# EDGAR Filing Document

**Accession Number:** 0001061630
**File Stem:** 0001061630-25-000128
**Filing Date:** 2025-10
**Character Count:** 1227277
**Document Hash:** b0787e88632c085a6556bca5f35eead3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001061630-25-000128.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001061630-25-000128

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 138

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKSTONE MORTGAGE TRUST, INC.
- **CENTRAL INDEX KEY:** 0001061630
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 946181186
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14788
- **FILM NUMBER:** 251426732

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 2126550220

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL TRUST INC
- **DATE OF NAME CHANGE:** 19980512

?xml version='1.0' encoding='ASCII'? bxmt-20250930

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM ______ TO ______**

**Commission File Number: 001-14788**

![Mortgage_Trust_Lock_Up_Standard_GIF.gif](bxmt-20250930_g1.gif)

**Blackstone Mortgage Trust, Inc.**

**(Exact name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Maryland** | **94-6181186** |
| **(State or other jurisdiction of**<br>**incorporation or organization)**<br>| **(I.R.S. Employer**<br>**Identification No.)**<br>|

---

**345 Park Avenue, 24th Floor**

**New York, New York10154**

**(Address of principal executive offices)(Zip Code)** 

**(212) 655-0220**

**(Registrant's telephone number, including area code)** 

**N/A** 

**(Former name, former address and former fiscal year, if changed since last report)** 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**symbol(s)**<br>| **Name of each exchange**<br>**on which registered**<br>|
| **Class A common stock, par value $0.01 per share** | **BXMT** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934

during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing

requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such

files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an

emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth

company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new

or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant's shares of class A common stock, par value $0.01 per share, outstanding as of October 22, 2025 was 167,723,732

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | Page |
| **PART I.**  | **FINANCIAL INFORMATION** |  |
| ITEM 1. | <u>[FINANCIAL STATEMENTS](#i5ae6f12e6eaa48489e39f30d79f48abd_16)</u> | <u>[3](#i5ae6f12e6eaa48489e39f30d79f48abd_16)</u> |
|  | Consolidated Financial Statements (Unaudited): |  |
|  | <u>[Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024](#i5ae6f12e6eaa48489e39f30d79f48abd_19)</u> | <u>[3](#i5ae6f12e6eaa48489e39f30d79f48abd_19)</u> |
|  | <u>[Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and](#i5ae6f12e6eaa48489e39f30d79f48abd_22)</u> <br><u>[2024](#i5ae6f12e6eaa48489e39f30d79f48abd_22)</u><br>| <u>[4](#i5ae6f12e6eaa48489e39f30d79f48abd_22)</u> |
|  | <u>[Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September](#i5ae6f12e6eaa48489e39f30d79f48abd_25)</u> <br><u>[30, 2025 and 2024](#i5ae6f12e6eaa48489e39f30d79f48abd_25)</u><br>| <u>[5](#i5ae6f12e6eaa48489e39f30d79f48abd_25)</u> |
|  | <u>[Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024,](#i5ae6f12e6eaa48489e39f30d79f48abd_28)</u> <br><u>[June 30, 2025 and 2024, and September 30, 2025 and 2024](#i5ae6f12e6eaa48489e39f30d79f48abd_28)</u><br>| <u>[6](#i5ae6f12e6eaa48489e39f30d79f48abd_28)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#i5ae6f12e6eaa48489e39f30d79f48abd_31)</u> | <u>[8](#i5ae6f12e6eaa48489e39f30d79f48abd_31)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#i5ae6f12e6eaa48489e39f30d79f48abd_37)</u> | <u>[10](#i5ae6f12e6eaa48489e39f30d79f48abd_37)</u> |
| ITEM 2. | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND](#i5ae6f12e6eaa48489e39f30d79f48abd_121)</u><br><u>[RESULTS OF OPERATIONS](#i5ae6f12e6eaa48489e39f30d79f48abd_121)</u><br>| <u>[57](#i5ae6f12e6eaa48489e39f30d79f48abd_121)</u> |
| ITEM 3. | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i5ae6f12e6eaa48489e39f30d79f48abd_160)</u> | <u>[90](#i5ae6f12e6eaa48489e39f30d79f48abd_160)</u> |
| ITEM 4. | <u>[CONTROLS AND PROCEDURES](#i5ae6f12e6eaa48489e39f30d79f48abd_175)</u> | <u>[92](#i5ae6f12e6eaa48489e39f30d79f48abd_175)</u> |
| **PART II.** | **OTHER INFORMATION** |  |
| ITEM 1. | <u>[LEGAL PROCEEDINGS](#i5ae6f12e6eaa48489e39f30d79f48abd_184)</u> | <u>[93](#i5ae6f12e6eaa48489e39f30d79f48abd_184)</u> |
| ITEM 1A. | <u>[RISK FACTORS](#i5ae6f12e6eaa48489e39f30d79f48abd_187)</u> | <u>[93](#i5ae6f12e6eaa48489e39f30d79f48abd_187)</u> |
| ITEM 2. | <u>[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i5ae6f12e6eaa48489e39f30d79f48abd_190)</u> | <u>[94](#i5ae6f12e6eaa48489e39f30d79f48abd_190)</u> |
| ITEM 3. | <u>[DEFAULTS UPON SENIOR SECURITIES](#i5ae6f12e6eaa48489e39f30d79f48abd_193)</u> | <u>[95](#i5ae6f12e6eaa48489e39f30d79f48abd_193)</u> |
| ITEM 4. | <u>[MINE SAFETY DISCLOSURES](#i5ae6f12e6eaa48489e39f30d79f48abd_196)</u> | <u>[95](#i5ae6f12e6eaa48489e39f30d79f48abd_196)</u> |
| ITEM 5. | <u>[OTHER INFORMATION](#i5ae6f12e6eaa48489e39f30d79f48abd_199)</u> | <u>[95](#i5ae6f12e6eaa48489e39f30d79f48abd_199)</u> |
| ITEM 6. | <u>[EXHIBITS](#i5ae6f12e6eaa48489e39f30d79f48abd_205)</u> | <u>[96](#i5ae6f12e6eaa48489e39f30d79f48abd_205)</u> |
| <u>[SIGNATURES](#i5ae6f12e6eaa48489e39f30d79f48abd_208)</u> | <u>[SIGNATURES](#i5ae6f12e6eaa48489e39f30d79f48abd_208)</u> | <u>[97](#i5ae6f12e6eaa48489e39f30d79f48abd_208)</u> |

---

**TABLE OF CONTENTS**

**Website Disclosure** 

We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The

information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in

addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls,

and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage

Trust when you enroll your email address by visiting the "Contact Us and Email Alerts" section of our website at http://

ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS** 

**BlackstoneMortgage Trust, Inc.** 

**Consolidated Balance Sheets (Unaudited)**

 **(in thousands, except share data)** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $377921 | $323483 |
| Loans receivable | 18066919 | 19047518 |
| Current expected credit loss reserve | (695719) | (733936) |
| Loans receivable, net | 17371200 | 18313582 |
| Real estate owned, net | 933635 | 588185 |
| Investments in unconsolidated entities (includes $104,867 and $0 at fair value as of <br>September 30, 2025 and December 31, 2024, respectively)<br>| 182598 | 4452 |
| Other assets | 834219 | 572253 |
| **Total Assets** | $19699573 | $19801955 |
| **Liabilities and Equity** |  |  |
| Secured debt, net | $9540224 | $9696334 |
| Securitized debt obligations, net | 2470067 | 1936956 |
| Asset-specific debt, net | 627916 | 1224841 |
| Loan participations sold, net |  | 100064 |
| Term loans, net | 1774913 | 1732073 |
| Senior secured notes, net | 785215 | 771035 |
| Convertible notes, net | 264463 | 263616 |
| Other liabilities | 639372 | 282847 |
| **Total Liabilities** | 16102170 | 16007766 |
| Commitments and contingencies (Note 22) |  |  |
| **Equity** |  |  |
| Class A common stock, $0.01 par value, 400,000,000 shares authorized, <br>170,720,119 and 172,792,094 shares issued and outstanding as of September 30, <br>2025 and December 31, 2024, respectively<br>| 1707 | 1728 |
| Additional paid-in capital | 5485421 | 5511053 |
| Accumulated other comprehensive income | 9320 | 8268 |
| Accumulated deficit | (1905746) | (1733741) |
| Total Blackstone Mortgage Trust, Inc. stockholders' equity | 3590702 | 3787308 |
| Non-controlling interests | 6701 | 6881 |
| **Total Equity** | 3597403 | 3794189 |
| **Total Liabilities and Equity** | $19699573 | $19801955 |

---

Note: The consolidated balance sheets as of September 30, 2025 andDecember 31, 2024 include assets of consolidated

variable interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of

consolidated VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of September 30, 2025

and December 31, 2024, assets of the consolidated VIEs totaled $3.6 billion and $2.4 billion, respectively, and liabilities of

the consolidated VIEs totaled $2.5 billionand $2.0 billion, respectively. Refer to Note 20 for further discussion of the

VIEs.

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Operations (Unaudited)**

**(in thousands, except share and per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income from loans and other investments** |  |  |  |  |
| Interest and related income | $345959 | $430092 | $1037553 | $1382367 |
| Less: Interest and related expenses | 247055 | 321744 | 754015 | 1004854 |
| **Income from loans and other** <br>**investments, net**<br>| 98904 | 108348 | 283538 | 377513 |
| Revenue from real estate owned | 33733 | 1214 | 109578 | 1214 |
| Gain on extinguishment of debt |  | 2389 |  | 5352 |
| Other income | 74 |  | 395 |  |
| **Total net revenues** | 132711 | 111951 | 393511 | 384079 |
| **Expenses** |  |  |  |  |
| Management and incentive fees | 16849 | 18605 | 51120 | 56258 |
| General and administrative expenses | 12747 | 13423 | 38937 | 40811 |
| Expenses from real estate owned | 43100 | 2684 | 137198 | 3647 |
| Other expenses | 6 |  | 6 |  |
| **Total expenses** | 72702 | 34712 | 227261 | 100716 |
| Decrease (increase) in current expected credit loss <br>reserve<br>| 987 | (132470) | (94111) | (519747) |
| Income from unconsolidated entities | 3924 |  | 1035 |  |
| **Income (loss) before income taxes** | 64920 | (55231) | 73174 | (236384) |
| Income tax provision | 1512 | 613 | 3133 | 2832 |
| **Net income (loss)** | 63408 | (55844) | 70041 | (239216) |
| Net income attributable to non-controlling interests | (11) | (540) | (32) | (2063) |
| **Net income (loss) attributable to Blackstone** <br>**Mortgage Trust, Inc.**<br>| $63397 | $(56384) | $70009 | $(241279) |
| **Net income (loss) per share of common stock,** <br>**basic and diluted**<br>| $0.37 | $(0.32) | $0.41 | $(1.39) |
| **Weighted-average shares of common stock** <br>**outstanding, basic and diluted**<br>| 171812685 | 173637101 | 171903127 | 173881116 |

---

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Comprehensive Income (Unaudited)**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** | **Nine Months Ended**<br>**September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $63408 | $(55844) | $70041 | $(239216) |
| Other comprehensive (loss) income |  |  |  |  |
| Unrealized (loss) gain on foreign currency <br>translation<br>| (25288) | 91072 | 181093 | 49009 |
| Realized and unrealized gain (loss) on derivative <br>financial instruments<br>| 25174 | (90309) | (178488) | (47372) |
| Unrealized loss on derivative financial <br>instruments from unconsolidated entities<br>| (364) |  | (1553) |  |
| Other comprehensive (loss) income | (478) | 763 | 1052 | 1637 |
| **Comprehensive income (loss)** | 62930 | (55081) | 71093 | (237579) |
| Comprehensive income attributable to non-<br>controlling interests<br>| (11) | (540) | (32) | (2063) |
| **Comprehensive income (loss) attributable to** <br>**Blackstone Mortgage Trust, Inc.**<br>| $62919 | $(55621) | $71061 | $(239642) |

---

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Changes in Equity (Unaudited)**

**(in thousands)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |  |  |
|  | **Class A**<br>**Common**<br> **Stock**<br>| **Additional** <br>**Paid-**<br>**In Capital**<br>| **Accumulated** <br>**Other**<br> **Comprehensive** <br>**Income (Loss)**<br>| **Accumulated**<br> **Deficit**<br>| **Stockholders'**<br> **Equity**<br>| **Non-**<br>**Controlling**<br> **Interests**<br>| **Total**<br>**Equity**<br>|
| **Balance at December 31, 2024** | $1728 | $5511053 | $8268 | $(1733741) | $3787308 | $6881 | $3794189 |
| Shares of class A common stock <br>issued, net<br>| 1 | (1) |  |  |  |  |  |
| Repurchases of class A common <br>stock<br>| (18) | (31629) |  |  | (31647) |  | (31647) |
| Restricted class A common stock <br>earned<br>| 5 | 6787 |  |  | 6792 |  | 6792 |
| Dividends reinvested |  | 213 |  |  | 213 |  | 213 |
| Deferred directors' compensation |  | 173 |  |  | 173 |  | 173 |
| Net (loss) income |  |  |  | (357) | (357) | 6 | (351) |
| Other comprehensive income |  |  | 323 |  | 323 |  | 323 |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.47 per share<br>|  |  |  | (80837) | (80837) |  | (80837) |
| Distributions to non-controlling <br>interests<br>|  |  |  |  |  | (137) | (137) |
| **Balance at March 31, 2025** | $1716 | $5486596 | $8591 | $(1814935) | $3681968 | $6750 | $3688718 |
| Repurchases of class A common <br>stock<br>|  | (39) |  |  | (39) |  | (39) |
| Restricted class A common stock <br>earned<br>|  | 7131 |  |  | 7131 |  | 7131 |
| Dividends reinvested |  | 160 |  |  | 160 |  | 160 |
| Deferred directors' compensation |  | 172 |  |  | 172 |  | 172 |
| Net income |  |  |  | 6969 | 6969 | 15 | 6984 |
| Other comprehensive income |  |  | 1207 |  | 1207 |  | 1207 |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.47 per share<br>|  |  |  | (80796) | (80796) |  | (80796) |
| **Balance at June 30, 2025** | $1716 | $5494020 | $9798 | $(1888762) | $3616772 | $6765 | $3623537 |
| Repurchases of class A common <br>stock<br>| (9) | (16057) |  |  | (16066) |  | (16066) |
| Restricted class A common stock <br>earned<br>|  | 7130 |  |  | 7130 |  | 7130 |
| Dividends reinvested |  | 156 |  |  | 156 |  | 156 |
| Deferred directors' compensation |  | 172 |  |  | 172 |  | 172 |
| Net income |  |  |  | 63397 | 63397 | 11 | 63408 |
| Other comprehensive loss |  |  | (478) |  | (478) |  | (478) |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.47 per share<br>|  |  |  | (80381) | (80381) |  | (80381) |
| Distributions to non-controlling <br>interests<br>|  |  |  |  |  | (75) | (75) |
| **Balance at September 30, 2025** | $1707 | $5485421 | $9320 | $(1905746) | $3590702 | $6701 | $3597403 |

---

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Changes in Equity (Unaudited)**

**(in thousands)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** | **Blackstone Mortgage Trust, Inc.** |  |  |
|  | **Class A**<br>**Common**<br> **Stock**<br>| **Additional** <br>**Paid-**<br>**In Capital**<br>| **Accumulated** <br>**Other**<br> **Comprehensive** <br>**Income (Loss)**<br>| **Accumulated**<br> **Deficit**<br>| **Stockholders'**<br> **Equity**<br>| **Non-**<br>**Controlling**<br> **Interests**<br>| **Total**<br>**Equity**<br>|
| **Balance at December 31, 2023** | $1732 | $5507459 | $9454 | $(1150934) | $4367711 | $19793 | $4387504 |
| Restricted class A common stock <br>earned<br>| 4 | 7907 |  |  | 7911 |  | 7911 |
| Dividends reinvested |  | 253 |  |  | 253 |  | 253 |
| Deferred directors' compensation |  | 201 |  |  | 201 |  | 201 |
| Net (loss) income |  |  |  | (123838) | (123838) | 668 | (123170) |
| Other comprehensive income |  |  | 416 |  | 416 |  | 416 |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.62 per share<br>|  |  |  | (107901) | (107901) |  | (107901) |
| Distributions to non-controlling <br>interests<br>|  |  |  |  |  | (627) | (627) |
| **Balance at March 31, 2024** | $1736 | $5515820 | $9870 | $(1382673) | $4144753 | $19834 | $4164587 |
| Restricted class A common stock <br>earned<br>|  | 7761 |  |  | 7761 |  | 7761 |
| Dividends reinvested |  | 261 |  |  | 261 |  | 261 |
| Deferred directors' compensation |  | 201 |  |  | 201 |  | 201 |
| Net (loss) income |  |  |  | (61057) | (61057) | 855 | (60202) |
| Other comprehensive income |  |  | 458 |  | 458 |  | 458 |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.62 per share<br>|  |  |  | (107873) | (107873) |  | (107873) |
| Contributions from non-<br>controlling interests<br>|  |  |  |  |  | 1245 | 1245 |
| Distributions to non-controlling <br>interests<br>|  |  |  |  |  | (1840) | (1840) |
| **Balance at June 30, 2024** | $1736 | $5524043 | $10328 | $(1551603) | $3984504 | $20094 | $4004598 |
| Repurchases of class A common<br>stock<br>| (6) | (10992) |  |  | (10998) |  | (10998) |
| Restricted class A common stock <br>earned<br>|  | 7728 |  |  | 7728 |  | 7728 |
| Dividends reinvested |  | 270 |  |  | 270 |  | 270 |
| Deferred directors' compensation |  | 256 |  |  | 256 |  | 256 |
| Net (loss) income |  |  |  | (56384) | (56384) | 540 | (55844) |
| Other comprehensive income |  |  | 763 |  | 763 |  | 763 |
| Dividends declared on common <br>stock and deferred stock units, <br>$0.47 per share<br>|  |  |  | (81547) | (81547) |  | (81547) |
| Distributions to non-controlling <br>interests<br>|  |  |  |  |  | (4829) | (4829) |
| **Balance at September 30, 2024** | $1730 | $5521305 | $11091 | $(1689534) | $3844592 | $15805 | $3860397 |

---

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Cash Flows (Unaudited)** 

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $70041 | $(239216) |
| Adjustments to reconcile net income (loss) to net cash provided by operating <br>activities<br>|  |  |
| Non-cash compensation expense | 21570 | 24058 |
| Amortization of deferred fees on loans | (45390) | (50568) |
| Amortization of deferred financing costs and premiums/discounts on debt <br>obligations<br>| 27331 | 32185 |
| Payment-in-kind interest | (13448) | (9612) |
| Increase in current expected credit loss reserve | 94111 | 519747 |
| Straight-line rental income | 1791 |  |
| Gain on extinguishment of debt |  | (5352) |
| Depreciation and amortization of real estate owned | 47960 | 1214 |
| Income from unconsolidated entities | (1035) |  |
| Unrealized loss (gain) on derivative financial instruments, net | 3059 | (6346) |
| Realized gain on derivative financial instruments, net | (16846) | (6923) |
| Changes in assets and liabilities, net |  |  |
| Other assets | (37181) | 52699 |
| Other liabilities | (12398) | (29978) |
| Net cash provided by operating activities | 139565 | 281908 |
| **Cash flows from investing activities** |  |  |
| Principal fundings of loans receivable | (3931823) | (982229) |
| Principal collections, sales proceeds, and cost-recovery proceeds from loans <br>receivable<br>| 4771001 | 3135968 |
| Origination and other fees received on loans receivable | 46882 | 26140 |
| Payments under derivative financial instruments | (198264) | (140566) |
| Receipts under derivative financial instruments | 96102 | 56767 |
| Collateral deposited under derivative agreements | (391380) | (184220) |
| Return of collateral deposited under derivative agreements | 396190 | 238640 |
| Investment in unconsolidated entities | (178664) |  |
| Capital expenditures on real estate owned | (8480) |  |
| Net cash provided by investing activities | 601564 | 2150500 |

---

continued…

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.** 

**Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from financing activities** |  |  |
| Borrowings under secured debt | $2956828 | $1016974 |
| Repayments under secured debt | (3299746) | (2742691) |
| Proceeds from issuance of securitized debt obligations | 831250 |  |
| Repayments of securitized debt obligations | (193342) | (259081) |
| Borrowings under asset-specific debt | 334460 | 197141 |
| Repayments under asset-specific debt | (936275) |  |
| Repayments of loan participations | (104028) | (235960) |
| Net proceeds from term loan borrowings | 50000 |  |
| Repayments and repurchases of term loans | (6310) | (18797) |
| Repurchases of senior secured notes |  | (27222) |
| Repayments and repurchases of convertible notes |  | (31424) |
| Payment of deferred financing costs | (36541) | (18126) |
| Contributions from non-controlling interests |  | 1245 |
| Distributions to non-controlling interests | (212) | (7296) |
| Dividends paid on class A common stock | (242492) | (322712) |
| Repurchases of class A common stock | (47752) | (10998) |
| Net cash used in financing activities | (694160) | (2458947) |
| **Net increase (decrease) in cash and cash equivalents** | 46969 | (26539) |
| Cash and cash equivalents at beginning of period | 323483 | 350014 |
| Effects of currency translation on cash and cash equivalents | 7469 | (1371) |
| Cash and cash equivalents at end of period | $377921 | $322104 |
| **Supplemental disclosure of cash flows information** |  |  |
| Payments of interest | $(736904) | $(993434) |
| Payments of income taxes | $(3424) | $(4653) |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Dividends declared, not paid | $(80238) | $(81306) |
| Loan principal payments held by servicer, net | $199492 | $26269 |
| Transfer of senior loan to real estate owned | $358088 | $139239 |
| Assumption of other assets and liabilities related to real estate owned | $48184 | $16256 |
| Accrued capital expenditures on real estate owned | $19 | $100 |

---

*See accompanying notes to consolidated financial statements.*

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (Unaudited)**

**1. ORGANIZATION**

References herein to "Blackstone Mortgage Trust," "Company," "we," "us" or "our" refer to Blackstone Mortgage Trust,

Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other

debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and

Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major

markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our

investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or

CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate

financing, depending on our view of the most prudent financing option available for each of our investments. We are

externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a

real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol "BXMT." Our

principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal

income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders

and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an

exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding

company and conduct our business primarily through our various subsidiaries.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting

principles generally accepted in the United States of America, or GAAP, for interim financial information and the

instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes

thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have

made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are

presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The

operating results presented for interim periods are not necessarily indicative of the results that may be expected for any

other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should

be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for

the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission, or the SEC.

**Basis of Presentation**

The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our

wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the

primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

**Principles of Consolidation**

We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate

all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do

not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk

for the entity to finance its activities without additional subordinated financial support from other parties. The entity that

consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities

that most significantly affect the VIE's economic performance and (ii) the right to receive benefits from the VIE or the

obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally

considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are

consolidated when we control the entity through a majority voting interest or other means.

For consolidated entities, the non-controlling partner's share of the assets, liabilities, and operations of each joint venture is

included in non-controlling interests as a component of total equity. The non-controlling partner's interest is generally

computed as the joint venture partner's ownership percentage.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the

investment is accounted for under the equity method of accounting. Investments in unconsolidated entities for which we

have not elected the fair value option, or FVO, are initially recorded at cost and subsequently adjusted for our pro-rata

share of net income, contributions and distributions. When we elect the FVO, we record our share of the net asset value of

the entity and any related unrealized gains and losses.

We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in

circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other

factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a current

fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment

if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than

temporary, we will record an impairment charge sufficient to reduce the investment's carrying value to its fair value, which

would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or

loss and cannot be written up to a higher value as a result of increases in fair value.

In 2017, we entered into a joint venture with Walker & Dunlop Inc., or Walker & Dunlop, to originate, hold, and finance

multifamily bridge loans, which we refer to as our Multifamily Joint Venture. Pursuant to the terms of the agreements

governing the joint venture, Walker & Dunlop contributed 15% of the venture's equity capital and we contributed 85%.

We consolidate our Multifamily Joint Venture as we have a controlling financial interest. The non-controlling interests

included on our consolidated balance sheets represent the equity interests in our Multifamily Joint Venture that are owned

by Walker & Dunlop. A portion of our Multifamily Joint Venture's consolidated equity and results of operations are

allocated to these non-controlling interests based on Walker & Dunlop's pro rata ownership of our Multifamily Joint

Venture.

In 2024, we entered into a joint venture with a Blackstone-advised investment vehicle to invest in triple net lease

properties, which we refer to as our Net Lease Joint Venture. Our aggregate ownership interest in our Net Lease Joint

Venture was 75% as of September 30, 2025. We do not consolidate our Net Lease Joint Venture as we do not have a

controlling financial interest. Our investment in our Net Lease Joint Venture is accounted for under the equity method, and

is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of income

(loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.

In the second quarter of 2025, we entered into a joint venture with a Blackstone-advised investment vehicle to acquire

portfolios of performing commercial mortgage loans, which we refer to as our Bank Loan Portfolio Joint Venture. During

the nine months endedSeptember 30, 2025, our Bank Loan Portfolio Joint Venture acquired two portfolios of performing

commercial mortgage loans. Our aggregate ownership interest in our Bank Loan Portfolio Joint Venture was 35% as of

September 30, 2025. We do not consolidate our Bank Loan Portfolio Joint Venture as we do not have a controlling

financial interest. Our investment in our Bank Loan Portfolio Joint Venture is accounted for using the FVO, and is recorded

as an investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share of any unrealized

gains and losses is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of

the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting

period. Actual results may ultimately differ materially from those estimates.

**Revenue Recognition**

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest

method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these

investments is deferred and recorded over the term of the loan as an adjustment to yield.Income accrual is generally

suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery

of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized

cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually

current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses

are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in

general and administrative expenses as incurred.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated

statements of operations, and the related revenue recognition policies are as follows:

Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties.

Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions.

We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased

space.

Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income.

Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue

is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered.

Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area

maintenance, real estate taxes, and other recoverable costs included in lease agreements.

We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in

assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment

history, available information about the financial condition of the tenant, and current economic trends, among other factors.

Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.

**Cash and Cash Equivalents**

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or

less. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash

equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not

expect, any losses on our cash or cash equivalents. As of both September 30, 2025 and December 31, 2024, we hadno

restricted cash on our consolidated balance sheets.

**Loans Receivable**

We originate and purchase commercial real estate debt and related instruments generally to be held as long-term

investments at amortized cost.

**Current Expected Credit Losses Reserve**

The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB,

Accounting Standards Codification, or ASC, Topic 326 "Financial Instruments – Credit Losses," or ASC 326, reflects our

current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance

sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations.

While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves

should be based on relevant information about past events, including historical loss experience, current portfolio and

market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than

a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of

loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of

loss, regardless of credit quality, subordinate capital, or other mitigating factors.

We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which

has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1.

The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to

each of our loans over their expected remaining term, taking into consideration expected economic conditions over the

relevant time frame. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share

similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-

weighted model that considers the likelihood of default and expected loss given default for each such individual loan.

Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical

loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current

credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To

estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market

loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued

since January 1, 1999 through August 31, 2025. Within this database, we focused our historical loss reference calculations

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most comparable

to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data,

which includes month-over-month loan and property performance, is the most relevant, available, and comparable dataset

to our portfolio.

Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These

future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is

recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the

same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will

similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our

internal risk rating of each loan as the primary credit quality indicator underlying our assessment.

The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar

assets. We have identified the following pools and measure the reserve for credit losses using the following methods:

• **U.S. Loans**: WARM method that incorporates a subset of historical loss data, expected weighted-average

remaining maturity of our loan pool, and an economic view.

• **Non-U.S. Loans:** WARM method that incorporates a subset of historical loss data, expected weighted-average

remaining maturity of our loan pool, and an economic view.

• **Unique Loans:** a probability of default and loss given default model, assessed on an individual basis.

• **Impaired Loans:**impairment is indicated when it is deemed probable that we will not be able to collect all

amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires

significant judgment from management and is based on several factors including (i) the underlying collateral

performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact

the borrower's ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be

impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for

collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing

the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan.

These valuations require significant judgments, which include assumptions regarding capitalization rates, discount

rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan

sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could

ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our

consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-

recoverable. This is generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are

otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly

certain that all amounts due will not be collected.

*Contractual Term and Unfunded Loan Commitments*

Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of

our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine

the contractual term for purposes of computing our CECL reserves.

Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend

credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly,

as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in

estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans

receivable.

*Credit Quality Indicator*

Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a

quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including,

without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition,

cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

scale, our loans are rated "l" through "5," from less risk to greater risk, relative to our loan portfolio in the aggregate, which

ratings are defined as follows:

**1 -Very Low Risk**

**2 -Low Risk**

**3 -Medium Risk**

**4 -High Risk/Potential for Loss:** A loan that has a risk of realizing a principal loss.

**5 -Impaired/Loss Likely:** A loan that has a very high risk of realizing a principal loss or has otherwise incurred a

principal loss.

*Estimation of Economic Conditions*

In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are

also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the

commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations

of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit

losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we

have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader

economic conditions may have on our loan portfolio's performance. We generally also incorporate information from other

sources, including information and opinions available to our Manager, to further inform these estimations. This process

requires significant judgments about future events that, while based on the information available to us as of the balance

sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly

from the estimates we made as of September 30, 2025.

**Real Estate Owned**

We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-

in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over

decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions

are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on

the acquisition date in accordance with the ASC Topic 805, "Business Combinations," or ASC 805.

Upon acquisition of REO assets, we assess the fair value of acquired tangible and intangible assets, which may include

land, buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified

intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed

liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or

capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows

are based on a number of factors including the historical operating results, known and anticipated trends, and market and

economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets'

estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or

replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.

Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary

repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the

asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment.The

impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of

anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental

rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 "Property,

Plant, and Equipment." Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is

reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a

real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon

reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for

investment, and (ii) its estimated fair value at the time of reclassification.

As of September 30, 2025, we had 10REO assets that were all classified as held for investment.

**Agency Multifamily Lending Partnership**

In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a

subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC's Fannie

Mae DUS and Freddie Mac Optigo lending platforms, or the Agency Multifamily Lending Partnership. We will receive a

portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie

Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer

to MTRCC for origination under the Fannie Mae program.

*Revenue Recognition*

For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our

allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance

obligations in accordance with the "Revenue from Contracts with Customers" Topic of the FASB, or ASC 606. Our

performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and

sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable

and will be reevaluated for collectability on a recurring basis.

*Loss-sharing Obligation*

Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC's obligation

to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-

sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is

required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.

In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair

value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life

of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets. As of

both September 30, 2025 and December 31, 2024, our maximum loss-sharing obligation associated with the loans referred

by us to MTRCC under the Fannie Mae program was $5.5 million, and we have recorded a related liability of $32,000.

There have been no losses incurred as a result of the loss-sharing obligations.

**Derivative Financial Instruments**

We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets

at fair value.

On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign

operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received

or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair

value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all

derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and

designation at the contract's inception. This documentation includes the identification of the hedging instruments and the

hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the

effectiveness of its hedged transaction.

On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected

to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined

that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the

changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed

using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from

the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the

contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in

accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated

financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and

into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the

same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap

settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated.

To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its

fair value are included in net income concurrently.

Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of

cash flows in the same section as the underlying hedged item.

**Secured Debt and Asset-Specific Debt**

We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings

under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest

income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported

separately on our consolidated statements of operations.

**Loan Participations Sold**

In certain instances, we have executed a syndication of a non-recourse loan interest to a third party. Depending on the

particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale

will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these

sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our

consolidated balance sheet, however this gross presentation does not impact stockholders' equity or net income. When the

sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that

we sold.

**Term Loans**

We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or

transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest

expense.

**Senior Secured Notes**

We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount

or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-

cash interest expense.

**Convertible Notes**

Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as

debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our

consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent.

Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the

convertible notes as additional non-cash interest expense.

**Deferred Financing Costs**

The deferred financing costs that are included as a reduction in the net book value of the related liability on our

consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as

interest expense using the effective interest method over the life of the related obligations.

**Underwriting Commissions and Offering Costs**

Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a

reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common

stock offering are expensed when incurred.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Fair Value Measurements**

The "Fair Value Measurements and Disclosures" Topic of the FASB, or ASC 820, defines fair value, establishes a

framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.

Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an

asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in

measuring financial instruments. Market price observability is affected by a number of factors, including the type of

financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the

existence and transparency of transactions between market participants. Financial instruments with readily available quoted

prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment

used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs

used in the determination, as follows:

• Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical

financial instruments as of the reporting date.

• Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active

or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other

observable inputs, such as interest rates, yield curves, credit risks, and default rates.

• Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if

any, market activity for the financial instrument. These inputs require significant judgment or estimation by

management of third parties when determining fair value and generally represent anything that does not meet the

criteria of Levels 1 and 2.

Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a

nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further

in Note 19. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on

assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from

third parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our

estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These

valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing,

creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions

of other lenders, and other factors.

We have elected the FVO for one of our investments in an unconsolidated entity, our Bank Loan Portfolio Joint Venture,

and therefore report this investment at fair value. Given the fair value of this investment is not readily determinable, the net

asset value of the entity is used as a practical expedient.

As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans

receivable with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds. The CECL reserve was

recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of September 30, 2025.

These loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs,

and are classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the

loans receivable by considering a variety of inputs including property performance, market data, and comparable sales, as

applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast

the future sale price of the underlying real estate collateral, which ranged from 6.00% to 8.00%, and the unlevered discount

rate assumption, which ranged from 7.00% to 15.00%.

During the nine months endedSeptember 30, 2025, we acquired legal title or otherwise consolidated three REO assets

through deed-in-lieu of foreclosure transactions or loan modifications that resulted in us consolidating the collateral assets.

At the time of each acquisition, we determined the fair value of each real estate asset based on a variety of inputs including,

but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market data, and

comparable sales. The REO assets were measured at fair value on a nonrecurring basis using significant unobservable

inputs and are classified as Level 3 assets in the fair value hierarchy. The significant unobservable inputs employed include

(i) the exit capitalization rate assumption used to forecast the future sale price of the assets, which ranged from 6.00% to

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

8.55%, and (ii) the unlevered discount rate assumptions, which ranged from 7.75% to 10.55%. Refer to Notes 4 and 19 for

further information.

We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise

reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those

instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which

it is practicable to estimate that value:

• Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.

• Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology,

taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of

major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other

lenders, and other factors.

• Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated

using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs

comprising foreign currency rates and credit spreads.

• Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit

facility would currently be priced.

• Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing

service providers. In determining the value of a particular investment, pricing service providers may use broker-

dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the

reported price.

• Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar

agreement would currently be priced.

• Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related

loan receivable asset.

• Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service

providers. In determining the value of a particular investment, pricing service providers may use broker-dealer

quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported

price.

• Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service

providers. In determining the value of a particular investment, pricing service providers may use broker-dealer

quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported

price.

• Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained

using quoted market prices.

**Income Taxes**

Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income.

We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally

do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were

to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and

penalties. Refer to Note 17 for further information.

**Stock-Based Compensation**

Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of

our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock

units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these

awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A

common stock. Refer to Note 18 for further information.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Earnings per Share**

Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net

earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units,

divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common

stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a

participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these

restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or

losses.

Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net

earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees,

allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii)

the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred

stock units, and shares of class A common stock issuable under our convertible notes. Refer to Note 15 for further

discussion of earnings per share.

**Foreign Currency**

In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign

exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of

operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar

denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and

income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative

translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other

comprehensive income (loss).

**Recent Accounting Pronouncements**

In July 2025, the FASB issued Accounting Standards Update, or ASU, 2025-05, which amends the guidance in ASC 326,

Financial Instruments—Credit Losses. This update provides a practical expedient related to the estimation of expected

credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under

ASC 606. The amendment notes that in developing reasonable and supportable forecasts as part of estimating expected

credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do

not change for the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15,

2025, including interim periods within those annual periods, and early adoption is permitted. We have not early adopted

ASU 2025-05 and do not expect the adoption of ASU 2025-05 to have a material impact on our consolidated financial

statements. We recognize revenue under ASC 606 pursuant to our Agency Multifamily Lending Partnership and income

from our hospitality REO assets.

In May 2025, the FASB issued ASU 2025-03, which amends the guidance in ASC 805, Business Combinations. This

update clarifies the determination of the accounting acquirer in business combinations that are primarily effected through

the exchange of equity interests and involve the acquisition of a VIE. Specifically, entities are now required to consider the

factors outlined in ASC 805-10-55-12 through 55-15 when determining the accounting acquirer, rather than defaulting to

the primary beneficiary of the VIE as the accounting acquirer. ASU 2025-03 is effective for annual periods beginning after

December 15, 2026, including interim periods within those annual periods, and early adoption is permitted. We have not

early adopted ASU 2025-03 and do not expect the adoption of ASU 2025-03 to have a material impact on our consolidated

financial statements.

In November 2024, the FASB issued ASU 2024-04 "Debt with Conversion and Other Options (Subtopic 470-20): Induced

Conversions of Convertible Debt Instruments," or ASU 2024-04. ASU 2024-04 clarifies the accounting treatment for

settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is effective on a prospective basis,

with the option for retrospective application, for fiscal years beginning after December 15, 2025. We have not early

adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact on our consolidated

financial statements.

In November 2024, the FASB issued ASU 2024-03 "Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses," or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the

financial statements on specified information about certain costs and expenses for each interim and annual reporting period.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods

beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, and

early adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to

have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax

Disclosures," or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity's effective tax rate

reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option

for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We

have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our

consolidated financial statements.

**3. LOANS RECEIVABLE, NET** 

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Number of loans | 137 | 130 |
| Principal balance | $18188534 | $19203126 |
| Net book value | $17371200 | $18313582 |
| Unfunded loan commitments<sup>(1)</sup> | $1532429 | $1263068 |
| Weighted-average cash coupon<sup>(2)</sup> | + 3.24% | + 3.46% |
| Weighted-average all-in yield<sup>(2)</sup> | + 3.46% | + 3.78% |
| Weighted-average maximum maturity (years)<sup>(3)</sup> | 2.4 | 2.1 |

---

(1)Unfunded commitments will primarily be funded to finance our borrowers' construction or development of real

estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will

generally be funded over the term of each loan, subject in certain cases to an expiration date.

(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark

rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices, as applicable to each loan. As of

September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to

SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. As of December 31, 2024,

substantially all of our loans by principal balanceearned a floating rate of interest, primarily indexed to SOFR. In

addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, and purchase discounts, as well as the accrual of exit fees.Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any.

(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any. As of

September 30, 2025, 31% of our loans by principal balance were subject to yield maintenance or other prepayment

restrictions and 69%were open to repayment by the borrower without penalty. As of December 31, 2024, 10% of

our loans by principal balance were subject to yield maintenance or other prepayment restrictions and 90% were

open to repayment by the borrower without penalty.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in

thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Loans Receivable Principal Balance** | **Loans Receivable Principal Balance** | **Loans Receivable Principal Balance** |
| <br>**Index Rate Floors** | **USD** | **Non-USD**<sup>(1)</sup> | **Total** |
| Fixed Rate | $180857 | $137149 | $318006 |
| 0.00% or no floor<sup>(2)</sup> | 1796816 | 4966038 | 6762854 |
| 0.01% to 1.00% floor | 2628392 | 972584 | 3600976 |
| 1.01% to 2.00% floor | 676479 | 1371685 | 2048164 |
| 2.01% to 3.00% floor | 3791304 | 139838 | 3931142 |
| 3.01% or more floor | 1313773 | 213619 | 1527392 |
| Total<sup>(3)</sup> | $10387621 | $7800913 | $18188534 |

---

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

(2)Includes all impaired loans.

(3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal

balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor

was 1.90%.

Activity relating to our loans receivable portfolio was as follows ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Balance**<br>| **Deferred Fees /**<br>**Other Items**<sup>(1)</sup><br>| **Net Book**<br>**Value**<br>|
| Loans Receivable, as of December 31, 2024 | $19203126 | $(155608) | $19047518 |
| Loan fundings | 3931823 |  | 3931823 |
| Loan repayments, sales, and cost-recovery proceeds | (5048125) | (39424) | (5087549) |
| Charge-offs | (208010) | 79018 | (128992) |
| Transfer to real estate owned | (358088) |  | (358088) |
| Transfer to other assets, net<sup>(2)</sup> | (49158) |  | (49158) |
| Payment-in-kind interest | 13448 |  | 13448 |
| Unrealized gain (loss) on foreign currency translation | 703518 | (2275) | 701243 |
| Deferred fees and other items |  | (48716) | (48716) |
| Amortization of fees and other items |  | 45390 | 45390 |
| Loans Receivable, as of September 30, 2025 | $18188534 | $(121615) | $18066919 |
| CECL reserve |  |  | (695719) |
| Loans Receivable, net, as of September 30, 2025 |  |  | $17371200 |

---

(1)Other items primarily consist of purchase and sale discounts or premiums, exit fees, deferred origination expenses,

and cost-recovery proceeds.

(2)This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,

net of liabilities recorded upon acquisition, if any, and proceeds from loan repayments that are held in escrow, all of

which are included within other assets in our consolidated balance sheets. See Note 6 for further information.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio

($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Property Type** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> | **Net Loan Exposure** <br>**Percentage of Portfolio**<br>|
| Office | 42 | $5489331 | $4845825 | 29% |
| Multifamily | 47 | 4432183 | 4289958 | 25 |
| Industrial | 18 | 3561323 | 3524478 | 21 |
| Hospitality | 14 | 2096519 | 1994080 | 12 |
| Retail | 8 | 769377 | 676140 | 4 |
| Self-storage | 3 | 653016 | 488715 | 3 |
| Life Sciences / Studio | 3 | 341730 | 290881 | 2 |
| Other | 2 | 723440 | 683661 | 4 |
| Total loans receivable | 137 | $18066919 | $16793738 | 100% |
| CECL reserve |  | (695719) |  |  |
| Loans receivable, net |  | $17371200 |  |  |
| **Geographic Location** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> | **Net Loan Exposure** <br>**Percentage of Portfolio**<br>|
| United States |  |  |  |  |
| Sunbelt | 45 | $4203737 | $3727255 | 22% |
| Northeast | 23 | 2768431 | 2431400 | 14 |
| West | 23 | 1957019 | 1873533 | 11 |
| Midwest | 8 | 855704 | 713354 | 4 |
| Northwest | 3 | 448599 | 446752 | 3 |
| Subtotal | 102 | 10233490 | 9192294 | 54 |
| International |  |  |  |  |
| United Kingdom | 17 | 3128895 | 3114230 | 19 |
| Ireland | 3 | 1197444 | 1190045 | 7 |
| Australia | 5 | 1107136 | 1114282 | 7 |
| Spain | 2 | 643117 | 595013 | 4 |
| Sweden | 1 | 505298 | 504853 | 3 |
| Canada | 1 | 448994 | 284952 | 2 |
| Other Europe | 5 | 741582 | 737162 | 4 |
| Other International | 1 | 60963 | 60907 |  |
| Subtotal | 35 | 7833429 | 7601444 | 46 |
| Total loans receivable | 137 | $18066919 | $16793738 | 100% |
| CECL reserve |  | (695719) |  |  |
| Loans receivable, net |  | $17371200 |  |  |

---

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,

2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is

structurally non-recourse and term-matched to the corresponding collateral loans.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Property Type** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> | **Net Loan Exposure** <br>**Percentage of Portfolio**<br>|
| Office | 41 | $7386333 | $5729418 | 33% |
| Multifamily | 50 | 5091767 | 4934364 | 29 |
| Hospitality | 16 | 2768374 | 2663349 | 16 |
| Industrial | 11 | 2030627 | 2000831 | 12 |
| Retail | 5 | 555553 | 532069 | 3 |
| Life Sciences/Studio | 3 | 342817 | 337687 | 2 |
| Other | 4 | 872047 | 836585 | 5 |
| Total loans receivable | 130 | $19047518 | $17034303 | 100% |
| CECL reserve |  | (733936) |  |  |
| Loans receivable, net |  | $18313582 |  |  |
| **Geographic Location** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> | **Net Loan Exposure** <br>**Percentage of Portfolio**<br>|
| United States |  |  |  |  |
| Sunbelt | 44 | $4520632 | $4084242 | 24% |
| Northeast | 21 | 4614582 | 3452961 | 20 |
| West | 21 | 1865382 | 1746309 | 10 |
| Midwest | 10 | 997156 | 820858 | 5 |
| Northwest | 4 | 432644 | 432794 | 3 |
| Subtotal | 100 | 12430396 | 10537164 | 62 |
| International |  |  |  |  |
| United Kingdom | 16 | 2916145 | 2839096 | 17 |
| Ireland | 3 | 1050276 | 1048329 | 6 |
| Australia | 3 | 920182 | 923507 | 5 |
| Spain | 3 | 785368 | 744287 | 4 |
| Sweden | 1 | 429084 | 429724 | 2 |
| Other Europe | 3 | 455417 | 451245 | 4 |
| Other International | 1 | 60650 | 60951 |  |
| Subtotal | 30 | 6617122 | 6497139 | 38 |
| Total loans receivable | 130 | $19047518 | $17034303 | 100% |
| CECL reserve |  | (733936) |  |  |
| Loans receivable, net |  | $18313582 |  |  |

---

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of December 31,

2024, which is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-recovery

proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 millionof junior loan

interests that we have sold, but that remain included in our consolidated financial statements. See Note 2 for further

discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-

recourse and term-matched to the corresponding collateral loans.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Loan Risk Ratings** 

As further described in Note 2, we evaluate our loan portfolio on a quarterly basis. In conjunction with our quarterly loan

portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors

considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral

performance, structure, exit plan, and sponsorship. Loans are rated "1" (less risk) through "5" (greater risk), which ratings

are defined in Note 2.

