guarantor’s subrogation rights, rights to proceed against Seller, or any other guarantor for reimbursement or contribution, and/or any other rights of Guarantor to proceed against Seller
against any other guarantor, or against any other person or security. 
 (ii) Guarantor is presently informed of
the financial condition of Seller and of all other circumstances which diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Guarantor hereby covenants that it will make its own investigation and will continue
to keep itself informed about each of Seller’s financial condition, the status of other guarantors, if any, of circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Buyer for such
information and will not rely upon Buyer or any Buyer for any such information. Absent a written request for such information by Guarantor to Buyer, Guarantor hereby waives the right, if any, to require Buyer to disclose to Guarantor any information
which Buyer may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other guarantor. 

(iii) Guarantor has independently reviewed the Transaction Documents and related agreements and has made an independent
determination as to the validity and enforceability thereof, and in executing and delivering this Guarantee to Buyer, 

  
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Guarantor is not in any manner relying upon the validity, and/or enforceability, and/or attachment, and/or perfection of any liens or security interests of any kind or nature granted by Seller or
any other guarantor to Buyer or any Buyer, now or at any time and from time to time in the future. 
 6. Reinstatement.
This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by Buyer upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of Seller or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any of Seller or any substantial part of Seller’s
property, or otherwise, all as though such payments had not been made. 
 7. Payments. Guarantor hereby agrees that the
Obligations will be paid to Buyer without set-off or counterclaim in U.S. Dollars at the address specified in writing by Buyer. 

8. Representations and Warranties. Guarantor represents and warrants that: 

(a) Guarantor has the legal capacity and the legal right to execute and deliver this Guarantee and to perform Guarantor’s
obligations hereunder; 
 (b) no consent or authorization of, filing with, or other act by or in respect of, any Governmental
Authority and no consent of any other Person (including, without limitation, any creditor of Guarantor) is required in connection with the execution, delivery, performance, validity or enforceability of this Guarantee; 

(c) this Guarantee has been duly executed and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of
equity (whether enforcement is sought in proceedings in equity or at law); 
 (d) the execution, delivery and performance of
this Guarantee will not violate any Requirement of Law applicable to or binding upon Guarantor or any of its property or to which Guarantor or any of its property is subject, or any provision of any security issued by Guarantor or of any agreement,
instrument or other undertaking to which Guarantor is a party or by which it or any of its property is bound (“Contractual Obligation”), and will not result in or require the creation or imposition of any lien on any of the
properties or revenues of Guarantor pursuant to any Requirement of Law or Contractual Obligation of Guarantor; 
 (e) except as
disclosed in writing to Buyer prior to the Closing Date, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the Knowledge of Guarantor, threatened in writing by or against Guarantor or
against any of Guarantor’s properties or revenues with respect to this Guarantee or any of the transactions contemplated hereby, which litigation, investigation or proceeding could be reasonably likely to have a material adverse effect on
Guarantor’s Total Assets; and 

  
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 (f) except as disclosed in writing to Buyer prior to the Closing Date, Guarantor has filed
or caused to be filed all tax returns which, to the Knowledge of Guarantor, are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against Guarantor or any of Guarantor’s property
and all other taxes, fees or other charges imposed on Guarantor or any of Guarantor’s property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate
proceedings); no tax lien has been filed, and, to the Knowledge of Guarantor, no claim is being asserted, with respect to any such tax, fee or other charge. 
 Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on the date of each Transaction under the Repurchase Agreement, on and as of such date of
the Transaction, as though made hereunder on and as of such date. 
 9. Covenants. Guarantor shall maintain the following
covenants at all times following the Closing Date until the Repurchase Obligations have been paid in full: 
 (a) Minimum
Fixed Charge Coverage Ratio. The ratio of (i) Guarantor’s EBITDA during the previous four (4) fiscal quarters to (ii) Guarantor’s Fixed Charges during the same such previous four (4) fiscal quarters shall not be
less than 1.40 to 1.00 as determined as soon as practicable after the end of each fiscal quarter, but in no event later than forty-five (45) days after the last day of the applicable fiscal quarter. 

(b) Minimum Tangible Net Worth. Guarantor’s Tangible Net Worth shall not fall below the sum of (i) fifty million dollars
($50,000,000) plus (ii) seventy-five percent (75%) of the net cash proceeds of any equity issuance by Guarantor that occurs after the Closing Date. 
 (c) Minimum Cash Liquidity. Guarantor’s Cash Liquidity shall not fall below the greater of (i) ten million dollars ($10,000,000) or (ii) five percent (5%) of Guarantor’s
Recourse Indebtedness. 
 (d) Maximum Indebtedness. The ratio, expressed as a percentage, the numerator of which shall
equal Guarantor’s and its Subsidiaries’ Indebtedness and the denominator of which shall equal Guarantor’s and its Subsidiaries’ Total Assets, shall be greater than eighty percent (80%). 