The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in

thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Risk Rating** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> |
| 1 | 6 | $409199 | $408355 |
| 2 | 22 | 3173245 | 3007691 |
| 3 | 80 | 10578120 | 10087715 |
| 4 | 17 | 2732203 | 2619771 |
| 5 | 12 | 1174152 | 670206 |
| Total loans receivable | 137 | $18066919 | $16793738 |
| CECL reserve |  | (695719) |  |
| Loans receivable, net |  | $17371200 |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Risk Rating** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> |
| 1 | 11 | $1919280 | $994056 |
| 2 | 21 | 3346881 | 3349347 |
| 3 | 65 | 9246692 | 8818346 |
| 4 | 20 | 2707104 | 2622877 |
| 5 | 13 | 1827561 | 1249677 |
| Total loans receivable | 130 | $19047518 | $17034303 |
| CECL reserve |  | (733936) |  |
| Loans receivable, net |  | $18313582 |  |

---

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,

2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our net loan exposure as of

December 31, 2024 is our principal balance net of (i) $1.2 billion of asset-specific debt, (ii) $106.7 million of cost-

recovery proceeds, (iii) our total loans receivable CECL reserve of $733.9 million, and (iv) $100.1 millionof junior

loan interests that we have sold, but that remain included in our consolidated financial statements. Our asset-specific

debt and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral

loans.

Our loan portfolio had a weighted-average risk rating of 3.0as of both September 30, 2025 and December 31, 2024.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Current Expected Credit Loss Reserve** 

The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included

in our consolidated balance sheets. Refer to Note 2 for further discussion of our CECL reserves. The following table

presents the activity in our loans receivable CECL reserve by investment pool for the three and nine months ended

September 30, 2025 and 2024 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Loans**<sup>(1)</sup> | **Non-U.S.**<br> **Loans**<br>| **Unique**<br> **Loans**<br>| **Impaired**<br> **Loans**<br>| **Total** |
| **Loans Receivable, Net** |  |  |  |  |  |
| CECL reserves as of December 31, 2024 | $80057 | $26141 | $47087 | $580651 | $733936 |
| Increase in CECL reserves | 17604 | 13796 | 1477 | 16552 | 49429 |
| Charge-offs of CECL reserves |  |  |  | (41824) | (41824) |
| CECL reserves as of March 31, 2025 | $97661 | $39937 | $48564 | $555379 | $741541 |
| (Decrease) increase in CECL reserves | (6759) | (1568) | 4249 | 48445 | 44367 |
| Charge-offs of CECL reserves |  |  |  | (45057) | (45057) |
| CECL reserves as of June 30, 2025 | $90902 | $38369 | $52813 | $558767 | $740851 |
| Increase (decrease) in CECL reserves | 5134 | 3302 | (207) | (11250) | (3021) |
| Charge-offs of CECL reserves |  |  |  | (42111) | (42111) |
| CECL reserve as of September 30, 2025 | $96036 | $41671 | $52606 | $505406 | $695719 |
| CECL reserves as of December 31, 2023 | $78335 | $31560 | $49371 | $417670 | $576936 |
| (Decrease) increase in CECL reserves | (3807) | (770) | (5918) | 245942 | 235447 |
| Charge-offs of CECL reserves |  |  |  | (61013) | (61013) |
| CECL reserves as of March 31, 2024 | $74528 | $30790 | $43453 | $602599 | $751370 |
| (Decrease) increase in CECL reserves | (11997) | (2639) | 423 | 169318 | 155105 |
| Charge-offs of CECL reserves |  |  |  | (12537) | (12537) |
| CECL reserves as of June 30, 2024 | $62531 | $28151 | $43876 | $759380 | $893938 |
| (Decrease) increase in CECL reserves | (9584) | (1916) | 4424 | 141186 | 134110 |
| Charge-offs of CECL reserves |  |  |  | (16989) | (16989) |
| CECL reserve as of September 30, 2024 | $52947 | $26235 | $48300 | $883577 | $1011059 |

---

(1)Includes one U.S. dollar-denominated loan that is located in Bermuda.

During the three months endedSeptember 30, 2025, we recorded a net decreaseof $45.1 millionin the CECL reserves

against our loans receivable portfolio, primarily driven by a $53.4 milliondecrease in our asset-specific CECL reserves,

including charge-offs of our CECL reserves of $42.1 million. This was offset by an $8.2 millionincrease in our general

CECL reserves, bringing our total loans receivable CECL reserve to $695.7 million as of September 30, 2025.The increase

in our general CECL reserves was primarily as a result of an increase in the historical loss rate used in reserve calculations

as a result of additional CECL charge-offs.

The charge-offs primarily related to two previously impaired loans secured by a hospitality asset in New York, NY and an

office asset in Atlanta, GA, that were resolved and transferred to REO during the three months endedSeptember 30, 2025

pursuant to loan modifications that resulted in us consolidating the collateral assets. Refer to Notes 4 and 20 for further

information.

As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans

receivable, with a total amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a concentration in the office

sector with $382.2 million of reserves, generally driven by reduced tenant and capital markets demand in the office sector

in recent years. Impairments are each determined individually as a result of changes in the specific credit quality factors for

such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the

borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's ability to pay the contractual

amounts due under the terms of the loan. This CECL reserve was recorded based on our estimation of the fair value of each

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

loan's underlying collateral as of September 30, 2025.

No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three

months ended September 30, 2025, we received an aggregate $9.7 million of cash proceeds from such loans that were

applied as a reduction to the amortized cost basis of each respective loan.

As of September 30, 2025, all borrowers under performing loans were in compliance with the applicable contractual terms

of each respective loan, including any required payment of interest. Refer to Note 2 for further discussion of our policies on

revenue recognition and our CECL reserves.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the

net book value of our loan portfolio as of September 30, 2025 and December 31, 2024, respectively, by year of origination,

investment pool, and risk rating ($ in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> |
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| <br>**Risk Rating** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| U.S. loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $151577 | $203721 | $53901 | $409199 |
| 2 | 33314 | 60963 |  | 197274 | 724262 | 262235 | 1278048 |
| 3 | 1147203 | 273014 |  | 1630283 | 1883767 | 691837 | 5626104 |
| 4 |  |  |  | 367098 | 338104 | 1115549 | 1820751 |
| 5 |  |  |  |  |  |  |  |
| Total U.S. loans | $1180517 | $333977 | $— | $2346232 | $3149854 | $2123522 | $9134102 |
| Non-U.S. loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $— | $— | $— | $— |
| 2 | 645481 |  |  | 592528 | 657188 |  | 1895197 |
| 3 | 1752443 |  |  |  | 936536 | 1102590 | 3791569 |
| 4 |  |  |  |  |  | 363689 | 363689 |
| 5 |  |  |  |  |  |  |  |
| Total Non-U.S. loans | $2397924 | $— | $— | $592528 | $1593724 | $1466279 | $6050455 |
| Unique loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $— | $— | $— | $— |
| 2 |  |  |  |  |  |  |  |
| 3 |  |  |  | 869443 |  | 291004 | 1160447 |
| 4 |  |  |  |  |  | 547763 | 547763 |
| 5 |  |  |  |  |  |  |  |
| Total unique loans | $— | $— | $— | $869443 | $— | $838767 | $1708210 |
| Impaired loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $— | $— | $— | $— |
| 2 |  |  |  |  |  |  |  |
| 3 |  |  |  |  |  |  |  |
| 4 |  |  |  |  |  |  |  |
| 5 |  |  |  | 168985 | 433385 | 571782 | 1174152 |
| Total impaired loans | $— | $— | $— | $168985 | $433385 | $571782 | $1174152 |
| Total loans receivable |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $151577 | $203721 | $53901 | $409199 |
| 2 | 678795 | 60963 |  | 789802 | 1381450 | 262235 | 3173245 |
| 3 | 2899646 | 273014 |  | 2499726 | 2820303 | 2085431 | 10578120 |
| 4 |  |  |  | 367098 | 338104 | 2027001 | 2732203 |
| 5 |  |  |  | 168985 | 433385 | 571782 | 1174152 |
| Total loans receivable | $3578441 | $333977 | $— | $3977188 | $5176963 | $5000350 | $18066919 |
| CECL reserve |  |  |  |  |  |  | (695719) |
| Loans receivable, net |  |  |  |  |  |  | $17371200 |
| Gross charge-offs<sup>(2)</sup> |  |  |  | (168) | (71853) | (56971) | $(128992) |

---

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan

modifications.

(2)Represents charge-offs by year of origination during the nine months endedSeptember 30, 2025.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> | **Net Book Value of Loans Receivable by Year of Origination**<sup>(1)</sup> |
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| <br>**Risk Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| U.S. loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $151674 | $245289 | $60240 | $1381858 | $1839061 |
| 2 | 60651 |  | 197153 | 1611856 |  |  | 1869660 |
| 3 | 268408 |  | 1599604 | 2160837 | 691097 | 392470 | 5112416 |
| 4 |  |  | 236780 | 1019672 |  | 726513 | 1982965 |
| 5 |  |  |  |  |  |  |  |
| Total U.S. loans | $329059 | $— | $2185211 | $5037654 | $751337 | $2500841 | $10804102 |
| Non-U.S. loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $80219 | $— | $— | $80219 |
| 2 |  |  | 500104 | 787660 | 87629 | 101828 | 1477221 |
| 3 |  |  | 594740 | 1126698 |  | 1332805 | 3054243 |
| 4 |  |  |  |  |  | 198389 | 198389 |
| 5 |  |  |  |  |  |  |  |
| Total Non-U.S. loans | $— | $— | $1094844 | $1994577 | $87629 | $1633022 | $4810072 |
| Unique loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $— | $— | $— | $— |
| 2 |  |  |  |  |  |  |  |
| 3 |  |  | 814225 |  |  | 265808 | 1080033 |
| 4 |  |  |  |  |  | 525750 | 525750 |
| 5 |  |  |  |  |  |  |  |
| Total unique loans | $— | $— | $814225 | $— | $— | $791558 | $1605783 |
| Impaired loans |  |  |  |  |  |  |  |
| 1 | $— | $— | $— | $— | $— | $— | $— |
| 2 |  |  |  |  |  |  |  |
| 3 |  |  |  |  |  |  |  |
| 4 |  |  |  |  |  |  |  |
| 5 |  |  | 170388 | 367030 | 34214 | 1255929 | 1827561 |
| Total impaired loans | $— | $— | $170388 | $367030 | $34214 | $1255929 | $1827561 |
| Total loans receivable |  |  |  |  |  |  |  |
| 1 | $— | $— | $151674 | $325508 | $60240 | $1381858 | $1919280 |
| 2 | 60651 |  | 697257 | 2399516 | 87629 | 101828 | 3346881 |
| 3 | 268408 | $— | 3008569 | 3287535 | 691097 | 1991083 | 9246692 |
| 4 |  |  | 236780 | 1019672 |  | 1450652 | 2707104 |
| 5 |  |  | 170388 | 367030 | 34214 | 1255929 | 1827561 |
| Total loans receivable | $329059 | $— | $4264668 | $7399261 | $873180 | $6181350 | $19047518 |
| CECL reserve |  |  |  |  |  |  | (733936) |
| Loans receivable, net |  |  |  |  |  |  | $18313582 |
| Gross charge-offs<sup>(2)</sup> |  |  | (52045) | (255005) |  | (77553) | $(384603) |

---

(1)Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan

modifications.

(2)Represents charge-offs by year of origination during the year endedDecember 31, 2024.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Loan Modifications Pursuant to ASC 326**

During the twelve months endedSeptember 30, 2025, we entered into five loan modifications that require disclosure

pursuant to ASC 326. Four of these loans were collateralized by office assets and one was collateralized by a mixed-use

asset.

Loans with a risk rating of "3" and "4" are included in the determination of our general CECL reserve and loans with a risk

rating of "5" have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase

our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal

balance for applicable loans. As of September 30, 2025, no income was recorded on our loans subsequent to determining

that they were impaired and risk rated "5."

Two of the loan modifications included term extensions combined with other-than-insignificant payment delays. The first

loan modification included a term extension of five years, the borrower repaid $6.0 million of principal, and the loan was

bifurcated into a separate senior loan and subordinate loan. We are accruing interest on the senior loan, which is paying

interest current, and deferring interest on the subordinate loan that is paying interest in-kind. The second loan modification

had a term extension of 3.8 years, the loan was bifurcated into a separate senior loan and subordinate loan, and the

borrower paid a $1.7 million fee upon closing of the modification.We are accruing interest on the senior loan, which is

paying interest current, and deferring interest on the subordinate loan that is paying interest in-kind. As of September 30,

2025, the aggregate amortized cost basis of these loans was $367.3 million, or 2.0% of our aggregate loans receivable

portfolio, with an aggregate $4.7 million of unfunded commitments. These loans were in compliance with their modified

contractual terms as of September 30, 2025.

The other three loan modifications included term extensions combined with other-than-insignificant payment delays and

interest rate reductions. The first loan modification included a term extension of 4.8 years, the interest rate decreased by

0.10%, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying interest

partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing interest on the

portion of the senior loan that is paying current and a portion that is paid in-kind, and deferring interest income recognition

on the remaining portion, including the entire subordinate loan. The second loan modification included a term extension of

one year, the interest rate on the senior loan decreased by 2.43%, the borrower repaid $25.0 million upon closing of the

modification, and the loan was bifurcated into a separate senior loan and subordinate loan. The senior loan is paying

interest partially current, and partially in-kind, while the subordinate loan is paying interest in-kind. We are accruing all of

the interest on the senior loan that is paying partially current and partially in-kind, and deferring interest on the subordinate

loan that is paying interest in-kind. The third loan modification included a term extension of 4.3 years, the interest rate

decreased by 3.56%, and the loan was bifurcated into a separate senior loan and subordinate loan. We are accruing all of

the interest on the senior loan that is paying current, and deferring interest income on the subordinate loan, which is paid-

in-kind. As of September 30, 2025, the aggregate amortized cost basis of these loans was $506.5 million, or 2.8% of our

aggregate loans receivable portfolio, with an aggregate $32.7 million of unfunded commitments. These loans were in

compliance with their modified contractual terms as of September 30, 2025.

All five of these loans had a risk rating of "5" at the time of modification. In aggregate, these modifications resulted in the

bifurcation of all five loans into separate senior and subordinate loans, or ten loans in aggregate. As of September 30, 2025,

of the five newly bifurcated senior loans, two loans had a risk rating of "4," one loan had a risk rating of "3," and two loans

had a risk rating of "2." The five newly bifurcated subordinate loans all had a risk rating of "5."

**Multifamily Joint Venture**

As discussed in Note 2, we entered into our Multifamily Joint Venture in April 2017. As of both September 30, 2025 and

December 31, 2024, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan disclosures

above. As of September 30, 2025 and December 31, 2024, our Multifamily Joint Venture also held an REO asset with a

carrying value of $32.1 million and $32.4 million, respectively, which is included in the REO disclosures in Note 4. Refer

to Note 2 for further discussion of our Multifamily Joint Venture.

**4. REAL ESTATE OWNED, NET**

As of September 30, 2025 and December 31, 2024, we had 10 and seven REO assets, respectively. During the nine months

endedSeptember 30, 2025, we acquired three REO assets through deed-in-lieu of foreclosure transactions or loan

modifications that resulted in us consolidating the collateral assets, for a total acquisition price of $406.3 million. We

allocated $221.0 million to land and land improvements, $137.1 million to building and building improvements, $49.2

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

million to acquired intangible assets, and $(1.0) million to other components of the purchase price. In aggregate, we

charged off $83.9 million of CECL reserves relating to the loans that had previously been secured by these assets, as the

loans' aggregate carrying value of $490.2 million at the time of the REO acquisitions exceeded the acquisition date fair

value noted above. See Note 2 for further discussion of REO assets.

The acquisition of three REO assets during the nine months endedSeptember 30, 2025 were accounted for as asset

acquisitions under ASC 805, and we recognized these properties as REO assets held for investment. The following table

presents the REO assets that were acquired during the nine months endedSeptember 30, 2025 ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Acquisition Date** | **Location** | **Property Type** | **Acquisition Date Fair Value** |
| February 2025 | Chicago, IL | Office | $45045 |
| September 2025 | Atlanta, GA | Office | $132974 |
| September 2025 | New York, NY | Hospitality | $228253 |
|  |  |  | $406272 |

---

The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Assets |  |  |
| Building and building improvements | $555879 | $410546 |
| Land and land improvements | 402248 | 181083 |
| Total | $958127 | $591629 |
| Less: accumulated depreciation | (24492) | (3444) |
| Real estate owned, net | $933635 | $588185 |
| Intangible real estate assets | $130099 | $83253 |
| Less: accumulated amortization | (33427) | (5964) |
| Intangible real estate assets, net<sup>(1)</sup> | $96672 | $77289 |
| Liabilities |  |  |
| Intangible real estate liabilities | $4545 | $1422 |
| Less: accumulated amortization | (317) | (1) |
| Intangible real estate liabilities, net<sup>(2)</sup> | $4228 | $1421 |

---

(1)Included within other assets on our consolidated balance sheets. Refer to Note 6 for further information.

(2)Included within other liabilities on our consolidated balance sheets. Refer to Note 6 for further information.

Revenue and expenses from real estate owned consisted of the following ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Rental income | $15263 | $1037 | $45803 | $1037 |
| Other operating income | 18470 | 177 | 63775 | 177 |
| Revenue from real estate owned | $33733 | $1214 | $109578 | $1214 |
| Operating expense | $28061 | $1654 | $89238 | $2432 |
| Depreciation and amortization expense | 15039 | 1030 | 47960 | 1215 |
| Total expenses from real estate owned | $43100 | $2684 | $137198 | $3647 |
| Net loss from real estate owned | $(9367) | $(1470) | $(27620) | $(2433) |

---

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of

September 30, 2025. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not

included ($ in thousands):

---

| | |
|:---|:---|
|  | **Future Minimum Rents** |
| 2025 (remaining) | $17836 |
| 2026 | 61740 |
| 2027 | 50111 |
| 2028 | 41736 |
| 2029 | 34329 |
| Thereafter | 72948 |
| Total | $278700 |

---

The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **In-place lease intangibles** | **Above-market lease** <br>**intangibles**<br>| **Below-market lease** <br>**intangibles**<br>|
| 2025 (remaining) | $9561 | $1427 | $(292) |
| 2026 | 26096 | 4121 | (1140) |
| 2027 | 15437 | 3077 | (995) |
| 2028 | 11225 | 2505 | (872) |
| 2029 | 7765 | 1708 | (498) |
| Thereafter | 11002 | 2748 | (431) |
| Total | $81086 | $15586 | $(4228) |

---

**5. INVESTMENTS IN UNCONSOLIDATED ENTITIES** 

As of September 30, 2025, we hold certain investments in unconsolidated entities that are accounted for under the equity

method of accounting or the FVO, as our ownership interest in each entity does not meet the requirements for

consolidation. Refer to Note 2 for further details.

The following tables detail our investments in unconsolidated entities ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Investments in Unconsolidated Entities** | **Number of** <br>**Assets**<br>| **Ownership**<br>**Interest**<br>| **Book Value** |
| Unconsolidated entities carried at historical cost |  |  |  |
| Net Lease Joint Venture | 115<sup>(1)</sup> | 75% | $77731 |
| Total unconsolidated entities carried at historical cost | 115 |  | 77731 |
| Unconsolidated entities carried at fair value |  |  |  |
| Bank Loan Portfolio Joint Venture | 571<sup>(2)</sup> | 35%<sup>(3)</sup> | 104867 |
| Total unconsolidated entities carried at fair value | 571 |  | 104867 |
| Total | 686 |  | $182598 |

---

(1)The number of assets represents the number of real estate properties held.

(2)The number of assets represents the number of commercial mortgage loans.

(3)Represents our aggregate ownership interest in our Bank Loan Portfolio Joint Venture, which owns an initial

portfolio of commercial mortgage loans acquired during the three months ended June 30, 2025, in which we hold a

29% interest, and an additional portfolio acquired during the three months ended September 30, 2025, in which we

hold a 50% interest.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | | | |
| <br>**Investments in Unconsolidated Entities** |  | **Number of** <br>**Assets**<br>| **Ownership**<br>**Interest**<br>| **Book Value** |
| Unconsolidated entities carried at historical cost |  |  |  |  |
| Net Lease Joint Venture |  | – | 75% | $4452 |
| Total unconsolidated entities carried at historical cost |  | – |  | 4452 |
| Total |  | – |  | $4452 |

---

The following tables detail the activity related to our investments in unconsolidated entities during the three and nine

months endedSeptember 30, 2025 ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Unconsolidated Entities** | **June 30, 2025** | **Contributions** | **Distributions** | **(Loss) Income** <br>**From** <br>**Unconsolidated** <br>**Entities**<sup>(1)</sup><br>| **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Loss**<br>| **September** <br>**30, 2025**<br>|
| Net Lease Joint Venture | $52181 | $26281 | $— | $(367) | $(364) | $77731 |
| Bank Loan Portfolio Joint Venture | 55906 | 44670 |  | 4291 |  | 104867 |
| Total | $108087 | $70951 | $— | $3924 | $(364) | $182598 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Unconsolidated Entities** | **December** <br>**31, 2024**<br>| **Contributions** | **Distributions** | **(Loss) Income** <br>**From** <br>**Unconsolidated** <br>**Entities**<sup>(1)</sup><br>| **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Loss**<br>| **September** <br>**30, 2025**<br>|
| Net Lease Joint Venture | $4452 | $76391 | $— | $(1559) | $(1553) | $77731 |
| Bank Loan Portfolio Joint Venture |  | 102273 |  | 2594 |  | 104867 |
| Total | $4452 | $178664 | $— | $1035 | $(1553) | $182598 |

---

(1)Includes our share of non-cash items such as (i) depreciation and amortization, and (ii) unrealized gains recorded by

unconsolidated entities.

There was no income or loss from unconsolidated entities for the three and nine months endedSeptember 30, 2024.

During the nine months endedSeptember 30, 2025, our Net Lease Joint Venture and Bank Loan Portfolio Joint Venture

each entered into derivative agreements where we would be required to make payment for periodic or final settlement of

derivative contracts if either our Net Lease Joint Venture or Bank Loan Portfolio Joint Venture, as applicable, is unable to

fulfill its respective obligations.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**6. OTHER ASSETS AND LIABILITIES** 

**Other Assets** 

The following table details the components of our other assets ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Loan portfolio payments held by servicer<sup>(1)</sup> | $429747 | $113199 |
| Accrued interest receivable | 138130 | 160131 |
| Accounts receivable and other assets<sup>(2)</sup> | 114172 | 134030 |
| Real estate intangible assets, net | 96672 | 77289 |
| Other real estate assets | 35867 | 9338 |
| Derivative assets | 19505 | 72454 |
| Prepaid expenses | 126 | 1002 |
| Collateral deposited under derivative agreements |  | 4810 |
| Total | $834219 | $572253 |

---

(1)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that

were remitted to us during the subsequent remittance cycle.

(2)Includes $105.2 million and $95.5 million as of September 30, 2025 and December 31, 2024, respectively, of cash

collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding

senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.

**Other Liabilities**

The following table details the components of our other liabilities ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Debt repayments pending servicer remittance<sup>(1)</sup> | $335433 | $3742 |
| Other real estate liabilities | 114413 | 72018 |
| Accrued dividends payable | 80238 | 81214 |
| Accrued interest payable | 64911 | 77855 |
| Accrued management fees payable | 16849 | 18534 |
| Current expected credit loss reserves for unfunded loan commitments<sup>(2)</sup> | 13741 | 10412 |
| Accounts payable and other liabilities | 11230 | 13834 |
| Derivative liabilities | 2557 | 5238 |
| Total | $639372 | $282847 |

---

(1)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or

CLO trustees during the subsequent remittance cycle.

(2)Represents the CECL reserve related to our unfunded loan commitments. See Note 2 for further discussion of the

CECL reserves.

*Current Expected Credit Loss Reserves for Unfunded Loan Commitments* 

As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion related to 57 loans receivable. The

expected credit losses over the contractual period of our loans are impacted by our obligations to extend further credit

through our unfunded loan commitments. See Note 2 for further discussion of the CECL reserves related to our unfunded

loan commitments, and Note 22 for further discussion of our unfunded loan commitments. During the three and nine

months ended September 30, 2025, we recorded increases in the CECL reserves related to our unfunded loan commitments

of $2.0 million and $3.3 million, respectively, bringing our total unfunded loan commitments CECL reserve to

$13.7 million as of September 30, 2025. During the three and nine months ended September 30, 2024, we recorded

decreases in the CECL reserves related to our unfunded loan commitments of $1.6 million and $7.1 million, respectively,

bringing our total unfunded loan commitments CECL reserve to $8.3 million as of September 30, 2024.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**7. SECURED DEBT, NET**

Our secured debt represents borrowings under our secured credit facilities. During the nine months endedSeptember 30,

2025, we closed $2.2 billion of new borrowings against $2.9 billionof collateral assets.

The following table details our secured debt ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Secured Debt** <br>**Borrowings Outstanding** | **Secured Debt** <br>**Borrowings Outstanding** |
|  | **September 30, 2025** | **December 31, 2024** |
| Secured credit facilities | $9548332 | $9705529 |
| Deferred financing costs<sup>(1)</sup> | (8108) | (9195) |
| Net book value of secured debt | $9540224 | $9696334 |

---

(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred

and recognized as a component of interest expense over the life of each related facility.

**Secured Credit Facilities**

Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with

sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured

to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our

credit facilities are diversified across 13 counterparties, primarily consisting of top global financial institutions to minimize

our counterparty risk exposure.

The following table details our secured credit facilities as of September 30, 2025 ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | | | | | | **Recourse Limitation** | **Recourse Limitation** |
| <br>**Currency** | <br>**Lenders**<sup>(1)</sup> | <br>**Borrowings** | <br>**Wtd. Avg.** <br>**Maturity**<sup>(2)</sup><br>| <br>**Loan** <br>**Count**<br>| <br>**Collateral**<sup>(3)</sup> | <br>**Wtd. Avg.**<br>**Maturity**<sup>(4)</sup><br>| **Wtd.** <br>**Avg.**<br>| **Range** |
| USD | 12 | $3954253 | July 2027 | 81 | $6522111 | July 2027 | 32% | 25% - 100% |
| GBP | 6 | 2265827 | August 2028 | 14 | 3098509 | September 2028 | 25% | 25% |
| EUR | 7 | 1835792 | September 2027 | 10 | 2588781 | October 2027 | 42% | 25% - 100% |
| Others<sup>(5)</sup> | 4 | 1492460 | January 2029 | 7 | 1873776 | January 2029 | 25% | 25% |
| Total | 13 | $9548332 | January 2028 | 112 | $14083177 | January 2028 | 31% | 25% - 100% |

---

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of

facility lenders.

(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-

average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all

extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured

credit facility is used.

(3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.

(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid

prior to such date.

(5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

The availability of funding under our secured credit facilities is based on the amount of approved collateral, which

collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a

mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the

limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each

facility, and therefore vary within and among the facilities.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The following tables detail the spread of our secured credit facilities as of September 30, 2025 and December 31, 2024 ($

in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended**<br>**September 30, 2025**<br>| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Spread**<sup>(1)</sup> | **New Financings**<sup>(2)</sup> | **Total**<br>**Borrowings**<br>| **Wtd. Avg.**<br>**All-in** <br>**Cost**<sup>(1)(3)(4)</sup><br>| **Collateral**<sup>(5)</sup> | **Wtd. Avg.**<br>**All-in** <br>**Yield**<sup>(1)(3)</sup><br>| **Net Interest**<br> **Margin**<sup>(6)</sup><br>|
| + 1.50% or less  | $1385800 | $4547118 | +1.54% | $6600493 | +2.99% | +1.45% |
| + 1.51% to + 1.75% | 555478 | 2564711 | +1.75% | 3375095 | +3.48% | +1.73% |
| + 1.76% to + 2.00% | 104841 | 935067 | +2.10% | 1766876 | +3.28% | +1.18% |
| + 2.01% or more | 137147 | 1501436 | +2.63% | 2340713 | +4.24% | +1.61% |
| Total | $2183266 | $9548332 | +1.82% | $14083177 | +3.35% | +1.53% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**December 31, 2024**<br>| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Spread**<sup>(1)</sup> | **New Financings**<sup>(2)</sup> | **Total**<br>**Borrowings**<br>| **Wtd. Avg.** <br>**All-in** <br>**Cost**<sup>(1)(3)(4)</sup><br>| **Collateral**<sup>(5)</sup> | **Wtd. Avg.** <br>**All-in** <br>**Yield**<sup>(1)(3)</sup><br>| **Net Interest**<br>**Margin**<sup>(6)</sup><br>|
| + 1.50% or less | $165616 | $3976192 | +1.53% | $6185925 | +3.18% | +1.65% |
| + 1.51% to + 1.75% | 74118 | 2238376 | +1.78% | 3140937 | +3.52% | +1.74% |
| + 1.76% to + 2.00% |  | 969541 | +2.09% | 1802431 | +3.67% | +1.58% |
| + 2.01% or more | 374407 | 2521420 | +2.61% | 3678528 | +4.31% | +1.70% |
| Total | $614141 | $9705529 | +1.92% | $14807821 | +3.58% | +1.66% |

---

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include

SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.

(2)Represents the amount of new borrowings we closed during the nine months endedSeptember 30, 2025 and year

endedDecember 31, 2024, respectively.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective

borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension

fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Represents the weighted-average all-in cost as of September 30, 2025 and December 31, 2024, respectively, and is

not necessarily indicative of the spread applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral

in our discretion within certain maximum/minimum amounts and frequency limitations. As of September 30, 2025, there

was an aggregate $844.1 million available to be drawn at our discretion under our credit facilities.

**Financial Covenants** 

As of September 30, 2025, we are subject to the following financial covenants related to our secured debt and secured debt

of our unconsolidated entities: (i) our ratio of earnings before interest, taxes, depreciation, and amortization, or EBITDA, to

fixed charges, as defined in the agreements, shall be not less than 1.3 to 1.0; (ii) our tangible net worth, as defined in the

agreements, shall not be less than $3.6 billion as of each measurement date plus 75% to 85% of the net cash proceeds of

future equity issuances subsequent to September 30, 2025; (iii) cash liquidity shall not be less than the greater of (x) $10.0

million or (y) no more than 5% of our recourse indebtedness; and (iv) our indebtedness shall not exceed 83.33% of our

total assets. As of September 30, 2025 and December 31, 2024, we were in compliance with these covenants.

During 2024, the financial covenant under each applicable secured debt agreement related to the ratio of our EBITDA to

fixed charges, as noted above, was amended so that the ratio shall be not less than 1.25 to 1.0 with respect to each of the

four fiscal quarters beginning with the quarter ended September 30, 2024, and shall be not less than 1.3 to 1.0 thereafter.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**8. SECURITIZED DEBT OBLIGATIONS, NET** 

We have financed certain pools of our loans through CLOs. The CLOs are consolidated in our financial statements and

have issued securitized debt obligations that are non-recourse to us. Refer to Note 20 for further discussion of our CLOs.

The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our

CLOs ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Securitized Debt Obligations** | **Count** | **Principal**<br> **Balance**<br>| **Book**<br>**Value**<sup>(1)</sup><br>| **Wtd. Avg.**<br> **Yield/Cost**<sup>(2)(3)</sup><br>| **Term**<sup>(4)</sup> |
| 2025 FL5 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | $831250 | $821900 | + 2.15% | October 2042 |
| Underlying Collateral Assets | 17 | 898950 | 898950 | + 3.50% | September 2028 |
| 2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 609741 | 609741 | + 1.45% | May 2038 |
| Underlying Collateral Assets | 18 | 759956 | 759956 | + 2.66% | March 2027 |
| 2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 457129 | 457129 | + 2.51% | November 2037 |
| Underlying Collateral Assets | 12 | 625580 | 625580 | + 2.78% | February 2027 |
| 2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 581297 | 581297 | + 1.76% | February 2038 |
| Underlying Collateral Assets | 12 | 813742 | 813742 | + 2.71% | March 2027 |
| Total |  |  |  |  |  |
| Senior CLO Securities Outstanding<sup>(5)</sup> | 4 | $2479417 | $2470067 | + 1.95% |  |
| Underlying Collateral Assets | 59 | $3098228 | $3098228 | + 3.15% |  |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt

obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents

the rated final distribution date of the securitizations.

(5)During the three and nine months ended September 30, 2025, we recorded $40.0 million and $107.8 million,

respectively, of interest expense related to our securitized debt obligations.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Securitized Debt Obligations** | **Count** | **Principal**<br> **Balance**<br>| **Book Value**<sup>(1)</sup> | **Wtd. Avg.**<br> **Yield/Cost**<sup>(2)(3)</sup><br>| **Term**<sup>(4)</sup> |
| 2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | $785453 | $785442 | + 1.39% | May 2038 |
| Underlying Collateral Assets | 22 | 952764 | 952764 | + 2.95% | August 2026 |
| 2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 552664 | 552663 | + 1.92% | November 2037 |
| Underlying Collateral Assets | 12 | 743914 | 743914 | + 2.92% | June 2026 |
| 2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 598850 | 598851 | + 1.50% | February 2038 |
| Underlying Collateral Assets | 12 | 855725 | 855725 | + 2.79% | August 2026 |
| Total |  |  |  |  |  |
| Senior CLO Securities Outstanding<sup>(5)</sup> | 3 | $1936967 | $1936956 | + 1.57% |  |
| Underlying Collateral Assets | 46 | $2552403 | $2552403 | + 2.98% |  |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the

related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of

the securitizations.

(5)During the three and nine months ended September 30, 2024, we recorded $40.6 million and $123.9 million,

respectively, of interest expense related to our securitized debt obligations.

**9. ASSET-SPECIFIC DEBT, NET** 

The following table details our asset-specific debt ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Asset-Specific Debt** | **Count** | **Principal**<br> **Balance**<br>| **Book Value**<sup>(1)</sup> | **Wtd. Avg.**<br>**Yield/Cost**<sup>(2)</sup><br>| **Wtd. Avg.**<br> **Term**<sup>(3)</sup><br>|
| Financing provided | 3 | $629890 | $627916 | + 3.18% | October 2029 |
| Collateral assets | 3 | $781189 | $775248 | + 4.52% | October 2029 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Asset-Specific Debt** | **Count** | **Principal**<br> **Balance**<br>| **Book Value**<sup>(1)</sup> | **Wtd. Avg.**<br> **Yield/Cost**<sup>(2)</sup><br>| **Wtd. Avg.**<br> **Term**<sup>(3)</sup><br>|
| Financing provided | 2 | $1228110 | $1224841 | + 3.20% | June 2026 |
| Collateral assets | 2 | $1467185 | $1459864 | + 4.03% | June 2026 |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,

which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and

index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost

includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all

extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case

to the corresponding collateral loans.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**10. LOAN PARTICIPATIONS SOLD, NET**

The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale

accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation

sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay

principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our

stockholders' equity or net income.

We did not have any loan participations sold as of September 30, 2025. The following table details our loan participations

sold as of December 31, 2024 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Loan Participations Sold** | **Count** | **Principal**<br> **Balance**<br>| **Book Value**<sup>(1)</sup> | **Wtd. Avg.**<br> **Yield/Cost**<sup>(2)</sup><br>| <br>**Term**<sup>(3)</sup><br>|
| Junior Participations |  |  |  |  |  |
| Loan Participation<sup>(4)</sup> | 2 | $100064 | $100064 | + 9.75% | February 2026 |
| Total Loan | 2 | 442142 | 442008 | + 6.14% | February 2026 |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include

SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of

currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and

financing costs.

(3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by

the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.

(4)During the three and nine months ended September 30, 2025, we recorded $1.6 million and $6.9 million,

respectively, of interest expense related to our loan participations sold. During the year endedDecember 31, 2024,

we recorded$22.6 million of interest expense related to our loan participations sold.

**11. TERM LOANS, NET** 

During the nine months endedSeptember 30, 2025, we borrowed an additional $1.0 billion under the B-6 Term Loan and

$453.1 million under the B-7 Term Loan. The B-6 Term Loan bears interest at SOFR plus 3.00% and matures in December

2030. The proceeds from the B-6 Term Loan were used to repay $400.0 million of the outstanding B-4 Term Loan and all

$648.4 million in principal outstanding under the B-5 Term Loan. The B-7 Term Loan bears interest at SOFR plus 2.50%

and matures in May 2029. The proceeds from the B-7 Term Loan were used, among other things, to repay all

$403.1 million in principal outstanding under the B-4 Term Loan.

The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated

balance sheets ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Face Value** | **Face Value** | | | |
| <br>**Term Loans** | **September 30, 2025** | **December 31, 2024** | <br>**Interest** <br>**Rate**<sup>(1)</sup><br>| <br>**All-in** <br>**Cost**<sup>(1)(2)</sup><br>| <br>**Maturity** |
| B-1 Term Loan | $309268 | $309268 | + 2.36% | + 2.53% | April 23, 2026 |
| B-4 Term Loan |  | 805169 | + 3.50% | + 3.99% | May 9, 2029 |
| B-5 Term Loan |  | 650000 | + 3.75% | + 4.27% | December 10, 2028 |
| B-6 Term Loan | 1045754 |  | + 3.00% | + 3.55% | December 10, 2030 |
| B-7 Term Loan | 453105 |  | + 2.50% | + 3.05% | May 9, 2029 |
| Total face value | $1808127 | $1764437 |  |  |  |
| Deferred financing costs and <br>unamortized discounts<br>| (33214) | (32364) |  |  |  |
| Net book value | $1774913 | $1732073 |  |  |  |

---

(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The

Term Loans are indexed to one-month SOFR.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the

applicable Term Loans.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal

balance due in quarterly installments. There was no repurchase activity or gain on debt extinguishment during the nine

months endedSeptember 30, 2025. During the three and nine months ended September 30, 2024, we repurchased an

aggregate principal amount of $2.3 million of the B-1 Term Loan at a weighted-average price of 99% of par. This resulted

in a gain on extinguishment of debt of $25,000 during the three and nine months ended September 30, 2024.

The following table details our interest expense related to the Term Loans ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cash coupon | $32898 | $44242 | $101041 | $132906 |
| Discount and issuance cost amortization | 2266 | 2283 | 8381 | 6848 |
| Total interest expense | $35164 | $46525 | $109422 | $139754 |

---

The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of

September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Refer to Note 2 for further

discussion of our accounting policies for the Term Loans.

**12. SENIOR SECURED NOTES, NET**

The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated

balance sheets ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Face Value** | **Face Value** | | | |
| <br>**Senior Secured Notes Issuance** | **September 30, 2025** | **December 31, 2024** | <br>**Interest** <br>**Rate**<br>| <br>**All-in** <br>**Cost**<sup>(1)</sup><br>| <br>**Maturity** |
| October 2021 | $335316 | $335316 | 3.75% | 4.06% | January 15, 2027 |
| December 2024 | 450000 | 450000 | 7.75%<br><sup>(2)</sup> | 8.14% | December 1, 2029 |
| Total face value | $785316 | $785316 |  |  |  |
| Deferred financing costs and <br>unamortized discounts<br>| (7935) | (9857) |  |  |  |
| Hedging adjustments<sup>(3)</sup> | 7834 | (4424) |  |  |  |
| Net book value | $785215 | $771035 |  |  |  |

---

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts

our fixed rate exposure to a SOFR + 3.95% floating rate exposure.

(3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the

December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion.

The following table details our interest expense related to the Senior Secured Notes ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cash coupon | $11862 | $3160 | $35587 | $9701 |
| Discount and issuance cost amortization | 654 | 254 | 2003 | 775 |
| Total interest expense | $12516 | $3414 | $37590 | $10476 |

---

There was no repurchase activity or gain on debt extinguishment during the nine months endedSeptember 30, 2025.

During the three and nine months ended September 30, 2024, we repurchased an aggregate principal amount of

$4.6 million and $30.8 million, respectively, of the October 2021 Senior Secured Notes at a weighted-average price of 92%

and 88% of par, respectively. This resulted in a gain on extinguishment of debt of $330,000 and $3.3 million during the

three and nine months endedSeptember 30, 2024.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets.

As of September 30, 2025 and December 31, 2024, we were in compliance with this covenant. Under certain

circumstances, we may, at our option, release all of the collateral securing our Senior Secured Notes, in which case we

would also be required to maintain a total unencumbered assets to total unsecured indebtedness ratio of 1.20 or greater.

This covenant is not currently in effect as the collateral securing our Senior Secured Notes has not been released.

**13. CONVERTIBLE NOTES, NET** 

The following table details the net book value of our convertible senior notes, or Convertible Notes, on our consolidated

balance sheets ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Face Value** | **Face Value** | | | | |
| <br>**Convertible Notes** | **September 30, 2025** | **December 31, 2024** | <br>**Interest** <br>**Rate** <br>| <br>**All-in** <br>**Cost**<sup>(1)</sup><br>| <br>**Conversion** <br>**Price**<sup>(2)</sup><br>| <br>**Maturity** |
| Face value | $266157 | $266157 | 5.50% | 5.79% | $36.27 | March 15, 2027 |
| Deferred financing costs and <br>unamortized discount<br>| (1694) | (2541) |  |  |  |  |
| Net book value | $264463 | $263616 |  |  |  |  |

---

(1)Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the

effective interest method.

(2)Represents the price of class A common stock per share based on a conversion rate of 27.5702 for the Convertible

Notes. The conversion rate represents the number of shares of class A common stock issuable per $1,000 principal

amount of Convertible Notes. The cumulative dividend threshold has not been exceeded as of September 30, 2025.

Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem

the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders' option into shares of our

class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the

applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option

of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported

sale price of our class A common stock of $18.41 on September 30, 2025, the last trading day in the nine months ended

September 30, 2025, was less than the per share conversion price of the Convertible Notes.

There was no repurchase activity during the nine months endedSeptember 30, 2025. During the three and nine months

ended September 30, 2024, we repurchased an aggregate principal amount of $33.8 million of the Convertible Notes at a

weighted-average price of 93% of par. This resulted in a gain on extinguishment of debt of $2.0 million during the three

and nine months ended September 30, 2024, respectively.

The following table details our interest expense related to the Convertible Notes ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cash coupon | $3660 | $3874 | $10979 | $12124 |
| Discount and issuance cost amortization | 282 | 305 | 847 | 944 |
| Total interest expense | $3942 | $4179 | $11826 | $13068 |

---

Accrued interest payable for the Convertible Notes was $649,000 and $4.3 million as of September 30, 2025 and

December 31, 2024, respectively. Refer to Note 2 for further discussion of our accounting policies for the Convertible

Notes.

**14. DERIVATIVE FINANCIAL INSTRUMENTS** 

The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our

investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair

value hedges under the hedge accounting requirements of ASC 815 – "Derivatives and Hedging." Derivatives not

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other

identified risks. Refer to Note 2 for further discussion of the accounting for designated and non-designated hedges.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these

contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial

instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and

our affiliates also have other financial relationships.

**Net Investment Hedges of Foreign Currency Risk**

Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates.

These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S.

dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash

flows in terms of the U.S. dollar.

*Designated Hedges of Foreign Currency Risk* 

The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of

foreign currency risk (notional amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Foreign Currency Derivatives** | **Number of**<br> **Instruments**<br>| **Notional**<br> **Amount**<br>| **Foreign Currency Derivatives** | **Number of**<br> **Instruments**<br>| **Notional**<br> **Amount**<br>|
| Buy USD / Sell SEK Forward | 2 | kr 970,798 | Buy USD / Sell SEK Forward | 2 | kr 971,180 |
| Buy USD / Sell GBP Forward | 7 | £700,195 | Buy USD / Sell GBP Forward | 5 | £604,739 |
| Buy USD / Sell EUR Forward | 6 | €657,309 | Buy USD / Sell EUR Forward | 8 | €603,910 |
| Buy USD / Sell AUD Forward | 8 | A$383,504 | Buy USD / Sell AUD Forward | 6 | A$355,703 |
| Buy USD / Sell CAD Forward | 3 | C$120,877 | Buy USD / Sell CHF Forward | 1 | CHF6,752 |
| Buy USD / Sell CHF Forward | 1 | CHF52 |  |  |  |

---

*Non-designated Hedges of Foreign Currency Risk*

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign

currency risk (notional amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Non-designated Hedges** | **Number of**<br> **Instruments**<br>| **Notional**<br> **Amount**<br>| **Non-designated Hedges** | **Number of**<br> **Instruments**<br>| **Notional**<br> **Amount**<br>|
| Buy GBP / Sell USD Forward | 4 | £109,300 | Buy GBP / Sell USD Forward | 3 | £54,400 |
| Buy USD / Sell GBP Forward | 4 | £109,300 | Buy USD / Sell GBP Forward | 3 | £54,400 |
| Buy EUR / Sell USD Forward | 2 | €35,900 |  |  |  |
| Buy USD / Sell EUR Forward | 2 | €35,900 |  |  |  |
| Buy CHF / Sell USD Forward | 1 | CHF6,700 |  |  |  |
| Buy USD / Sell CHF Forward | 1 | CHF6,700 |  |  |  |

---

**Fair Value Hedges of Interest Rate Risk**

Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use

derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the

fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the

corresponding changes in the fair value of the debt.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

*Designated Hedges of Interest Rate Risk* 

The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate

risk (notional amount in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Interest Rate Derivatives** | **Number of** <br>**Instruments**<br>| **Notional Amount** | **Fixed Rate** | **Index** | **Maturity (Years)** |
| Interest Rate Swaps | 1 | $450000 | 3.81% | SOFR | 4.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Interest Rate Derivatives** | **Number of** <br>**Instruments**<br>| **Notional Amount** | **Fixed Rate** | **Index** | **Maturity (Years)** |
| Interest Rate Swaps | 1 | $450000 | 3.81% | SOFR | 4.9 |

---

The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value

hedges ($ in thousands):

---

| | | |
|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Line Item in the Consolidated Balance** <br>**Sheets in which the Hedged Item is** <br>**Included**<br>| **Carrying Amount of the Hedged Assets/** <br>**Liabilities**<br>| **Cumulative Amount of Fair Value Hedging** <br>**Adjustment Included in Carrying Amount**<br>|
| Senior secured notes, net | $451189 | $7834 |

---

---

| | | |
|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Line Item in the Consolidated Balance** <br>**Sheets in which the Hedged Item is** <br>**Included**<br>| **Carrying Amount of the Hedged Assets/** <br>**Liabilities**<br>| **Cumulative Amount of Fair Value Hedging** <br>**Adjustment Included in Carrying Amount**<br>|
| Senior secured notes, net | $437759 | $(4424) |

---

**Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks**

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations

($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Increase (Decrease) to Net Interest Income Recognized from Derivatives** | **Increase (Decrease) to Net Interest Income Recognized from Derivatives** | **Increase (Decrease) to Net Interest Income Recognized from Derivatives** | **Increase (Decrease) to Net Interest Income Recognized from Derivatives** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**Derivatives in Hedging** <br>**Relationships**<br>| **2025** | **2024** | **2025** | **2024** |
| Designated Hedges<br> Interest Income<sup>(1)</sup> | $6174 | $4442 | $13820 | $13309 |
| Designated Hedges<br> Interest Expense<sup>(2)</sup> | (674) | 399 | (1884) | 1244 |
| Non-Designated Hedges<br> Interest Income<sup>(1)</sup> | (46) | (22) | (96) | (32) |
| Non-Designated Hedges<br> Interest Expense<sup>(3)</sup> | 39 | (14) | (2129) | (7) |
| Total | $5493 | $4805 | $9711 | $14514 |

---

(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate

differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.

These forward contracts effectively convert the foreign currency rate exposure for such investments to

USD-equivalent interest rates.

(2)Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest

rate swap.

(3)Represents the realized loss on an interest rate swap related to our Bank Loan Portfolio Joint Venture that was

entered into and subsequently terminated during the three months ended June 30, 2025, and the spot rate movement

in our non-designated foreign currency hedges, which are marked to market and recognized in interest expense.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

*Fair Value Hedges*

The following table presents the net gains (losses) on derivatives and the related hedged items in fair value hedging

relationships for the three and nine months ended September 30, 2025 ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**September 30, 2025**<br>| **Nine Months Ended** <br>**September 30, 2025**<br>|
| Total interest and related expenses presented in the consolidated statements of <br>operations<br>| $247055 | $754015 |
| Gains (losses) on fair value hedging relationships |  |  |
| Total gain on derivative instruments | $486 | $12774 |
| Fair value basis adjustment on hedged items | (494) | (7834) |
| Derivative settlements and accruals | 674 | 2116 |
| Net gain on fair value hedging relationships<sup>(1)</sup> | $666 | $7056 |

---

(1)Included within interest and related expenses presented in the consolidated statements of operations.

There were no fair value hedges outstanding during the nine months endedSeptember 30, 2024.

*Valuation and Other Comprehensive Income*

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value of Derivatives in an Asset**<br> **Position**<sup>(1)</sup> **as of** | **Fair Value of Derivatives in an Asset**<br> **Position**<sup>(1)</sup> **as of** | **Fair Value of Derivatives in a** <br>**Liability Position**<sup>(2)</sup> **as of** | **Fair Value of Derivatives in a** <br>**Liability Position**<sup>(2)</sup> **as of** |
|  | **September 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **September 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments |
| Foreign exchange contracts | $9867 | $69433 | $2296 | $— |
| Interest rate derivatives | 7885 |  |  | 4386 |
| Total derivatives designated as hedging <br>instruments<br>| $17752 | $69433 | $2296 | $4386 |
| Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments |
| Foreign exchange contracts | $1753 | $3021 | $261 | $852 |
| Interest rate derivatives |  |  |  |  |
| Total derivatives not designated as hedging <br>instruments<br>| $1753 | $3021 | $261 | $852 |
| Total derivatives | $19505 | $72454 | $2557 | $5238 |

---

(1)Included in other assets in our consolidated balance sheets.

(2)Included in other liabilities in our consolidated balance sheets.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The following table presents the effect of our derivative financial instruments on our consolidated statements of

comprehensive income and operations ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives in Hedging** <br>**Relationships** | **Amount of Gain (Loss) Recognized in**<br>**OCI on Derivatives** | **Amount of Gain (Loss) Recognized in**<br>**OCI on Derivatives** | **Location of Gain (Loss)** <br>**Reclassified**<br>**from Accumulated OCI** <br>**into Income** | **Amount of**<br>**Gain (Loss) Reclassified from**<br> **Accumulated OCI into Income** | **Amount of**<br>**Gain (Loss) Reclassified from**<br> **Accumulated OCI into Income** |
| **Derivatives in Hedging** <br>**Relationships** | **Three Months** <br>**Ended**<br>**September 30, 2025**<br>| **Nine Months** <br>**Ended**<br>**September 30,** <br>**2025**<br>| **Location of Gain (Loss)** <br>**Reclassified**<br>**from Accumulated OCI** <br>**into Income** | **Three Months** <br>**Ended**<br>**September 30,** <br>**2025**<br>| **Nine Months** <br>**Ended**<br>**September 30,** <br>**2025**<br>|
| <u>Net Investment Hedges</u> |  |  |  |  |  |
| Foreign exchange contracts<sup>(1)</sup> | $25174 | $(178488) | Interest Expense | $— | $— |
| Total | $25174 | $(178488) |  | $— | $— |

---

(1)During the three months endedSeptember 30, 2025, we paid net cash settlements of $68.5 million on our foreign

currency forward contracts. During the nine months endedSeptember 30, 2025, we paid net cash settlements of

$102.2 million on our foreign currency forward contracts. Those amounts are included as a component of

accumulated other comprehensive income on our consolidated balance sheets.

There were no cash flow hedges outstanding during the three and nine months ended September 30, 2025.

**Credit–Risk Related Contingent Features**

We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to

default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the

lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our

derivative counterparties require that we post collateral to secure net liability positions. As of September 30, 2025, we were

in a net asset position with one of our counterparties and in a net liability position with our other counterparty related to our

foreign exchange hedges and had no collateral posted with our counterparties. As of December 31, 2024, we were in a net

asset position with our counterparties related to our foreign exchange hedges and had $4.8 million of collateral posted with

one counterparty related to our interest rate swap.

**15. EQUITY**

**Stock and Stock Equivalents** 

*Authorized Capital* 

As of September 30, 2025 we had the authority to issue up to 500,000,000 shares of stock, consisting of 400,000,000

shares of class A common stock and 100,000,000 shares of preferred stock. Subject to applicable NYSE listing

requirements, our board of directors is authorized to cause us to issue additional shares of authorized stock without

stockholder approval. In addition, to the extent not issued, currently authorized stock may be reclassified between class A

common stock and preferred stock. As of both September 30, 2025 and December 31, 2024, we did not have any shares of

preferred stock issued and outstanding.

*Share Repurchase Program*

In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under

the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated

transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the

Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including

legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or

discontinued at any time and does not have a specified expiration date.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

During the nine months endedSeptember 30, 2025, we repurchased 2,653,583 shares of class A common stock at a

weighted-average price per share of $17.97, for a total cost of $47.7 million. During the nine months endedSeptember 30,

2024 we repurchased 628,884 shares of class A common stock at a weighted-average price per share of $17.49, for a total

cost of $11.0 million. As of September 30, 2025, the amount remaining available for repurchases under the program was

$73.1 million. In October 2025, we repurchased an additional 3,336,416 shares of class A common stock at a weighted-

average price per share of $18.38, for a total cost of $61.3 million, such that the amount remaining available for

repurchases under the program was $11.6 million. Following these repurchases, our board of directors amended the

program, such that, as of the date of this filing, we are authorized to repurchase up to $150.0 million of our class A

common stock under the program, as amended.

*Class A Common Stock and Deferred Stock Units*

Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and

are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of

the holders of shares of outstanding preferred stock, if any.

We also issue restricted class A common stock under our stock-based incentive plans. Refer to Note 18 for further

discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units

to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the

right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid

to holders of shares of class A common stock. Each vested deferred stock unit is settled by delivery of one share of class A

common stock upon the non-employee director's separation from service.

The following table details the movement in our outstanding shares of class A common stock, including restricted class A

common stock and deferred stock units:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**Common Stock Outstanding**<sup>(1)</sup> | **2025** | **2024** |
| Beginning balance | 173204190 | 173569397 |
| Issuance of class A common stock<sup>(2)</sup> | 1778 | 4647 |
| Repurchase of class A common stock | (2653583) | (628884) |
| Issuance of restricted class A common stock, net<sup>(3)(4)</sup> | 467180 | 401901 |
| Issuance of deferred stock units | 32165 | 42338 |
| Ending balance | 171051730 | 173389399 |

---

(1)Includes 331,611 and 401,802 deferred stock units held by members of our board of directors as of September 30,

2025 and 2024, respectively.

(2)Represents shares issued under our dividend reinvestment program during the nine months endedSeptember 30,

2025 and 2024, respectively.

(3)Includes 29,140 and 41,282 shares of restricted class A common stock issued to our board of directors during the

nine months endedSeptember 30, 2025 and 2024, respectively

(4)Net of 43,832 and102,484 shares of restricted class A common stock forfeited under our stock-based incentive

plans during the nine months endedSeptember 30, 2025 and 2024, respectively.

*Dividend Reinvestment and Direct Stock Purchase Plan* 

We have adopted a dividend reinvestment and direct stock purchase plan under which an aggregate of 10,000,000 shares of

class A common stock are available for sale. Under the dividend reinvestment component of the plan, our class A common

stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of class A common

stock. Such shares may, at our option, be newly issued shares from us, shares purchased by the plan administrator on the

open market, or a combination thereof. The direct stock purchase component of the plan allows stockholders and new

investors, subject to our approval, to purchase shares of class A common stock directly from us. During the nine months

endedSeptember 30, 2025, we issued 1,778 shares of class A common stock and 652 shares of class A common stock were

purchased on the open market by the plan administrator under the dividend reinvestment component of the plan. During the

nine months endedSeptember 30, 2024, we issued 4,647 shares of class A common stock under the dividend reinvestment

component of the plan. As of September 30, 2025, a total of 9,966,682 shares of class A common stock remained available

under the dividend reinvestment and direct stock purchase plan.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

*At the Market Stock Offering Program* 

As of September 30, 2025, we are party to seven equity distribution agreements, or ATM Agreements, pursuant to which

we may sell, from time to time, up to an aggregate sales price of $699.1 million of our class A common stock. Sales of

class A common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that

are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual

sales depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital

needs, and our determination of the appropriate sources of funding to meet such needs. During the nine months ended

September 30, 2025 or September 30, 2024, we did not issue any shares of our class A common stock under ATM

Agreements. As of September 30, 2025, shares of our class A common stock with an aggregate sales price of

$480.9 million remained available for issuance and sale under our ATM Agreements.

**Dividends** 

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as

calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal

Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the

discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will

depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors

as our board of directors deems relevant.

On September 15, 2025, we declared a dividend of $0.47 per share, or $80.2 million in aggregate, that was paid on October

15, 2025 to stockholders of record as of September 30, 2025.

The following table details our dividend activity ($ in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Dividends declared per share of common stock | $0.47 | $0.47 | $1.41 | $1.71 |
| Class A common stock dividends declared | $80238 | $81306 | $241531 | $296624 |
| Deferred stock unit dividends declared | 143 | 241 | 483 | 694 |
| Total dividends declared | $80381 | $81547 | $242014 | $297318 |

---

**Earnings Per Share**

We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested

shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted

shares have the same rights as our other shares of class A common stock, including participating in any dividends, and

therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our

Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not

antidilutive.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

The following table sets forth the calculation of basic and diluted net income per share of class A common stock based on

the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per

share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Basic and Diluted Earnings |  |  |  |  |
| Net income (loss)<sup>(1)</sup> | $63397 | $(56384) | $70009 | $(241279) |
| Weighted-average shares outstanding, basic and <br>diluted<sup>(2)</sup><br>| 171812685 | 173637101 | 171903127 | 173881116 |
| Per share amount, basic and diluted | $0.37 | $(0.32) | $0.41 | $(1.39) |

---

(1)Represents net income (loss) attributable to Blackstone Mortgage Trust, Inc.

(2)For both the three and nine months ended September 30, 2025 and September 30, 2024, our Convertible Notes were

not included in the calculation of diluted earnings per share, as the impact is antidilutive. Refer to Note 13 for further

discussion of our convertible notes.

**Other Balance Sheet Items**

*Accumulated Other Comprehensive Income*

As of September 30, 2025, total accumulated other comprehensive income was $9.3 million, representing $93.6 million of

net realized and unrealized gains related to changes in the fair value of derivative instruments, offset by $82.8 million of

cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign currencies and

$1.5 million of unrealized losses related to the changes in the fair value of derivative instruments held by unconsolidated

entities. As of December 31, 2024, total accumulated other comprehensive income was $8.3 million, primarily representing

$272.1 million of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by

$263.9 million of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign

currencies.

*Non-Controlling Interests*

The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily

Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture's consolidated equity and results of

operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint

Venture. As of September 30, 2025, our Multifamily Joint Venture's total equity was $44.7 million, of which $38.0 million

was owned by us, and $6.7 million was allocated to non-controlling interests. As of December 31, 2024, our Multifamily

Joint Venture's total equity was $45.9 million, of which $39.0 millionwas owned by us, and $6.9 millionwas allocated to

non-controlling interests.

**16. OTHER EXPENSES** 

Our other expenses consist of the management and incentive fees we pay to our Manager and our general and

administrative expenses.

**Management and Incentive Fees**

Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a

base management fee in an amount equal to 1.50% per annum multiplied by our Equity, as defined in the Management

Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the

excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an

amount equal to 7.00% per annum multiplied by our Equity, provided that our Core Earnings over the prior three-year

period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net

income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and

excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv)

net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

During the three and nine months ended September 30, 2025, we incurred $16.8 million and$51.1 million, respectively, of

management fees payable to our Manager compared to $18.6 million and $56.3 million, respectively, during the same

periods in 2024. During the three and nine months ended September 30, 2025 and 2024, we did not incur any incentive fees

payable to our Manager.

As of September 30, 2025 and December 31, 2024, we had accrued management fees payable to our Manager of

$16.8 million and $18.5 million, respectively.

**General and Administrative Expenses**

General and administrative expenses consisted of the following ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Professional services | $3351 | $3753 | $11543 | $11709 |
| Operating and other costs | 2094 | 1686 | 5824 | 5044 |
| Subtotal<sup>(1)</sup> | 5445 | 5439 | 17367 | 16753 |
| Non-cash compensation expenses |  |  |  |  |
| Restricted class A common stock earned | 7130 | 7728 | 21053 | 23400 |
| Director stock-based compensation | 172 | 256 | 517 | 658 |
| Subtotal | 7302 | 7984 | 21570 | 24058 |
| Total general and administrative expenses | $12747 | $13423 | $38937 | $40811 |

---

(1)During the three and nine months ended September 30, 2025, we recognized an aggregate $66,000 and $259,000,

respectively, of expense related to our Multifamily Joint Venture, compared to$125,000 and $668,000, respectively,

during the same periods in 2024.

**17. INCOME TAXES** 

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We

generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any

net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this

distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income

tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual

amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal

tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal

Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to

the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.

federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification

as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on

our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full

taxable years. As of September 30, 2025 and December 31, 2024, we were in compliance with all REIT requirements.

Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a

REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely

affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders,

however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and

certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased

taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made

UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.

During the three and nine months ended September 30, 2025, we recorded a current income tax provision of $1.5 million

and $3.1 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and various state

and local taxes. During the three and nine months ended September 30, 2024, we recorded a current income tax provision

of$613,000 and $2.8 million, respectively, primarily related to activities of our U.S. and foreign taxable subsidiaries and

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

various state and local taxes. We did not have any deferred tax assets or liabilities as of September 30, 2025 or

December 31, 2024.

We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in

current or future periods. As a result of our issuance of 25,875,000 shares of class A common stock in May 2013,the

availability of our NOLs is generally limited to $2.0 million per annum by change of control provisions promulgated by the

Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of September 30, 2025, we had

estimated NOLs of $159.0 millionthat will expire in 2029, unless they are utilized by us prior to expiration. Previously, we

recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However,

although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have

a material impact on our consolidated financial statements. We have recorded a full valuation allowance against such NOLs

as it is probable that they will expire unutilized.

As of September 30, 2025, tax years2021 through 2024remain subject to examination by taxing authorities.

**18. STOCK-BASED INCENTIVE PLANS** 

We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2025,

our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors

were compensated, in part, through our issuance of stock-based instruments.

Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued

to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of September 30, 2025,

there were 5,980,325 shares available under our current stock incentive plans.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-

average grant date fair value per share:

---

| | | |
|:---|:---|:---|
|  | **Restricted Class A**<br> **Common Stock** <br>| **Weighted-Average**<br> **Grant Date Fair**<br> **Value Per Share**<br>|
| Balance as of December 31, 2024 | 2142759 | $21.13 |
| Granted | 511012 | 17.88 |
| Vested | (1027285) | 21.17 |
| Forfeited | (43832) | 19.41 |
| Balance as of September 30, 2025 | 1582654 | $20.10 |

---

These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award

agreements and the terms of our current stock incentive plans. The 1,582,654 shares of restricted class A common stock

outstanding as of September 30, 2025 will vest as follows: 304,010 shares will vest in 2025; 863,026 shares will vest in

2026; and 415,618 shares will vest in 2027.As of September 30, 2025, total unrecognized compensation cost relating to

unvested share-based compensation arrangements was $30.2 million based on the grant date fair value of shares granted.

This cost is expected to be recognized over a weighted-average period of 1.0 year from September 30, 2025.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**19. FAIR VALUES** 

**Assets and Liabilities Measured at Fair Value**

The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets |  |  |  |  |  |  |  |  |
| Derivatives | $— | $19505 | $— | $19505 | $— | $72454 | $— | $72454 |
| Liabilities |  |  |  |  |  |  |  |  |
| Derivatives | $— | $2557 | $— | $2557 | $— | $5238 | $— | $5238 |

---

This table excludes $104.9 million of investments in unconsolidated entities that are measured at fair value using net asset

value as a practical expedient and not classified in the fair value hierarchy as September 30, 2025. No assets were measured

at fair value using net asset value as a practical expedient as of December 31, 2024. Refer to Note 5 for further information.

Refer to Note 2 for further discussion regarding fair value measurement.

**Fair Value of Financial Instruments**

As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not

recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.

The following table details the book value, face amount, and fair value of the financial instruments described in Note 2 ($

in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Book**<br>**Value**<br>| **Face**<br> **Amount**<br>| **Fair**<br>**Value**<br>| **Book**<br>**Value**<br>| **Face**<br> **Amount**<br>| **Fair**<br>**Value**<br>|
| <u>Financial assets</u> |  |  |  |  |  |  |
| Cash and cash equivalents | $377921 | $377921 | $377921 | $323483 | $323483 | $323483 |
| Loans receivable, net | 17371200 | 18188534 | 17407513 | 18313582 | 19203126 | 18288958 |
| <u>Financial liabilities</u> |  |  |  |  |  |  |
| Secured debt, net | 9540224 | 9548332 | 9450250 | 9696334 | 9705529 | 9590400 |
| Securitized debt obligations, net | 2470067 | 2479417 | 2455101 | 1936956 | 1936967 | 1838089 |
| Asset-specific debt, net | 627916 | 629890 | 619599 | 1224841 | 1228110 | 1218639 |
| Loan participations sold, net |  |  |  | 100064 | 100064 | 99822 |
| Secured term loans, net | 1774913 | 1808127 | 1812573 | 1732073 | 1764437 | 1765668 |
| Senior secured notes, net | 785215 | 785316 | 801487 | 771035 | 785316 | 780931 |
| Convertible notes, net | 264463 | 266157 | 262899 | 263616 | 266157 | 257707 |

---

Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market

prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured

Notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value

significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding

fair value measurement of certain of our assets and liabilities.

**20. VARIABLE INTEREST ENTITIES** 

We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and

therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power

to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to

absorb losses of the CLOs through the subordinate interests we own.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

During the nine months ended months ended September 30, 2025, we modified two loans that included, among other

changes, control over decision making at the respective properties. Similarly, during 2024, we modified two other loans

that included, among other changes, an equity interest in and/or control over decision-making at the property. As a result of

these modifications, our investments in these loans are VIEs. As of September 30, 2025, we are the primary beneficiary of,

and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the power to direct the activities that

most significantly affect the property, and (ii) have the right to receive excess sale proceeds upon exit.

The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Assets |  |  |
| Cash and cash equivalents | $40299 | $9145 |
| Loans receivable | 2946640 | 2338201 |
| Current expected credit loss reserve | (133345) | (202400) |
| Loans receivable, net | 2813295 | 2135801 |
| Real estate owned, net | 525084 | 177322 |
| Other assets | 234188 | 126518 |
| Total assets | $3612866 | $2448786 |
| Liabilities |  |  |
| Securitized debt obligations, net | $2470067 | $1936956 |
| Other liabilities | 41177 | 13277 |
| Total liabilities | $2511244 | $1950233 |

---

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate

interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the

VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however

it does not affect our stockholders' equity or net income. We are not obligated to provide, have not provided, and do not

intend to provide material financial support to these consolidated VIEs.

**21. TRANSACTIONS WITH RELATED PARTIES**

**Our Manager**

We are managed by our Manager pursuant to the Management Agreement. The current term of the Management

Agreement expires on December 19, 2025, and it will be automatically renewed for a one-year term upon such date and

each anniversary thereafter unless earlier terminated.

As of September 30, 2025 and December 31, 2024, our consolidated balance sheets included $16.8 million and $18.5

million, respectively, of accrued management fees payable to our Manager. During the three and nine months ended

September 30, 2025, we paid management fees of $17.0 million and $52.8 million, respectively, to our Manager, compared

to $18.7 million and $64.0 million, respectively, during the same periods in 2024. In addition, during the three and nine

months ended September 30, 2025, we incurred expenses of$449,000 and $868,000, respectively, that were paid by our

Manager and have been or will be reimbursed by us, compared to $340,000 and $1.4 million, respectively, of such

expenses during the same periods in 2024.

As of September 30, 2025, our Manager held 828,213 shares of unvested restricted class A common stock, which had an

aggregate grant date fair value of $17.1 million. These shares vest in installments over three years from the date of

issuance. During the three and nine months ended September 30, 2025, we recorded non-cash expenses related to shares

held by our Manager of $3.6 million and $10.9 million, respectively, compared to $4.2 million and $12.6 million,

respectively, during the same periods in 2024. Refer to Note 18 for further details on our restricted class A common stock.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

As of September 30, 2025, our Manager, its affiliates (including Blackstone and Blackstone-advised investment vehicles),

Blackstone employees, and our directors held an aggregate 12,874,956 shares, or 7.5%, of our class A common stock, of

which 8,234,581 shares, or 4.8%, were held by Blackstone and its subsidiaries. Additionally, our directors held 331,611 of

deferred stock units as of September 30, 2025. Certain of the parties listed above have in the past purchased or sold shares

of our class A common stock in open market transactions, and such parties may in the future purchase or sell additional

shares of our class A common stock and/or engage in derivatives transactions related to our class A common stock. Any

such transactions would be made in the sole discretion of the relevant party based on market conditions and other

considerations relevant to such parties.

**Affiliate Services**

We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles to provide various

services. The following table details the costs incurred for these services ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** <br>**September 30,** | **Three Months Ended** <br>**September 30,** | **Nine Months Ended** <br>**September 30,** | **Nine Months Ended** <br>**September 30,** |
|  | **Asset Class** | **2025** | **2024** | **2025** | **2024** |
| Brio Real Estate Services, LLC, Brio Real Estate <br>(UK) Ltd., and Brio Real Estate (AUS) Pty Ltd.<sup>(1)</sup><br>| n/a | $1244 | $— | $2345 | $— |
| Revantage Corporate Services, LLC and <br>Revantage Global Services Europe S.à r.l.<sup>(1)</sup><br>| n/a | 353 | 384 | 696 | 945 |
| Perform Properties, LLC<sup>(2)(3)</sup> | Office | 1903 | 38 | 2797 | 82 |
| LivCor, LLC<sup>(2)</sup> | Multifamily | 46 |  | 322 |  |
| BRE Hotels & Resorts, LLC<sup>(2)</sup> | Hospitality | 284 |  | 1153 |  |
| LendingOne, LLC<sup>(4)</sup> | Multifamily |  |  | 158 |  |
| Total |  | $3830 | $422 | $7471 | $1027 |

---

(1)As applicable, provides management support, operational support, corporate support, and transaction support

services to certain of our investments directly.

(2)As applicable, provides management support, operational support, and corporate support services to certain of our

REO assets directly.

(3)Successor entity to EQ Management, LLC that provides the same services.

(4)Provides loan origination services related to certain of our investments.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

We have engaged affiliates of our Manager to provide various services noted below. The following table details the costs

incurred for these services ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| BTIG, LLC<sup>(1)</sup> | $— | $84 | $— | $124 |
| Gryphon Mutual Property Americas IC<sup>(2)</sup> | 697 | 57 | 1845 | 142 |
| Blackstone internal audit services |  | 24 |  | 71 |
| Lexington National Land Services<sup>(3)</sup> | 170 |  | 216 |  |
| Blackstone Securities Partners L.P.<sup>(4)</sup> | 30 |  | 109 |  |
| Total | $897 | $165 | $2170 | $337 |

---

(1)Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged

as a broker for repurchases of our Senior Secured Notes and Convertible Notes. During the nine months ended

September 30, 2025, there was no repurchase activity. During the nine months endedSeptember 30, 2024, we

repurchased $30.8 million and $33.8 million of our Senior Secured Notes and Convertible Notes, respectively,

utilizing BTIG as a broker. Additionally, we have engaged BTIG as a sales agent to sell shares of our class A

common stock under one of our ATM Agreements. During the nine months endedSeptember 30, 2025 and 2024, we

did not sell any shares under our ATM Agreements. Our engagements of BTIG are on terms equivalent to those of

unaffiliated third parties under similar arrangements.

(2)In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon

Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised

investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees

based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance

premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised

investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party's

respective properties. During the nine months endedSeptember 30, 2025 and 2024, we paid $1.4 million and

$400,000, respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes,

and our pro rata share of other expenses. Of these amounts, $86,000 and $30,000, respectively, was attributable to

the fee paid to a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts

included in the table above reflect the amortization of the insurance expense over the relevant periods of the

respective policies.

(3)Lexington National Land Services, or LNLS, a title agent company owned by Blackstone, acts as an agent for one or

more underwriters in issuing title policies and/or providing support services in connection with investments made by

us, Blackstone and their affiliates and related parties, and third-parties. LNLS focuses on transactions in rate-

regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated

states for us, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as

part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii)

when a third-party is paying all or a material portion of the premium or (iv) when providing only support services to

the underwriter. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency

services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS

in connection with investments made by us based on its equity interest in LNLS. In each case, there will be no

related expense offset to us.

(4)During the nine months endedSeptember 30, 2025, Blackstone Securities Partners L.P., or BSP, an affiliate of our

Manager, was engaged as a member of the syndicate for both our B-6 Term Loan and our B-7 Term Loan. These

engagements were on terms equivalent to those of unaffiliated third parties.

CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager

serves as the collateral manager and benchmark agent for our FL5 CLO issued in the first quarter of 2025. As of

September 30, 2025, two of our assets were in special servicing under the CLOs. CTIMCO and our Manager have waived

any fees that would be payable to a third party serving in such roles pursuant to the applicable agreements, and no such fees

have been paid or will become payable to CTIMCO or our Manager.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Other Transactions**

During the nine months endedSeptember 30, 2025, we invested $666.5 million in five senior loans and $123.6 million in

four mezzanine loans to unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the

same level of the capital structure on a pari passu basis.

In the third quarter of 2025, Blackstone-advised investment vehicles acquired an aggregate $33.0 million participation in

our $453.1 million B-7 Term Loan. In the second quarter of 2025, Blackstone-advised investment vehicles acquired an

aggregate $83.9 million participation in our $1.0 billion B-6 Term Loan. In the fourth quarter of 2024, Blackstone-advised

investment vehicles acquired (i) an aggregate $62.5 million participation in our $650.0 million B-5 Term Loan, and (ii) an

aggregate $80.0 million of our $450.0 millionDecember 2024 Senior Secured Notes. All of these transactions were part of

broad syndications led by third-party banks, and were on terms equivalent to those of unaffiliated third parties. BSP, an

affiliate of our Manager, was engaged as a member of the syndicate for these transactions. Our engagements of BSP are on

terms equivalent to those of unaffiliated parties. See "—Affiliate Services" for further information.

In the first quarter of 2025, as part of a broad syndication led by third-party banks, Blackstone-advised investment vehicles

acquired an aggregate $75.0 million of notes in our $1.0 billion FL5 CLO offering. All of these transactions were on terms

equivalent to those of unaffiliated third parties.

In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised

investment vehicle that concurrently acquired a $1.4 billion portfolio of performing commercial mortgage loans in which

we made an equity investment of $57.6 million and our ownership interest was 29%. In the third quarter of 2025, our Bank

Loan Portfolio Joint Venture acquired a $606.0 million portfolio of performing commercial mortgage loans in which we

made an equity investment of $44.7 million and our ownership interest was 50%. In the fourth quarter of 2024, we entered

into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to invest in triple net lease properties. We

do not consolidate our Bank Loan Portfolio Joint Venture or our Net Lease Joint Venture as we do not have a controlling

financial interest. As of September 30, 2025, the aggregate value of our equity investment in our Bank Loan Portfolio Joint

Venture was $104.9 million and our ownership interest was 35%, and the aggregate value of our equity investment in our

Net Lease Joint Venture was $77.7 million and our ownership interest was 75%. We, these joint ventures, and the

Blackstone-advised investment vehicles, together, have engaged and may in the future engage in certain financing,

derivative and/or hedging arrangements related to these joint ventures. See Notes 5 and 7 for further information.

In the second quarter of 2025, two of our senior loans to borrowers controlled by a Blackstone-advised investment vehicle

were modified. The terms of the modifications (including maturity extensions and additional commitments, among other

changes) were negotiated by our third-party co-lenders. We continue to forgo all non-economic rights under the loans,

including voting rights, so long as the Blackstone-advised investment vehicle controls the applicable borrower.

During the nine months endedSeptember 30, 2025, proceeds from four of our loans were used by the unaffiliated third-

party borrowers to repay $554.4 million of performing loans held by Blackstone-advised investment vehicles, and proceeds

from financing provided by Blackstone-advised investment vehicles were used by the unaffiliated third-party borrower to

repay $148.8 million of a performing loan of ours. During the nine months endedSeptember 30, 2024, proceeds from a

loan held by a Blackstone-advised investment vehicle were used by the unaffiliated third-party borrower to repay

$98.6 million of a performing loan of ours, and proceeds from the sale of assets to a Blackstone-advised investment vehicle

were used by the unaffiliated third-party borrower to repay $59.0 million of a performing loan of ours to the borrower.

These transactions were initiated by the applicable unaffiliated third-party borrowers with the transaction terms and pricing

on market terms.

In the fourth quarter of 2024, pursuant to our Agency Multifamily Lending Partnership, we referred three loans to MTRCC

for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on

market terms negotiated by MTRCC. Pursuant to our Agency Multifamily Lending Partnership, we received $217,000 of

origination, servicing, and other fees for referring these loans during the fourth quarter of 2024.

In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised

investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par.

In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an

interest. As part of the discounted payoff, a Blackstone-advised investment vehicle's mezzanine loan, which had been part

of the total financing, received a small repayment.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

In the third quarter of 2024, we acquired $94.4 million of a total $560.0 million senior loan to an unaffiliated third party.

One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will

forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment

vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender

was negotiated on market terms by a third party without our involvement, and our 17% interest in the senior loan was made

on such market terms.

In 2019 and 2021, we acquired an aggregate participation of €350.0 million in a senior loan to a borrower that is partially

owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting

rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties

on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third

quarter of 2024, the borrower completed a refinancing transaction involving new lenders and the existing lenders. We

elected to sell €232.0 million of our then remaining €347.0 million loan position to the new lenders at par and extend the

remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the

maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender.

In the fourth quarter of 2018, we originated £148.7 million of a total £303.5 million senior loan to a borrower that is wholly

owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we

will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment

vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which

£46.4 million of our £148.7 million participation in an existing £303.5 million loan to a borrower that is wholly owned by a

Blackstone-advised investment vehicle was repaid, and we received a £100.0 million participation in a new loan made to

the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan

were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an

increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co-

lender.

**22. COMMITMENTS AND CONTINGENCIES** 

**Unfunded Commitments Under Loans Receivable**

As of September 30, 2025, we had aggregate unfunded commitments of $1.5 billion across 57 loans receivable, and

$800.1 million of committed or identified financings for those commitments, resulting in net unfunded commitments of

$732.3 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,

and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without

limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact

timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of

the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,

which have a weighted-average future funding period of2.1 years.

**Blackstone Mortgage Trust, Inc.**

**Notes to Consolidated Financial Statements (continued) (Unaudited)**

**Principal Debt Repayments**

Our contractual principal debt repayments as of September 30, 2025 were as follows ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Secured** <br>**Debt**<sup>(1)</sup><br>| **Asset-Specific** <br>**Debt**<sup>(1)</sup><br>| **Term** <br>**Loans**<sup>(2)</sup><br>| **Senior Secured** <br>**Notes**<br>| **Convertible** <br>**Notes**<sup>(3)</sup><br>| **Total**<sup>(4)</sup> |
| 2025 (remaining) | $199342 | $— | $3754 | $— | $— | $203096 |
| 2026 | 2313383 |  | 324282 |  |  | 2637665 |
| 2027 | 2821019 | 76549 | 15015 | 335316 | 266157 | 3514056 |
| 2028 | 1320197 |  | 15015 |  |  | 1335212 |
| 2029 | 1162807 | 390357 | 448862 | 450000 |  | 2452026 |
| Thereafter | 1731584 | 162984 | 1001199 |  |  | 2895767 |
| Total obligation | $9548332 | $629890 | $1808127 | $785316 | $266157 | $13037822 |

---

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity

date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the

maturity date of the respective debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

due in quarterly installments. Refer to Note 11 for further details on our Term Loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

to Note 13 for further details on our Convertible Notes.

(4)Total does not include $2.5 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities

will not require cash outlays from us.

**Board of Directors' Compensation**

As of September 30, 2025, our six non-employee directors are entitled to annual compensation of $210,000 each, of which

$95,000 is paid in cash and $115,000 is paid in the form of deferred stock units or, at their election, shares of restricted

common stock. As of September 30, 2025, the other two board members, the chairperson of the board and our chief

executive officer, are not compensated by us for their service as directors. In addition, (i) the lead independent director

receives additional annual cash compensation of $30,000, (ii) the chairs of our audit, compensation, and corporate

governance committees receive additional annual cash compensation of $20,000, $15,000, and $10,000, respectively, and

(iii) the members of our audit and investment risk management committees receive additional annual cash compensation of

$10,000 and $7,500, respectively.

**Litigation** 

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of

September 30, 2025, we were not involved in any material legal proceedings.

**23. SEGMENT REPORTING** 

Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete

financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our

CODM is, collectively, our Chief Executive Officer and Chief Financial Officer, who decide how to allocate resources and

assess performance. A single management team reports to the CODM, who manages the entire business.

We have determined that we have one reportable segment based on how the CODM reviews and manages the business,

which originates and acquires commercial mortgage loans and related investments.

Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of

Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from

any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as

total consolidated assets.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND** 

**RESULTS OF OPERATIONS** 

*References herein to "Blackstone Mortgage Trust," "Company," "we," "us," or "our" refer to Blackstone Mortgage*

*Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction*

*with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on*

*Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical*

*data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities*

*Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the*

*Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial*

*performance. You can identify these forward-looking statements by the use of words such as "intend," "goal," "estimate,"*

*"expect," "project," "projections," "plans," "seeks," "anticipates," "should," "could," "may," "designed to,"*

*"foreseeable future," "believe," "scheduled," and similar expressions. Such forward- looking statements are subject to*

*various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this*

*discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors*

*in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on*

*Form 10-Q.*

**Introduction**

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other

debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and

Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major

markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our

investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or

CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate

financing, depending on our view of the most prudent financing option available for each of our investments. We are

externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a

real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol "BXMT."

We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of

Blackstone Real Estate. Blackstone Real Estate is the largest owner of commercial real estate globally with over 12,500

commercial assets and a proven track record of successfully navigating market cycles and emerging stronger through

periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply

informs our credit and underwriting process, and we believe gives us the tools to expertly manage the assets in our

portfolio and work with our borrowers throughout periods of economic stress and uncertainty.

We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal

income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders

and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an

exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding

company and conduct our business primarily through our various subsidiaries.

**Macroeconomic Environment**

During the third quarter, real estate transaction activity continued to strengthen as the recovery of commercial real estate

from its cyclical downturn continued, further supported by the decline in construction starts and continuing low supply

(including in sectors in which our portfolio is concentrated, such as multifamily), as well as continuing improvement in the

cost and availability of debt.

The Federal Reserve lowered interest rates in September 2025, and interest rates are likely to continue to decline.

Continued deceleration in inflation should also encourage further lowering of interest rates, which would be constructive

for real estate values. Nevertheless, the timing, direction and extent of any future interest rate changes remain uncertain.

Earlier this year, tariff announcements in the U.S. and ongoing global trade negotiations contributed to significant

uncertainty and volatility of debt and equity markets. More recently, there has been greater clarity in the U.S. policy

environment and lower market volatility. Nevertheless, a resurfacing of policy-driven uncertainty or market volatility could

adversely affect us, our borrowers, their tenants and the value of the real estate assets related to our investments.

**<u>I. Key Financial Measures and Indicators</u>**

As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per

share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share.

For the three months endedSeptember 30, 2025, we recorded basic net earnings per share of $0.37, declared a dividend of

$0.47 per share, reported $0.24 per share of Distributable Earnings, and reported $0.48 per share of Distributable Earnings

prior to charge-offs. In addition, our book value as of September 30, 2025 was $20.99 per share, which is net of cumulative

CECL reserves of $4.16 per share.

As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are

not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.

Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance excluding the

effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan

portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are

performance metrics we consider when declaring our dividends.

**Earnings Per Share and Dividends Declared**

The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in

thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30, 2025** | **June 30, 2025** |
| Net income<sup>(1)</sup> | $63397 | $6969 |
| Weighted-average shares outstanding, basic | 171812685 | 171893905 |
| Net income per share, basic | $0.37 | $0.04 |

---

(1)Represents net income attributable to Blackstone Mortgage Trust. Refer to Note 15 to our consolidated financial

statements for the calculation of diluted net (loss) income per share.

**Distributable Earnings and Distributable Earnings Prior to Charge-Offs** 

Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We

define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in

current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and

amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted

from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as

determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors

the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of

calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated

net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.

Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses)

pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit

losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization

event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but

realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due

will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from

the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP.

The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or

expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the

ultimate realization of the loan.

We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss)

and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a

useful financial metric for existing and potential future holders of our class A common stock as historically, over time,

Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute

annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are

one of the principal reasons stockholders may invest in our class A common stock. Refer to Note 17 to our consolidated

financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps

us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not

necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring

our dividends.

Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our

direct operating results and help existing and potential future holders of our class A common stock assess the performance

of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an

additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our

Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to

charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such

charge-offs had not occurred.

Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss)

or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or

indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash

needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs

of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar

supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior

to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.

The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of

CECL reserves to GAAP net income (loss) ($ in thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **September 30,** <br>**2025**<br>| **June 30, 2025** |
| Net income<sup>(1)</sup> | $63397 | $6969 |
| Charge-offs of CECL reserves<sup>(2)</sup> | (42111) | (45057) |
| (Decrease) increase in CECL reserves | (987) | 45593 |
| Depreciation and amortization of real estate owned<sup>(3)</sup> | 15388 | 17046 |
| Non-cash compensation expense | 7302 | 7303 |
| Realized hedging and foreign currency loss, net<sup>(4)</sup> | (1511) | (703) |
| Allocable share of adjustments related to unconsolidated entities<sup>(5)</sup> | (990) | 1665 |
| Cash (non-cash) income from Agency Multifamily Lending Partnership, net<sup>(6)</sup> | 35 | (127) |
| Adjustments attributable to non-controlling interests, net | (41) | (52) |
| Other items | (46) | (11) |
| Distributable Earnings | $40436 | $32626 |
| Charge-offs of CECL reserves<sup>(2)</sup> | 42111 | 45057 |
| Distributable Earnings prior to charge-offs of CECL reserves | $82547 | $77683 |
| Weighted-average shares outstanding, basic<sup>(7)</sup> | 171812685 | 171893905 |
| Distributable Earnings per share, basic | $0.24 | $0.19 |
| Distributable Earnings per share, basic, prior to charge-offs of CECL reserves | $0.48 | $0.45 |

---

(1)Represents net income attributable to Blackstone Mortgage Trust.

(2)Represents realized losses related to loan principal amounts deemed non-recoverable.

(3)Represents depreciation of REO assets and amortization of intangible real estate assets and liabilities.

(4)Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in

GAAP net income, but rather as a component of other comprehensive income in our consolidated financial

statements.

(5)Allocable share of adjustments related to unconsolidated entities reflects our share of non-cash items such as (i)

$(2.3) million of unrealized gains recorded by such unconsolidated entities, (ii)$1.3 million of depreciation and

amortization, and (iii) related adjustments for realized gains, if any.

(6)Represents (i) the non-cash income recognized under GAAP related to our Agency Multifamily Lending

Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for

origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income

previously recognized under GAAP. Refer to Note 2 to our consolidated financial statements for further information

on our Agency Multifamily Lending Partnership.

(7)The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our

Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable

Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to Note 15 to our

consolidated financial statements for the calculation of diluted net income per share.

**Book Value Per Share**

The following table calculates our book value per share ($ in thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **June 30, 2025** |
| Stockholders' equity | $3590702 | $3616772 |
| Shares |  |  |
| Class A common stock | 170720119 | 171593590 |
| Deferred stock units | 331611 | 323877 |
| Total outstanding | 171051730 | 171917467 |
| Book value per share<sup>(1)</sup> | $20.99 | $21.04 |

---

(1)The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then

outstanding. Refer to Note 15 to our consolidated financial statements for the calculation of diluted net income per

share.

**<u>II. Investments</u>**

**Loan Originations**

During the three months ended September 30, 2025, we originated or acquired $945.1 million of loans, including our share

of a loan portfolio acquired by our Bank Loan Portfolio Joint Venture.

The following table details our loan origination activity ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**September 30, 2025**<br>| **Nine Months Ended** <br>**September 30, 2025**<br>|
| Loan originations<sup>(1)</sup> | $642063 | $4376757 |
| Loan portfolio acquisitions<sup>(2)</sup> | 303001 | 719410 |
| Total originations | $945064 | $5096167 |

---

(1)Includes new loan originations and acquisitions, and additional commitments made under existing loans.

(2)Represents our share of loans that were acquired by our Bank Loan Portfolio Joint Venture. This reflects our

aggregate 35% ownership interest in the joint venture, which is included in investments in unconsolidated entities on

our consolidated balance sheets.

**Loan Portfolio**

*Loan Portfolio Activity*

During the three months ended September 30, 2025, loan fundings totaled $496.8 million and loan repayments and sales

totaled $1.6 billion. During the three months ended September 30, 2025, we generated interest income of $346.0 million

and incurred interest expense of $247.1 million, which resulted in $98.9 million of net interest income.

The following table details our loan portfolio activity ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**September 30, 2025**<br>| **Nine Months Ended** <br>**September 30, 2025**<br>|
| Loan fundings<sup>(1)</sup> | $496791 | $3945271 |
| Loan repayments and sales<sup>(1)</sup> | (1641950) | (5047271) |
| Total net repayments | $(1145159) | $(1102000) |

---

(1)Excludes amounts held by our Bank Loan Portfolio Joint Venture, which is included in investments in

unconsolidated entities on our consolidated balance sheets.

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| Number of loans | 137 |
| Principal balance | $18188534 |
| Net book value | $17371200 |
| Unfunded loan commitments<sup>(1)</sup> | $1532429 |
| Weighted-average cash coupon<sup>(2)</sup> | + 3.24% |
| Weighted-average all-in yield<sup>(2)</sup> | + 3.46% |
| Weighted-average maximum maturity (years)<sup>(3)</sup> | 2.4 |
| Origination loan-to-value (LTV)<sup>(4)</sup> | 64.0% |

---

(1)Unfunded commitments will primarily be funded to finance our borrowers' construction or development of real

estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will

generally be funded over the term of each loan, subject in certain cases to an expiration date.

(2)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark

rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each investment. As of

September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily indexed to

SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest.

(3)Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other

investments may be repaid prior to such date. Excludes loans accounted for under the cost-recovery and nonaccrual

methods, if any. As of September 30, 2025,31% of our loans by principal balance were subject to yield maintenance

or other prepayment restrictions and 69% were open to repayment by the borrower without penalty.

(4)Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired.

The following table details the index rate floors for our loans receivable portfolio as of September 30, 2025 ($ in

thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Loans Receivable Principal Balance** | **Loans Receivable Principal Balance** | **Loans Receivable Principal Balance** |
| <br>**Index Rate Floors** | **USD** | **Non-USD**<sup>(1)</sup> | **Total** |
| Fixed Rate | $180857 | $137149 | $318006 |
| 0.00% or no floor<sup>(2)</sup> | 1796816 | 4966038 | 6762854 |
| 0.01% to 1.00% floor | 2628392 | 972584 | 3600976 |
| 1.01% to 2.00% floor | 676479 | 1371685 | 2048164 |
| 2.01% to 3.00% floor | 3791304 | 139838 | 3931142 |
| 3.01% or more floor | 1313773 | 213619 | 1527392 |
| Total<sup>(3)</sup> | $10387621 | $7800913 | $18188534 |

---

(1)Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

(2)Includes all impaired loans.

(3)As of September 30, 2025, the weighted-average index rate floor of our floating-rate loans receivable principal

balance was 1.25%. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor

was 1.90%.

The following table details the floating benchmark rates for our loans receivable portfolio as of September 30, 2025 (loans

receivable principal balance amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan**<br>**Count**<br>| **Currency**  | **Loans Receivable** <br>**Principal Balance**<br>| **Floating Rate** <br>**Index**<sup>(1)</sup><br>| **Cash Coupon**<sup>(2)</sup> | **All-in Yield**<sup>(2)</sup> |
| 103 | $| $10387621 | SOFR | + 3.11% | + 3.32% |
| 17 | £ | £2,336,656 | SONIA | + 3.38% | + 3.46% |
| 10 | € | €2,205,311 | EURIBOR | + 2.93% | + 3.33% |
| 7 | Various | $2071333 | Other<sup>(3)</sup> | + 4.02% | + 4.24% |
| 137 |  | $18188534 |  | + 3.24% | + 3.46% |

---

(1)We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash

flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate

differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.

These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-

equivalent interest rates.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the

cost-recovery and nonaccrual methods, if any.

(3)Includes floating rate loans indexed to STIBOR, CORRA, and BBSY indices.