(e) REIT Status. Guarantor (i) shall at all times continue to qualify as a REIT (after giving effect to any cure or
corrective periods or allowances permitted under the Code) and be entitled to a deduction for dividends paid, as described in Section 561 of the Code, with respect to any dividends paid by it, (ii) shall not enter into any prohibited
transactions, as defined in
 Section 857(b)(6)(B)(iii) of the Code. 
 10. Severability. Any provision of this
Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 11. Paragraph Headings. The paragraph headings used in this Guarantee are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 12. No Waiver; Cumulative Remedies. Buyer shall not by any act (except by a written instrument pursuant to Section 13 hereof), delay, indulgence, omission or otherwise be deemed to have
waived any right or remedy hereunder or to have acquiesced in any default or event of default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Buyer, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by
Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Buyer would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any rights or remedies provided by law. 
 13. Waivers and Amendments;
Successors and Assigns; Governing Law. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Buyer, provided that, subject to any
limitations set forth in the Repurchase Agreement, any provision of this Guarantee may be waived by Buyer in a letter or agreement executed by Buyer or by email transmission from Buyer to Guarantor. This Guarantee shall be binding upon the heirs,
personal representatives, successors and assigns of Guarantor and shall inure to the benefit of Buyer, and their respective successors and assigns. THIS GUARANTEE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION
WITH THIS GUARANTEE, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 14. Notices. Notices by Buyer to Guarantor may be
given by mail, or by email with proof of delivery, addressed to Guarantor at the address set forth under its signature below and shall be effective (a) in the case of mail, five (5) days after deposit in the postal system, first class
certified mail and postage pre-paid, (b) one (1) Business Day following timely delivery to a nationally recognized overnight courier service for next Business Day delivery and (c) in the case of email, upon confirmation of delivery
prior to 5:00 p.m. local recipient time on a Business Day, and otherwise on the next succeeding Business Day. Notices to Buyer by Guarantor may be given in the manner set forth in the Repurchase Agreement. 

15. SUBMISSION TO JURISDICTION; WAIVERS. EACH OF GUARANTOR AND BUYER HEREBY IRREVOCABLY AND UNCONDITIONALLY: 

(A) SUBMITS FOR GUARANTOR AND GUARANTOR’S PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND THE OTHER
TRANSACTION DOCUMENTS TO WHICH GUARANTOR IS A PARTY, OR FOR 

  
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RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS WITHIN THE STATE OF NEW YORK; 
 (B) CONSENTS THAT ANY SUCH ACTION OR
PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT
TO PLEAD OR CLAIM THE SAME; 
 (C) AGREES THAT SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING UNDER THIS GUARANTEE MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT SUCH PARTY’S ADDRESS, AS SET FORTH UNDER GUARANTOR’S SIGNATURE BELOW, WITH RESPECT TO
DELIVERIES SENT TO GUARANTOR, OR, WITH RESPECT TO DELIVERIES SENT TO BUYER, AT THE ADDRESS SET FORTH IN THE REPURCHASE AGREEMENT, OR, IN EITHER CASE, AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTY SHALL HAVE BEEN NOTIFIED; AND 

(D) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

16. Integration. This Guarantee represents the agreement of Guarantor with respect to the subject matter hereof and there are no
promises or representations by Buyer or any Buyer relative to the subject matter hereof not reflected herein. 
 17.
Acknowledgments. Guarantor hereby acknowledges that: 
 (a) Guarantor has been advised by counsel in the negotiation,
execution and delivery of this Guarantee and the related documents; 
 (b) neither Buyer nor any Buyer has any fiduciary
relationship to Guarantor, and the relationship between Buyer and Guarantor is solely that of surety and creditor; and 
 (c) no
joint venture exists between or among any of Buyer, Guarantor and Seller. 
 18. WAIVERS OF JURY TRIAL. EACH OF
GUARANTOR AND BUYER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE OR ANY RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN. 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed and
delivered as of the date first above written. 
  

			
	Blackstone Mortgage Trust, Inc.
		
	 By:
	 	 /s/ Thomas C. Ruffing

		 	 Name: Thomas C. Ruffing

		 	 Title:   Managing Director, Asset Management



  

			
	Address for Notices:
	
	Blackstone Mortgage Trust, Inc.
	345 Park Avenue
	New York, New York 10154
	Attention:	  	Douglas Armer
	Email:	  	BXMTBofArepo@blackstone.com
	
	With a copy to:
	
	Ropes & Gray LLP
	1211 Avenue of the Americas
	New York, New York 10036
	Attention:	  	David C. Djaha
	Email:	  	david.djaha@ropesgray.com


  
 Blackstone
Mortgage Trust, Inc. – Guarantee Signature Page