The charts below detail the geographic distribution and types of properties securing our loan portfolio, as of September 30,

2025:

Geographic Diversification

(Net Loan Exposure)<sup>(1)</sup>

![169](bxmt-20250930_g2.gif)

Collateral Diversification

(Net Loan Exposure)<sup>(1)(2)</sup>

![223](bxmt-20250930_g3.gif)

______________

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,

2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is

structurally non-recourse and term-matched to the corresponding collateral loans. Geographic locations that

represent less than 1% of net loan exposure are excluded from the chart.

(2)Assets with multiple components are proportioned into the relevant collateral types based on the allocated value of

each collateral type.

Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.

*Portfolio Management* 

As of September 30, 2025,96% of our loans were performing with risk ratings of "1" through "4," and the remaining 4%

were impaired with a risk rating of "5." As of September 30, 2025, all borrowers under performing loans were in

compliance with the applicable contractual terms of each respective loan, including any required payment of interest. We

believe this demonstrates the overall strength of our loan portfolio and the commitment and financial wherewithal of our

borrowers generally, which are primarily affiliated with large real estate private equity funds and other strong, well-

capitalized, and experienced sponsors.

We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the

performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and

from our long-standing core business model of originating senior loans collateralized by large assets in major markets with

experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally

adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of

certain investments. As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to

12 of our loans receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds. This

CECL reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of

September 30, 2025.

Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information

advantages derived from our position as part of Blackstone Real Estate's real estate platform. Blackstone Real Estate is the

largest owner of commercial real estate globally with over 12,500 commercial assets and a proven track record of

successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate

expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and

gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic

stress and uncertainty.

As discussed in Note 2 to our consolidated financial statements, we perform a quarterly review of our loan portfolio, assess

the performance of each loan, and assign it a risk rating between "1" and "5", from less risk to greater risk. Our loan

portfolio had a weighted-average risk rating of 3.0 as of both September 30, 2025 and December 31, 2024.

The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in

thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Risk Rating** | **Number of Loans** | **Net Book Value** | **Net Loan Exposure**<sup>(1)</sup> |
| 1 | 6 | $409199 | $408355 |
| 2 | 22 | 3173245 | 3007691 |
| 3 | 80 | 10578120 | 10087715 |
| 4 | 17 | 2732203 | 2619771 |
| 5 | 12 | 1174152 | 670206 |
| Loans receivable | 137 | $18066919 | $16793738 |
| CECL reserve |  | (695719) |  |
| Loans receivable, net |  | $17371200 |  |

---

(1)Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of September 30,

2025, which is our principal balance net of (i) $629.9 million of asset-specific debt, (ii) $69.2 million of cost-

recovery proceeds, and (iii) our total loans receivable CECL reserve of $695.7 million. Our asset-specific debt is

structurally non-recourse and term-matched to the corresponding collateral loans.

*Current Expected Credit Loss Reserve* 

The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes

receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all

financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the

CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate

capital, or other mitigating factors.

During the three months endedSeptember 30, 2025, we recorded a net decrease of $45.1 million in the CECL reserves

against our loans receivable portfolio, primarily driven by a $53.4 milliondecrease in our asset-specific CECL reserves,

including charge-offs of our CECL reserves of $42.1 million. This was offset by an $8.2 millionincrease in our general

CECL reserves, bringing our total loans receivable CECL reserve to $695.7 million as of September 30, 2025. The increase

in our general CECL reserves was primarily as a result of an increase in the historical loss rate used in reserve calculations

as a result of additional CECL charge-offs.

The charge-offs primarily related to two previously impaired loans secured by a hospitality asset in New York, NY and an

office asset in Atlanta, GA, that were resolved and transferred to REO during the three months endedSeptember 30, 2025

pursuant to loan modifications that resulted in us consolidating the collateral assets. Refer to Notes 4 and 20 for further

information.

As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of our loans

receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a concentration in the

office sector with $382.2 million of reserves, generally driven by reduced tenant and capital markets demand in the office

sector in recent years. Impairments are each determined individually as a result of changes in the specific credit quality

factors for such loans. These factors included, among others, (i) the underlying collateral performance, (ii) discussions with

the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's ability to pay the contractual

amounts due under the terms of the loan. This CECL reserve was recorded based on our estimation of the fair value of each

of the loan's underlying collateral as of September 30, 2025.

No income was recorded on our impaired loans subsequent to determining that they were impaired. During the three and

nine months ended September 30, 2025, we received an aggregate $9.7 million and $39.4 million, respectively, of cash

proceeds from such loans that were applied as a reduction to the amortized cost basis of each respective loan.

As of September 30, 2025, all borrowers under performing loans were in compliance with the applicable contractual terms

of each respective loan, including any required payment of interest. Refer to Note 2 to our consolidated financial statements

for further discussion of our policies on revenue recognition and our CECL reserves.

**Real Estate Owned**

As part of our portfolio management strategy to maximize economic outcomes, we may hold certain real estate owned, or

REO, assets resulting from transactions in which we assume legal title, physical possession, or control of the collateral

underlying a loan through a foreclosure, a deed-in-lieu of foreclosure transaction, or a loan modification in which we

receive an equity interest in and/or control over decision-making at the property. As of September 30, 2025, we had 10

REO assets with an aggregate carrying value of $1.0 billion.

**Multifamily Joint Venture** 

As of September 30, 2025, our Multifamily Joint Venture held a $43.3 million loan, which is included in the loan

disclosures above. As of September 30, 2025, our Multifamily Joint Venture also held a $32.1 million REO asset. Refer to

Note 2 to our consolidated financial statements for further discussion of our multifamily joint venture.

**Agency Multifamily Lending Partnership**

In the second quarter of 2024, we entered into our Agency Multifamily Lending Partnership that allows our borrowers to

access multifamily agency financing through MTRCC's Fannie Mae DUS and Freddie Mac Optigo lending platforms. We

will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both

the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans

that we refer to MTRCC for origination under the Fannie Mae program. During the nine months endedSeptember 30,

2025, we referred one loan to MTRCC.

**Net Lease Joint Venture**

In the fourth quarter of 2024, we entered into our Net Lease Joint Venture with a Blackstone-advised investment vehicle to

invest in triple net lease properties. Our investment in the joint venture is recorded on our consolidated balance sheets as an

investment in unconsolidated entities. As of September 30, 2025, our investment in unconsolidated entities related to the

joint venture totaled $77.7 million. During the nine months endedSeptember 30, 2025 we contributed $76.4 million to the

joint venture, did not receive any distributions, and recorded a $1.6 millionloss from unconsolidated entities in our

consolidated statements of operations.

**Bank Loan Portfolio Joint Venture**

In the second quarter of 2025, we entered into our Bank Loan Portfolio Joint Venture with a Blackstone-advised

investment vehicle. In the second quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $1.4 billion portfolio

of 171 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by retail and

multifamily properties located across various markets in the Mid-Atlantic region, are primarily fixed rate, and were

acquired at a discount to par. In the third quarter of 2025, the Bank Loan Portfolio Joint Venture acquired a $606.0 million

portfolio of 425 performing senior commercial real estate loans from a regional bank. The loans are secured primarily by

net lease retail assets located throughout the United States, are fixed rate, and were acquired at a discount to par. We have

an aggregate 35% ownership interest in the joint venture as of September 30, 2025.

Our Bank Loan Portfolio Joint Venture is recorded on our consolidated balance sheets as an investment in unconsolidated

entities. As of September 30, 2025, our investment in the joint venture totaled $104.9 million. During the nine months

endedSeptember 30, 2025, we contributed $102.3 million to the joint venture, did not receive any distributions, and

recorded $2.6 million of income from unconsolidated entities in our consolidated statements of operations.

**Loan Portfolio Financing**

Our loan portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details

our portfolio financing ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Portfolio Financing**<br>**Outstanding Principal Balance** | **Portfolio Financing**<br>**Outstanding Principal Balance** |
|  | **September 30, 2025** | **December 31, 2024** |
| Secured debt | $9548332 | $9705529 |
| Securitizations | 2479417 | 1936967 |
| Asset-specific debt | 629890 | 1228110 |
| Total loan portfolio financing | $12657639 | $12870606 |

---

**Secured Debt**

The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2025 ($

in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** <br>**September 30, 2025**<br>| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Spread**<sup>(1)</sup> | **New Financings**<sup>(2)</sup> | **Total**<br>**Borrowings**<br>| **Wtd. Avg.**<br>**All-in** <br>**Cost**<sup>(1)(3)(4)</sup><br>| **Collateral**<sup>(5)</sup> | **Wtd. Avg.**<br>**All-in** <br>**Yield**<sup>(1)(3)</sup><br>| **Net Interest**<br> **Margin**<sup>(6)</sup><br>|
| + 1.50% or less  | $1385800 | $4547118 | +1.54% | $6600493 | +2.99% | +1.45% |
| + 1.51% to + 1.75% | 555478 | 2564711 | +1.75% | 3375095 | +3.48% | +1.73% |
| + 1.76% to + 2.00% | 104841 | 935067 | +2.10% | 1766876 | +3.28% | +1.18% |
| + 2.01% or more | 137147 | 1501436 | +2.63% | 2340713 | +4.24% | +1.61% |
| Total | $2183266 | $9548332 | +1.82% | $14083177 | +3.35% | +1.53% |

---

(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include

SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.

(2)Represents the amount of new borrowings we closed during the nine months endedSeptember 30, 2025.

(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective

borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension

fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Represents the weighted-average all-in cost as of September 30, 2025 and is not necessarily indicative of the spread

applicable to recent or future borrowings.

(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.

(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.

**Securitizations**

We have financed certain pools of our loans through CLOs. The following table details our securitized debt obligations and

the underlying collateral assets that are financed by our CLOs ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Securitized Debt Obligations** | **Count** | **Principal**<br> **Balance**<br>| **Book**<br>**Value**<sup>(1)</sup><br>| **Wtd. Avg.**<br> **Yield/Cost**<sup>(2)(3)</sup><br>| **Term**<sup>(4)</sup> |
| 2025 FL5 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | $831250 | $821900 | + 2.15% | October 2042 |
| Underlying Collateral Assets | 17 | 898950 | 898950 | + 3.50% | September 2028 |
| 2021 FL4 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 609741 | 609741 | + 1.45% | May 2038 |
| Underlying Collateral Assets | 18 | 759956 | 759956 | + 2.66% | March 2027 |
| 2020 FL3 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 457129 | 457129 | + 2.51% | November 2037 |
| Underlying Collateral Assets | 12 | 625580 | 625580 | + 2.78% | February 2027 |
| 2020 FL2 Collateralized Loan Obligation |  |  |  |  |  |
| Senior CLO Securities Outstanding | 1 | 581297 | 581297 | + 1.76% | February 2038 |
| Underlying Collateral Assets | 12 | 813742 | 813742 | + 2.71% | March 2027 |
| Total |  |  |  |  |  |
| Senior CLO Securities Outstanding<sup>(5)</sup> | 4 | $2479417 | $2470067 | + 1.95% |  |
| Underlying Collateral Assets | 59 | $3098228 | $3098228 | + 3.15% |  |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan

origination costs, purchase discounts, and accrual of exit fees.

(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans

accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all

extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt

obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents

the rated final distribution date of the securitizations.

(5)During the three and nine months endedSeptember 30, 2025, we recorded $40.0 million and $107.8 million,

respectively, of interest expense related to our securitized debt obligations.

Refer to Note 8 and Note 20 to our consolidated financial statements for additional details of our securitized debt

obligations.

**Asset-Specific Debt**

The following table details our asset-specific debt ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Asset-Specific Debt** | **Count** | **Principal**<br> **Balance**<br>| **Book Value**<sup>(1)</sup> | **Wtd. Avg.**<br>**Yield/Cost**<sup>(2)</sup><br>| **Wtd. Avg.**<br> **Term**<sup>(3)</sup><br>|
| Financing provided | 3 | $629890 | $627916 | + 3.18% | October 2029 |
| Collateral assets | 3 | $781189 | $775248 | + 4.52% | October 2029 |

---

(1)The book value of underlying collateral assets excludes any applicable CECL reserves.

(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,

which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and

index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost

includes the amortization of deferred origination fees and financing costs.

(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all

extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case

to the corresponding collateral loans.

**Corporate Financing**

The following table details our outstanding corporate financing ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Corporate Financing**<br>**Outstanding Principal Balance** | **Corporate Financing**<br>**Outstanding Principal Balance** |
|  | **September 30, 2025** | **December 31, 2024** |
| Term loans | $1808127 | $1764437 |
| Senior secured notes | 785316 | 785316 |
| Convertible notes | 266157 | 266157 |
| Total corporate financing | $2859600 | $2815910 |

---

The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding Senior Secured

Notes, or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of September 30, 2025 ($ in

thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Financing** | **Face Value** | **Interest Rate**<sup>(1)</sup> | **All-in Cost**<sup>(1)(2)</sup> | **Maturity** |
| Term Loans |  |  |  |  |
| B-1 Term Loan | $309268 | + 2.36% | + 2.53% | April 23, 2026 |
| B-6 Term Loan | 1045754 | + 3.00% | + 3.55% | December 10, 2030 |
| B-7 Term Loan | 453105 | + 2.50% | + 3.05% | May 9, 2029 |
| Total term loans | $1808127 |  |  |  |
| Senior Secured Notes |  |  |  |  |
| October 2021 | $335316 | 3.75% | 4.06% | January 15, 2027 |
| December 2024 | 450000 | 7.75%<br><sup>(3)</sup> | 8.14% | December 1, 2029 |
| Total senior secured notes | $785316 |  |  |  |
| Convertible Notes |  |  |  |  |
| Convertible Notes<sup>(4)</sup> | $266157 | 5.50% | 5.79% | March 15, 2027 |
| Total corporate financings | $2859600 |  |  |  |

---

(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The

Term Loans are indexed to one-month SOFR.

(2)Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through

interest expense over the life of each respective financing.

(3)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts

our fixed rate exposure to a SOFR + 3.95% floating rate exposure. Refer to Note 12 to our consolidated financial

statements for further information.

(4)The conversion price of the Convertible Notes is $36.27, which represents the price of class A common stock per

share based on a conversion rate of 27.5702. The conversion rate represents the number of shares of class A

common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has

not been exceeded as of September 30, 2025.

Refer to Note 2, Note 11, Note 12, and Note 13 to our consolidated financial statements for further discussion of our Term

Loans, Senior Secured Notes, and Convertible Notes.

**Floating Rate Loan Portfolio**

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates

will decrease net income. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of

interest, primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in

an amount of net equity that is positively correlated to rising interest rates, subject to the impact of interest rate floors on

certain of our floating rate loans.

Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements

in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities.

The following table details our investment portfolio's exposure to interest rates by currency as of September 30, 2025

(amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **USD** | **GBP** | **EUR** | **All Other**<sup>(1)</sup> |
| Floating rate loans<sup>(2)(3)(4)(5)</sup> | $8975881 | £2,224,306 | €2,205,311 | $2071333 |
| Floating rate portfolio financings<sup>(2)(5)(6)</sup> | (6900576) | (1685131) | (1564506) | (1655445) |
| Floating rate corporate financings<sup>(7)</sup> | (2258126) |  |  |  |
| Net floating rate exposure | $(182821) | £539,175 | €640,805 | $415888 |
| Net floating rate exposure in USD<sup>(8)</sup> | $(182821) | $724974 | $751920 | $415888 |

---

(1)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.

(2)Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate

relevant in each arrangement.

(3)Excludes $1.2 billion of floating rate impaired loans.

(4)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers'

exposure to an increase in interest rates.

(5)Excludes amounts related to our investments in unconsolidated entities.

(6)Includes amounts outstanding under secured debt, securitizations, and asset-specific debt. Excludes amounts related

to the indebtedness of our unconsolidated entities.

(7)Includes amounts outstanding under Term Loans and the December 2024 Senior Secured Notes. In connection with

the issuance of the December 2024 Senior Secured Notes, we entered into an interest rate swap with a notional

amount of $450.0 million to effectively convert our fixed rate exposure to floating rate exposure for such notes.

(8)Represents the U.S. dollar equivalent as of September 30, 2025.

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,

there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the

cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may

contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate

stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an

interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest

guarantees or other structural protections. During the nine months ended September 30, 2025, interest rate caps on

$6.5 billion of performing loans, with a 3.7% weighted-average strike price, expired and 93% were replaced with new

interest rate caps, with a weighted-average strike price of 3.8%, or interest guarantees.

**<u>III. Our Results of Operations</u>**

**Operating Results**

The following table sets forth information regarding our consolidated results of operations for the three months ended

September 30, 2025 and June 30, 2025 ($ in thousands, except per share data):

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Change** |
|  | **September 30,** <br>**2025**<br>| **June 30, 2025** | **$** |
| **Income from loans and other investments** |  |  |  |
| Interest and related income | $345959 | $359537 | $(13578) |
| Less: Interest and related expenses | 247055 | 264727 | (17672) |
| **Income from loans and other investments, net** | 98904 | 94810 | 4094 |
| Revenue from real estate owned | 33733 | 38812 | (5079) |
| Other income | 74 | 231 | (157) |
| **Total net revenues** | 132711 | 133853 | (1142) |
| **Expenses** |  |  |  |
| Management and incentive fees | 16849 | 17036 | (187) |
| General and administrative expenses | 12747 | 13526 | (779) |
| Expenses from real estate owned | 43100 | 47796 | (4696) |
| Other expenses | 6 |  | 6 |
| **Total expenses** | 72702 | 78358 | (5656) |
| Decrease (increase) in current expected credit loss reserve | 987 | (45593) | 46580 |
| Income (loss) from unconsolidated entities | 3924 | (2015) | 5939 |
| **Income before income taxes** | 64920 | 7887 | 57033 |
| Income tax provision | 1512 | 903 | 609 |
| **Net income** | 63408 | 6984 | 56424 |
| Net income attributable to non-controlling interests | (11) | (15) | 4 |
| **Net income attributable to Blackstone Mortgage Trust, Inc.** | $63397 | $6969 | $56428 |
| **Net income per share of common stock, basic and diluted** | $0.37 | $0.04 | $0.33 |
| **Weighted-average shares of common stock outstanding, basic and** <br>**diluted**<br>| 171812685 | 171893905 | (81) |
| **Dividends declared per share** | $0.47 | $0.47 | $— |

---

*Income from loans and other investments, net*

Income from loans and other investments, net increased $4.1 million during the three months endedSeptember 30, 2025

compared to the three months endedJune 30, 2025. The increase was primarily driven by (i) a $555.4 million decrease in

the weighted-average principal balance of our outstanding financing arrangements during the three months ended

September 30, 2025 compared to the three months endedJune 30, 2025, and (ii) a $3.8 million increase as a result of the

receipt of unaccrued default interest upon repayment of a loan that was previously in maturity default during the three

months endedSeptember 30, 2025. This was offset by a decrease in the weighted-average principal balance of our loan

portfolio by $681.2 million during the three months endedSeptember 30, 2025.

*Revenue from real estate owned*

Revenue from REO decreased by $5.1 million during the three months endedSeptember 30, 2025 compared to the three

months endedJune 30, 2025. The decrease was primarily due to seasonality of the operations at our hospitality assets.

*Other income*

Other income relates to origination, servicing, and other fees recognized in connection with our Agency Multifamily

Lending Partnership. Other income decreased by $157,000 during the three months endedSeptember 30, 2025 compared to

the three months endedJune 30, 2025, as a result of no loan referrals pursuant to the Agency Multifamily Lending

Partnership during the three months endedSeptember 30, 2025 that were originated and sold by MTRCC, compared to one

corresponding loan referral during the three months endedJune 30, 2025.

*Expenses*

Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses

from real estate owned, and other expenses.Expenses decreased by $5.7 million during the three months ended

September 30, 2025 compared to the three months endedJune 30, 2025 primarily due to (i) a decrease in expenses from

real estate owned primarily due to lower operating expenses at certain of our REO assets, and (ii) a decrease in general and

administrative expenses, primarily due to lower professional services expenses.

*Changes in current expected credit loss reserve*

During the three months endedSeptember 30, 2025, we recorded a $1.0 milliondecrease in our CECL reserves, as

compared to a $45.6 million increase during the three months endedJune 30, 2025. The decrease during the three months

endedSeptember 30, 2025 is primarily due to a $53.4 milliondecrease in our asset-specific CECL reserves, primarily as a

result of the resolution of two previously impaired loans. The charge-offs primarily related to two previously impaired

loans secured by a hospitality asset in New York, NY and an office asset in Atlanta, GA, that were resolved and transferred

to REO during the three months endedSeptember 30, 2025 pursuant to loan modifications that resulted in us consolidating

the collateral assets. This decrease was partially offset by an $8.2 millionincrease in our general CECL reserves driven by

an increase in the historical loss rate used in reserve calculations as a result of additional CECL charge-offs.

We may be required to record further increases to our CECL reserves in the future, depending on the performance of our

portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our

loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market

conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected

to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of

such loans and to be concentrated in our loans receivable with a risk rating of "4" as ofSeptember 30, 2025.

*Income (loss) from unconsolidated entities*

During the three months endedSeptember 30, 2025, we recorded income from unconsolidated entities of $3.9 million

compared to a loss of $2.0 million during the three months endedJune 30, 2025. This increase was primarily due to our

share of income from our Bank Loan Portfolio Joint Venture as the three months endedSeptember 30, 2025 reflected a full

quarter of income recognition related to the portfolio our Bank Loan Portfolio Joint Venture acquired in June.

*Income tax provision*

The income tax provision increased by $609,000 during the three months endedSeptember 30, 2025 compared to the three

months endedJune 30, 2025 primarily due to an increase in the income tax provisions related to our taxable REIT

subsidiaries.

*Dividends per share*

During the three months endedSeptember 30, 2025, we declared dividends of $0.47 per share, or $80.2 million in

aggregate. During the three months endedJune 30, 2025, we declared dividends of $0.47 per share, or $80.6 million in

aggregate.

The following table sets forth information regarding our consolidated results of operations for the nine months ended

September 30, 2025 and 2024 ($ in thousands, except per share data):

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
|  | **2025** | **2024** | **$** |
| **Income from loans and other investments** |  |  |  |
| Interest and related income | $1037553 | $1382367 | $(344814) |
| Less: Interest and related expenses | 754015 | 1004854 | (250839) |
| **Income from loans and other investments, net** | 283538 | 377513 | (93975) |
| Revenue from real estate owned | 109578 | 1214 | 108364 |
| Other income | 395 |  | 395 |
| Gain on extinguishment of debt |  | 5352 | (5352) |
| **Total net revenues** | 393511 | 384079 | 9432 |
| **Expenses** |  |  |  |
| Management and incentive fees | 51120 | 56258 | (5138) |
| General and administrative expenses | 38937 | 40811 | (1874) |
| Expenses from real estate owned | 137198 | 3647 | 133551 |
| Other expenses | 6 |  | 6 |
| **Total expenses** | 227261 | 100716 | 126545 |
| Increase in current expected credit loss reserve | (94111) | (519747) | 425636 |
| Income from unconsolidated entities | 1035 |  | 1035 |
| **Income (loss) before income taxes** | 73174 | (236384) | 309558 |
| Income tax provision | 3133 | 2832 | 301 |
| **Net income (loss)** | 70041 | (239216) | 309257 |
| Net income attributable to non-controlling interests | (32) | (2063) | 2031 |
| **Net income (loss) attributable to Blackstone Mortgage Trust, Inc.** | $70009 | $(241279) | $311288 |
| **Net income (loss) per share of common stock, basic and diluted** | $0.41 | $(1.39) | $1.80 |
| **Weighted-average shares of common stock outstanding, basic and** <br>**diluted**<br>| 171903127 | 173881116 | (1978) |
| **Dividends declared per share** | $1.41 | $1.71 | $(0.30) |

---

*Income from loans and other investments, net* 

Income from loans and other investments, net decreased$94.0 million during the nine months endedSeptember 30, 2025

compared to the nine months endedSeptember 30, 2024. The decrease was primarily due to (i) a decrease in average

floating rate indices during the nine months endedSeptember 30, 2025 compared to the nine months endedSeptember 30,

2024, (ii) a $3.9 billion decrease in the weighted-average principal balance of our loan portfolio during the nine months

endedSeptember 30, 2025 compared to the nine months endedSeptember 30, 2024, and (iii) a decline in interest income

related to additional loans accounted for under the cost-recovery method or loans that are now accounted for as REO assets

during the nine months endedSeptember 30, 2025 compared to the nine months endedSeptember 30, 2024. This was

offset by a $2.6 billion decrease in the weighted-average principal balance of our outstanding financing arrangements

during the nine months endedSeptember 30, 2025 compared to the nine months endedSeptember 30, 2024.

*Revenue from real estate owned*

Revenue from REO increased by $108.4 million during the nine months endedSeptember 30, 2025 compared to the nine

months endedSeptember 30, 2024 due to the acquisition of seven additional REO assets.

*Gain on extinguishment of debt*

Gain on extinguishment of debt decreased by $5.4 million during the nine months endedSeptember 30, 2025 compared to

the nine months endedSeptember 30, 2024. There was no debt repurchase activity during the nine months ended

September 30, 2025. During the nine months endedSeptember 30, 2024 we recognized a gain on extinguishment of debt of

$5.4 million related to the repurchase of an aggregate principal amount of $33.8 million, $30.8 million, and $2.3 million, of

our Convertible Notes, Senior Secured Notes, and B-1 Term Loan, respectively.

*Expenses*

Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses

from real estate owned, and other expenses. Expenses increased by $126.5 million during the nine months ended

September 30, 2025 compared to the nine months endedSeptember 30, 2024, primarily due to a $133.6 million increase in

expenses from real estate owned due to the acquisition of seven additional REO assets. This was partially offset by (i) a

$5.1 million decrease in management fees payable to our Manager, driven primarily by lower Distributable Earnings, and

(ii) a $1.9 milliondecrease in general and administrative expenses primarily due to a $2.3 million decrease in non-cash

restricted stock amortization related to shares awarded under our long-term incentive plans.

*Changes in current expected credit loss reserve*

During the nine months endedSeptember 30, 2025, we recorded a $94.1 million increase in our CECL reserves, as

compared to a $519.7 million increase during the nine months endedSeptember 30, 2024. The increase during the nine

months endedSeptember 30, 2025 is primarily due to an increase in our asset-specific CECL reserves, primarily as a result

of three additional loans that were impaired during the nine months endedSeptember 30, 2025. Two of the loans that were

impaired during the nine months endedSeptember 30, 2025 were secured by office assets, and one was secured by a life

sciences / studio asset.The office sector has generally faced reduced tenant and capital markets demand in recent years.

Impairments are each determined individually as a result of changes in the specific credit quality factors for such loans.

These factors included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii)

borrower events of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under

the terms of the loan. Additionally, we recorded an increase in our general CECL reserves as a result of changes in the

historical loss rate.

We may be required to record further increases to our CECL reserves in the future, depending on the performance of our

portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our

loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market

conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected

to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of

such loans and to be concentrated in our loans receivable with a risk rating of "4" as ofSeptember 30, 2025.

*Income from unconsolidated entities*

Income from unconsolidated entities of $1.0 million primarily represents our share of income from our Bank Loan

Portfolio Joint Venture, offset by the acquisition costs incurred by our Bank Loan Portfolio Joint Venture in acquiring two

portfolios of commercial mortgage loans during the nine months endedSeptember 30, 2025. Additionally, this represents

our share of the loss incurred by the Net Lease Joint Venture during the nine months endedSeptember 30, 2025, driven by

depreciation of the underlying real estate assets owned by the Net Lease Joint Venture. There was no income or loss from

unconsolidated entities during the nine months endedSeptember 30, 2024.

*Income tax provision*

The income tax provision increased by $301,000 during the nine months endedSeptember 30, 2025 as compared to the

nine months endedSeptember 30, 2024, due to an increase in the income tax provisions related to our taxable REIT

subsidiaries.

*Dividends per share*

During the nine months endedSeptember 30, 2025, we declared dividends of $1.41 per share, or $241.5 million in

aggregate. During the nine months endedSeptember 30, 2024, we declared dividends of $1.71 per share, or $296.6 million

in aggregate.

**<u>IV. Liquidity and Capital Resources</u>**

**Capitalization** 

We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock,

corporate debt, and asset-level financings. As of September 30, 2025, our capitalization structure included $3.6 billion of

common equity, $2.9 billion of corporate debt, and $12.7 billion of asset-level financings. Our $2.9 billion of corporate

debt includes $1.8 billion of Term Loan borrowings, $785.3 million of Senior Secured Notes, and $266.2 million of

Convertible Notes. Our $12.7 billion of asset-level financings includes $9.5 billion of secured debt, $2.5 billion of

securitizations, and $629.9 million of asset-specific debt, all of which are structured to produce term, currency, and index

matched funding with no margin call provisions based upon capital markets events.

As of September 30, 2025, we had $1.3 billionof liquidity that can be used to satisfy our short-term cash requirements and

as working capital for our business.

See Notes 7, 8, 9, 11, 12, and 13 to our consolidated financial statements for additional details regarding our secured debt,

securitized debt obligations, asset-specific debt, Term Loans, Senior Secured Notes, and Convertible Notes, respectively.

**Debt-to-Equity Ratio and Total Leverage Ratio**

The following table presents our debt-to-equity ratio and total leverage ratio:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Debt-to-equity ratios<sup>(1)</sup> |  |  |
| Debt-to-equity ratio<sup>(2)</sup> | 3.5x | 3.5x |
| Adjusted debt-to-equity ratio<sup>(3)</sup> | 2.9x | 3.0x |
| Total leverage ratios<sup>(1)</sup> |  |  |
| Total leverage ratio<sup>(4)</sup> | 4.2x | 4.0x |
| Adjusted total leverage ratio<sup>(5)</sup> | 3.5x | 3.4x |

---

(1)The debt and leverage amounts included in the calculations above use gross outstanding principal balances,

excluding any unamortized deferred financing costs and discounts.

(2)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, asset-specific debt, Term

Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.

(3)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, asset-specific debt, Term

Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-

GAAP financial measure. Refer to "Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio" below for

the definition of Adjusted Equity and a reconciliation to total equity.

(4)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific

debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.

(5)Represents, in each case at period end, the ratio of (i) total outstanding secured debt, securitizations, asset-specific

debt, Term Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is

a non-GAAP financial measure. Refer to "Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio" below

for the definition of Adjusted Equity and a reconciliation to total equity.

*Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio*

Our adjusted debt-to-equity and total leverage ratios are measures that are not prepared in accordance with GAAP, as they

are calculated using Adjusted Equity, which we define as our total equity, excluding the aggregate CECL reserves on our

loans receivable and unfunded loan commitments.

We believe that Adjusted Equity provides meaningful information to consider in addition to our total equity determined in

accordance with GAAP in the context of assessing our debt-to-equity and total leverage ratios. The adjusted debt-to-equity

and total leverage ratios are metrics we use, in addition to our unadjusted debt-to-equity and total leverage ratios, when

evaluating our capitalization structure, as Adjusted Equity excludes the unrealized impact of our CECL reserves, which

may vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. We believe

these ratios, and therefore our Adjusted Equity, are useful financial metrics for existing and potential future holders of our

class A common stock to consider when evaluating how our business is capitalized and the relative amount of leverage in

our business.

Adjusted Equity does not represent our total equity and should not be considered as an alternate to GAAP total equity. In

addition, our methodology for calculating Adjusted Equity may differ from methodologies employed by other companies

to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Equity may not be

comparable to the Adjusted Equity reported by other companies.

The following table provides a reconciliation of Adjusted Equity to our GAAP total equity ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Total equity | $3597403 | $3794189 |
| Add back: aggregate CECL reserves | 711608 | 746495 |
| Adjusted Equity | $4309011 | $4540684 |

---

**Sources of Liquidity**

Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities,

and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $377921 | $323483 |
| Available borrowings under secured debt | 844070 | 1111206 |
| Loan principal payments held by servicer, net<sup>(1)</sup> | 94315 | 74313 |
|  | $1316306 | $1509002 |

---

(1)Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted

to us during the subsequent remittance cycle, net of the related secured debt balance.

During the nine months endedSeptember 30, 2025, we generated cash flow from operating activities of $139.6 million and

received $4.8 billion from loan principal collections, sales proceeds, and cost-recovery proceeds. Furthermore, we are able

to generate incremental liquidity through provisions of certain of our CLOs, which allow us to effectively replace a repaid

loan in the CLO by replenishment, increasing the principal amount of existing CLO collateral assets, or reinvestment,

purchasing an equal amount of new eligible CLO collateral, to maintain the aggregate amount of collateral assets in the

CLO, and the related financing outstanding.

We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term

loans, and similar transactions. To facilitate public offerings, in July 2025, we filed a shelf registration statement with the

SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to

this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of

securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii)

preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription

rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these

securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described

in detail in a prospectus supplement, or other offering materials, at the time of any offering.

We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which

9,966,682 shares of class A common stock were available for issuance as of September 30, 2025, and our "at the market"

stock offering program, pursuant to which we may sell, from time to time, up to $480.9 million of additional shares of our

class A common stock as of September 30, 2025. Refer to Note 15 to our consolidated financial statements for additional

details.

**Uses of Liquidity**

In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of

liquidity include interest and principal payments with respect to our $9.5 billion of outstanding borrowings under secured

debt, our asset-specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes.

In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock. Under

the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated

transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the

Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including

legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or

discontinued at any time and does not have a specified expiration date.

During the nine months endedSeptember 30, 2025, we repurchased 2,653,583 shares of class A common stock at a

weighted-average price per share of $17.97, for a total cost of $47.7 million. As of September 30, 2025, the amount

remaining available for repurchases under the program was $73.1 million. In October 2025, we repurchased an additional

3,336,416 shares of class A common stock at a weighted-average price per share of $18.38, for a total cost of

$61.3 million, such that the amount remaining available for repurchases under the program was $11.6 million. Following

these repurchases, our board of directors amended the program, such that, as of the date of this filing, we are authorized to

repurchase up to $150.0 million of our class A common stock under the program, as amended.

From time to time we have repurchased and may continue to repurchase our outstanding debt or shares of our class A

common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements,

contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the

aggregate, may be material.

As of September 30, 2025, we had unfunded commitments of $1.5 billion related to 57 loans receivable and $800.1 million

of committed or identified financing for those commitments resulting in net unfunded commitments of $732.3 million. The

unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and

carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the

progress of capital projects, leasing, and cash flows at the properties securing our loans. Therefore, the exact timing and

amounts of such future loan fundings are uncertain and will depend on the current and future performance of the

underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which

have a weighted-average future funding period of 2.1 years.

**Contractual Obligations and Commitments**

Our contractual obligations and commitments as of September 30, 2025 were as follows ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Payment Timing** | **Payment Timing** | **Payment Timing** | **Payment Timing** |
|  | <br>**Total**<br>**Obligation**<br>| **Less Than**<br>**1 Year**<sup>(1)</sup><br>| **1 to 3**<br>**Years**<br>| **3 to 5**<br>**Years**<br>| **More Than**<br>**5 Years**<br>|
| Unfunded loan commitments<sup>(2)</sup> | $1532429 | $430678 | $739088 | $352038 | $10625 |
| Principal repayments under secured debt<sup>(3)</sup> | 9548332 | 1586786 | 5013671 | 2947875 |  |
| Principal repayments under asset-specific debt<sup>(3)</sup> | 629890 |  | 76548 | 553342 |  |
| Principal repayments of term loans<sup>(4)</sup> | 1808127 | 324282 | 30030 | 460479 | 993336 |
| Principal repayments of senior secured notes | 785316 |  | 335316 | 450000 |  |
| Principal repayments of convertible notes<sup>(5)</sup> | 266157 |  | 266157 |  |  |
| Interest payments<sup>(3)(6)</sup> | 2074860 | 732584 | 876018 | 450229 | 16029 |
| Total<sup>(7)</sup> | $16645111 | $3074330 | $7336828 | $5213963 | $1019990 |

---

(1)Represents known and estimated short-term cash requirements related to our contractual obligations and

commitments. Refer to "Sources of Liquidity" above for information about our sources of funds to satisfy our short-

term cash requirements.

(2)The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the

final loan maturity date, however we may be obligated to fund these commitments earlier than such date.

(3)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.

Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based

on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.

In limited instances, the maturity date of the respective debt agreement is used.

(4)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance

due in quarterly installments. Refer to Note 11 to our consolidated financial statements for further details on our

Term Loans.

(5)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer

to Note 13 to our consolidated financial statements for further details on our Convertible Notes.

(6)Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and

convertible notes. Future interest payment obligations are estimated assuming the interest rates in effect as of

September 30, 2025 will remain constant into the future. This is only an estimate as actual amounts borrowed and

interest rates will vary over time.

(7)Total does not include $2.5 billion of consolidated securitized debt obligations, as the satisfaction of these liabilities

will not require cash outlays from us.

We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon

maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or

due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to

Note 14 to our consolidated financial statements for details regarding our derivative contracts.

We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses

pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our

Management Agreement as they are not fixed and determinable. Refer to Note 16 to our consolidated financial statements

for additional terms and details of the fees payable under our Management Agreement.

As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends

to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net

income as calculated in accordance with GAAP, or our Distributable Earnings as described above.

**Cash Flows** 

The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Cash flows provided by operating activities | $139565 | $281908 |
| Cash flows provided by investing activities | 601564 | 2150500 |
| Cash flows used in financing activities | (694160) | (2458947) |
| Net increase (decrease) in cash and cash equivalents | $46969 | $(26539) |

---

We experienced a net increase in cash and cash equivalents of $47.0 million for the nine months endedSeptember 30,

2025, compared to a net decrease of $26.5 million for the nine months endedSeptember 30, 2024. During the nine months

endedSeptember 30, 2025, we (i) received $4.8 billion from loan principal collections and sales proceeds, (ii) received

$831.3 million of net proceeds from the issuance of a securitized debt obligation, and (iii) received a net $50.0 million

under our secured term loan borrowings. Also, during the nine months endedSeptember 30, 2025, we (i) funded

$3.9 billion of loans, (ii) repaid a net $601.8 million of asset-specific financings, (iii) repaid a net $342.9 million under our

secured debt borrowings, (iv) paid $242.5 million of dividends on our class A common stock, (v) repaid $193.3 million of

securitized debt obligations, (vi) invested $178.7 million in unconsolidated entities, and (vii) paid $47.8 million to

repurchase shares of our class A common stock.

Refer to Note 3 to our consolidated financial statements for further discussion of our loan activity. Refer to Notes 7, 8, and

15 to our consolidated financial statements for further discussion of our secured debt, securitized debt obligations, and

equity, respectively.

**<u>V. Other Items</u>**

**Income Taxes** 

We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We

generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any

net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this

distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income

tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual

amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal

tax laws.

Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal

Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to

the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.

federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification

as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on

our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full

taxable years. As of September 30, 2025 and December 31, 2024, we were in compliance with all REIT requirements.

Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income.

Refer to Note 17 to our consolidated financial statements for further discussion of our income taxes.

**Critical Accounting Policies**

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial

statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us

to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related

disclosure of contingent assets and liabilities. Actual results could differ from these estimates. We evaluated our critical

accounting policies and believe them to be appropriate. The following is a summary of our significant accounting policies

that we believe are the most affected by our judgments, estimates, and assumptions:

*Current Expected Credit Losses*

The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC,

Topic 326 "Financial Instruments – Credit Losses," or ASC 326, reflects our current estimate of potential credit losses

related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or

WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial

Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the

following assumptions:

• <u>Historical loan loss reference data</u>: To estimate the historic loan losses relevant to our portfolio, we have

augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database

includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through August 31,

2025. Within this database, we focused our historical loss reference calculations on the most relevant subset of

available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio

including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which

includes month-over-month loan and property performance, is the most relevant, available, and comparable

dataset to our portfolio.

• <u>Expected timing and amount of future loan fundings and repayments</u>: Expected credit losses are estimated over

the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan

portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for

purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of

our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL

reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future

funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for

unfunded loan commitments are similar to those used for the related outstanding loans receivable.

• <u>Current credit quality of our portfolio</u>: Our risk rating is our primary credit quality indicator in assessing our

CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating

based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic

and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and

exit plan, and project sponsorship.

• <u>Expectations of performance and market conditions</u>: Our CECL reserves are adjusted to reflect our estimation of

the current and future economic conditions that impact the performance of the commercial real estate assets

securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or

recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for

our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have

also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that

broader economic conditions may have on our loan portfolio's performance. We generally also incorporate

information from other sources, including information and opinions available to our Manager, to further inform

these estimations. This process requires significant judgments about future events that, while based on the

information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic

condition impacting our portfolio could vary significantly from the estimates we made as of September 30, 2025.

• <u>Impairment</u>: impairment is indicated when it is deemed probable that we will not be able to collect all amounts

due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant

judgment from management and is based on several factors including (i) the underlying collateral performance,

(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's

ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we

record the impairment as a component of our CECL reserves by applying the practical expedient for collateral

dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the

estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These

valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates,

leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan

sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could

ultimately differ materially from these estimates. We only expect to charge off the impairment losses in our

consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-

recoverable. This is generally at the time a loan is repaid or foreclosed, or the underlying collateral assets are

otherwise consolidated. However, non-recoverability may also be concluded if, in our determination, it is nearly

certain that all amounts due will not be collected.

These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve.

The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period.

During the nine months endedSeptember 30, 2025, our CECL reserves decreased by $34.9 million, bringing our total

reserves to $711.6 million as of September 30, 2025. See Notes 2 and 3 to our consolidated financial statements for further

discussion of our CECL reserves.

*Revenue Recognition*

Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest

method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these

investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally

suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery

of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized

cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually

current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses

are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in

general and administrative expenses as incurred.

The sources of revenue from our REO assets, which is included in revenue from real estate owned on our consolidated

statements of operations, and the related revenue recognition policies are as follows:

Rental income primarily consists of base rent income arising from tenant leases at our office and multifamily properties.

Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions.

We begin to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased

space.

Other operating income primarily consists of income from our hospitality properties and tenant reimbursement income.

Revenue from our hospitality properties consists primarily of room revenue and food and beverage revenue. Room revenue

is recognized when the related room is occupied and other hospitality revenue is recognized when the service is rendered.

Tenant reimbursement income primarily consists of amounts due from tenants for costs related to common area

maintenance, real estate taxes, and other recoverable costs included in lease agreements.

We evaluate the collectibility of receivables related to rental revenue on an individual lease basis and exercise judgment in

assessing collectability considering the length of time a receivable has been outstanding, tenant credit-worthiness, payment

history, available information about the financial condition of the tenant, and current economic trends, among other factors.

Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.

*Real Estate Owned*

We may assume legal title, physical possession, or control of the collateral underlying a loan through a foreclosure, a deed-

in-lieu of foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over

decision-making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions

are classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on

the acquisition date in accordance with the ASC Topic 805, "Business Combinations," or ASC 805.

Upon acquisition of REO assets, we assess the fair value of acquired tangible and intangible assets, which may include

land, buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified

intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed

liabilities. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or

capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows

are based on a number of factors including the historical operating results, known and anticipated trends, and market and

economic conditions. We capitalize acquisition-related costs associated with asset acquisitions.

Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets'

estimated useful lives of up to 40 years for buildings and 10 years for tenant improvements. Renovations and/or

replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.

Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary

repairs and maintenance are expensed as incurred.

Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the

asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The

impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. The evaluation of

anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental

rates, capital requirements and anticipated holding periods that could differ materially from actual results.

Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 "Property,

Plant, and Equipment." Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is

reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a

real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon

reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for

sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for

investment, and (ii) its estimated fair value at the time of reclassification.

As of September 30, 2025, we had 10REO assets that were all classified as held for investment.

**<u>VI. Loan Portfolio Details</u>**

The following table provides details of our loan portfolio, on a loan-by-loan basis, as of September 30, 2025 ($ in millions):

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> |
|  | **Property Type** | **Location** | **Origination**<br>**Date**<sup>(2)</sup><br>| **Total**<br>**Commitment**<sup>(3)</sup><br>| **Principal**<br>**Balance**<br>| **Net Book**<br>**Value**<sup>(4)</sup><br>| **Cash**<br>**Coupon**<sup>(5)</sup><br>| **All-in**<br>**Yield**<sup>(5)</sup><br>| **Maximum**<br>**Maturity**<sup>(6)</sup><br>| **Loan Per**<br>**SQFT / Unit /** <br>**Key**<br>| **Origination**<br>**LTV**<sup>(2)</sup><br>| **Risk**<br>**Rating**<br>|
| 1 | Mixed-Use | Dublin, IE | 8/14/2019 | $1018 | $970 | $969 | +3.20% | +3.95% | 1/29/2027 | $280 / sqft | 74% | 3 |
| 2 | Hospitality | Diversified, AU | 6/24/2022 | 875 | 875 | 869 | +4.75% | +4.93% | 6/21/2030 | $398 / sqft | 59% | 3 |
| 3 | Mixed-Use | Diversified, Spain | 3/22/2018 | 548 | 548 | 548 | +3.25% | +3.31% | 3/15/2026 | n / a | 71% | 4 |
| 4 | Industrial | Diversified, SE | 3/30/2021 | 506 | 506 | 505 | +3.20% | +3.41% | 5/15/2026 | $92 / sqft | 76% | 2 |
| 5 | Mixed-Use | Austin | 6/28/2022 | 675 | 488 | 483 | +4.60% | +5.08% | 7/9/2029 | $405 / sqft | 53% | 3 |
| 6 | Self-Storage | Diversified, CAN | 2/20/2025 | 449 | 449 | 449 | +3.50% | +3.50% | 2/9/2030 | $157 / sqft | 58% | 2 |
| 7 | Mixed-Use | New York | 12/9/2021 | 385 | 382 | 382 | +2.76% | +3.00% | 12/9/2026 | $131 / sqft | 50% | 3 |
| 8 | Industrial | Diversified, UK | 4/7/2025 | 350 | 350 | 348 | +2.55% | +2.88% | 4/7/2030 | $347 / sqft | 67% | 3 |
| 9 | Multifamily | London, UK | 12/23/2021 | 347 | 347 | 343 | +4.25% | +4.95% | 6/24/2028 | $383,322 / unit | 59% | 3 |
| 10 | Office | Chicago | 12/11/2018 | 356 | 337 | 339 | +1.75% | +1.75% | 12/9/2026 | $282 / sqft | 78% | 4 |
| 11 | Industrial | Diversified, UK | 5/15/2025 | 304 | 304 | 303 | +2.70% | +2.89% | 5/15/2028 | $144 / sqft | 69% | 3 |
| 12 | Industrial | Diversified, UK | 5/6/2022 | 301 | 301 | 301 | +3.50% | +3.71% | 5/6/2027 | $95 / sqft | 53% | 2 |
| 13 | Other | Diversified, UK | 1/11/2019 | 291 | 291 | 291 | +5.17% | +5.06% | 6/14/2028 | $231 / sqft | 74% | 3 |
| 14 | Office | Washington, DC | 9/29/2021 | 293 | 288 | 287 | +2.81% | +3.07% | 10/9/2026 | $375 / sqft | 66% | 2 |
| 15 | Office | Seattle | 1/26/2022 | 338 | 286 | 285 | +4.10% | +4.77% | 2/9/2027 | $598 / sqft | 56% | 3 |
| 16 | Multifamily | New York | 2/27/2020 | 273 | 273 | 273 | +2.70% | +2.83% | 1/9/2027 | $600,280 / unit | 59% | 3 |
| 17 | Industrial | Diversified, EUR | 6/5/2025 | 249 | 249 | 246 | +2.70% | +2.97% | 7/19/2030 | $67 / sqft | 70% | 3 |
| 18 | Office | New York | 4/11/2018 | 243 | 243 | 242 | +2.25% | +2.62% | 3/7/2028 | $307 / sqft | 52% | 4 |
| 19 | Multifamily | London, UK | 7/16/2021 | 246 | 237 | 237 | +3.25% | +3.51% | 2/15/2027 | $243,585 / unit | 69% | 3 |
| 20 | Multifamily | Reno | 2/23/2022 | 240 | 230 | 230 | +2.60% | +3.07% | 3/9/2027 | $213,925 / unit | 74% | 3 |
| 21 | Office | Berlin, DEU | 6/27/2019 | 260 | 227 | 227 | +1.00% | +1.13% | 6/6/2030 | $475 / sqft | 62% | 4 |
| 22 | Mixed-Use | New York | 12/22/2016 | 252 | 222 | 216 | +10.50% | +10.50% | 6/9/2028 | $313 / sqft | n/m | 5 |
| 23 | Industrial | Diversified, US | 2/13/2025 | 227 | 210 | 208 | +3.10% | +3.49% | 3/9/2030 | $716,919 / acre | 62% | 3 |
| 24 | Industrial | Diversified, UK | 3/28/2025 | 206 | 206 | 204 | +2.45% | +2.74% | 3/28/2030 | $129 / sqft | 69% | 3 |
| 25 | Industrial | Diversified, UK | 4/11/2025 | 202 | 202 | 200 | +2.40% | +2.77% | 4/11/2030 | $115 / sqft | 69% | 3 |
| 26 | Office | Denver | 2/15/2022 | 191 | 185 | 169 | +2.90% | +2.90% | 3/9/2027 | $367 / sqft | n/m | 5 |
| 27 | Office | New York | 7/23/2021 | 244 | 184 | 184 | -1.30%<sup>(7)</sup> | -1.03% | 8/9/2028 | $596 / sqft | 53% | 4 |
| 28 | Retail | Diversified, UK | 3/9/2022 | 182 | 182 | 181 | +2.75% | +2.88% | 8/15/2028 | $154 / sqft | 55% | 2 |
| 29 | Life Sciences | Boston | 5/13/2021 | 199 | 179 | 179 | +3.66% | +3.66% | 6/9/2026 | $897 / sqft | n/m | 5 |
| 30 | Multifamily | Dallas | 1/27/2022 | 178 | 178 | 179 | +3.10% | +3.24% | 2/9/2027 | $116,020 / unit | 71% | 4 |

---

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> |
|  | **Property Type** | **Location** | **Origination**<br>**Date**<sup>(2)</sup><br>| **Total**<br>**Commitment**<sup>(3)</sup><br>| **Principal**<br>**Balance**<br>| **Net Book**<br>**Value**<sup>(4)</sup><br>| **Cash**<br>**Coupon**<sup>(5)</sup><br>| **All-in**<br>**Yield**<sup>(5)</sup><br>| **Maximum**<br>**Maturity**<sup>(6)</sup><br>| **Loan Per**<br>**SQFT / Unit /** <br>**Key**<br>| **Origination**<br>**LTV**<sup>(2)</sup><br>| **Risk**<br>**Rating**<br>|
| 31 | Hospitality | Los Angeles | 3/7/2022 | $156 | $156 | $156 | +3.45% | +3.66% | 6/9/2026 | $624,000 / key | 64% | 3 |
| 32 | Hospitality | New York | 6/4/2018 | 153 | 153 | 153 | +4.00% | +4.40% | 11/9/2025 | $251,647 / key | 52% | 2 |
| 33 | Self-Storage | London, UK | 11/18/2021 | 152 | 152 | 152 | +3.25% | +3.51% | 11/18/2026 | $194 / sqft | 65% | 2 |
| 34 | Office | Fort Lauderdale | 1/7/2022 | 155 | 152 | 152 | +3.70% | +3.94% | 1/9/2027 | $392 / sqft | 55% | 1 |
| 35 | Multifamily | Dublin, IE | 12/15/2021 | 147 | 145 | 145 | +2.75% | +3.00% | 12/9/2026 | $363,877 / unit | 79% | 3 |
| 36 | Multifamily | San Jose | 4/2/2025 | 182 | 145 | 143 | +2.35% | +2.76% | 4/9/2030 | $308,851 / unit | 67% | 3 |
| 37 | Multifamily | Diversified, AU | 1/10/2025 | 142 | 142 | 141 | +3.85% | +4.52% | 1/10/2028 | $428,252 / unit | 76% | 3 |
| 38 | Multifamily | Manchester, UK | 6/30/2025 | 140 | 140 | 139 | +2.30% | +2.65% | 6/30/2029 | $300,082 / unit | 63% | 3 |
| 39 | Mixed-Use | New York | 1/17/2020 | 183 | 139 | 138 | +3.12% | +3.44% | 2/9/2028 | $109 / sqft | 43% | 3 |
| 40 | Office | London, UK | 12/20/2019 | 137 | 137 | 137 | 4.00% | 4.00% | 3/31/2029 | $696 / sqft | 68% | 4 |
| 41 | Office | Miami | 12/10/2021 | 135 | 135 | 135 | +3.11% | +3.36% | 1/9/2027 | $452 / sqft | 49% | 2 |
| 42 | Office | Diversified, UK | 11/23/2018 | 134 | 134 | 133 | +3.50% | +3.74% | 11/15/2029 | $969 / sqft | 50% | 3 |
| 43 | Office | Miami | 3/28/2022 | 130 | 128 | 128 | +2.55% | +2.79% | 4/9/2027 | $338 / sqft | 69% | 3 |
| 44 | Multifamily | San Bernardino | 9/14/2021 | 128 | 127 | 127 | +2.81% | +3.05% | 10/9/2026 | $255,906 / unit | 75% | 3 |
| 45 | Office | San Jose | 8/24/2021 | 156 | 126 | 124 | +2.71% | +2.71% | 9/9/2028 | $297 / sqft | n/m | 5 |
| 46 | Multifamily | Miami | 11/27/2024 | 125 | 125 | 124 | +2.80% | +3.17% | 12/9/2029 | $260,417 / unit | 71% | 3 |
| 47 | Retail | San Diego | 8/27/2021 | 122 | 122 | 122 | +3.11% | +3.36% | 9/9/2026 | $464 / sqft | 58% | 3 |
| 48 | Multifamily | Miami | 6/1/2021 | 120 | 120 | 120 | +2.96% | +3.32% | 6/9/2026 | $298,507 / unit | 61% | 2 |
| 49 | Office | Houston | 7/15/2019 | 136 | 117 | 117 | +3.01% | +3.22% | 8/9/2028 | $212 / sqft | 58% | 4 |
| 50 | Multifamily | Diversified, UK | 3/29/2021 | 116 | 116 | 116 | +4.02% | +4.28% | 3/29/2026 | $50,955 / unit | 61% | 3 |
| 51 | Multifamily | Phoenix | 12/29/2021 | 110 | 110 | 110 | +2.85% | +3.02% | 1/9/2027 | $189,003 / unit | 64% | 3 |
| 52 | Mixed-Use | New York | 3/10/2020 | 109 | 109 | 109 | +3.00% | +3.00% | 7/11/2029 | $668 / sqft | 48% | 2 |
| 53 | Hospitality | Napa Valley | 4/29/2022 | 106 | 106 | 106 | +3.50% | +3.85% | 2/18/2027 | $1,116,719 / key | 66% | 3 |
| 54 | Studio | Los Angeles | 6/28/2019 | 106 | 106 | 105 | +3.75% | +4.03% | 2/1/2026 | $531 / sqft | 48% | 4 |
| 55 | Multifamily | Tampa | 2/15/2022 | 106 | 106 | 105 | +2.85% | +3.11% | 3/9/2027 | $241,972 / unit | 73% | 2 |
| 56 | Office | Orange County | 8/31/2017 | 105 | 105 | 105 | +2.62% | +2.62% | 9/9/2026 | $162 / sqft | 58% | 4 |
| 57 | Office | Chicago | 9/30/2021 | 102 | 102 | 102 | 5.00% | 5.00% | 10/9/2029 | $113 / sqft | 43% | 3 |
| 58 | Office | Minneapolis | 11/27/2019 | 104 | 102 | 94 | +7.86% | +7.86% | 10/31/2025 | $93 / sqft | n/m | 5 |
| 59 | Multifamily | Diversified, NL | 3/27/2025 | 100 | 100 | 100 | +2.70% | +2.97% | 3/31/2028 | $121,020 / unit | 62% | 2 |
| 60 | Hospitality | Honolulu | 1/30/2020 | 99 | 99 | 99 | +3.50% | +3.66% | 2/9/2027 | $270,109 / key | 63% | 3 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> |
|  | **Property Type** | **Location** | **Origination**<br>**Date**<sup>(2)</sup><br>| **Total**<br>**Commitment**<sup>(3)</sup><br>| **Principal**<br>**Balance**<br>| **Net Book**<br>**Value**<sup>(4)</sup><br>| **Cash**<br>**Coupon**<sup>(5)</sup><br>| **All-in**<br>**Yield**<sup>(5)</sup><br>| **Maximum**<br>**Maturity**<sup>(6)</sup><br>| **Loan Per**<br>**SQFT / Unit /** <br>**Key**<br>| **Origination**<br>**LTV**<sup>(2)</sup><br>| **Risk**<br>**Rating**<br>|
| 61 | Industrial | New York | 6/18/2021 | $99 | $99 | $98 | +2.71% | +2.96% | 7/9/2026 | $51 / sqft | 55% | 1 |
| 62 | Hospitality | Honolulu | 3/13/2018 | 98 | 98 | 98 | +3.11% | +3.36% | 4/9/2027 | $152,536 / key | 50% | 3 |
| 63 | Industrial | Diversified, US | 5/22/2025 | 115 | 98 | 97 | +3.00% | +3.41% | 6/9/2030 | $830,987 / acre | 56% | 3 |
| 64 | Industrial | Diversified, BE | 3/7/2025 | 111 | 97 | 97 | +2.75% | +3.32% | 3/7/2030 | $41 / sqft | 57% | 2 |
| 65 | Multifamily | Miami | 3/29/2022 | 97 | 97 | 98 | +1.80% | +2.21% | 4/9/2027 | $271,118 / unit | 75% | 4 |
| 66 | Multifamily | San Antonio | 3/20/2025 | 97 | 97 | 96 | +2.80% | +3.16% | 4/9/2030 | $449,074 / unit | 72% | 3 |
| 67 | Multifamily | Phoenix | 10/1/2021 | 97 | 97 | 98 | +1.87% | +2.79% | 10/1/2026 | $224,302 / unit | 77% | 4 |
| 68 | Retail | New York | 9/24/2025 | 121 | 96 | 95 | +3.35% | +3.76% | 10/9/2030 | $139 / sqft | 56% | 3 |
| 69 | Multifamily | Philadelphia | 10/28/2021 | 96 | 96 | 96 | +3.00% | +3.24% | 11/9/2026 | $352,399 / unit | 79% | 3 |
| 70 | Hospitality | Diversified, Spain | 9/30/2021 | 101 | 95 | 95 | +4.00% | +4.31% | 9/30/2026 | $148,637 / key | 60% | 3 |
| 71 | Office | Washington, DC | 12/21/2021 | 103 | 94 | 94 | +2.70% | +2.94% | 1/9/2027 | $324 / sqft | 68% | 3 |
| 72 | Multifamily | Orlando | 10/27/2021 | 93 | 93 | 93 | +2.61% | +2.81% | 11/9/2026 | $155,612 / unit | 75% | 3 |
| 73 | Multifamily | Seattle | 9/13/2024 | 94 | 93 | 93 | +3.25% | +4.11% | 11/9/2027 | $500,796 / unit | 68% | 3 |
| 74 | Hospitality | Boston | 3/3/2022 | 92 | 92 | 92 | +2.75% | +2.99% | 3/9/2027 | $418,182 / key | 64% | 2 |
| 75 | Mixed-Use | San Francisco | 6/14/2022 | 106 | 90 | 90 | +2.95% | +3.20% | 7/9/2027 | $187 / sqft | 76% | 4 |
| 76 | Hospitality | San Francisco | 10/16/2018 | 88 | 88 | 88 | +7.36% | +7.36% | 5/9/2025 | $191,807 / key | n/m | 5 |
| 77 | Industrial | Dublin, IE | 8/17/2022 | 83 | 83 | 83 | +3.35% | +3.50% | 8/17/2027 | $133 / sqft | 72% | 2 |
| 78 | Multifamily | Charlotte | 7/29/2021 | 82 | 82 | 82 | +2.76% | +3.25% | 8/9/2026 | $223,735 / unit | 78% | 3 |
| 79 | Hospitality | Diversified, US | 8/27/2021 | 79 | 79 | 78 | +4.60% | +4.84% | 9/9/2026 | $116,598 / key | 67% | 3 |
| 80 | Multifamily | Tampa | 12/21/2021 | 74 | 74 | 74 | +2.70% | +2.94% | 1/9/2027 | $217,353 / unit | 77% | 3 |
| 81 | Retail | Utrecht, NL | 5/30/2025 | 73 | 73 | 73 | +2.80% | +3.16% | 5/30/2030 | $173 / sqft | 62% | 3 |
| 82 | Multifamily | Las Vegas | 3/31/2022 | 68 | 68 | 68 | +2.80% | +3.04% | 4/9/2027 | $149,295 / unit | 71% | 3 |
| 83 | Multifamily | Miami | 7/31/2025 | 68 | 68 | 67 | +2.60% | +2.96% | 8/9/2030 | $229,730 / unit | 72% | 3 |
| 84 | Office | Los Angeles | 4/6/2021 | 62 | 62 | 62 | 6.00% | 6.00% | 1/9/2030 | $254 / sqft | 65% | 2 |
| 85 | Office | Nashville | 6/30/2021 | 65 | 61 | 61 | +2.95% | +3.20% | 7/9/2026 | $252 / sqft | 71% | 3 |
| 86 | Hospitality | Bermuda | 4/26/2024 | 69 | 61 | 61 | +4.95% | +5.62% | 5/9/2029 | $693,780 / key | 39% | 2 |
| 87 | Office | Fort Lauderdale | 12/10/2020 | 61 | 60 | 60 | +3.30% | +3.54% | 1/9/2026 | $209 / sqft | 68% | 3 |
| 88 | Multifamily | Tacoma | 10/28/2021 | 60 | 60 | 60 | +2.66% | +3.18% | 11/9/2027 | $182,591 / unit | 70% | 3 |
| 89 | Multifamily | Salt Lake City | 7/30/2021 | 59 | 59 | 58 | +2.95% | +3.22% | 8/9/2027 | $212,618 / unit | 73% | 3 |
| 90 | Multifamily | Phoenix | 12/17/2021 | 58 | 58 | 58 | +2.65% | +2.85% | 1/9/2027 | $209,601 / unit | 69% | 3 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> | **Senior Loan Portfolio**<sup>(1)</sup> |
|  | **Property Type** | **Location** | **Origination**<br>**Date**<sup>(2)</sup><br>| **Total**<br>**Commitment**<sup>(3)</sup><br>| **Principal**<br>**Balance**<br>| **Net Book**<br>**Value**<sup>(4)</sup><br>| **Cash**<br>**Coupon**<sup>(5)</sup><br>| **All-in**<br>**Yield**<sup>(5)</sup><br>| **Maximum**<br>**Maturity**<sup>(6)</sup><br>| **Loan Per**<br>**SQFT / Unit /** <br>**Key**<br>| **Origination**<br>**LTV**<sup>(2)</sup><br>| **Risk**<br>**Rating**<br>|
| 91 | Office | Miami | 6/14/2021 | $58 | $58 | $58 | +2.30% | +2.30% | 3/9/2027 | $122 / sqft | 65% | 2 |
| 92 | Industrial | Minneapolis | 12/12/2024 | 61 | 57 | 56 | +2.85% | +3.23% | 1/9/2030 | $80 / sqft | 59% | 3 |
| 93 | Office | New York | 5/28/2025 | 68 | 56 | 56 | +3.25% | +3.66% | 6/9/2030 | $367 / sqft | 60% | 3 |
| 94 | Multifamily | Atlanta | 3/6/2025 | 55 | 55 | 55 | +2.75% | +3.11% | 3/9/2030 | $187,075 / unit | 66% | 3 |
| 95 | Office | Denver | 8/5/2021 | 56 | 54 | 54 | +2.96% | +3.21% | 8/9/2026 | $205 / sqft | 70% | 3 |
| 96 | Office | Denver | 4/7/2022 | 57 | 54 | 54 | +3.25% | +3.50% | 4/9/2027 | $159 / sqft | 59% | 3 |
| 97 | Industrial | Diversified, US | 12/14/2018 | 54 | 54 | 54 | +3.01% | +3.41% | 1/9/2026 | $40 / sqft | 57% | 1 |
| 98 | Multifamily | Los Angeles | 7/28/2021 | 53 | 53 | 53 | +2.75% | +3.12% | 8/9/2026 | $299,448 / unit | 71% | 3 |
| 99 | Self-Storage | Diversified, US | 2/18/2025 | 53 | 53 | 52 | +3.10% | +3.47% | 3/9/2030 | $90 / sqft | 67% | 3 |
| 100 | Office | Los Angeles | 8/22/2019 | 52 | 52 | 52 | +2.66% | +2.91% | 3/9/2027 | $303 / sqft | 63% | 4 |
| 101 | Multifamily | Denver | 3/19/2025 | 51 | 51 | 51 | +2.60% | +2.92% | 5/9/2030 | $221,739 / unit | 64% | 3 |
| 102 | Hospitality | Waimea | 2/27/2025 | 50 | 50 | 50 | +2.80% | +2.92% | 2/9/2030 | $823,353 / key | 52% | 3 |
| 103 | Multifamily | Los Angeles | 7/20/2021 | 48 | 48 | 48 | +2.86% | +3.11% | 8/9/2026 | $366,412 / unit | 60% | 3 |
| 104 | Retail | Chicago | 11/30/2016 | 55 | 46 | 46 | +3.33% | +3.82% | 12/9/2025 | $764 / sqft | 54% | 4 |
| 105 | Multifamily | Columbus | 12/8/2021 | 48 | 44 | 44 | +2.75% | +2.96% | 12/9/2026 | $143,150 / unit | 69% | 2 |
| 106 | Multifamily | Dallas | 12/29/2021 | 43 | 43 | 43 | +3.05% | +3.24% | 1/1/2027 | $144,167 / unit | 73% | 3 |
| 107 | Mixed-Use | New York | 6/25/2025 | 221 | 42 | 40 | +3.75% | +4.38% | 12/25/2028 | $74,138 / unit | 44% | 3 |
| 108 | Multifamily | Las Vegas | 3/31/2022 | 39 | 39 | 39 | +2.80% | +3.04% | 4/9/2027 | $155,163 / unit | 72% | 3 |
| 109 | Multifamily | Melbourne, AU | 6/13/2025 | 241 | 36 | 34 | +4.75% | +7.19% | 8/8/2029 | $76,522 / unit | 76% | 3 |
| 110 | Multifamily | Austin | 2/26/2021 | 36 | 36 | 36 | +3.50% | +3.74% | 3/9/2026 | $196,228 / unit | 64% | 1 |
| 111 | Multifamily | Los Angeles | 3/1/2022 | 35 | 35 | 35 | +3.00% | +3.24% | 3/9/2027 | $376,344 / unit | 72% | 3 |
| 112 | Office | Diversified, AU | 5/8/2025 | 35 | 35 | 35 | +3.80% | +3.98% | 5/8/2028 | $398 / sqft | 75% | 3 |
| 113 | Multifamily | New York | 12/23/2021 | 35 | 35 | 35 | +1.71% | +2.61% | 11/15/2025 | $170,355 / unit | 68% | 1 |
| 114 | Office | New York | 12/23/2021 | 35 | 35 | 35 | +3.11% | +3.33% | 2/1/2026 | $247 / sqft | 30% | 1 |
| 115 | Office | Atlanta | 5/27/2025 | 41 | 34 | 33 | +3.65% | +4.00% | 6/9/2030 | $115 / sqft | 39% | 2 |
| 116 | Multifamily | Atlanta | 11/3/2021 | 32 | 32 | 32 | +2.71% | +2.96% | 11/9/2026 | $182,093 / unit | 53% | 3 |
| 117 | Multifamily | Melbourne, AU | 8/26/2022 | 28 | 28 | 28 | +4.50% | +4.94% | 6/23/2029 | $295,474 / unit | 68% | 2 |
| 118 | Mixed-Use | New York | 2/21/2025 | 24 | 24 | 24 | +3.25% | +3.52% | 3/9/2030 | $775 / sqft | 59% | 3 |
| 119 | Hospitality | Atlanta | 10/1/2019 | 23 | 23 | 23 | +3.80% | +4.03% | 10/9/2025 | $129,442 / key | 74% | 3 |
| 120 | Multifamily | Las Vegas | 8/4/2021 | 22 | 22 | 22 | +2.86% | +3.11% | 8/9/2026 | $180,000 / unit | 73% | 3 |
| 121 | Multifamily | Atlanta | 5/9/2025 | 21 | 21 | 21 | +2.85% | +2.94% | 5/9/2030 | $205,882 / unit | 65% | 3 |
| 122 | Office | Austin | 4/15/2021 | 24 | 20 | 20 | +3.06% | +3.14% | 12/9/2029 | $139 / sqft | 40% | 2 |
| 123 | Industrial | Diversified, UK | 8/15/2025 | 265 | 0 | 0 | +2.65% | +3.17% | 8/15/2030 | $0 / sqft | 70% | 3 |
| Subtotal: Senior loan portfolio | Subtotal: Senior loan portfolio | Subtotal: Senior loan portfolio | Subtotal: Senior loan portfolio | $18909 | $17473 | $17391 | +3.17 | +3.47 | 2.4 yrs |  | 64% | 3.0 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> | **Subordinate Loan Portfolio**<sup>(8)</sup> |
|  | **Property Type** | **Location** | **Origination**<br>**Date**<sup>(2)</sup><br>| **Total**<br>**Commitment**<sup>(3)</sup><br>| **Principal**<br>**Balance**<br>| **Net Book**<br>**Value**<sup>(4)</sup><br>| **Cash**<br>**Coupon**<sup>(5)</sup><br>| **All-in**<br>**Yield**<sup>(5)</sup><br>| **Maximum**<br>**Maturity**<sup>(6)</sup><br>| **Loan Per**<br>**SQFT / Unit /** <br>**Key**<br>| **Origination**<br>**LTV**<sup>(2)</sup><br>| **Risk**<br>**Rating**<br>|
| 124 | Office | Chicago | 9/30/2021 | 143 | 110 | 110 | n/m<br><sup>(9)</sup> | n/m | 10/9/2029 | $264 / sqft | n/m | 5 |
| 125 | Office | Los Angeles | 11/22/2019 | 125 | 109 | 109 | +2.50% | +2.50% | 12/9/2027 | $790 / sqft | 69% | 4 |
| 126 | Office | New York | 5/1/2018 | 102 | 102 | 86 | n/m<br><sup>(9)</sup> | n/m | 3/7/2028 | $464 / sqft | n/m | 5 |
| 127 | Industrial | Diversified, US | 3/10/2025 | 60 | 60 | 60 | +5.00% | +5.12% | 3/9/2030 | $112 / sqft | 70% | 3 |
| 128 | Office | Orange County | 8/31/2017 | 64 | 58 | 41 | n/m<br><sup>(9)</sup> | n/m | 9/9/2026 | $330 / sqft | n/m | 5 |
| 129 | Life Sciences/ | San Francisco | 11/10/2021 | 72 | 57 | 57 | +8.71% | +8.93% | 12/9/2026 | $529 / sqft | 66% | 4 |
| 130 | Multifamily | Miami | 3/29/2022 | 47 | 46 | 46 | +8.70% | +8.92% | 4/9/2027 | $394,414 / unit | 72% | 3 |
| 131 | Multifamily | Los Angeles | 12/30/2021 | 46 | 37 | 36 | +8.80% | +9.90% | 1/9/2028 | $523,896 / unit | 50% | 3 |
| 132 | Mixed-Use | New York | 3/10/2020 | 35 | 35 | 34 | n/m<br><sup>(9)</sup> | n/m | 7/11/2029 | $1,057 / sqft | n/m | 5 |
| 133 | Multifamily | London, UK | 7/18/2025 | 29 | 29 | 29 | +8.98% | +9.38% | 7/5/2030 | $752,013 / unit | 69% | 3 |
| 134 | Office | Austin | 4/15/2021 | 24 | 24 | 20 | n/m<br><sup>(9)</sup> | n/m | 12/9/2029 | $361 / sqft | n/m | 5 |
| 135 | Hospitality | Miami | 5/2/2025 | 23 | 17 | 17 | +9.50% | +10.33% | 5/9/2030 | $776,974 / key | 53% | 3 |
| 136 | Mixed-Use | New York | 5/20/2025 | 28 | 17 | 17 | 10.00% | 10.06% | 10/1/2034 | $1,038 / sqft | 59% | 3 |
| 137 | Office | London, UK | 12/20/2019 | 14 | 14 | 13 | n/m<br><sup>(9)</sup> | n/m | 3/31/2029 | $843 / sqft | n/m | 5 |
| Subtotal: subordinate loan portfolio | Subtotal: subordinate loan portfolio | Subtotal: subordinate loan portfolio | Subtotal: subordinate loan portfolio | $812 | $716 | $676 | +6.42 | +6.68 | 3.0 yrs |  | 66% | 4.1 |
| Subtotal: loans receivable portfolio | Subtotal: loans receivable portfolio | Subtotal: loans receivable portfolio | Subtotal: loans receivable portfolio | $19721 | $18189 | $18067 |  |  |  |  |  |  |
| Total CECL reserve | Total CECL reserve | Total CECL reserve | Total CECL reserve |  |  | (696) |  |  |  |  |  |  |
| Total loans receivable portfolio | Total loans receivable portfolio | Total loans receivable portfolio | Total loans receivable portfolio | $19721 | $18189 | $17371 | +3.24% | +3.46% | 2.4 yrs |  | 64% | 3.0 |

---

(1)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage

loans.

(2)Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired.

(3)Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.

(4)Net book value represents outstanding principal balance, net of purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery

proceeds.

(5)The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR,

CORRA, and other indices as applicable to each loan. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, primarily

indexed to SOFR. The remaining 2% of our loans by principal balance earned a fixed rate of interest. In addition to cash coupon, all-in yield includes the amortization of

deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. Excludes loans accounted for under the cost-

recovery and nonaccrual methods, if any.

(6)Maximum maturity assumes all extension options are exercised; however, our loans may be repaid prior to such date. Excludes loans accounted for under the cost-

recovery and nonaccrual methods, if any.

(7)This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of 3.02% as of September 30, 2025.

(8)Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third party, resulting in these subordinate

interests in mortgages, (ii) mezzanine loans, and (iii) the subordinate portion of loans that have been modified that have resulted in a restructured senior loan and

subordinate loan.

(9)These subordinate loans are the result of a loan modification which resulted in a restructured senior loan and a subordinate loan. All of the subordinate loans are accounted

for under the cost-recovery method.

**<u>VII. REO Asset Details</u>**

The following table provides details of our REO asset as of September 30, 2025 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquisition Date** | **Location** | **Property Type** | **Acquisition Date Fair Value** | **SQFT / Units / Keys** |
| 1 | March 2024 | Mountain View, CA | Office | $60203 | 150,507 sqft |
| 2 | July 2024 | San Antonio, TX | Multifamily | 33607 | 388 units |
| 3 | September 2024 | Burlington, MA | Office | 64628 | 379,018 sqft |
| 4 | October 2024 | Washington, DC | Office | 107016 | 892,480 sqft |
| 5 | December 2024 | San Francisco, CA | Hospitality | 201530 | 686 keys |
| 6 | December 2024 | El Segundo, CA | Office | 145363 | 494,532 sqft |
| 7 | December 2024 | Denver, CO | Office | 33337 | 170,304 sqft |
| 8 | February 2025 | Chicago, IL | Office | 45045 | 517,115 sqft |
| 9 | September 2025 | Atlanta, GA | Office | 132974 | 1,184,916 sqft |
| 10 | September 2025 | New York, NY | Hospitality | 228253 | 933 keys |
|  |  |  |  | $1051956 |  |

---

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

**Interest Rate Risk** 

*Investment Portfolio Net Interest Income*

Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates

will decrease net income. As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of

interest, primarily indexed to SOFR, and were financed with liabilities that pay interest at floating rates, which resulted in

an amount of net equity that is positively correlated to changing interest rates, subject to the impact of interest rate floors on

certain of our floating rate loans.

The following table projects the earnings impact on our interest income and expense, presented net of implied changes in

incentive fees, for the twelve-month period following September 30, 2025, of an increase in the various floating-rate

indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance,

relative to the average indices during the three months ended September 30, 2025 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets (Liabilities)** <br>**Sensitive to** <br>**Changes in** <br>**Interest Rates**<sup>(1)</sup> | **Interest Rate Sensitivity as of September 30, 2025**<sup>(2)(3)</sup> | **Interest Rate Sensitivity as of September 30, 2025**<sup>(2)(3)</sup> | **Interest Rate Sensitivity as of September 30, 2025**<sup>(2)(3)</sup> | **Interest Rate Sensitivity as of September 30, 2025**<sup>(2)(3)</sup> |
|  | **Assets (Liabilities)** <br>**Sensitive to** <br>**Changes in** <br>**Interest Rates**<sup>(1)</sup> | **Increase in Rates** | **Increase in Rates** | **Decrease in Rates** | **Decrease in Rates** |
| | **Assets (Liabilities)** <br>**Sensitive to** <br>**Changes in** <br>**Interest Rates**<sup>(1)</sup> | **50 Basis Points** | **100 Basis Points** | **50 Basis Points** | **100 Basis Points** |
| Floating rate assets<sup>(4)(5)(6)</sup> | $16625727 | $66331 | $132834 | $(65964) | $(125093) |
| Floating rate liabilities<sup>(5)(6)(7)</sup> | (14915766) | (59663) | (119326) | 59663 | 119326 |
| Net exposure | $1709961 | $6668 | $13508 | $(6301) | $(5767) |

---

(1)Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies.

(2)Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer

to Note 16 to our consolidated financial statements for additional details of our incentive fee calculation.

(3)Excludes income from loans accounted for under the cost-recovery method.

(4)Excludes $1.2 billion of floating rate impaired loans.

(5)Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers'

exposure to an increase in interest rates.

(6)Excludes amounts related to our investments in unconsolidated entities.

(7)Includes amounts outstanding under our secured debt, securitizations, asset-specific debt, Term Loans, and Senior

Secured Notes due 2029, for which we entered into an interest rate swap with a notional amount of $450.0 million

that effectively converts our fixed rate exposure to floating rate exposure for such notes. Excludes amounts related to

the indebtedness of our unconsolidated entities.

*Investment Portfolio Value* 

As of September 30, 2025, 98% of our loans by principal balance earned a floating rate of interest, so the value of such

investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our loans

to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on our

loan portfolio.

*Risk of Non-Performance*

In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,

there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the

cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may

contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate

stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an

interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest

guarantees or other structural protections. As of September 30, 2025, 92% of our performing loans had interest rate caps,

with a weighted-average strike price of 3.7%, or interest guarantees. During the nine months ended September 30, 2025,

interest rate caps on $6.5 billion of performing loans, with a 3.7% weighted-average strike price, expired and 93% were

replaced with new interest rate caps, with a weighted-average strike price of 3.8%, or interest guarantees.

**Credit Risks**

Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the

borrowers' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay

interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain

instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as

necessary.

In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in

occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to

manage these risks through our underwriting and asset management processes.

We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the

performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and

from our long-standing core business model of originating senior loans collateralized by large assets in major markets with

experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally

adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of

certain loans. As of September 30, 2025, we had an aggregate $505.4 million asset-specific CECL reserve related to 12 of

our loans receivable, with an aggregate amortized cost basis of $1.2 billion, net of cost-recovery proceeds, and a

concentration in the office sector with $382.2 million of reserves. This CECL reserve was recorded based on our estimation

of the fair value of each of the loan's underlying collateral as of September 30, 2025.

Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information

advantages derived from our position as part of Blackstone's real estate platform. Blackstone has built the world's

preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging

stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone

platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage

our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.

**Capital Market Risks** 

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of

our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and

our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT,

we are required to distribute a significant portion of our taxable income annually, which constrains our ability to

accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek

to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and

terms of capital we raise.

Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and

are limited to collateral-specific credit marks generally determined on a commercially reasonable basis.

**Counterparty Risk**

The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial

institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these

various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into

financing agreements with high credit-quality institutions.

The nature of our loans also exposes us to the risk that our counterparties do not make required interest and principal

payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a

loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.

**Currency Risk** 

Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We

generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a

result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In

addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward

contracts as of September 30, 2025.

The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **GBP** | **EUR** | **All Other**<sup>(1)</sup> |
| Foreign currency assets | £2,402,400 | €2,236,903 | $2115143 |
| Foreign currency liabilities | (1696528) | (1572806) | (1663414) |
| Foreign currency contracts – notional | (700195) | (657309) | (443607) |
| Net exposure to exchange rate fluctuations | £5,677 | €6,788 | $8122 |
| Net exposure to exchange rate fluctuations in USD<sup>(2)</sup> | $7633 | $7966 | $8122 |

---

(1)Includes Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

(2)Represents the U.S. Dollar equivalent as of September 30, 2025.

**ITEM 4. CONTROLS AND PROCEDURES** 

**Evaluation of Disclosure Controls and Procedures** 

The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under

the Exchange Act) that are designed to ensure that information required to be disclosed in the company's reports under the

Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC's rules

and forms, and that such information is accumulated and communicated to the company's management, including its Chief

Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of

achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure

controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the

supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial

Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our

disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed

or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by

SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information

required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to

our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely

decisions regarding required disclosure.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a–15(f) of the

Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to

materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION** 

**ITEM 1. LEGAL PROCEEDINGS** 

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of

September 30, 2025, we were not involved in any material legal proceedings.

**ITEM 1A. RISK FACTORS** 

There have been no material changes to the risk factors previously disclosed under "Part I, Item 1A. Risk Factors" of our

Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The following table sets forth information regarding repurchases of shares of our class A common stock during thethree

months endedSeptember 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of** <br>**Shares Purchased**<br>| **Average Price** <br>**Paid per Share**<sup>(1)</sup><br>| **Total Number of** <br>**Shares Purchased** <br>**as Part of Publicly** <br>**Announced Plans or** <br>**Programs**<sup>(2)</sup><br>| **Approximate Dollar** <br>**Value of Shares that** <br>**May Yet Be Purchased** <br>**Under the Program**<br>**($ in thousands)**<sup>(2)</sup><br>|
| July 1 - July 31, 2025 |  | $— |  | $89150 |
| August 1 - August 31, 2025 | 105265 | 18.47 | 105265 | 87207 |
| September 1 - September 30, 2025 | 753382 | 18.72 | 753382 | 73102 |
| Total | 858647 | $18.69 | 858647 | $73102 |

---

(1)The average price paid per share is calculated on a trade date basis and excludes associated commissions.

(2)In July 2024, our board of directors authorized the repurchase of up to $150.0 million of our class A common stock.

Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately

negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and

10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a

variety of factors, including legal requirements, price and economic and market conditions. The repurchase program

may be changed, suspended or discontinued at any time and does not have a specified expiration date. See Note 15

to our consolidated financial statements and "Part I. Item 2. Management's Discussion and Analysis of Financial

Condition and Results of Operations — Liquidity and Capital Resources — Uses of Liquidity" for further

information regarding this repurchase program, including activity during October 2025.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**ITEM 5. OTHER INFORMATION** 

None.

---

| | |
|:---|:---|
| **ITEM 6.** | **EXHIBITS**  |

---

---

| | |
|:---|:---|
| 10.1 | <u>[Twelfth Amendment to Term Loan Credit Agreement, dated as of August 6, 2025, by and among Blackstone](exhibit1013q25.htm)</u><br><u>[Mortgage Trust, Inc., the subsidiary guarantors party thereto, each lender party thereto and JPMorgan Chase](exhibit1013q25.htm)</u><br><u>[Bank, N.A., as administrative agent.](exhibit1013q25.htm)</u><br>|
| 31.1 | <u>[Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of](exhibit3113q25.htm)</u> <br><u>[2002](exhibit3113q25.htm)</u><br>|
| 31.2 | <u>[Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit3123q25.htm)</u> |
| 32.1 + | <u>[Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section](exhibit3213q25.htm)</u><br><u>[906 of the Sarbanes-Oxley Act of 2002](exhibit3213q25.htm)</u><br>|
| 32.2 + | <u>[Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section](exhibit3223q25.htm)</u><br><u>[906 of the Sarbanes-Oxley Act of 2002](exhibit3223q25.htm)</u><br>|
| 101.INS | XBRL Instance Document – the instance document does not appear in the interactive data file because its<br>XBRL tags are embedded within the inline XBRL document<br>|
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

___________

+This exhibit shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the

liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the

Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other

disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely

on them for that purpose. In particular, any representations and warranties made by us in these agreements or other

documents were made solely within the specific context of the relevant agreement or document and may not describe the

actual state of affairs as of the date they were made or at any other time.

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be

signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | BLACKSTONE MORTGAGE TRUST, INC. |
| October 29, 2025 | /s/ Katharine A. Keenan |
| Date | Katharine A. Keenan |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| October 29, 2025 | /s/ Anthony F. Marone, Jr. |
| Date | Anthony F. Marone, Jr. |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |
| October 29, 2025 | /s/ Marcin Urbaszek |
| Date | Marcin Urbaszek |
|  | Deputy Chief Financial Officer |
|  | (Principal Accounting Officer) |

---

## Exhibit 10.1

***Execution Version***

**TWELFTH AMENDMENT TO TERM LOAN CREDIT AGREEMENT**

This TWELFTH AMENDMENT TO TERM LOAN CREDIT AGREEMENT, dated as of August 6, 2025 (this "<u>Twelfth</u> <u>Amendment</u>"), is entered into by and among Blackstone Mortgage Trust, Inc., a Maryland corporation (the "<u>Borrower</u>"), the subsidiary guarantors party hereto, each Additional Replacement Term B-7 Lender (as defined below) party hereto, each Incremental Term B-7 Lender (as defined below) party hereto, and JPMorgan Chase Bank, N.A., in its capacities as administrative agent and collateral agent (in such capacities and together with its successors and permitted assigns, the "<u>Administrative</u> <u>Agent</u>"). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Amended Credit Agreement (as defined below).

PRELIMINARY STATEMENTS:

WHEREAS, the Borrower, the Lenders from time to time party thereto and the Administrative Agent have entered into that certain Term Loan Credit Agreement dated as of April 23, 2019 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of November 19, 2019, the Second Amendment to Term Loan Credit Agreement, dated as of May 20, 2020, the Third Amendment to Term Loan Credit Agreement, dated as of June 11, 2020, the Fourth Amendment to Term Loan Credit Agreement, dated as of February 19, 2021, the Fifth Amendment to Term Loan Credit Agreement, dated as of June 21, 2021, the Sixth Amendment to Term Loan Credit Agreement, dated as of May 9, 2022, the Seventh Amendment to Term Loan Credit Agreement, dated as of November 4, 2022, the Eighth Amendment to Term Loan Credit Agreement, dated as of June 7, 2023, the Ninth Amendment to Term Loan Credit Agreement, dated as of September 13, 2024, the Tenth Amendment to Term Loan Credit Agreement, dated as of December 10, 2024, the Eleventh Amendment to Term Loan Credit Agreement, dated as of June 18, 2025, and as further amended, restated, supplemented or otherwise modified from time to time prior to, but not including, the date hereof, the "<u>Existing Credit Agreement</u>"). The Existing Credit Agreement, as amended by this Twelfth Amendment, is referred to herein as the "<u>Amended Credit</u> <u>Agreement</u>".

WHEREAS, pursuant to the Existing Credit Agreement, the Lenders thereunder extended certain credit facilities to the Borrower consisting of 2019 New Term Loans, Term B-4 Loans and Term B-6 Loans.

WHEREAS, the Borrower desires to (i) refinance all of its Term B-4 Loans with Refinancing Indebtedness pursuant to Section 9.02(c) of the Existing Credit Agreement in the form of Replacement Term Loans in an aggregate principal amount of $403,104,636.60 and having the terms set forth in this Twelfth Amendment (the "<u>Replacement Term B-7 Loans</u>"), (ii) incur Incremental Term Loans pursuant to Section 2.22 of the Amended Credit Agreement in the form of additional Replacement Term B-7 Loans in an aggregate principal amount of $50,000,000.00 (the "<u>Incremental</u> <u>Term</u> <u>B-7</u> <u>Loans</u>" and together with the Replacement Term B-7 Loans, the "<u>Term</u> <u>B-7 Loans</u>") and (iii) make related amendments to certain provisions of the Existing Credit Agreement, in each case, upon the terms and subject to the conditions set forth below.

WHEREAS, each Lender holding a Term B-4 Loan immediately prior to the effectiveness of this Twelfth Amendment (each, an "<u>Existing</u> <u>Term</u> <u>Lender</u>") that has executed and delivered a

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"Consent to Twelfth Amendment" (a "<u>Consent to Twelfth Amendment</u>") to the Administrative Agent in the form attached as <u>Exhibit A</u> hereto (each, a "<u>Converting Term Lender</u>") shall be deemed to have converted the entire aggregate principal amount of its Term B-4 Loans (or such lesser amount as is notified to such Existing Term Lender by the Twelfth Amendment Arrangers (as defined below)) (each, an "<u>Existing Term Loan</u>") on a cashless basis into Replacement Term B-7 Loans (such portion of the Replacement Term B-7 Loans converted from Existing Term Loans, the "<u>Converted Term Loans</u>") of a like principal amount to such Existing Term Loans on the Twelfth Amendment Effective Date (as defined below).

WHEREAS, each Person that executes and delivers a signature page to this Twelfth Amendment in the capacity of an "Additional Replacement Term B-7 Lender" (each, in such capacity, an "<u>Additional Replacement Term B-7 Lender</u>"; the Additional Replacement Term B-7 Lenders together with the Converting Term Lenders, collectively, the "<u>Replacement Term B-7 Lenders</u>") shall make Replacement Term B-7 Loans (such portion of the Replacement Term B-7 Loans made by the Additional Replacement Term B-7 Lenders, the "<u>Additional Replacement Term B-7 Loans</u>") to the Borrower in an aggregate principal amount equal to its "Additional Replacement Term B-7 Loan Commitments" set forth on <u>Schedule 1</u> hereto on the Twelfth Amendment Effective Date (such commitments, the "<u>Additional Replacement Term B-7 Loan Commitments</u>" and, together with the aggregate amount of Existing Term Loans to be converted into Converted Term Loans, the "<u>Replacement Term B-7 Loan Commitments</u>").

WHEREAS, each Person that executes and delivers a signature page to this Twelfth Amendment in the capacity of an "Incremental Term B-7 Lender" (each, in such capacity, an "<u>Incremental Term B-7 Lender</u>": the Incremental Term B-7 Lenders together with the Replacement Term B-7 Lenders, collectively, the "<u>Term B-7 Lenders</u>") shall make Incremental Term B-7 Loans to the Borrower in an aggregate principal amount equal to its "Incremental Term B-7 Loan Commitments" set forth on Schedule I hereto on the Twelfth Amendment Effective Date (such commitments, the "<u>Incremental Term B-7 Loan Commitments</u>" and, together with Replacement Term B-7 Loan Commitments, the "<u>Term B-7 Loan</u> <u>Commitments</u>").

WHEREAS, in connection with the incurrence of the Term B-7 Loans, the Borrower desires to amend the Existing Credit Agreement on the terms set forth in Annex A hereto, as further set forth below.

WHEREAS, each of JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc. will act as joint lead arrangers and joint physical bookrunners in connection with this Twelfth Amendment, and each of Citibank, N.A., M&T Bank, Wells Fargo Securities, LLC, Barclays Bank PLC, BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Banco Santander, S.A., New York Branch, will act as joint lead arrangers and joint bookrunners in connection with this Twelfth Amendment (collectively in such capacities, the "<u>Twelfth Amendment Arrangers</u>").

WHEREAS, this Twelfth Amendment and the related extensions of credit and application of proceeds therefrom, including payment of related expenses and other transactions described in the foregoing preliminary statements are collectively referred to herein as the "<u>Twelfth Amendment</u> <u>Transactions</u>".

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NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

SECTION 1. <u>Replacement Term B-7 Loans</u>. Subject only to the satisfaction of the conditions set forth in <u>Section 5</u> below, on the Twelfth Amendment Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Converting Term Lender hereby agrees that the entire aggregate principal amount of its Existing Term Loans (or such lesser amount as is notified to such Existing Term Lender by the Twelfth Amendment Arrangers) shall be converted on a cashless basis into Converted Term Loans on the Twelfth Amendment Effective Date in an aggregate principal amount equal to the outstanding principal amount of its Existing Term Loans (or such lesser amount as is notified to such Existing Term Lender by the Twelfth Amendment Arrangers) (and, for the avoidance of doubt, such Converting Term Lender shall constitute a Replacement Term B-7 Lender and such Converted Term Loans shall constitute Replacement Term B-7 Loans made on the Twelfth Amendment Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Additional Replacement Term B-7 Lender hereby severally agrees to make to the Borrower Additional Replacement Term B-7 Loans on the Twelfth Amendment Effective Date in an aggregate principal amount equal to such Additional Replacement Term B-7 Lender's Additional Replacement Term B-7 Loan Commitment (and, for the avoidance of doubt, such Additional Replacement Term B-7 Lender shall constitute a Replacement Term B-7 Lender and such Additional Replacement Term B-7 Loans shall constitute Replacement Term B-7 Loans), which Additional Replacement Term B-7 Loans shall in the aggregate, together with the Converted Term Loans, be deemed to be incurred pursuant to a single Borrowing and Class of Replacement Term B-7 Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The proceeds of the Additional Replacement Term B-7 Loans together with cash on hand, shall be used on the Twelfth Amendment Effective Date to (i) prepay the principal amount of all Term B-4 Loans outstanding on the Twelfth Amendment Effective Date that will not be converted into Converted Term Loans pursuant to clause (a) above and (ii) all accrued and unpaid interest on the Term B-4 Loans to, but not including, the Twelfth Amendment Effective Date. This Twelfth Amendment shall constitute delivery by the Borrower of a notice of prepayment of the Term B-4 Loans in satisfaction of Section 2.11(a)(ii) of the Existing Credit Agreement (the "<u>Twelfth Amendment</u> <u>Refinancing</u>").

SECTION 2. <u>Incremental Term B-7 Loans</u>. Subject only to the satisfaction of the conditions set forth in Section 5 below, immediately upon giving effect to the Twelfth Amendment Refinancing set forth in <u>Section</u> <u>1</u> above, on the Twelfth Amendment Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Incremental Term B-7 Lender hereby severally agrees to make to the Borrower Incremental Term B-7 Loans on the Twelfth Amendment Effective Date in an aggregate principal amount equal to such Incremental Term B-7 Lender's Incremental Term B-7 Term Loan Commitment (and, for the avoidance of doubt, such Incremental Term B-7 Lender shall constitute a Term B-7 Lender and such Incremental Term B-7 Loans shall constitute Term B-7 Loans), which

3

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Incremental Term B-7 Loans shall in the aggregate, together with the Replacement Term B-7 Loans, be deemed to be incurred pursuant to a single Borrowing and Class of Term B-7 Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The proceeds of the Incremental Term B-7 Loans, together with cash on hand, shall be used on and after the Twelfth Amendment Effective Date to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents.

SECTION 3. <u>Amendments</u>. Subject only to the satisfaction of the conditions set forth in Section 5 below, the Borrower, the Administrative Agent and the Term B-7 Lenders agree that the Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underline</u>d text) as set forth in the pages of the Amended Credit Agreement attached as Annex A hereto.

SECTION 4. <u>Representations and Warranties</u>.

On the date hereof, the Borrower hereby represents and warrants to the Term B-7 Lenders as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Loan Party (i) is duly organized and validly existing and (ii) is in good standing (to the extent such concept exists in the relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization, except, in the case of this clause (ii), where the where the failure of such Loan Party to be in good standing would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution and delivery of this Twelfth Amendment, and the performance of this Twelfth Amendment and the other Loan Documents (as amended and supplemented pursuant to this Twelfth Amendment), are within each applicable Loan Party's corporate or other organizational power and have been duly authorized by all necessary corporate or other organizational action of each such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Twelfth Amendment has been duly executed and delivered by each Loan Party and is a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, subject to the Legal Reservations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The execution and delivery of this Twelfth Amendment by each Loan Party and the performance by each applicable Loan Party of this Twelfth Amendment and the other Loan Documents (as amended and supplemented pursuant to this Twelfth Amendment) (x) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) in connection with the Perfection Requirements or (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which could not be reasonably expected to have a Material Adverse Effect, (y) will not violate any (i) of such Loan Party's Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation, in the case of this clause (y)(ii), could reasonably be expected to have a Material Adverse Effect and (z) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party

4

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which violation, in the case of this clause (z), could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No Event of Default exists immediately prior to, or shall exist immediately after, giving effect to the Twelfth Amendment Transactions.

SECTION 5. <u>Conditions to Effectiveness</u>.

This Twelfth Amendment shall become effective on the date (the "<u>Twelfth Amendment</u> <u>Effective Date</u>") upon which each of the following conditions is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a Borrowing Request with respect to the Term B-7 Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;counterparts to this Twelfth Amendment executed by the Borrower, the Subsidiary Guarantors, each Additional Replacement Term B-7 Lender, each Incremental Term B-7 Lender, and Consents to Twelfth Amendment executed by each Converting Term Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;a certificate from a Responsible Officer of the Borrower certifying satisfaction of the condition precedent set forth in <u>Section</u> <u>5(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;a written opinion of (x) Ropes & Gray LLP, in its capacity as counsel for the Loan Parties and (y) Venable LLP, in its capacity as local Maryland counsel for the Borrower, each dated as of the date hereof and addressed to the Administrative Agent and the Term B-7 Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; a certificate of each Loan Party, dated as of the date hereof and executed by a secretary, assistant secretary or other similarly-titled Responsible Officer thereof, which shall certify (a) that attached thereto is a true and complete copy of the certificate or articles of incorporation, formation or organization of such Loan Party, as applicable, certified by the relevant authority of its jurisdiction of organization, which certificate or articles of incorporation, formation or organization of such Loan Party, as applicable, have not been amended (except as attached thereto) since the date reflected thereon (or for any Loan Party, if applicable, a certification that no change has been made to such documents of such Loan Party since the date that such documents were previously delivered to the Administrative Agent), (b) that attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Loan Party, as applicable, together with all amendments thereto as of the Twelfth Amendment Effective Date (or for any Loan Party, if applicable, a certification that no change has been made to such documents of such Loan Party since the date that such documents were previously delivered to the Administrative Agent) and such by-laws or operating, management, partnership or similar agreement are in full force and effect, (c) that attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board of directors, board of managers, sole member, manager or other applicable governing body authorizing the execution, delivery and performance of this Twelfth Amendment and, in the case of the Borrower, the borrowing of the Term B-7 Loans, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect and (d) as to the incumbency and specimen signature of each officer, manager, director or authorized signatory executing this Twelfth Amendment or any

5

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other Loan Document delivered by such Loan Party in connection therewith and (ii) a good standing (or equivalent) certificate for such Loan Party, as applicable, from the relevant authority of its jurisdiction of organization, dated as of a recent date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;a solvency certificate in substantially the form of Exhibit O to the Existing Credit Agreement (but with modifications to reflect the Twelfth Amendment Effective Date) from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Twelfth Amendment Effective Date and certifying as to the matters set forth therein (after giving effect to the transactions contemplated by this Twelfth Amendment to occur on the Twelfth Amendment Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to, or substantially concurrently with the funding of the Term B-7 Loans, (x) the Borrower shall have paid or caused to be paid to the Administrative Agent, for the account of each Term B-7 Lender, a fee in the amount separately agreed between the Twelfth Amendment Arrangers and the Borrower, (y) the Administrative Agent and the Twelfth Amendment Arrangers shall have received (i) all fees required to be paid by the Borrower on the Twelfth Amendment Effective Date as separately agreed among the Borrower, the Administrative Agent and the applicable Twelfth Amendment Arrangers and (ii) all expenses required to be reimbursed by the Borrower under the Existing Credit Agreement in connection with this Twelfth Amendment for which invoices have been presented at least three Business Days prior to the Twelfth Amendment Effective Date or such later date to which the Borrower may agree (including the reasonable and documented fees and expenses of legal counsel required to be paid), in each case on or before the Twelfth Amendment Effective Date, in each case, which amounts may be offset against the proceeds of the Term B-7 Loans and (z) the Borrower shall have consummated the Twelfth Amendment Refinancing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Borrower set forth in Article 3 of the Existing Credit Agreement and the representations and warranties of the applicable Loan Parties set forth in the other Loan Documents (including <u>Section 3</u> above) shall be true and correct in all material respects on and as of the Twelfth Amendment Effective Date; provided that (A) in the case of any representation which expressly relates to a given date or period, such representation shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be and (B) if any representation is qualified by or subject to a "material adverse effect," "material adverse change" or similar term or qualification, such representation shall be true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received all documentation and other information reasonably requested with respect to any Loan Party in writing by the Administrative Agent, or any Twelfth Amendment Arranger or Term B-7 Lender at least seven (7) Business Days in advance of the Twelfth Amendment Effective Date, which documentation or other information is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

SECTION 6. <u>Counterparts</u>.

This Twelfth Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.

6

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The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Twelfth Amendment and/or any document to be signed in connection with this Twelfth Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. "<u>Electronic Signatures</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

SECTION 7. <u>Governing Law and Waiver of Right to Trial by Jury</u>.

This Twelfth Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. Sections 9.10 and 9.11 of the Existing Credit Agreement are incorporated herein by reference *mutatis mutandis.*

SECTION 8. <u>Headings</u>.

The headings of this Twelfth Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

SECTION 9. <u>Reaffirmation; No Novation</u>.

Each Loan Party hereby expressly acknowledges the terms of this Twelfth Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Twelfth Amendment and the transactions contemplated hereby and (ii) its guarantee of the Obligations under the Guarantee, as applicable, and its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents, with all such Liens continuing in full force and effect after giving effect to this Twelfth Amendment.

Each of the Loan Parties confirms, acknowledges and agrees that the Term B-7 Lenders are "Lenders" and "Secured Parties" for all purposes under the Loan Documents. For the avoidance of doubt, each Loan Party hereby agrees that all references to "Obligations" shall include the Term B-7 Loans. All obligations of the Borrower under the Existing Credit Agreement shall remain obligations of the Borrower under the Amended Credit Agreement. Each of the parties hereto confirms that the amendment of the Existing Credit Agreement pursuant to this Twelfth Amendment shall not constitute a novation of the Existing Credit Agreement or any other Loan Document. For the avoidance of doubt, this Twelfth Amendment shall also constitute a Loan Document for all purposes under the Amended Credit Agreement.

SECTION 10. <u>Tax Matters</u>. The parties hereto intend that the Term B-7 Loans, including the Replacement Term B-7 Loans and the Incremental Term B-7 Loans, be treated as one fungible tranche for U.S. federal and applicable state and local income tax purposes.

7

------

SECTION 11. <u>Effect of Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly set forth herein, this Twelfth Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative Agent, the Lenders or the other Secured Parties under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) Each Person executing this Twelfth Amendment in its capacity as an Additional Replacement Term B-7 Lender or Incremental Term B-7 Lender or delivering a Consent to Twelfth Amendment as a Converting Term Lender shall be a "Lender" and a "Term Lender" under the Amended Credit Agreement for all purposes of the Amended Credit Agreement and the other Loan Documents and shall, in each case, be bound by the provisions of the Amended Credit Agreement as a Lender holding "Term Commitments" and "Term Loans", as applicable, (ii) the Replacement Term B-7 Loan Commitments shall constitute "Term Commitments" and "Additional Term Loan Commitments", and the Replacement Term B-7 Loans shall constitute "Replacement Term Loans", "Additional Term Loans", "Term B-7 Loans" and "Term Loans", as applicable, for all purposes of the Amended Credit Agreement and the other Loan Documents and (iii) the Incremental Term B-7 Loan Commitments shall constitute "Term Commitments" and "Additional Term Loan Commitments", and the Incremental Term B-7 Loans shall constitute "Incremental Term Loans", "Additional Term Loans", "Term B-7 Loans" and "Term Loans", as applicable, for all purposes of the Amended Credit Agreement and the other Loan Documents.

SECTION 12. <u>Miscellaneous</u>. Notwithstanding any other provision of this Twelfth Amendment, the Amended Credit Agreement or any other Loan Document, each Twelfth Amendment Arranger is named as such herein for recognition purposes only, and in its capacity as such shall have no duties, responsibilities or liabilities with respect to this Twelfth Amendment. Without limitation of the foregoing, the Twelfth Amendment Arrangers in their respective capacities as such shall not, by reason of this Twelfth Amendment, the Amended Credit Agreement or any other Loan Document, have any fiduciary relationship in respect of any Lender, any Loan Party or any other Person.

*[Signature Pages Follow]*

8

------

IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to be duly executed as of the date first above written.

BLACKSTONE MORTGAGE TRUST, INC.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Marcin Urbaszek</u> 

Name: Marcin Urbaszek

Title: Deputy Chief Financial Officer

[*Signature Page to Twelfth Amendment*]

------

345-1 PARTNERS, LLC

345-2 PARTNERS LLC

345-3 PARTNERS, LLC

345-30 PARTNERS LLC

345-4 PARTNERS, LLC

345-40 PARTNERS, LLC

345-50 PARTNERS LLC

345-JV PARTNERS LLC

345-LUX EUR PARTNERS, LLC

345-LUX GBP PARTNERS, LLC

42-16 CLO L SELL, LLC

42-16 PARTNERS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR AUD HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR CAD HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR CHF HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR DKK HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR EUR HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR GBP HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;AMBASSADOR SEK HOLDINGS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;DE VERE RESORTS FINCO 2014, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY AU FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY CAD FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY CHF FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY DKK FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY EUR FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY FINCO II, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY SEK FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;HUSKY UK FINCO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;MAGMA FINCO 12, LLC

&nbsp;&nbsp;&nbsp;&nbsp;MAGMA FINCO 13, LLC

&nbsp;&nbsp;&nbsp;&nbsp;MOLTEN PARTNERS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;PARLEX ONT PARTNERS GP, LLC

&nbsp;&nbsp;&nbsp;&nbsp;Q HOTELS FINCO 2014, LLC

&nbsp;&nbsp;&nbsp;&nbsp;VICTOR HOLDINGS I, LLC

&nbsp;&nbsp;&nbsp;&nbsp;NNN JV MEMBER, LLC CML JV MEMBER, LLC

&nbsp;&nbsp;&nbsp;&nbsp;UCJV HOLDCO LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Marcin Urbaszek</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name: Marcin Urbaszek

Title: Deputy Chief Financial Officer

[*Signature Page to Twelfth Amendment*]

------

JPMORGAN CHASE BANK, N.A., as

Administrative Agent, Additional Replacement Term B-7 Lender and Incremental Term B-7 Lender

By: <u>/s/ Alfred Chi</u> &nbsp;&nbsp;&nbsp;&nbsp;

Name: Alfred Chi

Title: Executive Director

[*Signature Page to Twelfth Amendment*]

------

SCHEDULE 1

**Term B-7 Loan Commitments**

<u>Term</u> <u>B-7</u> <u>Lender</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Replacement Term</u> <u>Incremental Term B-7</u> <u>Loan</u>

<u>B-7</u> <u>Loan</u> <u>Commitment</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitment</u>

JPMorgan Chase Bank, N.A.&nbsp;&nbsp;&nbsp;&nbsp;$45,658,853.73&nbsp;&nbsp;&nbsp;&nbsp;$50,000,000.00

&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Total&nbsp;&nbsp;&nbsp;&nbsp; <u>$45,658,853.73&nbsp;&nbsp;&nbsp;&nbsp;$50,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;</u>

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<u>Exhibit A</u>

CONSENT TO TWELFTH AMENDMENT

Reference is made to the Twelfth Amendment to Term Loan Credit Agreement (the "<u>Eleventh Amendment</u>"), among Blackstone Mortgage Trust, Inc., a Maryland corporation (the "<u>Borrower</u>"), the Subsidiary Guarantors party thereto, each Additional Term B-7 Lender party thereto, each Incremental Term B-7 Lender party thereto and JPMorgan Chase Bank, N.A., in its capacities as administrative agent and collateral agent (in such capacities and together with its successors and permitted assigns, the "<u>Administrative Agent</u>"), which Twelfth Amendment amends and supplements that certain Credit Agreement, dated as of April 23, 2019 (as amended, restated, supplemented or otherwise modified from time to time prior to, but not including, the Eleventh Amendment, the "<u>Existing Credit Agreement</u>"), among the Borrower, the Lenders party thereto from time to time and the Administrative Agent. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Twelfth Amendment.

The undersigned Lender hereby irrevocably and unconditionally (a) approves, agrees and consents to the Twelfth Amendment, (b) consents and agrees that 100% of the outstanding principal amount of the Term B-4 Loans held by such Lender (or such lesser amount allocated to such Lender by the Twelfth Amendment Arrangers) shall be converted on a cashless basis into Term B-7 Loans of the same principal amount on the Twelfth Amendment Effective Date pursuant to the Twelfth Amendment and (c) consents and agrees that such Lender shall constitute a Converting Term Lender and a Term B-7 Lender.

Please note that the Twelfth Amendment Arrangers may, in their sole discretion, elect to convert less than 100% of your existing hold of Term B-4 Loans into Term B-7 Loans, in which case the difference between the current amount of your Term B-4 Loans and the allocated amount of Term B-7 Loans will be prepaid on the Twelfth Amendment Effective Date.

IN WITNESS WHEREOF, the undersigned, in its capacity as a Lender, has caused this Consent to Twelfth Amendment to be executed and delivered by a duly authorized officer as of the date of the Twelfth Amendment. **This counterpart also constitutes such Lender's executed counterpart to the Eleventh Amendment in its capacity as a Converting Term Lender and Term B-7 Lender.**

Name of Lender (Legal Entity): ___________________________,

in its capacity as a Converting Term Lender and a Term B-7 Lender

Signed: ___________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;

Title:

(*for Lenders requiring a second signature block*)

Signed: ___________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;

Title:

------

**Conformed as of Eleventh<u>Twelfth</u> Amendment**

Deal CUSIP: 09259GAA1

2019 New Term Loan CUSIP: 09259GAC7

Term B-3 Loan CUSIP: 09259GAE9

Term B-4 Loan CUSIP: 09259GAF0

Term B-5 Loan CUSIP: 09259GAG8

Term B-6 Loan CUSIP: 09259GAH6

<u>Term B-7 Loan CUSIP: 09259GAJ2</u>

TERM LOAN CREDIT AGREEMENT

Dated as of April 23, 2019

(as amended by the First Amendment on November 19, 2019, the Second Amendment on May 20, 2020, the Third Amendment on June 11, 2020, the Fourth Amendment on February 19, 2021, the Fifth Amendment on June 21, 2021, the Sixth Amendment on May 9, 2022, the Seventh Amendment on November 4, 2022, the Eighth Amendment on June 7, 2023, the Ninth Amendment on September 13, 2024, the Tenth Amendment on December 10, 2024 and<u>,</u> the Eleventh Amendment on June 18, 2025 <u>and the Twelfth Amendment on August 6, 2025</u>)

among

BLACKSTONE MORTGAGE TRUST, INC., <br>as the Borrower,

THE FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders,&nbsp;&nbsp;&nbsp;&nbsp;

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

and

MORGAN STANLEY SENIOR FUNDING, INC., and

JPMORGAN CHASE BANK, N.A.,

as Joint Lead Arrangers and Joint Physical Bookrunners

and

CITIGROUP GLOBAL MARKETS INC.,

M&T BANK,

WELLS FARGO SECURITIES, LLC,

BARCLAYS BANK PLC,

BOFA SECURITIES, INC.,

DEUTSCHE BANK SECURITIES INC.,

GOLDMAN SACHS BANK USA

and

BANCO SANTANDER, S.A., NEW YORK BRANCH,

as Joint Bookrunners

and

------

BLACKSTONE SECURITIES PARTNERS L.P., as co-manager

------

<u>Page</u> 

&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS** 

ARTICLE 1<br>DEFINITIONS

---

| | | |
|:---|:---|:---|
| Section 1.01. | Defined Terms | **2<u>3</u>** |
| Section 1.02. | Classification of Loans and Borrowings | **70<u>67</u>** |
| Section 1.03. | Terms Generally | **70<u>68</u>** |
| Section 1.04. | Accounting Terms; GAAP | **71<u>68</u>** |
| Section 1.05. | [Reserved] | **72<u>69</u>** |
| Section 1.06. | Timing of Payment of Performance | **72<u>69</u>** |
| Section 1.07. | Times of Day | **72<u>69</u>** |
| Section 1.08. | Currency Equivalents Generally | **72<u>69</u>** |
| Section 1.09. | Cashless Rollovers | **73<u>70</u>** |
| Section 1.10. | Certain Calculations and Tests | **74<u>71</u>** |
| Section 1.11. | Interest Rates; Benchmark Notification | **78<u>74</u>** |

---

ARTICLE 2<br>THE CREDITS

---

| | | |
|:---|:---|:---|
| Section 2.01. | Commitments | **78<u>75</u>** |
| Section 2.02. | Loans and Borrowings | **80<u>77</u>** |
| Section 2.03. | Requests for Borrowings | **81<u>78</u>** |
| Section 2.04. | [Reserved] | **82<u>78</u>** |
| Section 2.05. | [Reserved] | **82<u>79</u>** |
| Section 2.06. | [Reserved] | **82<u>79</u>** |
| Section 2.07. | Funding of Borrowings | **82<u>79</u>** |
| Section 2.08. | Type; Interest Elections | **82<u>79</u>** |
| Section 2.09. | Termination of Commitments | **83<u>80</u>** |
| Section 2.10. | Repayment of Loans; Evidence of Debt | **84<u>81</u>** |
| Section 2.11. | Prepayment of Loans | **86<u>82</u>** |
| Section 2.12. | Fees | **90<u>87</u>** |
| Section 2.13. | Interest | **91<u>88</u>** |
| Section 2.14. | Alternate Rate of Interest | **92<u>88</u>** |
| Section 2.15. | Increased Costs | **95<u>81</u>** |
| Section 2.16. | Break Funding Payments | **96<u>92</u>** |
| Section 2.17. | Taxes | **97<u>93</u>** |
| Section 2.18. | Payments Generally; Allocation of Proceeds; Sharing of Payments | **101<u>96</u>** |
| Section 2.19. | Mitigation Obligations; Replacement of Lenders | **103<u>98</u>** |
| Section 2.20. | Illegality | **104<u>99</u>** |
| Section 2.21. | Defaulting Lenders | **104<u>100</u>** |
| Section 2.22. | Incremental Facilities | **106<u>101</u>** |
| Section 2.23. | Extensions of Loans | **109<u>105</u>** |

---

ARTICLE 3<br>REPRESENTATIONS AND WARRANTIES

---

| | | |
|:---|:---|:---|
| Section 3.01. | Organization; Powers | **112<u>107</u>** |
| Section 3.02. | Authorization; Enforceability | **112<u>107</u>** |
| Section 3.03. | Governmental Approvals; No Conflicts | **112<u>107</u>** |
| Section 3.04. | Financial Condition; No Material Adverse Effect | **112<u>107</u>** |
| Section 3.05. | Properties | **112<u>108</u>** |

---

-i-

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<u>Page</u> 

---

| | | |
|:---|:---|:---|
| Section 3.06. | Litigation and Environmental Matters | **113<u>108</u>** |
| Section 3.07. | Compliance with Laws | **113<u>108</u>** |
| Section 3.08. | Investment Company Status | **114<u>108</u>** |
| Section 3.09. | Taxes | **114<u>109</u>** |
| Section 3.10. | ERISA | **114<u>109</u>** |
| Section 3.11. | Disclosure | **114<u>109</u>** |
| Section 3.12. | Solvency | **114<u>109</u>** |
| Section 3.13. | Subsidiaries | **115<u>109</u>** |
| Section 3.14. | Security Interest in Collateral | **115<u>110</u>** |
| Section 3.15. | Labor Disputes | **115<u>110</u>** |
| Section 3.16. | Federal Reserve Regulations | **115<u>110</u>** |
| Section 3.17. | OFAC; PATRIOT ACT and FCPA | **115<u>110</u>** |

---

ARTICLE 4

CONDITIONS

---

| | | |
|:---|:---|:---|
| Section 4.01. | Closing Date | **116<u>111</u>** |

---

ARTICLE 5<br>

AFFIRMATIVE COVENANTS

---

| | | |
|:---|:---|:---|
| Section 5.01. | Financial Statements and Other Reports | **119<u>113</u>** |
| Section 5.02. | Existence | **122<u>116</u>** |
| Section 5.03. | Payment of Taxes | **122<u>116</u>** |
| Section 5.04. | Maintenance of Properties | **122<u>116</u>** |
| Section 5.05. | Insurance | **122<u>117</u>** |
| Section 5.06. | Inspections | **123<u>117</u>** |
| Section 5.07. | Maintenance of Book and Records | **123<u>118</u>** |
| Section 5.08. | Compliance with Laws | **123<u>118</u>** |
| Section 5.09. | Environmental | **124<u>118</u>** |
| Section 5.10. | Designation of Subsidiaries | **124<u>118</u>** |
| Section 5.11. | Use of Proceeds | **125<u>119</u>** |
| Section 5.12. | Covenant to Guarantee Obligations and Give Security | **126<u>120</u>** |
| Section 5.13. | Maintenance of Ratings | **127<u>121</u>** |
| Section 5.14. | Further Assurances | **127<u>121</u>** |

---

ARTICLE 6

NEGATIVE COVENANTS

---

| | | |
|:---|:---|:---|
| Section 6.01. | Indebtedness | **128<u>122</u>** |
| Section 6.02. | Liens | **134<u>127</u>** |
| Section 6.03. | [Reserved] | **139<u>132</u>** |
| Section 6.04. | Restricted Payments; Restricted Debt Payments | **139<u>132</u>** |
| Section 6.05. | Burdensome Agreements | **142<u>135</u>** |
| Section 6.06. | Investments | **144<u>137</u>** |
| Section 6.07. | Fundamental Changes; Disposition of Assets | **147<u>140</u>** |
| Section 6.08. | [Reserved] | **151<u>144</u>** |
| Section 6.09. | Transactions with Affiliates | **151<u>144</u>** |
| Section 6.10. | Conduct of Business | **154<u>146</u>** |
| Section 6.11. | [Reserved] | **154<u>146</u>** |
| Section 6.12. | Fiscal Year | **154<u>146</u>** |
| Section 6.13. | Financial Covenant | **154<u>146</u>** |

---

-ii-

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<u>Page</u> 

ARTICLE 7

EVENTS OF DEFAULT

---

| | | |
|:---|:---|:---|
| Section 7.01. | Events of Default | **155<u>148</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ARTICLE 8<br>THE ADMINISTRATIVE AGENT

ARTICLE 9<br>MISCELLANEOUS

---

| | | |
|:---|:---|:---|
| Section 9.01. | Notices | **167<u>158</u>** |
| Section 9.02. | Waivers; Amendments | **170<u>161</u>** |
| Section 9.03. | Expenses; Indemnity | **175<u>166</u>** |
| Section 9.04. | Waiver of Claim | **176<u>167</u>** |
| Section 9.05. | Successors and Assigns | **177<u>168</u>** |
| Section 9.06. | Survival | **186<u>176</u>** |
| Section 9.07. | Counterparts; Integration; Effectiveness | **186<u>176</u>** |
| Section 9.08. | Severability | **186<u>177</u>** |
| Section 9.09. | Right of Setoff | **186<u>177</u>** |
| Section 9.10. | Governing Law; Jurisdiction; Consent to Service of Process | **187<u>177</u>** |
| Section 9.11. | Waiver of Jury Trial | **188<u>178</u>** |
| Section 9.12. | Headings | **188<u>178</u>** |
| Section 9.13. | Confidentiality | **188<u>178</u>** |
| Section 9.14. | No Fiduciary Duty | **190<u>180</u>** |
| Section 9.15. | Several Obligations | **191<u>181</u>** |
| Section 9.16. | USA PATRIOT Act | **191<u>181</u>** |
| Section 9.17. | Disclosure of Agent Conflicts | **191<u>181</u>** |
| Section 9.18. | Appointment for Perfection | **191<u>181</u>** |
| Section 9.19. | Interest Rate Limitation | **191<u>181</u>** |
| Section 9.20. | Conflicts | **191<u>181</u>** |
| Section 9.21. | Release of Guarantors | **192<u>182</u>** |
| Section 9.22. | Acknowledgment and Consent to Bail-In of EEA Financial Institutions | **192<u>182</u>** |
| Section 9.23. | Acknowledgement Regarding Any Supported QFCs | **192<u>182</u>** |

---

SCHEDULES:

Schedule 1.01(a) &nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Commitment Schedule

Schedule 1.01(b)&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Dutch Auction

Schedule 1.01(c)&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Mortgages

Schedule 3.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Fee Owned Real Estate Assets

Schedule 3.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries

Schedule 5.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Unrestricted Subsidiaries

Schedule 6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Existing Indebtedness

Schedule 6.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Existing Liens

Schedule 6.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Existing Investments

EXHIBITS:

Exhibit A-1&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Affiliated Lender Assignment and Assumption

Exhibit A-2&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrowing Request

Exhibit C-1&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Intellectual Property Security Agreement

-iii-

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Exhibit C-2&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Intellectual Property Security Agreement Supplement

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of First Lien Intercreditor Agreement

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Intercompany Note

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Intercreditor Agreement

Exhibit H&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Interest Election Request

Exhibit I&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Guaranty Agreement

Exhibit J&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Perfection Certificate

Exhibit K&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Perfection Certificate Supplement

Exhibit L&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Promissory Note

Exhibit M&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of Pledge and Security Agreement

Exhibit N-1&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit N-2&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit N-3&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit N-4&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit O – Form of Solvency Certificate

-iv-

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**TERM LOAN CREDIT AGREEMENT**

TERM LOAN CREDIT AGREEMENT, dated as of April 23, 2019 (this "<u>Agreement</u>"), by and among Blackstone Mortgage Trust, Inc., a Maryland corporation (the "<u>Borrower</u>"), the Lenders from time to time party hereto and JPMorgan Chase Bank, N.A. ("<u>JPMCB</u>"), in its capacities as administrative agent for the Lenders and collateral agent for the Secured Parties (in such capacities and together with its successors and assigns, the "<u>Administrative Agent</u>").<br>

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;On the Closing Date, the Borrower requested that the Initial Term Lenders extend credit in the form of Initial Term Loans in an aggregate principal amount equal to $500,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Lenders were willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The 2019 Replacement Term Lenders (as defined below) were willing to extend to the Borrower the 2019 Replacement Term Loans (as defined below) on the First Amendment Effective Date in an aggregate principal amount equal to $498,750,000 upon the terms and subject to the conditions set forth in the First Amendment (as defined below). The proceeds of the 2019 Replacement Term Loans were used on the First Amendment Effective Date to refinance all of the Initial Term Loans outstanding on the First Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;The 2019 Incremental Term Lenders (as defined below) were willing to extend to the Borrower the 2019 Incremental Term Loans (as defined below) on the First Amendment Effective Date in an aggregate principal amount equal to $250,000,000 upon the terms and subject to the conditions set forth in the First Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;The Initial Term B-2 Lenders (as defined below) were willing to extend to the Borrower the Initial Term B-2 Loans (as defined below) on the Second Amendment Effective Date in an aggregate principal amount equal to $250,000,000 upon the terms and subject to the conditions set forth in the Second Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;The Additional Term B-2 Lenders (as defined below) were willing to extend to the Borrower the Additional Term B-2 Loans (as defined below) on the Third Amendment Effective Date in an aggregate principal amount equal to $75,000,000 upon the terms and subject to the conditions set forth in the Third Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. &nbsp;&nbsp;&nbsp;&nbsp;The Additional 2019 Incremental Term Lenders (as defined below) were willing to extend to the Borrower the Additional 2019 New Term Loans (as defined below) on the Fourth Amendment Effective Date in an aggregate principal amount equal to $200,000,000 upon the terms and subject to the conditions set forth in the Fourth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;The Replacement Term B-3 Lenders (as defined below) were willing to extend to the Borrower the Replacement Term B-3 Loans (as defined below) on the Fifth Amendment Effective Date (as defined below) in an aggregate principal amount equal to $322,562,500 upon the terms and subject to the conditions set forth in the Fifth Amendment (as defined below). The proceeds of the Replacement Term B-3 Loans were used on the Fifth Amendment Effective Date to refinance all of the Term B-2 Loans outstanding on the Fifth Amendment Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;The Incremental Term B-3 Lenders (as defined below) were willing to extend to the Borrower the Incremental Term B-3 Loans (as defined below) on the Fifth Amendment Effective Date in an aggregate principal amount equal to $100,000,000 upon the terms and subject to the conditions set forth in the Fifth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;The Term B-4 Lenders (as defined below) were willing to extend to the Borrower the Initial Term B-4 Loans (as defined below) on the Sixth Amendment Effective Date (as defined below) in an aggregate principal amount equal to $500,000,000 upon the terms and subject to the conditions set forth in the Sixth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;The Incremental Term B-4 Lenders (as defined below) were willing to extend to the Borrower the Incremental Term B-4 Loans (as defined below) on the Seventh Amendment Effective Date in an aggregate principal amount equal to $325,000,000 upon the terms and subject to the conditions set forth in the Seventh Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.&nbsp;&nbsp;&nbsp;&nbsp;The Term B-5 Lenders (as defined below) were willing to extend to the Borrower the Term B-5 Loans (as defined below) on the Tenth Amendment Effective Date (as defined below) in an aggregate principal amount equal to $650,000,000 upon the terms and subject to the conditions set forth in the Tenth Amendment (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.&nbsp;&nbsp;&nbsp;&nbsp;The Replacement Term B-6 Lenders (as defined below) were willing to extend to the Borrower the Replacement Term B-6 Loans (as defined below) on the Eleventh Amendment Effective Date (as defined below) in an aggregate principal amount equal to $648,375,000.00 upon the terms and subject to the conditions set forth in the Eleventh Amendment (as defined below). The proceeds of the Replacement Term B-6 Loans were used on the Eleventh Amendment Effective Date to refinance all of the Term B-5 Loans outstanding on the Eleventh Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.&nbsp;&nbsp;&nbsp;&nbsp;The Incremental Term B-6 Lenders (as defined below) are willing to extend to the Borrower the Incremental Term B-6 Loans (as defined below) on the Eleventh Amendment Effective Date in an aggregate principal amount equal to $400,000,000 upon the terms and subject to the conditions set forth in the Eleventh Amendment. The proceeds of the Incremental Term B-6 Loans were used on the Eleventh Amendment Effective Date to prepay a portion of the outstanding principal amount of the Term B-4 Loans on the Eleventh Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>O.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>The Replacement Term B-7 Lenders (as defined below) were willing to extend to the Borrower the Replacement Term B-7 Loans (as defined below) on the Twelfth Amendment Effective Date (as defined below) in an aggregate principal amount equal to $403,104,636.60 upon the terms and subject to the conditions set forth in the Twelfth Amendment (as defined below). The proceeds of the Replacement Term B-7 Loans were used on the Twelfth Amendment Effective Date to refinance all of the Term B-4 Loans outstanding on the Twelfth Amendment Effective Date</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>P.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>The Incremental Term B-7 Lenders (as defined below) are willing to extend to the Borrower the Incremental Term B-7 Loans (as defined below) on the Twelfth Amendment Effective Date in an aggregate principal amount equal to $50,000,000.00 upon the terms and subject to the conditions set forth in the Twelfth Amendment. The proceeds of the Incremental Term B-7 Loans will be used and after the Twelfth Amendment Effective Date to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Twelfth Amendment Transactions (as defined in the Twelfth Amendment).</u>

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Accordingly, the parties hereto agree as follows: <br>

ARTICLE 1

<br>DEFINITIONS

Section 1.01. <u>Defined Term</u><u>s</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>2019 Incremental Term Lender</u>" has the meaning assigned to such term in the First Amendment.

"<u>2019 Incremental Term Loan Commitment</u>" has the meaning assigned to such term in the First Amendment.

"<u>2019 Incremental Term Loans</u>" has the meaning assigned to such term in the First Amendment.

"<u>2019 New Term Loans</u>" means the 2019 Replacement Term Loans, the 2019 Incremental Term Loans and, from and after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans; <u>provided</u> that, for the avoidance of doubt, the 2019 Replacement Term Loans, the 2019 Incremental Term Loans and the Additional 2019 New Term Loans shall be treated as a single Class of 2019 New Term Loans under this Agreement and the other Loan Documents.

"<u>2019 Replacement Term Lender</u>" has the meaning assigned to such term in the First Amendment.

"<u>2019 Replacement Term Loan Commitment</u>" has the meaning assigned to such term in the First Amendment.

"<u>2019 Replacement Term Loans</u>" has the meaning assigned to such term in the First Amendment.

"<u>ABR</u>," when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Alternate Base Rate.

"<u>Acceptable Intercreditor Agreement</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;with respect to any Indebtedness that is secured by the Collateral on a *pari passu* lien basis with the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans and the Term B-6<u>-7</u> Loans, an intercreditor agreement substantially in the form of <u>Exhibit E</u>, with any immaterial changes (as are reasonably acceptable to the Administrative Agent and the Borrower) thereto as the Borrower and the Administrative Agent may agree in their respective reasonable discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;with respect to any Indebtedness that is secured by the Collateral on a junior lien basis to the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans and the Term B-6<u>-7</u> Loans, an intercreditor agreement substantially in the form of <u>Exhibit G</u>, with any immaterial changes (as are reasonably acceptable to the Administrative Agent and the Borrower) thereto as the Borrower and the Administrative Agent may agree in their respective reasonable discretion; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;with respect to any Indebtedness (including Indebtedness secured on a *pari passu* or junior basis to the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans and the Term B-6<u>-7</u> Loans), any other intercreditor or subordination agreement or arrangement (which may take the form of a "waterfall" or similar provision), as applicable, the terms of which are (i) consistent with market terms (as determined by the Borrower and the Administrative Agent in good faith) governing arrangements for the sharing and/or subordination of Liens and/or arrangements relating to the distribution of payments, as applicable, at the time the relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto and/or (ii) reasonably acceptable to the Borrower and the Administrative Agent.

"<u>ACH</u>" means automated clearing house arrangements.

"<u>Additional 2019 Incremental Term Lender</u>" has the meaning assigned to such term in the Fourth Amendment.

"<u>Additional 2019 Incremental Term Loan Commitment</u>" has the meaning assigned to such term in the Fourth Amendment.

"<u>Additional 2019 New Term Loans</u>" has the meaning assigned to such term in the Fourth Amendment.

"<u>Additional Agreement</u>" has the meaning assigned to such term in <u>Article 8</u>.

"<u>Additional Commitment</u>" means any commitment hereunder added pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u>.

"<u>Additional Lender</u>" has the meaning assigned to such term in <u>Section 2.22(b)</u>.

"<u>Additional Term B-2 Lender</u>" has the meaning assigned to such term in the Third Amendment.

"<u>Additional Term B-2 Loan Commitment</u>" has the meaning assigned to such term in the Third Amendment.

"<u>Additional Term B-2 Loans</u>" has the meaning assigned to such term in the Third Amendment.

"<u>Additional Term Lender</u>" means any Lender with an Additional Term Loan Commitment or an outstanding Additional Term Loan.

"<u>Additional Term Loan Commitment</u>" means any term commitment added pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u>.

"<u>Additional Term Loans</u>" means any term loan added pursuant to <u>Section 2.22</u>, <u>2.23</u> or <u>9.02(c)</u>.

"<u>Adjusted Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to Daily Simple SOFR for such day plus 0.11448%; <u>provided</u> that, in no event shall Adjusted Daily Simple SOFR for the Term B-3 Loans be less than the Floor. Any change in Adjusted Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR.

"<u>Adjusted Term SOFR Rate</u>" means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m.,

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Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator *plus* the Term SOFR Adjustment; <u>provided</u> that, in no event shall the Adjusted Term SOFR Rate for the Term B-3 Loans be less than the Floor.

"<u>Administrative Agent</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Administrative Questionnaire</u>" has the meaning assigned to such term in <u>Section 2.22(d)</u>.

"<u>Adverse Proceeding</u>" means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Borrower or any of its Restricted Subsidiaries) at law, in equity or in arbitration, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claim), whether pending or, to the knowledge of a Responsible Officer of the Borrower or any of its Restricted Subsidiaries, threatened in writing, against or affecting the Borrower or any of its Restricted Subsidiaries or any property of the Borrower or any of its Restricted Subsidiaries.

"<u>Affiliate</u>" means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with, that Person. No Person shall be an "Affiliate" of the Borrower or any Subsidiary thereof solely because it is an unrelated portfolio company of the Sponsor (except for purposes of <u>Section 6.09</u>) and none of the Administrative Agent, the Arrangers, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger, any <u>Twelfth Amendment Arranger, any</u> Lender (other than any Affiliated Lender or any Debt Fund Affiliate) or any of their respective Affiliates shall be considered an Affiliate of the Borrower or any subsidiary thereof.

"<u>Affiliated Lender</u>" means the Sponsor and any Affiliate of the Sponsor (other than any Debt Fund Affiliate, the Borrower or any of its Subsidiaries).

"<u>Affiliated Lender Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an Affiliated Lender (with the consent of any party whose consent is required by <u>Section 9.05</u>) and accepted by the Administrative Agent in the form of <u>Exhibit A-1</u> or any other form approved by the Administrative Agent and the Borrower.

"<u>Affiliated Lender Cap</u>" has the meaning assigned to such term in <u>Section 9.05(g)(iv)</u>.

"<u>Agreement</u>" has the meaning assigned to such term in the preamble to this Term Loan Credit Agreement.

"<u>Alternate Base Rate</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the 2019 New Term Loans and the Term B-3 Loans, for any day, a rate per annum equal to the highest of (a) the NYFRB Rate in effect on such day <u>plus</u> 0.50%, (b) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) <u>plus</u> 1.00%; <u>provided</u> that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any

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amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology), or (c) the Prime Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Term B-4 Loans, the Term B-5<u>-6</u> Loans and the Term B-6<u>-7</u> Loans, for any day, a rate per annum equal to the highest of (a) the NYFRB Rate in effect on such day <u>plus</u> 0.50%, (b) the Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) <u>plus</u> 1.00%; <u>provided</u> that for the purpose of this definition, the Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology), or (c) the Prime Rate;

<u>provided</u> that in no event shall the Alternate Base Rate be less than 1.00% or, in the case of the Term B-2 Loans, less than 2.00%, or, in the case of the Term B-3 Loans, less than 1.50%, or, in the case of the Term B-4 Loans, the Term B-5<u>-6</u> Loans or Term B-6<u>-7</u> Loans, less than the sum of (x) the Floor for the Term SOFR Rate or Daily Simple SOFR, as applicable, and (y) 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate, the Term SOFR Rate or the Adjusted Term SOFR Rate, as the case may be, shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate, the Term SOFR Rate or the Adjusted Term SOFR Rate, as the case may be. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to <u>Section 2.14(d)</u> – <u>(i)</u> (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to <u>Sections 2.14(e)</u>), then the Alternate Base Rate shall be the greater of clauses (ii)(a) and (ii)(c) above and shall be determined without reference to clause (ii)(b) above.

"<u>Applicable Percentage</u>" means, with respect to any Term Lender of any Class, a percentage equal to a fraction the numerator of which is the aggregate outstanding principal amount of the Term Loans and unused Term Commitments (if any) of such Term Lender under the applicable Class and the denominator of which is the aggregate outstanding principal amount of the Term Loans and unused Term Commitments (if any) of all Term Lenders under the applicable Class.

"<u>Applicable Rate</u>" means (a) with respect to any 2019 New Term Loans, for any day, the rate per annum equal to (i) 1.25% in the case of an ABR Loan and (ii) 2.25% in the case of a Term Benchmark Loan or an RFR Loan, (b) with respect to any Term B-3 Loans, for any day, the rate per annum equal to (i) 1.75% in the case of an ABR Loan and (ii) 2.75% in the case of a Term Benchmark Loan or an RFR Loan, (c) with respect to any Term B-4 Loans, for any day, the rate per annum equal to (i) 2.50% in the case of an ABR Loan and (ii) 3.50% in the case of a Term Benchmark Loan or an RFR Loan, (d) with respect to any Term B-5 Loans, for any day, the rate per annum equal to (i) 2.75% in the case of an ABR Loan and (ii) 3.75% in the case of a Term Benchmark Loan or an RFR Loan and (<u>[reserved], (d) [reserved], (</u>e) with respect to any Term B-6 Loans, for any day, the rate per annum equal to (i) 2.00% in the case of an ABR Loan and (ii) 3.00% in the case of a Term Benchmark Loan or an RFR Loan <u>and (f) with respect to any Term B-7 Loans, for any day, the rate per annum equal to (i) 1.50% in the case of an ABR Loan and (ii) 2.50% in the case of a Term Benchmark Loan or an RFR Loan</u>.

"<u>Approved Fund</u>" means, with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers, advises or manages such Lender.

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"<u>Arrangers</u>" means JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank PLC, Deutsche Bank Securities Inc. and Blackstone Advisory Partners LP, in their capacities as joint lead arrangers and joint bookrunners for the Initial Term Loans.

"<u>Asset Financing Facility</u>" means any indebtedness or obligations under securitization transactions, repurchase facilities, warehouse facilities, note-on-note financings, other credit facilities and arrangements similar to any of the foregoing and any other indebtedness or obligations, in each case, secured directly or indirectly by, and incurred for the primary purpose of directly or indirectly funding the origination or acquisition of, or any Investment in, or otherwise financing, refinancing or capitalizing any previous origination or acquisition of, or Investment in, any CRE Finance Assets.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by <u>Section 9.05</u>), and accepted by the Administrative Agent in the form of <u>Exhibit A-2</u> or any other form approved by the Administrative Agent and the Borrower (including electronic records generated by the use of an electronic platform).

"<u>Available Amount</u>" means, at any time, an amount equal to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the greater of $50,000,000 and 0.35% of Consolidated Total Assets as of the end of the most recently ended Test Period; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(x) 50.0% of the cumulative Consolidated Net Income of the Borrower and the Restricted Subsidiaries for the period, taken as one accounting period, commencing on April 1, 2019 and ending on the last day of the most recently ended Fiscal Quarter prior to incurring the applicable transaction in reliance on this clause (ii) for which internal financial statements of the Borrower are available (or, if such cumulative Consolidated Net Income shall be a deficit, minus 100% of such deficit for any applicable period) <u>minus</u> (y) the amount of Restricted Payments made in reliance on <u>Section 6.04(a)(i)</u> (<u>provided</u> that amounts under this <u>clause (ii)</u> (A) shall in no event be less than $0 and (B) shall not be available for (x) any Restricted Payment pursuant to <u>Section 6.04(a)(iii)(A)</u> unless no Event of Default exists at the time of declaration of such Restricted Payment or would result therefrom, (y) any Restricted Debt Payment pursuant to <u>Section 6.04(b)(vi)(A)</u> unless no Event of Default exists at the time of delivery of irrevocable notice with respect to such Restricted Debt Payment or would result therefrom or (z) any Investment pursuant to <u>Section 6.06(r)(i)</u> unless no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists at the time of such Investment or would result therefrom); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any capital contribution in respect of Qualified Capital Stock of or the proceeds of any issuance of Qualified Capital Stock after the Closing Date (other than any amounts (x) constituting a Cure Amount, an Available Excluded Contribution Amount or a Contribution Indebtedness Amount, (y) received from the Borrower or any Restricted Subsidiary or (z) consisting of the proceeds of any loan or advance made pursuant to <u>Section 6.06(h)(ii)</u>) received as Cash equity by the Borrower or any of its Restricted Subsidiaries, plus the fair market value (or, solely with respect to the Indebtedness of the Borrower or any Restricted Subsidiary, the aggregate original principal amount thereof), as reasonably determined by the Borrower, of Cash Equivalents, marketable securities or other property or assets received by the Borrower or any Restricted Subsidiary as a capital contribution in respect of Qualified Capital Stock or in return for any issuance of Qualified Capital Stock (other than any amounts (x) constituting a Cure

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Amount, an Available Excluded Contribution Amount or a Contribution Indebtedness Amount or (y) received from the Borrower or any Restricted Subsidiary), in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>provided</u> that amounts received by a Restricted Subsidiary from a Person that is not the Borrower or a Restricted Subsidiary has not been distributed or otherwise returned to such Person; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of any Indebtedness or Disqualified Capital Stock, in each case, of the Borrower or any Restricted Subsidiary issued after the Closing Date (other than Indebtedness or such Disqualified Capital Stock issued to the Borrower or any Restricted Subsidiary), which has been converted into or exchanged for Capital Stock of the Borrower that does not constitute Disqualified Capital Stock, together with the fair market value of any Cash Equivalents and the fair market value (as reasonably determined by the Borrower) of any assets received by the Borrower or such Restricted Subsidiary upon such exchange or conversion, in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the net proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date through and including such time in connection with the Disposition to any Person (other than the Borrower or any Restricted Subsidiary) of any Investment made pursuant to <u>Section 6.06(r)(i)</u>; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment (pursuant to the definition thereof), the proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date through and including such time in connection with Cash returns, Cash profits, Cash distributions and similar Cash amounts, including Cash principal repayments and interest payments of loans, in each case received in respect of any Investment made after the Closing Date pursuant to <u>Section 6.06(r)(i)</u>; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the sum of (A) the amount of any Investments by the Borrower or any Restricted Subsidiary pursuant to <u>Section 6.06(r)(i)</u> in any Unrestricted Subsidiary (in an amount not to exceed the original amount of such Investment) that has been re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or is liquidated, wound up or dissolved into, the Borrower or any Restricted Subsidiary and (B) the fair market value (as reasonably determined by the Borrower) of the assets of any Unrestricted Subsidiary that have been transferred, conveyed or otherwise distributed (in an amount not to exceed the original amount of the Investment in such Unrestricted Subsidiary pursuant to <u>Section 6.06(r)(i)</u>) to the Borrower or any Restricted Subsidiary, in each case, during the period from and including the day immediately following the Closing Date through and including such time; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not otherwise included in <u>clause (ii)</u> or <u>clause (vi)</u> above, the aggregate amount of any cash dividend and/or other cash distribution received (or deemed to be received) by the Borrower or any Restricted Subsidiary from any Unrestricted Subsidiary, limited (except to the extent the Investment in such Unrestricted Subsidiary was

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made pursuant to <u>Section 6.06(r)(i)</u>) to amounts constituting a return of capital and profits; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (not to exceed par, in the case of any loans optionally prepayable at par) (or, in the case of any Indebtedness issued by the Borrower or any Restricted Subsidiary, the original principal amount) of any Indebtedness that has been contributed to the Borrower or any Restricted Subsidiary in accordance with <u>Section 9.05(g)(i)</u> (or any comparable provision under the document governing such Indebtedness, as applicable) and canceled or retired; <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any Declined Proceeds; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the sum of (i) Restricted Payments made pursuant to <u>Section 6.04(a)(iii)(A)</u>, <u>plus</u> (ii) Restricted Debt Payments made pursuant to <u>Section 6.04(b)(vi)(A)</u>, <u>plus</u> (iii) Investments made pursuant to <u>Section 6.06(r)(i)</u>, in each case, after the Closing Date and prior to such time or contemporaneously therewith.

"<u>Available Excluded Contribution Amount</u>" means the aggregate amount of Cash or Cash Equivalents or the fair market value of other assets (as reasonably determined by the Borrower, but excluding any Cure Amount and any Contribution Indebtedness Amount) received (or deemed to be received) by the Borrower or any of its Restricted Subsidiaries after the Closing Date from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;contributions in respect of Qualified Capital Stock of the Borrower (other than any amounts received from any Restricted Subsidiary of the Borrower), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sale of Qualified Capital Stock of the Borrower (other than (x) to any Restricted Subsidiary of the Borrower, (y) pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or (z) with the proceeds of any loan or advance made pursuant to <u>Section 6.06(h)(ii)</u>);

in each case, designated as an Available Excluded Contribution Amount pursuant to a certificate of a Financial Officer on or promptly after the date on which the relevant capital contribution is made or the relevant proceeds are received, as the case may be, and which are excluded from the calculation of the Available Amount.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 2.14(e)</u>.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

"<u>Bail-In Legislation</u>" means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the

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implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code (11 U.S.C. § 101 *et seq*.), as it has been, or may be, amended, from time to time.

"<u>Base Incremental Amount</u>" means (a) an amount equal to the greater of (i) $140,000,000 and (ii) 1.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis <u>minus</u> (b) the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt incurred or issued in reliance on the Base Incremental Amount after the First Amendment Effective Date, in each case, for the avoidance of doubt, determined after giving effect to any reclassification of such Incremental Facilities and/or Incremental Equivalent Debt permitted under this Agreement.

"<u>Basket</u>" has the meaning assigned to such term in <u>Section 1.10(d)</u>.

"<u>Benchmark</u>" means, initially, with respect to any (i) (x) any Term B-4<u>-6 Loan or Term B-7</u> Loan that is a Term Benchmark Loan, the Term SOFR Rate and (y) any 2019 New Term Loan or Term B-3 Loan that is a Term Benchmark Loan, the Adjusted Term SOFR Rate or (ii) (x) any Term B-4<u>-6 Loan or Term B-7</u> Loan that is a RFR Loan, Daily Simple SOFR and (y) any 2019 New Term Loan or Term B-3 Loan that is a RFR Loan, Adjusted Daily Simple SOFR; <u>provided</u> that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate, the Adjusted Term SOFR Rate, Daily Simple SOFR or Adjusted Daily Simple SOFR, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Sections 2.14(b)</u> and <u>2.14(h)</u>.

"<u>Benchmark Replacement</u>" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Term B-4<u>-6 Loans and Term B-7</u> Loans, Daily Simple SOFR and (b) in the case of 2019 New Term Loans or Term B-3 Loans, Adjusted Daily Simple SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment;

If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available

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Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time in the United States.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent, in consultation with the Borrower, decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and

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(ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clause (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark in accordance with <u>Sections 2.14(e)</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark in accordance with <u>Sections 2.14(e)</u>.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person

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whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate' (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Board</u>" means the Board of Governors of the Federal Reserve System of the U.S.

"<u>Bona Fide Debt Fund</u>" means any bona fide debt fund, investment vehicle, regulated bank entity or unregulated lending entity that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business for financial investment purposes which is managed, sponsored or advised by any Person controlling, controlled by or under common control with (a) any Competitor or (b) any Affiliate of such Competitor, but, in each case, with respect to which no personnel involved with any investment in such Person or the management, control or operation of such Person directly or indirectly makes, has the right to make or participates with others in making any investment decisions, or otherwise causing the direction of the investment policies, with respect to such debt fund, investment vehicle, regulated bank entity or unregulated entity; it being understood and agreed that the term "Bona Fide Debt Fund" shall not include any Person that is a Disqualified Lending Institution.

"<u>Borrower</u>" has the meaning assigned to such term in the preamble to this Agreement, together with any successors and assigns permitted under this Agreement.

"<u>Borrower Materials</u>" has the meaning assigned to such term in <u>Section 9.01(d)</u>.

"<u>Borrowing</u>" means any Loans of the same Type and Class made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect.

"<u>Borrowing Request</u>" means a request by the Borrower for a Borrowing in accordance with <u>Section 2.03</u> and substantially in the form attached hereto as <u>Exhibit B</u> or such other form that is reasonably acceptable to the Administrative Agent and the Borrower.

"<u>Burdensome Agreement</u>" has the meaning assigned to such term in <u>Section 6.05</u>.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; <u>provided</u>, that when used in connection with a Term Benchmark Loan, the term "Business Day" shall include any day (other than a Saturday or a Sunday) on which banks are open for business in Chicago; <u>provided</u>, <u>further</u>, that, in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan, the term "Business Day" shall mean a U.S. Government Securities Business Day.

"<u>Capital Stock</u>" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests, membership interests, profits interests and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing, but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing.

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"<u>Captive Insurance Subsidiary</u>" means any Restricted Subsidiary of the Borrower that is subject to regulation as an insurance company (or any Restricted Subsidiary thereof).

"<u>Cash</u>" means money, currency or a credit balance in any Deposit Account, in each case determined in accordance with GAAP.

"<u>Cash Equivalents</u>" means, as at any date of determination, (a) readily marketable securities (i) issued or directly and unconditionally guaranteed or insured as to interest and principal by the U.S. government or (ii) issued by any agency or instrumentality of the U.S. the obligations of which are backed by the full faith and credit of the U.S., in each case maturing within one year after such date and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (b) readily marketable direct obligations issued by any state of the U.S. or any political subdivision of any such state or any public instrumentality thereof or by any foreign government, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody's (or, if at any time neither S&P nor Moody's shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at least P-2 from Moody's (or, if at any time neither S&P nor Moody's shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); (d) deposits, money market deposits, time deposit accounts, certificates of deposit or bankers' acceptances (or similar instruments) maturing within one year after such date and issued or accepted by any Lender or by any bank organized under, or authorized to operate as a bank under, the laws of the U.S., any state thereof or the District of Columbia or any political subdivision thereof and that has capital and surplus of not less than $100,000,000 and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (e) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank having capital and surplus of not less than $100,000,000; (f) shares of any money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in <u>clauses (a)</u> through <u>(e)</u> above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody's; and (g) solely with respect to any Captive Insurance Subsidiary, any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance with applicable law.

The term "Cash Equivalents" shall also include (x) Investments of the type and maturity described in <u>clauses (a)</u> through <u>(g)</u> above of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (y) other short-term Investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in Investments that are analogous to the Investments described in <u>clauses (a)</u> through <u>(g)</u> and in this paragraph.

"<u>Change in Law</u>" means (a) the adoption of any law, treaty, rule or regulation after the Closing Date, (b) any change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of <u>Section 2.15(b)</u>, by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date (other than any such request, guideline or directive to comply with any law, rule or regulation that was in effect on the Closing Date). For purposes of this definition and <u>Section 2.15</u>, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,

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guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case described in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.

"<u>Change of Control</u>" means the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) (including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), but excluding (i) any employee benefit plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor and (ii) one or more Permitted Holders), of Capital Stock representing more than the greater of (x) 40% of the total voting power of all of the outstanding voting stock of the Borrower and (y) the percentage of the total voting power of all of the outstanding voting stock of the Borrower owned, directly or indirectly, beneficially by the Permitted Holders.

"<u>Charge</u>" means any fee, loss, charge, expense, cost, accrual or reserve of any kind.

"<u>Charged Amounts</u>" has the meaning assigned to such term in <u>Section 9.19</u>.

"<u>Class</u>," when used with respect to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Initial Term Loans, 2019 New Term Loans, Term B-2 Loans, Term B-3 Loans, Term B-4 Loans, Term B-5 Loans, Term B-6 Loans<u>, Term B-7 Loans</u> or other Additional Term Loans of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> or <u>9.02(c)</u>, (b) any Commitment, refers to whether such Commitment is an Initial Term Loan Commitment or an Additional Term Loan Commitment of any series established as a separate "Class" pursuant to <u>Section 2.22</u>, <u>2.23</u> or <u>9.02(c)</u> and (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class. For the avoidance of doubt, (i) the Term B-3 Loans shall constitute, and shall be treated as, a separate Class of "Term Loans" from the "2019 New Term Loans", the "Term B-4 Loans", the "Term B-5 Loans" and<u>,</u> the "Term B-6 <u>Loans" and the "Term B-7</u> Loans" under the Loan Documents, (ii) the Replacement Term B-3 Loans and the Incremental Term B-3 Loans shall constitute, and shall be treated as, forming parts of the same Class of "Term Loans" under the Loan Documents, (iii) the Initial Term B-4 Loans and the Incremental Term B-4 Loans shall constitute, and shall be treated as, forming parts of the same Class of "Term Loans" under the Loan Documents, (iv) the Term B-4 Loans shall constitute, and shall be treated as, a separate Class of "Term Loans" from the "2019 New Term Loans", the "Term B-3 Loans", the "Term B-5 Loans" and<u>,</u> the "Term B-6 <u>Loans" and the "Term B-7</u> Loans" under the Loan Documents, (v) the Term B-5 Loans shall constitute, and shall be treated as a separate Class of "Term Loans" from the "2019 New Term Loans", "Term B-3 Loans", "Term B-4 Loans" and<u>,</u> "Term B-6 <u>Loans" and "Term B-7</u> Loans" under the Loan Documents, (vi) the Replacement Term B-6 Loans and the Incremental Term B-6 Loans shall constitute, and shall be treated as, forming parts of the same Class of "Term Loans" under the Loan Documents and<u>,</u> (vii) the Term B-6 Loans shall constitute, and shall be treated as a separate Class of "Term Loans" from the "2019 New Term Loans", "Term B-3 Loans", "Term B-4 Loans" and<u>,</u> "Term B-5 <u>Loans" and "Term B-7 Loans" under the Loan Documents, (viii) the Replacement Term B-7 Loans and the Incremental Term B-7 Loans shall constitute, and shall be treated as, forming parts of the same Class of "Term Loans" under the Loan Documents and (ix) the Term B-7 Loans shall constitute, and shall be treated as a separate Class of "Term Loans" from the "2019 Term Loans", "Term B-3 Loans", "Term B-4 Loans", "Term B-5 Loans" and "Term B-6</u> Loans" under the Loan Documents.

"<u>Closing Date</u>" means April 23, 2019, the date on which the conditions specified in <u>Section 4.01</u> were satisfied (or waived in accordance with <u>Section 9.02</u>).

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"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" means any and all property of any Loan Party subject (or purported to be subject) to a Lien under any Collateral Document and any and all other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject (or purported to be subject) to a Lien pursuant to any Collateral Document to secure the Secured Obligations. For the avoidance of doubt, in no event shall "Collateral" include any Excluded Asset.

"<u>Collateral and Guarantee Requirement</u>" means, at any time, subject to (x) the applicable limitations set forth in this Agreement and/or any other Loan Document and (y) the time periods (and extensions thereof) set forth in <u>Section 5.12</u>, the requirement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent shall have received in the case of any Restricted Subsidiary that is required to become a Loan Party after the Closing Date (including by ceasing to be an Excluded Subsidiary) and each Discretionary Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A) a joinder to the Loan Guaranty in substantially the form attached as an exhibit thereto, (B) a supplement to the Security Agreement in substantially the form attached as an exhibit thereto, (C) if the respective Restricted Subsidiary required to comply with the requirements set forth in this definition pursuant to <u>Section 5.12</u> owns registrations of or applications for U.S. Patents, Trademarks and/or Copyrights that do not constitute Excluded Assets and are intended to constitute Collateral, an Intellectual Property Security Agreement in substantially the form attached as <u>Exhibit C-2</u> hereto, (D) a completed Perfection Certificate or Perfection Certificate Supplement, as applicable, and a certificate of a type described in <u>Section 4.01(c)(i)</u>, (E) Uniform Commercial Code financing statements in appropriate form for filing in such jurisdictions as the Administrative Agent may reasonably request, and (F) a joinder to the Intercompany Note, in each case duly executed by the appropriate parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each item of Collateral that such Restricted Subsidiary is required to deliver under the Security Agreement (which, for the avoidance of doubt, shall be delivered within the time periods set forth in <u>Section 5.12(a)</u> or the Security Agreement, as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in the event a Restricted Subsidiary that is organized in a jurisdiction other than a jurisdiction in the United States becomes a Foreign Discretionary Guarantor, the Capital Stock of such Foreign Discretionary Guarantor shall be pledged (unless such Capital Stock constitutes an Excluded Asset for any reason other than solely by virtue of such Restricted Subsidiary being a Foreign Subsidiary) and such Loan Party shall grant a perfected lien on substantially all of its assets, in each case pursuant to an arrangement reasonably agreed between the Administrative Agent and the Borrower subject to customary limitations and exclusions in such jurisdiction as reasonably agreed between the Administrative Agent and the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent shall have received with respect to any Material Real Estate Assets acquired after the Closing Date that do not constitute Excluded Assets, a Mortgage and any

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necessary UCC fixture filing in respect thereof, in each case together with, to the extent customary and appropriate (as reasonably determined by the Administrative Agent and the Borrower):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;evidence that (A) counterparts of such Mortgage have been duly executed, acknowledged and delivered and such Mortgage and any corresponding UCC or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem reasonably necessary in order to create a valid and subsisting Lien on such Material Real Estate Asset in favor of the Administrative Agent for the benefit of the Secured Parties, (B) such Mortgage and any corresponding UCC or equivalent fixture filings have been duly recorded or filed, as applicable, and (C) all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;one or more fully paid policies of title insurance (the "<u>Mortgage Policies</u>") in an amount reasonably acceptable to the Administrative Agent (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as reasonably determined by the Borrower)) issued by a nationally recognized title insurance company in the applicable jurisdiction that is reasonably acceptable to the Administrative Agent, insuring the relevant Mortgage as having created a valid subsisting Lien on the real property described therein with the ranking or the priority which it is expressed to have in such Mortgage, subject only to Permitted Liens, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request to the extent the same are available in the applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;customary legal opinions of local counsel for the relevant Loan Party addressed to the Administrative Agent and the Secured Parties in the jurisdiction in which such Material Real Estate Asset is located, and if applicable, in the jurisdiction of formation of the relevant Loan Party, with respect to the due authorization, execution, delivery, enforceability and validity of the lien of such Mortgage and the perfection of any related fixture filings, in each case as the Administrative Agent may reasonably request and shall otherwise be in form and substance reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;ALTA surveys, including an existing survey together with a no-change affidavit sufficient for the title insurance company to remove the standard survey exception from the Mortgage Policies and issue the survey-related endorsements and appraisals (if required under the Financial Institutions Reform Recovery and Enforcement Act of 1989, as amended); <u>provided</u> that the Administrative Agent shall accept any such existing certificate or appraisal so long as such existing certificate or appraisal satisfies any applicable local law requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;a completed life-of-loan Federal Emergency Management Agency standard flood hazard determination with respect to each Material Real Estate Asset.

Notwithstanding any provision of any Loan Document to the contrary, if a mortgage tax or any similar tax or charge will be owed on the entire amount of the Secured Obligations evidenced hereby, then, to the extent permitted by, and in accordance with, applicable law, the amount of such mortgage tax or any similar tax or charge shall be calculated based on the lesser of (x) the amount of the Secured Obligations allocated to the applicable Material Real Estate Assets and (y) the fair market value of the applicable Material Real Estate Assets at the time the Mortgage is entered into and determined in a manner reasonably

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acceptable to Administrative Agent and the Borrower, which in the case of <u>clause (y)</u> will result in a limitation of the Secured Obligations secured by the Mortgage to such amount.

"<u>Collateral Documents</u>" means, collectively, (i) the Security Agreement, (ii) each Mortgage, (iii) each Intellectual Property Security Agreement, (iv) any supplement to any of the foregoing delivered to the Administrative Agent pursuant to the definition of "Collateral and Guarantee Requirement," and (v) each of the other instruments and documents pursuant to which any Loan Party grants (or purports to grant) a Lien on any Collateral as security for payment of the Secured Obligations.

"<u>Commercial Tort Claim</u>" has the meaning set forth in Article 9 of the UCC.

"<u>Commitment</u>" means, with respect to each Lender, such Lender's Initial Term Loan

Commitment and Additional Commitment, as applicable, in effect as of such time.

"<u>Commitment Schedule</u>" means the Schedule attached hereto as <u>Schedule 1.01(a)</u>.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq*.).

"<u>Competitor</u>" has the meaning assigned to such term in the definition of "Disqualified Institution."

"<u>Compliance Certificate</u>" means a Compliance Certificate substantially in the form of <u>Exhibit D</u>.

"<u>Confidential Information</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>Consolidated Net Income</u>" means, in respect of any period and as determined for any Person (the "<u>Subject Person</u>") on a consolidated basis, an amount equal to the sum of net income, determined in accordance with GAAP, but excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) the income of any person (other than a Restricted Subsidiary of the Subject Person), except to the extent of the amount of dividends or distributions or other payments (including any ordinary course dividend, distribution or other payment) paid in cash (or to the extent converted into cash within 180 days after receipt) to the Subject Person or any of its Restricted Subsidiaries by such Person during such period or (ii) the loss of any Person (other than a Restricted Subsidiary of the Subject Person), other than to the extent that the Subject Person or any of its Restricted Subsidiaries has contributed Cash or Cash Equivalents to such Person in respect of such loss during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any gain or Charge attributable to any asset Disposition (including asset retirement costs and including abandonments of assets) or of returned surplus assets, in each case, outside the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) any gain or Charge from (A) any extraordinary item (as determined in good faith by such Person) and/or (B) any nonrecurring or unusual item (as determined in good faith by such Person) and/or (ii) any Charge associated with and/or payment of any actual or prospective legal settlement, fine, judgment or order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any net gain or Charge with respect to (i) any disposed, abandoned, divested and/or discontinued asset, property or operation (other than, at the option of the Borrower, any asset, property or operation pending the disposal, abandonment, divestiture and/or termination thereof), (ii) any

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disposal, abandonment, divestiture and/or discontinuation of any asset, property or operation (other than, at the option of the Borrower, relating to assets or properties held for sale or pending the divestiture or termination thereof) and/or (iii) any facility that has been closed during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any net income or Charge (less all fees and expenses or charges related thereto) or write-off or amortization made of any deferred financing cost and/or premium paid or other Charge, in each case attributable to the early extinguishment of Indebtedness (and the termination of any associated Hedge Agreement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Charge incurred as a result of, in connection with or pursuant to any profits interest plan, equity incentive, stock option plan, other management equity plan, or any other management or employee benefit plan or agreement, any pension plan (including any post-employment benefic scheme which has been agreed with the relevant pension trustee), any stock subscription or shareholder agreement, any employee benefit trust, any employment benefit scheme or any similar equity plan or agreement (including any deferred compensation arrangement) and (ii) any Charge incurred in connection with the rollover, acceleration or payout of Capital Stock held by management of the Borrower and/or any Restricted Subsidiary, in each case under this <u>subclause (ii)</u>, to the extent that any cash Charge is funded with net cash proceeds contributed to the relevant Person as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock (other than any amount included in the calculation of the Available Amount pursuant to <u>clause (a)(ii)</u> of the definition thereof or any amount included in the Available Excluded Contribution Amount),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any Charge that is established, adjusted and/or incurred, as applicable, (i) within 18 months after the closing of any other acquisition, investment or asset sale that is required to be established, adjusted or incurred, as applicable, as a result of such acquisition in accordance with GAAP or (ii) as a result of any change in, or the adoption or modification of, accounting principles and/or policies in accordance with GAAP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;(A) the effects of adjustments (including the effects of such adjustments pushed down to the relevant Person and its Restricted Subsidiaries) in such Person's consolidated financial statements in component amounts required or permitted by GAAP (including, without limitation, in the inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible asset, in-process research and development, deferred revenue, advanced billing and debt line items thereof), resulting from the application of purchase accounting in relation to any consummated acquisition or recapitalization accounting or the amortization or write-off of any amounts thereof, net of Taxes, and (B) the cumulative effect of changes in, or the adoption or modification of, accounting principles or policies made in such period in accordance with GAAP which affect Consolidated Net Income (except that, if the Borrower determines in good faith that the cumulative effects thereof are not material to the interests of the Lenders, the effects of any change, adoption or modification of any such principles or policies may be included in any subsequent period after the Fiscal Quarter in which such change, adoption or modification was made), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(i) any realized or unrealized gain or loss in respect of (x) any obligation under any Hedge Agreement not entered into for speculative purposes as determined in accordance with GAAP and/or (y) any other derivative instrument pursuant to, in the case of this <u>clause (y)</u>, Financial Accounting Standards Board's Accounting Standards Codification No. 815-Derivatives and Hedging, (ii) any realized or unrealized foreign currency exchange gain or loss (including any currency re-measurement of Indebtedness, any net gain or loss resulting from Hedge Agreements for currency exchange risk resulting from any intercompany Indebtedness, any foreign currency translation or transaction or any other currency-related risk); <u>provided</u>, that notwithstanding anything to the contrary

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herein, realized gains and losses in respect of any Designated Operational FX Hedge shall be included in the calculation of Consolidated Net Income.

"<u>Consolidated Senior Debt</u>" means, at any date of determination, the sum of (x) Consolidated Total Debt as of the last day of the most recently ended Test Period <u>minus</u> (y) the aggregate principal amount of Indebtedness included in calculating Consolidated Total Debt consisting of Indebtedness of Loan Parties that is unsecured or secured only by a Lien on the Collateral ranking junior to the Liens securing the Term Facility.

"<u>Consolidated Total Assets</u>" means, at any date, an amount equal to the aggregate book value of all assets owned by the Borrower and its Restricted Subsidiaries on a consolidated basis at such date in conformity with GAAP (excluding amounts attributable to Investments in Unrestricted Subsidiaries) <u>less</u> (in the case of each of clauses (a) – (c), to the extent such amounts would otherwise be included in Consolidated Total Assets) (a) all amounts owing to the Borrower from any Affiliate thereof, or from officers, employees, partners, members, directors, shareholders of other persons similarly affiliated with the Borrower or any Affiliate thereof, (b) all intangible assets, (c) prepaid taxes and expenses, and (d) the amount of Non-Recourse Indebtedness, including pursuant to securitization transactions such as a REMIC securitization, a collateralized loan obligation transactions or other similar securitizations.

"<u>Consolidated Total Debt</u>" means, at any date of determination, all Indebtedness of the Borrower and its Restricted Subsidiaries outstanding as of the last day of the most recently ended Test Period, in an amount that would be reflected on a balance sheet on a consolidated basis in accordance with GAAP.

"<u>Contractual Obligation</u>" means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.

"<u>Contribution Indebtedness Amount</u>" has the meaning assigned to such term in <u>Section 6.01(r)</u>.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Copyright</u>" means the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright whether published or unpublished, copyright registrations and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing.

"<u>Core Earnings</u>" means, in respect of any period and as determined for the Borrower and its Restricted Subsidiaries on a consolidated basis, an amount equal to the sum of net income, determined in accordance with GAAP, attributable to the holders of the Borrower's Capital Stock, including any realized gains and losses not otherwise included under GAAP, but excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;non-cash equity compensation expense,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;incentive compensation owed to the Manager pursuant to any management agreement in place from time to time between the Borrower and the Manager,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;depreciation and amortization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;any unrealized gain or losses or other non-cash items included in net income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;one-time events pursuant to changes in GAAP and certain non-cash charges or expense items, in each case, as determined by the Manager and approved by a majority of the independent directors of the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;net income (loss) related to the "CT Legacy Interests" referenced in that certain Second Amended and Restated Management Agreement, dated as of October 23, 2014, by and between the Borrower and BXMT Advisors L.L.C., and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;any amounts attributable to Unrestricted Subsidiaries except to the extent distributed to the Borrower or a Restricted Subsidiary in Cash.

"<u>Corresponding Tenor</u>" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning assigned to it in <u>Section 9.23</u>.

"<u>CRE Finance Assets</u>" means (i) any commercial real estate loans and/or direct or indirect interests therein (including, without limitation, commercial mortgage backed securities, collateralized loan obligations, mezzanine interests, senior and junior notes and participation interests with respect to any of the foregoing), (ii) any rights, assets or investments similar to or derivative of, any item referred to in the foregoing clause (i) and/or the origination, acquisition, financing, servicing or administration thereof (regardless of whether or not the Borrower or any of its Restricted Subsidiaries owns or originated the applicable commercial real estate loan or direct or indirect interest therein) and (iii) Capital Stock in any Person substantially all of whose assets, directly or indirectly, are comprised of one or more of the items referred to in the foregoing clauses (i) and/or (ii). For the avoidance of doubt, no Real Estate Investment shall constitute a CRE Finance Asset.

"<u>CRE Financing</u>" shall mean any Indebtedness or obligations principally secured directly or indirectly by, and incurred for the primary purpose of directly or indirectly funding the acquisition of, or any Investment in, or otherwise financing, refinancing or capitalizing any previous acquisition of, or Investment

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in, Real Estate Investments and/or interests therein (including, for the avoidance of doubt, any mezzanine financing secured by Capital Stock in Subsidiaries that directly or indirectly own Real Estate Investments).

"<u>Cure Amount</u>" has the meaning assigned to such term in <u>Section 6.13(b)</u>.

"<u>Cure Right</u>" has the meaning assigned to such term in <u>Section 6.13(b)</u>.

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day "<u>SOFR Determination Date</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website; <u>provided</u> that, in no event shall Daily Simple SOFR for the Term B-4 Loans, the Term B-5<u>-6</u> Loans or the Term B-6<u>-7</u> Loans be less than the Floor. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR.

"<u>Debt Fund Affiliate</u>" means any Affiliate of the Sponsor (other than a natural Person, the Borrower or any of its Subsidiaries) that is a bona fide debt fund or investment vehicle that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course, in each case with respect to which the Persons making such investment decisions for such applicable Affiliate are not primarily engaged in the making, acquiring or holding of equity investments in the Borrower or any of its Subsidiaries.

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the U.S. or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Declined Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(b)(v)</u>.

"<u>Default</u>" means any event or condition which upon notice, lapse of time or both would become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means any Lender that has (a) defaulted in its obligations under this Agreement, including without limitation, to make a Loan within two Business Days of the date required to be made by it hereunder, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) notified the Administrative Agent or the Borrower in writing that it does not intend to satisfy any such obligation or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally (unless such writing indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan cannot be satisfied), (c) failed, within two

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Business Days after the request of the Administrative Agent or the Borrower, to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans; <u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent, (d) become (or any parent company thereof has become) insolvent or been determined by any Governmental Authority having regulatory authority over such Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental Authority or (e) become the subject of (i) a bankruptcy, insolvency, receivership or other similar case or proceeding or (ii) a Bail-In Action, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or appointment, unless in the case of any Lender subject to this <u>clause (e)</u>, the Borrower and the Administrative Agent have each determined that such Lender intends, and has all approvals required to enable it (in form and substance satisfactory to the Borrower and the Administrative Agent), to continue to perform its obligations as a Lender hereunder; <u>provided</u> that no Lender shall be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in such Lender or its parent by any Governmental Authority; <u>provided</u> that such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contract or agreement to which such Lender is a party.

"<u>Deposit Account</u>" means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

"<u>Derivative Transaction</u>" means (a) any interest-rate transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap, collar or floor) and any other instrument linked to interest rates that gives rise to similar credit risks (including when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option and any other instrument linked to exchange rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract and any other instrument linked to equities that gives rise to similar credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked contract and any other instrument linked to commodities that gives rise to similar credit risks; <u>provided</u>, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees, members of management, managers or consultants of the Borrower or its Subsidiaries shall be a Derivative Transaction.

"<u>Designated Non-Cash Consideration</u>" means the fair market value (as determined by the Borrower in good faith) of non-Cash consideration received by the Borrower or any Restricted Subsidiary in connection with any Disposition pursuant to <u>Section 6.07(h)</u> that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Financial Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by the amount of Cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated Non-Cash Consideration to Cash or Cash Equivalents).

"<u>Designated Operational FX Hedge</u>" means any Hedge Agreement entered into for the purpose of hedging currency related risks in respect of the revenues, cash flows or other balance sheet items of the Borrower and/or any of its Subsidiaries and designated at the time entered into (or on or prior to the Closing Date, with respect to any Hedge Agreement entered into on or prior to the Closing Date) as a Designated Operational FX Hedge by the Borrower in a writing delivered to the Administrative Agent.

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"<u>Designated Revolving Commitments</u>" means any commitments to make loans or extend credit on a revolving basis (or delayed draw basis) to the Borrower or any Restricted Subsidiary by any Person other than the Borrower or any Restricted Subsidiary that have been designated in a certificate of a Financial Officer of the Borrower and delivered to the Administrative Agent as "Designated Revolving Commitments" until such time as the Borrower subsequently delivers a certificate of a Financial Officer of the Borrower to the Administrative Agent to the effect that such commitments will no longer constitute "Designated Revolving Commitments".

"<u>Discretionary Guarantor</u>" has the meaning assigned to such term in the definition of "Guarantor".

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, lease, sublease, or other disposition (but excluding, for the avoidance of doubt, repayments) of any property of any Person; <u>provided</u> that all sales, leases, subleases, syndications and other dispositions of CRE Finance Assets in the ordinary course of business (as determined in good faith by the Borrower) shall not constitute a Disposition.

"<u>Disqualified Capital Stock</u>" means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than for Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such redemption is in part, only such part coming into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock), (b) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Capital Stock that would constitute Disqualified Capital Stock, in each case at any time on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued, (c) contains any mandatory repurchase obligation or any other repurchase obligation at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, which may come into effect prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such repurchase obligation is in part, only such part coming into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued; <u>provided</u> that any Capital Stock that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the occurrence of any change of control or any Disposition occurring prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued shall not constitute Disqualified Capital Stock if such Capital Stock provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions prior to the Termination Date.

Notwithstanding the preceding sentence, (A) if such Capital Stock is issued for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management, managers or consultants of the Borrower or its Restricted Subsidiaries (or the Manager or its Affiliates), in each case in the ordinary course of business of the Borrower or any Restricted Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory obligations, and (B) no Capital Stock held by any future, present or former

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employee, director, officer, manager, member of management or consultant (or their respective Affiliates or Immediate Family Members) of the Borrower (or any Subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time.

"<u>Disqualified Institution</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person identified in writing to the Arrangers on or prior to April 10, 2019, (ii) any Person thereafter identified in writing (and reasonably acceptable) to the Arrangers prior to the Closing Date, (iii) any Affiliate of any Person described in <u>clauses (i)</u> or <u>(ii)</u> above that is reasonably identifiable as an Affiliate of such Person solely on the basis of such Affiliate's name and (iv) any other Affiliate of any Person described in <u>clauses (i)</u> or <u>(ii)</u> above that is identified in a written notice to the Arrangers (if prior to the Closing Date) or the Administrative Agent as described below (if after the Closing Date) (each such person, a "<u>Disqualified Lending Institution</u>"), and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person that is or becomes a competitor of the Borrower, the Manager or any of their respective Subsidiaries or Affiliates (each such person, a "<u>Competitor</u>") and any Affiliate of any Competitor (other than any Affiliate that is a Bona Fide Debt Fund) and is identified as such in writing to the Arrangers (if prior to the Closing Date) or the Administrative Agent as described below (if after the Closing Date), (ii) any Affiliate of any Person described in <u>clause (i)</u> above (other than any Affiliate that is a Bona Fide Debt Fund) that is reasonably identifiable as an Affiliate of such Person solely on the basis of such Affiliate's name and (iii) any other Affiliate of any Person described in <u>clause (i</u>) above that is identified in a written notice to the Arrangers (if prior to the Closing Date) or to the Administrative Agent as described below (if after the Closing Date) (it being understood and agreed that no Bona Fide Debt Fund may be designated as a Disqualified Institution pursuant to this <u>clause (iii)</u>);

it being understood and agreed that (x) no written notice delivered pursuant to <u>clauses (a)(ii)</u>, <u>(a)(iv)</u>, <u>(b)(i)</u> and/or <u>(b)(iii)</u> above shall apply retroactively to disqualify any Person that has previously acquired an assignment or participation interest in any Loans and (y) any designation of a Person as a Disqualified Institution permitted above shall not be effective until the third Business Day after written notice thereof by the Borrower to the Administrative Agent in accordance with the next succeeding paragraph.

Any supplement or other modification to the list of Persons identified as Disqualified Institutions permitted above shall be e-mailed to the Administrative Agent at JPMDQcontact@JPMorgan.com.

"<u>Disqualified Lending Institution</u>" has the meaning assigned to such term in the definition of

"Disqualified Institution."

"<u>Dividing Person</u>" has the meaning assigned to it in the definition of "<u>Division</u>".

"<u>Division</u>" means the division of the assets, liabilities and/or obligations of a Person that is a limited liability company (the "<u>Dividing</u> <u>Person</u>") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement resulting in two or more Persons), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

"<u>Division Successor</u>" means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing

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Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

"<u>Dollar Equivalent</u>" means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount in any other currency, the equivalent in Dollars of such amount determined pursuant to <u>Section 1.08</u>.

"<u>Dollars</u>" or "<u>$</u>" refers to lawful money of the U.S.

"<u>Domestic Subsidiary</u>" means any Restricted Subsidiary incorporated or organized under the laws of the U.S., any state thereof or the District of Columbia.

"<u>Dutch Auction</u>" has the meaning assigned to such term on <u>Schedule 1.01(b)</u> hereto.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Yield</u>" means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in consultation with the Borrower in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest rate floors (subject to the proviso set forth below), (c) any amendment to the relevant interest rate margins and interest rate floors effective subsequent to the Closing Date but prior to the applicable date of determination and (d) original issue discount and upfront or similar fees on customary terms paid by the Borrower (with upfront fees and original issue discount being equated to interest rate margins based on an assumed four-year average life to maturity or lesser remaining average life to maturity) (<u>provided</u> that, solely for purposes of determining the Effective Yield of Term B-6 Loans for purposes of <u>Section 2.22(a)(v)</u>, any original issue discount and upfront or similar fees paid by the Borrower with respect to the Replacement Term B-6 Loans on the Eleventh Amendment Effective Date shall be deemed to have been paid with respect to the Incremental Term B-6 Loans in an equivalent percentage as paid with respect to the Replacement Term B-6 Loans), but excluding (i) any prepayment premiums, arrangement, commitment, structuring, underwriting, placement, success, advisory, ticking, unused line fees, amendment and/or consent fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and (ii) any other fee that is not paid directly by the Borrower generally to all relevant lenders ratably; <u>provided</u>, <u>however</u>, that (A) to the extent that the Term SOFR Rate (with an Interest Period of three months) or Alternate Base Rate (in each case, without giving effect to any floor specified in the definition thereof) is less than any floor applicable to the Term Loans in respect of which the Effective Yield is being calculated on the date on which the Effective Yield is determined, the amount of the resulting difference will be deemed added to the interest rate margin

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applicable to the relevant Indebtedness for purposes of calculating the Effective Yield and (B) to the extent that the Term SOFR Rate (with an Interest Period of three months) or Alternate Base Rate (in each case, without giving effect to any floor specified in the definition thereof) is greater than any applicable floor on the date on which the Effective Yield is determined, the floor will be disregarded in calculating the Effective Yield.

"<u>Eighth Amendment</u>" means that certain Eighth Amendment to Term Loan Credit Agreement, dated as of June 7, 2023, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Eleventh Amendment</u>" means that certain Eleventh Amendment to Term Loan Credit Agreement, dated as of June 18, 2025, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Eleventh Amendment Arranger</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Eleventh Amendment Effective Date</u>" means June 18, 2025.

"<u>Eligible Assignee</u>" means (a) any Lender, (b) any commercial bank, insurance company, or finance company, financial institution, any fund that invests in loans or any other "accredited investor" (as defined in Regulation D of the Securities Act), (c) any Affiliate of any Lender, (d) any Approved Fund of any Lender and (e) to the extent permitted under <u>Section 9.05(g)</u>, any Affiliated Lender or any Debt Fund Affiliate; <u>provided</u> that in any event, "Eligible Assignee" shall not include (i) any natural person, (ii) any Disqualified Institution or (iii) except as permitted under <u>Section 9.05(g)</u>, the Borrower or any of its Affiliates.

"<u>Environment</u>" means ambient air, indoor air, surface water, groundwater, drinking water, land surface and subsurface strata & natural resources such as wetlands, flora and fauna.

"<u>Environmental Claim</u>" means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm to the Environment.

"<u>Environmental Laws</u>" means any and all current or future applicable foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other applicable requirements of Governmental Authorities and the common law relating to (a) environmental matters, including those relating to any Hazardous Materials Activity; or (b) the generation, use, storage, transportation or disposal of or exposure to Hazardous Materials, in any manner applicable to the Borrower or any of its Restricted Subsidiaries or any Facility.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

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"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that is under common control with the Borrower or any Restricted Subsidiary and is treated as a single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA.

"<u>ERISA Event</u>" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations at any facility of the Borrower or any Restricted Subsidiary or any ERISA Affiliate as described in Section 4062(e) of ERISA, in each case, resulting in liability pursuant to Section 4063 of ERISA; (c) a complete or partial withdrawal by the Borrower or any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan resulting in the imposition of Withdrawal Liability on the Borrower or any Restricted Subsidiary or any ERISA Affiliate, notification of the Borrower or any Restricted Subsidiary or any ERISA Affiliate concerning the imposition of Withdrawal Liability or notification that a Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA or is in "reorganization" within the meaning of Section 4241 of ERISA; (d) the filing of a notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA, the treatment of a Pension Plan amendment as a termination under Section 4041(c) of ERISA, the commencement of proceedings by the PBGC to terminate a Pension Plan or the receipt by the Borrower or any Restricted Subsidiary or any ERISA Affiliate of notice of the treatment of a Multiemployer Plan amendment as a termination under Section 4041A of ERISA or of notice of the commencement of proceedings by the PBGC to terminate a Multiemployer Plan; (e) the occurrence of an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any Restricted Subsidiary or any ERISA Affiliate, with respect to the termination of any Pension Plan; or (g) the conditions for imposition of a Lien under Section 303(k) of ERISA have been met with respect to any Pension Plan.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Article 7</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934 and the rules and regulations of the SEC promulgated thereunder.

"<u>Excluded Assets</u>" means each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any asset (including Capital Stock) the grant or perfection of a security interest in which would (i) be prohibited by enforceable anti-assignment or negative pledge provisions set forth in any contract that is permitted by the terms of this Agreement and is binding on such asset at the Closing Date or at the time of its acquisition and, in each case, to the extent such prohibitions are not incurred in contemplation of the Closing Date or such acquisition, as applicable (other than in the case of Finance Leases and purchase money financings), (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law), (ii) notwithstanding anything in this <u>clause (a)</u> to the contrary, be prohibited by any Asset Financing Facility or CRE Financing, in each case, that is permitted hereunder (including, without limitation, any Asset Financing Facility or CRE Financing

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existing on the Closing Date or established from time to time after the Closing Date, in each case, that is permitted hereunder) (including, without limitation, to the extent required in order to obtain, or prohibited under, the applicable Asset Financing Facility or CRE Financing, any Capital Stock in any Financing SPE Subsidiary and any direct or indirect parent thereof, in each case, directly owned by any Loan Party (such Capital Stock, the "<u>Financing Equity</u>")), so long as (I) in the case of any Capital Stock in any Subsidiary that is excluded from the Collateral under this <u>clause (a)(ii)</u>, all of the outstanding Capital Stock in a direct or indirect parent of such Subsidiary is pledged as Collateral hereunder or under a Collateral Document and (II) no assets shall constitute Excluded Assets under this <u>clause (a)(ii)</u> other than the (x) relevant CRE Finance Assets or Real Estate Investments, as applicable, financed by such Asset Financing Facility or CRE Financing, as applicable, (y) any corresponding Financing Equity and (z) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable, (iii) violate the terms of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of Finance Leases and purchase money financings) (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law) or (iv) except with respect to the Capital Stock of any Loan Party or any Wholly-Owned Subsidiary that is a Restricted Subsidiary, trigger termination of any contract relating to such asset that is permitted by the terms of this Agreement pursuant to any "change of control" or similar provision (to the extent such contract is binding on such asset at the time of its acquisition and not entered into in contemplation of such acquisition) (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law) or would violate any joint venture agreement binding on such Capital Stock; it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any contract described in this <u>clause (a)</u> to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant prohibition, violation or termination right,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any asset (other than Capital Stock of the Borrower or Restricted Subsidiaries that are Loan Parties) to the extent the grant or perfection of a security interest in such asset would result in material adverse tax consequences (including any adverse tax consequences due to the application of Section 956 of the Code) or materially adverse regulatory consequences, in each case, to any Loan Party as reasonably determined by the Borrower in writing and delivered to the Administrative Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Capital Stock of any (i) Captive Insurance Subsidiary, (ii) Unrestricted Subsidiary, (iii) not-for-profit subsidiary, (iv) special purpose entity used for any permitted Qualified Securitization Financing and/or (v) an Immaterial Subsidiary, in each case, except to the extent such Person is a Loan Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any intent-to-use (or similar) Trademark application prior to the filing and acceptance of a "Statement of Use," "Amendment to Allege Use" or similar filing with respect thereto, by the United States Patent and Trademark Office, only to the extent, if any, that, and solely during the period if any, in which, the grant of a security interest therein may impair the validity or enforceability of such intent-to-use (or similar) Trademark application under applicable federal Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any asset (including Capital Stock), the grant or perfection of a security interest in which would (i) be prohibited under applicable Requirements of Law (including, without limitation, rules and regulations of any Governmental Authority) or (ii) require any governmental (including regulatory) or third party (other than Borrower, a Subsidiary of Borrower, the Manager, or the respective Affiliates of the foregoing) consent, approval, license or authorization (to the extent such

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consent, approval, license or authorization was not obtained it being understood and agreed that no Loan Party shall have any obligation to procure any such consent, approval, license or authorization) (in each case in this <u>clause (e)</u>, to the extent such requirement in <u>clause (e)(ii)</u> was not incurred in contemplation of the Closing Date or of such Restricted Subsidiary becoming a Subsidiary (other than in the case of any Asset Financing Facility or CRE Financing with respect to (x) the relevant CRE Finance Assets or Real Estate Investments, as applicable, (y) any corresponding Financing Equity and (z) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable), financed by such Asset Financing Facility or CRE Financing, as applicable, and any corresponding Financing Equity), and after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law and so long as, in the case of any Capital Stock in any Subsidiary that is excluded from the Collateral under <u>clause (e)(ii)</u> as a result of absence of any requisite third party consent, approval, license or authorization only, all of the outstanding Capital Stock in a direct or indirect parent of such Subsidiary is pledged as Collateral hereunder or under a Collateral Document); it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any asset described in this <u>clause (e)</u> to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant requirement or prohibition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) any leasehold interest in Real Estate Assets (including, without limitation, any ground lease), (ii) except to the extent a security interest therein can be perfected by the filing of a UCC-1 financing statement, any other leasehold interests, (iii) any owned Real Estate Asset that is not a Material Real Estate Asset, (iv) any owned Real Estate Asset that is not used by the Borrower or its Restricted Subsidiaries for operational purposes (including, for the avoidance of doubt, any such Real Estate Asset (x) subject to a sale-leaseback, ground lease or other long-term net lease, in each case, in respect of which the Borrower or any of its Restricted Subsidiaries is the landlord or lessor, as applicable, (y) acquired in connection with a foreclosure or other exercise of remedies under any CRE Finance Asset and/or (z) which is, or is in the process of becoming, subject to any CRE Financing), in each case, so long as all of the outstanding Capital Stock in a direct or indirect parent of any Subsidiary owning such Real Estate Assets is pledged as Collateral hereunder or under a Collateral Document, and (v) any owned Real Estate Asset (including any owned Real Estate Asset that is, or is intended to become, subject to a Mortgage) located in a flood hazard area or Real Estate Assets subject to any flood insurance due diligence (other than, for the avoidance of doubt, standard flood hazard determinations), flood insurance requirements or compliance with any Flood Insurance Laws (it being agreed that (A) if it is subsequently determined that any owned Material Real Estate Asset subject to, or otherwise required to be subject to a Mortgage is or might be located in a flood hazard area, (1) such Real Estate Asset shall be deemed to constitute an Excluded Asset until a determination is made that such Real Estate Asset is not located in a flood hazard area and does not require flood insurance and (2) if there is an existing Mortgage on such property, such Mortgage shall be released if the mortgaged property is a Flood Hazard Property for so long as such Real Estate Asset constitutes Flood Hazard Property or requires flood insurance, or (B) if it cannot be determined whether such owned Real Estate Asset is a Flood Hazard Property or would require flood insurance and the time or information necessary to make such determination would (as determined by the Borrower in good faith) delay or impair the intended date of funding any Loan or effectiveness of any amendment or supplement under the Loan Documents, the foregoing <u>clause (A)</u> shall also apply),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Capital Stock of any Person that is not a Wholly-Owned Subsidiary (other than a Loan Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Margin Stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Capital Stock of (i) any Foreign Subsidiary (other than a Foreign Discretionary Guarantor) and (ii) any Foreign Subsidiary Holdco, in each case (x) in excess of 65% of the issued and outstanding Capital Stock of any such Person or (y) to the extent such Foreign Subsidiary or Foreign Subsidiary Holdco is not a first-tier Subsidiary of a Loan Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Tort Claims with a value (as reasonably estimated by the Borrower) of less than $10,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Accounts and Trust Funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets subject to a purchase money security interest, Finance Lease or similar arrangement, in each case, that is permitted by the terms of this Agreement and to the extent the grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of termination in favor of any other party thereto (other than Holdings or any Subsidiary of Holdings) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Requirements of Law; it being understood that the term "Excluded Asset" shall not include proceeds or receivables arising out of any asset described in this <u>clause (l)</u> to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant violation or invalidation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any asset with respect to which the Administrative Agent and the relevant Loan Party have reasonably determined that the cost, burden, difficulty or consequence (including any effect on the ability of the relevant Loan Party to conduct its operations and business in the ordinary course of business and including the cost of title insurance, surveys or flood insurance (if necessary) or any mortgage, stamp, intangibles or other tax or expenses of obtaining or perfecting such security interest) of obtaining or perfecting a security interest therein outweighs, or is excessive in light of, the practical benefit of a security interest to the relevant Secured Parties afforded thereby, which determination is evidenced in writing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any governmental license or state or local franchise, charter and/or authorization, to the extent the grant of a security interest in such license, franchise, charter and/or authorization is prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Requirements of Law, other than any proceed or receivable thereof the assignment of which is expressly deemed to be effective under the UCC or other applicable Requirements of Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any asset of a Subsidiary (including its Capital Stock) acquired by the Borrower or any Restricted Subsidiary in a Permitted Acquisition (other than from the Borrower of any Subsidiary) that, at the time of the relevant acquisition, is encumbered by a Permitted Lien to secure assumed indebtedness permitted under <u>Section 6.01</u> to the extent (and for so long as) the documentation governing the applicable assumed Indebtedness prohibits such asset from being pledged to secure the Obligations and the relevant prohibition was not implemented in contemplation of the applicable acquisition,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;any assets owned by an Excluded Subsidiary that is not a Loan Party, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;any aircraft or any trucks, trailers, tractors, service vehicles, automobiles, rolling stock or other registered mobile equipment or equipment covered by certificates of title or ownership of the Borrower or any Restricted Subsidiary;

<u>provided</u>, <u>however</u>, that Excluded Assets will not include any proceeds, substitutions or replacements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of any Excluded Assets (unless such proceeds, substitutions or replacements would otherwise constitute Excluded Assets).

"<u>Excluded Subsidiary</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Restricted Subsidiary that is not a Wholly-Owned Subsidiary on the Closing Date or on the date such Subsidiary becomes a Subsidiary, in each case for so long as such Subsidiary remains not a Wholly-Owned Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Immaterial Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Restricted Subsidiary (i) that is prohibited or restricted from providing a Loan Guaranty by (A) any Requirement of Law, (B) any Contractual Obligation that, in the case of this <u>clause (B)</u>, exists on the Closing Date or at the time such Restricted Subsidiary becomes a Subsidiary (which Contractual Obligation was not entered into in contemplation of such Restricted Subsidiary becoming a Subsidiary (including pursuant to assumed Indebtedness)) and/or (C) with respect to any Restricted Subsidiary owning, directly or indirectly, the relevant CRE Finance Assets or Real Estate Investments, as applicable, financed thereby, or the corresponding Financing Equity and notwithstanding anything in <u>clause (B)</u> above to the contrary, any Asset Financing Facility or CRE Financing, in each case, that is permitted hereunder (including, without limitation, any Asset Financing Facility or CRE Financing existing on the Closing Date or established from time to time after the Closing Date, in each case, that is permitted hereunder (including Asset Financing Facilities or CRE Financings established in contemplation of the applicable Restricted Subsidiary becoming a Subsidiary)) or (ii) that would require a governmental (including regulatory) or third party (other than Borrower, a Subsidiary of Borrower, the Manager, or the respective Affiliates of the foregoing) consent, approval, license or authorization on the Closing Date or at the time such Restricted Subsidiary becomes a Subsidiary (and (other than in the case of any Asset Financing Facility or CRE Financing with respect to (x) the relevant CRE Finance Assets or Real Estate Investments, as applicable, financed by such Asset Financing Facility or CRE Financing, as applicable, (y) any corresponding Financing Equity and (z) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable) to the extent such requirement was not incurred in contemplation of the Closing Date or of such Restricted Subsidiary becoming a Subsidiary), (including any regulatory consent, approval, license or authorization) to provide a Loan Guaranty (except to the extent such consent has been obtained, it being understood there is no obligation to obtain or seek to obtain any such consent, approval, license or authorization), so long as, in the case of any Subsidiary that constitutes an Excluded Subsidiary pursuant to <u>clause (i)(C)</u> or <u>(ii)</u> (with respect to third party consent, approval, license or authorization only) above only, a direct or indirect parent of such Subsidiary is a Guarantor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any not-for-profit subsidiary,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Captive Insurance Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any (x) special purpose entity used for any permitted receivables facility or financing (including any Securitization Subsidiary) or (y) Financing SPE Subsidiary, in the case of this <u>clause (y)</u>, that is not an obligor under any Indebtedness and that does not own any assets other than assets ancillary to its potential ownership of CRE Finance Asset or Real Estate Investments under Asset Financing Facilities or CRE Financing, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Foreign Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any Foreign Subsidiary Holdco and/or (ii) any Domestic Subsidiary that is a direct or indirect subsidiary of a Foreign Subsidiary or of any Foreign Subsidiary Holdco,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Unrestricted Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Restricted Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted under this Agreement with assumed Indebtedness permitted by <u>Section 6.01(n)</u>, and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from providing a Loan Guaranty (which prohibition was not implemented in contemplation of such Restricted Subsidiary becoming a Subsidiary or in order to avoid the requirement of providing a Loan Guaranty), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other Restricted Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the burden or cost of providing a Loan Guaranty (including any adverse tax consequences to the Borrower or any of its direct or indirect Parent Companies or Subsidiaries) outweighs, or would be excessive in light of, the practical benefits afforded thereby; in each case, unless such Subsidiary becomes a Guarantor pursuant to the last sentence of the definition thereof, which judgment is evidenced in writing;

<u>provided</u>, <u>however</u>, that no Discretionary Guarantor shall constitute an Excluded Subsidiary.

"<u>Excluded Swap Obligation</u>" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 3.20 of the Loan Guaranty and any other "keepwell," support or other agreement for the benefit of such Guarantor) at the time the Loan Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation that is subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a "financial entity," as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guaranty or security interest is or becomes illegal.

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"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) any Taxes imposed on (or measured by) such recipient's net income or franchise Taxes, (i) imposed as a result of such recipient being organized or having its principal office located in or, in the case of any Lender, having its applicable lending office located in, the taxing jurisdiction or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed under Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in <u>clause (a)</u>, (c) any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Lender (other than a Lender that became a Lender pursuant to an assignment under <u>Section 2.19</u>) with respect to an applicable interest in a Loan or Commitment pursuant to a Requirement of Law in effect on the date on which such Lender (i) acquires such interest in the applicable Commitment or, if such Lender did not fund the applicable Loan pursuant to a prior Commitment, on the date such Lender acquires its interest in such Loan, or (ii) designates a new lending office, except in each case to the extent that, pursuant to <u>Section 2.17</u>, amounts with respect to such Tax were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it designated a new lending office, (d) any Tax imposed as a result of a failure by such Lender to comply with <u>Section 2.17(f)</u> (or, in the case of any payment made to the Administrative Agent for its own account, by the Administrative Agent to comply with <u>Section 2.17(i)</u>), (e) any Taxes imposed under FATCA, and (f) any U.S. federal backup withholding Taxes imposed under Section 3406 of the Code.

"<u>Extended Term Loans</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Extension</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Extension Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (to the extent required by <u>Section 2.23</u>) and the Borrower executed by each of (a) the Borrower and the Subsidiary Guarantors, (b) the Administrative Agent and (c) each Lender that has accepted the applicable Extension Offer pursuant hereto and in accordance with <u>Section 2.23</u>.

"<u>Extension Offer</u>" has the meaning assigned to such term in <u>Section 2.23(a)</u>.

"<u>Facility</u>" means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or, except with respect to <u>Articles 5</u> and <u>6</u>, owned or leased by the Borrower or any of its Restricted Subsidiaries or any of their respective predecessors or Affiliates.

"<u>FATCA</u>" means 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), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any fiscal or regulatory legislation, rules or official administrative practices adopted pursuant to any intergovernmental agreement (and any related fiscal or regulatory legislation or rules, or official administrative guidance) implementing any of the foregoing.

"<u>FCPA</u>" has the meaning assigned to such term in <u>Section 3.17(c)</u>.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u> that if the Federal Funds Effective Rate as so

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determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"<u>Fifth Amendment</u>" means that certain Fifth Amendment to Term Loan Credit Agreement, dated as of June 21, 2021, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Fifth Amendment Arranger</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Fifth Amendment Effective Date</u>" means June 21, 2021.

"<u>Finance Lease</u>" means, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a finance lease on the balance sheet of that Person.

"<u>Finance Lease Obligations</u>" means, at the time any determination thereof is to be made, the amount of the liability in respect of a Finance Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; <u>provided</u> that Finance Lease Obligations shall, for the avoidance of doubt, exclude all Non-Finance Lease Obligations.

"<u>Financial Covenant</u>" has the meaning assigned to such term in <u>Section 6.13(a)</u>.

"<u>Financial Incurrence Test</u>" has the meaning assigned to such term in <u>Section 1.10(d)</u>.

"<u>Financial Officer</u>" means the chief financial officer, the chief accounting officer, treasurer, or any vice president having duties substantially similar to the foregoing, of the Borrower, or such other officer of the Borrower reasonably acceptable to Administrative Agent.

"<u>Financial Officer Certification</u>" means, with respect to the financial statements for which such certification is required, the certification of a Financial Officer that such financial statements fairly present, in all material respects, in accordance with GAAP, the consolidated financial condition of the Borrower as at the dates indicated and its consolidated income and cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

"<u>Financing Equity</u>" has the meaning assigned to such term in the definition of "Excluded Assets."

"<u>Financing SPE Subsidiary</u>" means any Subsidiary that constitutes a special purpose entity or other similar entity, in each case, formed or acquired to incur, or provide credit support with respect to, any Asset Financing Facility or CRE Financing at such time of formation or acquisition or any time thereafter.

"<u>First Amendment</u>" means that certain First Amendment to Term Loan Credit Agreement, dated as of November 19, 2019, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>First Amendment Effective Date</u>" means November 19, 2019.

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"<u>First Lien Specified Debt</u>" means Indebtedness in respect of the (a) 2019 New Term Loans, (b) to the extent incurred in reliance on <u>clause (a)</u> of the Incremental Cap, any Incremental Facility or Incremental Equivalent Debt, (c) any other Indebtedness incurred in reliance on the Incremental Cap (other than <u>clause (d)</u> thereof) that is secured by the Collateral on a pari passu basis with the 2019 New Term Loans, and (d) Refinancing Indebtedness (including Replacement Term Loans and Replacement Notes) and/or other Refinancing Indebtedness or permitted Indebtedness that refinances any of the foregoing that were or are, in the case of this <u>clause (d)</u>, incurred to refinance any Indebtedness under the Loan Documents or any Incremental Equivalent Debt, in each case, that was secured by the Collateral on a pari passu basis with the 2019 New Term Loans.

"<u>Fiscal Quarter</u>" means a fiscal quarter of any Fiscal Year.

"<u>Fiscal Year</u>" means the fiscal year of the Borrower ending December 31 of each calendar year.

"<u>Fixed Basket</u>" has the meaning assigned to such term in <u>Section 1.10(d)</u>.

"<u>Flood Hazard Property</u>" means any parcel of any Material Real Estate Asset located in the U.S. in an area designated by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area.

"<u>Flood Insurance Laws</u>" means, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the Sixth Amendment Effective Date, the subsequent modification, amendment or renewal of this Agreement or otherwise) with respect to the Term SOFR Rate, the Adjusted Term SOFR Rate, Daily Simple SOFR or Adjusted Daily Simple SOFR, as applicable. With respect to the Term B-4 Loans, the initial Floor for each of the Term SOFR Rate and Daily Simple SOFR shall be 0.50%. With respect to the Term B-3 Loans, the initial Floor for each of the Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR shall be 0.50%. With respect to the Term B-5 Loans, the initial Floor for each of the Term SOFR Rate and Daily Simple SOFR shall be 0.50%. With respect to the Term B-6 Loans, the initial Floor for each of the Term SOFR Rate and Daily Simple SOFR shall be 0.50%. <u>With respect to the Term B-7 Loans, the initial Floor for each of the Term SOFR Rate and Daily Simple SOFR shall be 0.50%.</u> 

"<u>Foreign Lender</u>" means any Lender that is not a "United States person" within the meaning of

Section 7701(a)(30) of the Code.

"<u>Foreign Discretionary Guarantor</u>" means a Discretionary Guarantor that is organized in a jurisdiction outside of the United States.

"<u>Foreign Subsidiary</u>" means any Restricted Subsidiary that is not a Domestic Subsidiary.

"<u>Foreign Subsidiary Holdco</u>" means any Restricted Subsidiary that has, directly or indirectly, no material assets other than the Capital Stock and, if applicable, indebtedness of one or more subsidiaries that are Foreign Subsidiaries or other Foreign Subsidiary Holdcos.

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"<u>Fourth Amendment</u>" means that certain Fourth Amendment to Term Loan Credit Agreement, dated as of February 19, 2021, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Fourth Amendment Arranger</u>" has the meaning assigned to such term in the Fourth Amendment.

"<u>Fourth Amendment Effective Date</u>" means February 19, 2021.

"<u>GAAP</u>" means generally accepted accounting principles in the U.S. in effect and applicable to the accounting period in respect of which reference to GAAP is made.

"<u>Governmental Authority</u>" means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with the U.S., a foreign government or any political subdivision thereof.

"<u>Governmental Authorization</u>" means any permit, license, authorization, approval, plan, directive, consent order or consent decree of or from any Governmental Authority.

"<u>Granting Lender</u>" has the meaning assigned to such term in <u>Section 9.05(e)</u>.

"<u>Guarantee</u>" of or by any Person (as used in this definition, the "<u>Guarantor</u>") means any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the "<u>Primary Obligor</u>") in any manner and including any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (f) secured by any Lien on any assets of such Guarantor securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness or other monetary obligation to obtain any such Lien); <u>provided</u> that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition, Disposition or other transaction permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.

"<u>Guarantor</u>" means any Subsidiary Guarantor. For the avoidance of doubt, the Borrower may, in its sole discretion, elect to cause one or more Restricted Subsidiaries that are Excluded Subsidiaries to become a Guarantor (any such person, a "<u>Discretionary Guarantor</u>") by causing such Person to execute a joinder to the Loan Guaranty (in substantially the form attached as an exhibit thereto) and to satisfy the requirements of <u>Section 5.12</u> and the Collateral and Guarantee Requirement (as if such Person was a newly formed

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Restricted Subsidiary that is not an Excluded Subsidiary but without regard to the time periods specified therein); <u>provided</u>, that (i) in the case of any Foreign Discretionary Guarantor, the jurisdiction of such person is reasonably satisfactory to the Administrative Agent and (ii) Administrative Agent shall have received at least two (2) Business Days prior to such Person becoming a Guarantor all documentation and other information in respect of such person required under applicable "know your customer" and anti-money laundering rules and regulations (including the USA PATRIOT Act).

"<u>Hazardous Materials</u>" means any chemical, material, substance or waste, or any constituent thereof, which is prohibited, limited or regulated under any Environmental Law or by any Governmental Authority or which poses a hazard to the Environment or to human health and safety, including, without limitation, petroleum and petroleum by-products, asbestos and asbestos-containing materials, polychlorinated biphenyls, medical waste and pharmaceutical waste.

"<u>Hazardous Materials Activity</u>" means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Material, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Material, and any corrective action or response action with respect to any of the foregoing.

"<u>Hedge Agreement</u>" means any agreement with respect to any Derivative Transaction between any Loan Party or any Restricted Subsidiary and any other Person.

"<u>Hedging Obligations</u>" means, with respect to any Person, the obligations of such Person under any Hedge Agreement.

"<u>IFRS</u>" means international accounting standards within the meaning of the IAS Regulation 1606/2002, as in effect from time to time (subject to the provisions of <u>Section 1.04</u>), to the extent applicable to the relevant financial statements.

"<u>Immaterial Subsidiary</u>" means, as of any date, any Restricted Subsidiary of the Borrower, unless the Borrower elects not to treat any such Restricted Subsidiaries as Immaterial Subsidiaries, (a) the total assets (excluding the amount of operating lease "right-of-use assets" under GAAP) of which Restricted Subsidiary as of the last day of the most recently ended Test Period do not exceed 5.0% of Consolidated Total Assets of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period and (b) the gross revenues of such Restricted Subsidiary for such Test Period were equal to or greater than 5.0% of the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for such Test Period, in each case under this clause (b), determined in accordance with GAAP; <u>provided</u> that, if at any time and from time to time, the consolidated total assets (excluding the amount of operating lease "right-of-use assets" under GAAP), and consolidated gross revenues, of all Restricted Subsidiaries that are not Guarantors solely because they do not meet the thresholds set forth in the preceding clause (a) or (b) above shall exceed 7.5% of Consolidated Total Assets and 7.5% of consolidated gross revenues, respectively, of the Borrower and its Restricted Subsidiaries, in each case, as of or for the last day of the most recently ended Test Period, then the Borrower shall, not later than sixty (60) days after the date by which financial statements for such Fiscal Quarter were required to be delivered pursuant to this Agreement (or such longer period as the Administrative Agent may agree in its reasonable discretion), (i) designate in writing to the Administrative Agent one or more Restricted Subsidiaries as not constituting "Immaterial Subsidiaries" to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of Section 5.12 with respect to any such Restricted Subsidiaries (to the extent applicable), in each case, other

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than any Restricted Subsidiaries that otherwise constitute Excluded Subsidiaries; <u>provided</u> <u>further</u> that, at all times prior to the first delivery of financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, this definition shall be applied based on the consolidated financial statements of the Borrower most recently filed with the SEC.

"<u>Immediate Family Member</u>" means, with respect to any individual, such individual's child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships), any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals, such individual's estate (or an executor or administrator acting on its behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

"<u>Incremental Cap</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Base Incremental Amount, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Incremental Facility or Incremental Equivalent Debt that (x) effectively extends the Maturity Date with respect to, or effects a repricing of, any Class of Loans hereunder or any other First Lien Specified Debt, an amount equal to the portion of the relevant Class of Loans or such other First Lien Specified Debt that will be replaced or repriced by such Incremental Facility or Incremental Equivalent Debt, that, to the extent secured, is secured by the Collateral with the same priority as the Class of Loans or such other First Lien Specified Debt so extended or repriced or (y) effectively replaces any Loans hereunder or any other First Lien Specified Debt pursuant to <u>Section 2.19(b)(iv)</u> hereof (or any analogous provisions in any applicable other First Lien Specified Debt), an amount equal to the portion of the relevant Class of Loans or such other First Lien Specified Debt replaced by such Incremental Facility or Incremental Equivalent Debt, that, to the extent secured, is secured by the Collateral with the same priority as the Class of Loans or such other First Lien Specified Debt so replaced, <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of <u>clause (b)</u> above, the amount of any optional or voluntary Prepayment (including in accordance with <u>Section 2.11(a))</u> of any First Lien Specified Debt; <u>provided</u> that the relevant optional or voluntary Prepayment was not funded with the proceeds of any long-term Indebtedness (other than revolving Indebtedness), <u>minus</u> the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt incurred or issued in reliance on this <u>clause (c)</u>, in each case after giving effect to any reclassification of such Incremental Facilities and/or Incremental Equivalent Debt, as incurred under <u>clause (d)</u> below (this <u>clause (c)</u>, together with <u>clauses (a)</u> and <u>(b)</u> above, the "<u>Non-Ratio Based Incremental Amount</u>"), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;an unlimited amount so long as, in the case of this <u>clause (d)</u>, after giving effect to the relevant Incremental Facility, (i) if such Incremental Facility is secured by a Lien on the Collateral that is pari passu with the Lien securing the Secured Obligations that are secured on a first lien basis, the Senior Debt to Total Assets Ratio does not exceed the greater of (A) 80.0% or (B) if such Incremental Facility is incurred in connection with any Permitted Acquisition or other Investment not prohibited by the Loan Documents, the Senior Debt to Total Assets Ratio immediately prior to the incurrence of such Incremental Facility, or (ii) if such Incremental Facility is unsecured or secured by a Lien on the Collateral that is junior to the Lien securing the Secured Obligations that are secured on a first lien basis, the Total Debt to Total Assets Ratio does not exceed the greater of (A) 82.0% or (B) if such Incremental Facility is incurred in connection with any Permitted Acquisition or other Investment not

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prohibited by the Loan Documents, the Total Debt to Total Assets Ratio immediately prior to the incurrence of such Incremental Facility, in each case described in this <u>clause (d)</u>, calculated on a Pro Forma Basis including all pro forma adjustments in accordance with <u>Section 1.10</u>, including the application of the proceeds thereof (this <u>clause (d)</u>, the "<u>Ratio Based Incremental Amount</u>");

<u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Incremental Facilities and Incremental Equivalent Debt may be incurred or implemented under one or more of <u>clauses (a)</u> through <u>(d)</u> of this definition as selected by the Borrower in its sole discretion, <u>provided</u> that unless the Borrower elects otherwise, each Incremental Facility or Incremental Equivalent Debt will be deemed incurred first under <u>clause (d)</u> to the maximum extent permitted thereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if Incremental Facilities or Incremental Equivalent Debt are intended to be incurred under <u>clause (d)</u> of this definition and one or more other clause of this definition in a single transaction or series of related transactions, (A) the permissibility of the portion of such Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented under <u>clause (d)</u> of this definition will be determined without giving effect to any Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented in reliance on each other clause of this definition, but giving full *pro forma* effect to the use of proceeds of the entire amount of all such Incremental Facilities or Incremental Equivalent Debt that will be incurred or implemented at such time in reliance on each other clause of this definition and the related transactions, and (B) thereafter, the permissibility of the portion of the Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented, as applicable, under the other applicable provisions of this definition will be determined, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any portion of Incremental Facilities or Incremental Equivalent Debt incurred or implemented in reliance on <u>clauses (a)</u> through <u>(c)</u> of this definition will, unless the Borrower otherwise elects, automatically be reclassified from time to time after the incurrence or implementation under <u>clause (d)</u> of this definition if such portion of Incremental Facilities or Incremental Equivalent Debt could at such time be satisfied under <u>clause (d)</u> of this definition on a pro forma basis.

"<u>Incremental Commitment</u>" means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental Term Loan.

"<u>Incremental Equivalent Debt</u>" means Indebtedness in the form of senior secured, junior secured or unsecured Indebtedness, whether in the form of term or revolving loans, notes, debt securities or otherwise and/or commitments in respect of any of the foregoing, (in each case in respect of the issuance of notes, whether issued in a public offering, Rule 144A or other private placement or purchase or otherwise) or any bridge financing in lieu of the foregoing, or secured or unsecured "mezzanine" debt, issued, incurred or implemented in lieu of loans under an Incremental Facility or to refinance other Indebtedness incurred under the Loan Documents; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount thereof shall not exceed the Incremental Cap (as in effect at the time of determination, including giving effect to any reclassification on or prior to such date of determination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; subject to the Permitted Earlier Maturity Indebtedness Exception, the Weighted Average Life to Maturity applicable to such Incremental Equivalent Debt (other than customary bridge loans

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with a maturity date not longer than one year that are exchangeable or convertible into, or are intended to be refinanced, with other debt instruments permitted hereunder; <u>provided</u>, that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this <u>clause (b)</u>) is no shorter than the remaining Weighted Average Life to Maturity of the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans or the Term B-6<u>-7</u> Loans (without giving effect to any prepayments thereof) on the date of incurrence of such Incremental Equivalent Debt,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;subject to the Permitted Earlier Maturity Indebtedness Exception, the final maturity date with respect to such Incremental Equivalent Debt (other than customary bridge loans with a maturity date not longer than one year that are exchangeable or convertible into, or are intended to be refinanced, with other debt instruments permitted hereunder; <u>provided</u>, that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this <u>clause (c)</u>) is no earlier than the Latest Maturity Date on the date of incurrence of such Incremental Equivalent Debt,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>clauses (b)</u> and <u>(c)</u>, to the extent constituting term indebtedness, such Incremental Equivalent Debt may otherwise have an amortization schedule as determined by the Borrower and the lenders providing such Incremental Equivalent Debt,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Incremental Equivalent Debt incurred on any date after the Eleventh Amendment Effective Date that is on or prior to the day that is 12 months after the Tenth Amendment Effective Date in an aggregate principal amount, together with any Incremental Term Loans incurred during such period that satisfy the MFN Conditions, in excess of the MFN Threshold that satisfies each of the MFN Conditions, the Effective Yield of the Term B-6 Loans shall be subject to the adjustment in the manner set forth in the MFN Protection (to the extent then applicable), determined for purposes of this <u>clause (e)</u> as if such Incremental Equivalent Debt were Incremental Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any such Incremental Equivalent Debt (x) shall rank pari passu in right of payment with any then-existing tranche of Term Loans or be subordinated in right of payment thereto and (y) may rank pari passu with or junior to any then-existing tranche of Term Loans, as applicable, in right of security with respect to the Collateral or may be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;if such Incremental Equivalent Debt is (a) secured by a Lien on the Collateral, then such Incremental Equivalent Debt shall be subject to any applicable Acceptable Intercreditor Agreement or (b) unsecured and contractually subordinated to the Obligations with respect to right of payment, then such Incremental Equivalent Debt shall be subject to a subordination agreement or subordination provision reasonably acceptable to the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;no such Indebtedness may be (x) incurred or guaranteed by any Person that is not a Loan Party or (y) secured by any assets other than the Collateral, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any conditions to availability or funding of any Incremental Equivalent Debt (or commitments with respect to any such Incremental Equivalent Debt), subject to any requirements or limitations set forth above (and subject to the Borrower's right to make an LCT Election), will be determined by the lenders or holders providing such Incremental Equivalent Debt.

"<u>Incremental Facilities</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

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"<u>Incremental Facility Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent (solely for purposes of giving effect to <u>Section 2.22</u>) and the Borrower executed by each of (a) the Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Incremental Facility being incurred pursuant thereto and in accordance with <u>Section 2.22</u>.

"<u>Incremental Term</u> <u>B-3 Lender</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Incremental Term B-3 Loan Commitment</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Incremental Term B-3 Loans</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Incremental Term</u> <u>B-4 Lender</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Incremental Term B-4 Loan Commitment</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Incremental Term B-4 Loans</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Incremental Term</u> <u>B-6 Lender</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Incremental Term</u> <u>B-6 Loan Commitment</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Incremental Term B-6 Loans</u>" has the meaning assigned to such term in the Eleventh Amendment.

<u>"Incremental Term</u> <u>B-7 Lender" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Incremental Term</u> <u>B-7 Loan Commitment" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Incremental Term B-7 Loans" has the meaning assigned to such term in the Twelfth Amendment.</u>

"<u>Incremental Term Loans</u>" has the meaning assigned to such term in <u>Section 2.22(a)</u>.

"<u>Indebtedness</u>" shall mean, with respect to any Person, without duplication,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;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),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;obligations of such Person to pay the deferred purchase or acquisition price of property or services (other than (x) 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 90 days of the date the respective goods are delivered or the respective services are rendered and (y)

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obligations with respect to earn-outs and similar deferred or contingency compensation arrangements that are not due and payable at such time),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;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 the account of such Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Finance Lease Obligations of such person to the extent required to be characterized as a capitalized or financing lease (but not, for the avoidance of doubt, an operating lease) under GAAP, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;obligations of such Person under repurchase agreements or like arrangements and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Indebtedness of others Guaranteed by such Person to the extent of such Guarantee;

<u>provided</u> that, notwithstanding the foregoing, (a) in no event shall obligations under any Derivative Transaction be deemed "Indebtedness" for any calculation of the Senior Debt to Total Assets Ratio or the Total Debt to Total Assets Ratio or any other financial ratio under the Loan Documents, (b) the amount of Indebtedness of any Person for purposes of clause (iii) shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith, (c) Indebtedness of the Borrower and its Restricted Subsidiaries shall exclude intercompany Indebtedness so long as such intercompany Indebtedness (A) has a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and (B) of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party is unsecured and subordinated to the Obligations and subject to the Intercompany Note, (d) in no event shall any Non-Finance Lease Obligations be deemed "Indebtedness" for any purpose under the Loan Documents, (e) in no event shall any Non-Recourse Indebtedness owing pursuant to a securitization transaction such as a "REMIC" securitization, a collateralized loan obligation transaction or other similar securitization be deemed "Indebtedness" for any purpose under the Loan Documents and (f) for, the avoidance of doubt, in no event shall any funding obligations or commitments, or guarantees of funding obligations or commitments, under any CRE Finance Assets be deemed "Indebtedness" for any purpose under the Loan Documents

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For the avoidance of doubt, Indebtedness will not be deemed to include obligations incurred in advance of, and the proceeds of which are to be applied in connection with, the consummation of a transaction solely to the extent that the proceeds thereof are and continue to be held in an escrow, trust, collateral or similar account or arrangement and are not otherwise made available for any other purpose and are used for such purpose.

"<u>Indemnified Taxes</u>" means all Taxes, other than Excluded Taxes or Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.03(b)</u>.

"<u>Information</u>" has the meaning assigned to such term in <u>Section 3.11(a)</u>.

"<u>Information Memorandum</u>" means the Confidential Information Memorandum dated on or about April 2019 relating to the Borrower and its subsidiaries and the Transactions.

"<u>Initial Lenders</u>" means the Arrangers, the Affiliates of the Arrangers and the other financial institutions that are party to this Agreement as Lenders on the Closing Date.

"<u>Initial Term B-2 Lender</u>" has the meaning assigned to the term "Term B-2 Lender" in the Second Amendment.

"<u>Initial Term B-2 Loan Commitment</u>" has the meaning assigned to the term "Term B-2 Loan Commitment" in the Second Amendment.

"<u>Initial Term B-2 Loans</u>" has the meaning assigned to the term "Term B-2 Loans" in the Second Amendment.

"<u>Initial Term B-4 Loan Commitments</u>" has the meaning assigned to the term "Term B-4 Loan Commitments" in the Sixth Amendment.

"<u>Initial Term B-4 Loans</u>" has the meaning assigned to the term "Term B-4 Loans" in the Sixth Amendment.

"<u>Initial Term Lender</u>" means any Lender with an Initial Term Loan Commitment or an

outstanding Initial Term Loan.

"<u>Initial Term Loan Commitment</u>" means, with respect to each Term Lender, the commitment of such Term Lender to make Initial Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Term Lender's name on the Commitment Schedule, as the same may be (a) terminated pursuant to <u>Section 2.09</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to <u>Section 9.05</u> or (ii) increased from time to time pursuant to <u>Section 2.22</u>. The aggregate amount of the Term Lenders' Initial Term Loan Commitments on the Closing Date is $500,000,000.

"<u>Initial Term Loan Maturity Date</u>" means April 23, 2026.

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"<u>Initial Term Loans</u>" means the term loans made by the Initial Term Lenders to the Borrower pursuant to <u>Section 2.01(a)(i)</u>.

"<u>Intellectual Property</u>" has the meaning assigned to such term in the Collateral Documents.

"<u>Intellectual Property Security Agreement</u>" means any agreement executed on the Closing Date confirming or effecting the grant of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance with this Agreement and the Security Agreement, including an Intellectual Property Security Agreement substantially in the form of <u>Exhibit C-1</u> hereto.

"<u>Intellectual Property Security Agreement Supplement</u>" means any agreement executed after the Closing Date confirming or effecting the grant of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance with this Agreement and the Security Agreement, including an Intellectual Property Security Agreement Supplement substantially in the form of <u>Exhibit C-2</u> hereto.

"<u>Intercompany Note</u>" means a promissory note substantially in the form of <u>Exhibit F</u>.

"<u>Interest Election Request</u>" means a request by the Borrower in the form of <u>Exhibit H</u> hereto or another form reasonably acceptable to the Administrative Agent to convert or continue a Borrowing in accordance with <u>Section 2.08</u>.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December and the maturity date applicable to such Loan, (b) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, and the Maturity Date, and (c) with respect to any RFR Loan, (1) the date that is the numerically corresponding day in the calendar month after the Borrowing of such Loan and the numerically corresponding day in each calendar month thereafter (or, in each case, if there is no such numerically corresponding day in such month, then the last day of such month) and (2) the Maturity Date.

"<u>Interest Period</u>" means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect; <u>provided</u> that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to <u>Section 2.14(h)</u> shall be available for specification in any Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

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"<u>Investment</u>" means (a) any purchase or other acquisition by the Borrower or any of its Restricted Subsidiaries of any of the Securities of any other Person (other than any Loan Party), (b) the acquisition by purchase or otherwise (other than any purchase or other acquisition of inventory, materials, supplies and/or equipment in the ordinary course of business) of all or a substantial portion of the business, property or fixed assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance (other than any advance to any current or former employee, officer, director, member of management, manager, consultant or independent contractor of the Borrower or any Restricted Subsidiary for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contribution by the Borrower or any of its Restricted Subsidiaries to any other Person (but, in all cases, excluding, in the case of the Borrower and its Restricted Subsidiaries, intercompany loans, advances or Indebtedness so long as such Indebtedness (i) has a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and (ii) of any Loan Party owed to a Restricted Subsidiary that is not a Loan Party is unsecured and subordinated to the Secured Obligations and subject to the Intercompany Note). Subject to <u>Section 5.10</u>, the amount of any Investment shall be the original cost of such Investment, <u>plus</u> the cost of any addition thereto that otherwise constitutes an Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect thereto, but giving effect to any repayments of principal in the case of any Investment in the form of a loan and any return of capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption or sale but not in excess of the amount of the relevant initial Investment).

"<u>IP Rights</u>" has the meaning assigned to such term in <u>Section 3.05(c)</u>.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>JPMCB</u>" has the meaning assigned to such term in the preamble to this Agreement.

"<u>Junior Debt</u>" means any Indebtedness of the types described in <u>clauses (i)</u> and <u>(ii)</u> of the definition of "Indebtedness" (other than Indebtedness among the Borrower and/or its Restricted Subsidiaries) of the Borrower or any of its Restricted Subsidiaries that is contractually subordinated in right of payment to the Obligations, in each case, with an individual outstanding principal amount in excess of the Threshold Amount. For the avoidance of doubt, each Asset Financing Facility and CRE Financing shall not constitute Junior Debt.

"<u>Knowledge</u>" or "<u>knowledge</u>" means, as of any date of determination, then-current actual (as distinguished from imputed or constructive) knowledge. For the avoidance of doubt, "know", "known" and "knew" shall have the respective correlative meaning thereto.

"<u>Latest Maturity Date</u>" means, as of any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Term Loan or Term Commitment.

"<u>LCT Election</u>" has the meaning set forth in <u>Section 1.10(b)</u>.

"<u>LCT Requirements</u>" has the meaning set forth in <u>Section 1.10(b)</u>.

"<u>LCT Test Date</u>" has the meaning set forth in <u>Section 1.10(b)</u>.

"<u>Legal Reservations</u>" means the application of relevant Debtor Relief Laws, general principles of equity and/or principles of good faith and fair dealing.

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"<u>Lenders</u>" means the Term Lenders, any lender with an Additional Commitment or an outstanding Additional Term Loan and any other Person that becomes a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Finance Lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; <u>provided</u> that in no event shall (x) an operating lease (or other lease in respect of a Non-Finance Lease Obligation) or a license to use intellectual property be deemed to constitute a Lien or (y) for the avoidance of doubt, any right of first refusal and tag, drag, forced sale, major decision or similar right in respect of any CRE Finance Asset or Real Estate Investment constitute a Lien.

"<u>Limited Condition Transaction</u>" means any (a) Permitted Acquisition or other Investment or similar transaction (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise) permitted hereunder by the Borrower or one or more of its Restricted Subsidiaries, (b) any redemption, repurchase, defeasance, satisfaction and discharge, repayment or other retirement of Indebtedness and (c) any Restricted Payment.

"<u>LLC</u>" means any Person that is a limited liability company under the laws of its jurisdiction of formation.

"<u>Loan</u>" means any Term Loan.

"<u>Loan Documents</u>" means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, the Perfection Certificate (including any Perfection Certificate delivered to the Administrative Agent pursuant to the definition of "Collateral and Guarantee Requirement"), any Perfection Certificate Supplement, any Acceptable Intercreditor Agreement to which the Borrower is a party, each Refinancing Amendment, each Incremental Facility Amendment, each Extension Amendment and any other document or instrument designated by the Borrower and the Administrative Agent as a "Loan Document." Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto.

"<u>Loan Guaranty</u>" means the Guaranty Agreement, substantially in the form of <u>Exhibit I</u> hereto, executed by each Loan Party thereto and the Administrative Agent for the benefit of the Secured Parties, as supplemented in accordance with the terms of <u>Section 5.12</u> hereof.

"<u>Loan Installment Date</u>" has the meaning assigned to such term in <u>Section 2.10(a)</u>.

"<u>Loan Parties</u>" means the Borrower and each Guarantor.

"<u>Manager</u>" means BXMT Advisors L.L.C. ("<u>BX Advisors</u>") (or any successor thereto) or, to the extent the board of directors of the Borrower appoints another investment manager of the Borrower at any time and from time to time, such other investment manager appointed thereby. Notwithstanding anything to the contrary set forth herein, (i) each reference to "Manager" set forth in clause (b) of the definition of Core Earnings, the last paragraph of the definition of Disqualified Stock, Section 6.04(a)(ii) and Section 6.06(z) shall, as applicable, also be deemed to include any previous investment manager of the Borrower (each, a

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"<u>Predecessor Manger</u>") with respect to any Capital Stock, compensation or deferred compensation granted or provided to any applicable Person set forth in such applicable clause, or any arrangement or agreement entered into with respect to any applicable item referenced in such clause, while such Predecessor Manager was acting as the Manager of the Borrower and (ii) each reference to "Manager" set forth in Section 6.09(f)(i) shall include any Predecessor Manager (provided that any fees paid to a Predecessor Manager pursuant to Section 6.09(f)(i) shall have accrued or been granted while such Person was acting as the Manager of the Borrower).

<br>"<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U.

"<u>Material Adverse Effect</u>" means a material adverse effect on (i) the business, assets, financial condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the Administrative Agent under the applicable Loan Documents or (iii) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the applicable Loan Documents.

"<u>Material Debt Instrument</u>" means any physical instrument evidencing any Indebtedness for borrowed money which is required to be pledged and delivered to the Administrative Agent (or its agent or bailee) pursuant to the Security Agreement or any applicable Acceptable Intercreditor Agreement.

"<u>Material Real Estate Asset</u>" means (a) on the Closing Date, each Real Estate Asset listed on <u>Schedule 1.01(c)</u> and (b) any "fee-owned" Real Estate Asset acquired by any Loan Party after the Closing Date having a fair market value (as reasonably determined by the Borrower in consultation with the Administrative Agent after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $20,000,000 as of the date of acquisition thereof.

"<u>Maturity Date</u>" means (a) with respect to the 2019 Replacement Term Loans, the 2019 Incremental Term Loans, the Additional 2019 New Term Loans, the Replacement Term B-3 Loans and the Incremental Term B-3 Loans, the Initial Term Loan Maturity Date, (b) with respect to the Term B-4 Loans, May 9, 2029, (c) with respect to the Term B-5 Loans, December 10, 2028,<u>[reserved], (c) [reserved],</u> (d) with respect to the Replacement Term B-6 Loans and Incremental Term B-6 Loans, December 10, 2030, (e) with respect to any Replacement Term <u>B-7</u> Loans <u>and Incremental Term B-7 Loans, May 9, 2029, (f) with respect to any Replacement Term Loans</u> (other than the 2019 Replacement Term Loans, the Replacement Term B-3 Loans, the <u>Replacement</u> Term B-5<u>-6</u> Loans and the Replacement Term B-6<u>-7</u> Loans), the final maturity date for such Replacement Term Loans, as set forth in the applicable Refinancing Amendment, (f<u>g</u>) with respect to any Incremental Term Loans (other than the 2019 Incremental Term Loans, the Additional 2019 New Term Loans, the Incremental Term B-3 Loans, the Term B-4 Loans and the Incremental Term B-6 Loans <u>and the Incremental Term B-7 Loans</u>), the final maturity date set forth in the applicable Incremental Facility Amendment and (g<u>h</u>) with respect to any Extended Term Loans, the final maturity date for such Extended Term Loans as set forth in the applicable Extension Amendment.

"<u>Maximum Rate</u>" has the meaning assigned to such term in <u>Section 9.19</u>.

"<u>MFN Conditions</u>" has the meaning set forth in <u>Section 2.22(a)(v)</u>.

"<u>MFN Protection</u>" has the meaning set forth in <u>Section 2.22(a)(v)</u>.

"<u>MFN Threshold</u>" has the meaning set forth in <u>Section 2.22(a)(v)</u>.

"<u>Minimum Extension Condition</u>" has the meaning assigned to such term in <u>Section 2.23(b)</u>.

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"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Mortgage</u>" means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Administrative Agent, for the benefit of the relevant Secured Parties, on any Material Real Estate Asset constituting Collateral, which shall contain such terms as may be necessary under applicable local Requirements of Law to perfect a Lien on the applicable Material Real Estate Asset.

"<u>Mortgage Policies</u>" has the meaning assigned to such term in the definition of "Collateral and Guarantee Requirement."

"<u>Multiemployer Plan</u>" means any employee benefit plan which is a "multiemployer plan" as defined in Section 3(37) of ERISA that is subject to the provisions of Title IV of ERISA, and in respect of which the Borrower or any of its Restricted Subsidiaries, or any of their respective ERISA Affiliates, makes or is obligated to make contributions or with respect to which any of them has any ongoing obligation or liability, contingent or otherwise.

"<u>Net Insurance/Condemnation Proceeds</u>" means an amount equal to: (a) any Cash payments or proceeds (including Cash Equivalents) received by the Borrower or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the Borrower or any of its Restricted Subsidiaries (other than, for purposes of <u>Section 2.11(b)(ii)</u>, assets acquired after the Closing Date with the proceeds of equity contributions to, or the issuance of Qualified Capital Stock of, the Borrower or its Restricted Subsidiaries (in each case, other than contributions by, or issuances to, the Borrower or a Restricted Subsidiary) or (ii) as a result of the taking of any assets of the Borrower or any of its Restricted Subsidiaries (other than, for purposes of <u>Section 2.11(b)(ii)</u>, assets acquired after the Closing Date with the proceeds of equity contributions or the issuance of Qualified Capital Stock of the Borrower or its Restricted Subsidiaries (in each case, other than contributions by, or issuances to, the Borrower or a Restricted Subsidiary)) by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, <u>minus</u> (b) (i) any actual out-of-pocket costs and expenses incurred by the Borrower or any of its Restricted Subsidiaries in connection with the adjustment, settlement or collection of any claims of the Borrower or the relevant Restricted Subsidiary in respect thereof, (ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest and other amounts on any Indebtedness (other than the Loans and any Indebtedness secured by a Lien on the Collateral that is *pari passu* with or expressly subordinated to the Lien on the Collateral securing any Secured Obligation) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes due or would be in default under the terms thereof as a result of such loss, taking or sale, or payment of other amounts due to, or required to be made available to, any Person under any other Contractual Obligation binding such assets or to which such assets are subject (including, without limitation, in the case of Real Estate Assets, any ground lease, lease or other occupancy agreement) (iii) in the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, (iv) any selling costs and out-of-pocket expenses (including reasonable broker's fees or commissions, legal fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and the Borrower's good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements or any intercompany distribution)) in connection with any sale or taking of such assets as described in <u>clause (a)</u> of this definition, (v) any amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with any sale or taking of such assets as referred to in <u>clause (a)</u> of this

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definition (<u>provided</u> that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Insurance/Condemnation Proceeds) and (vi) in the case of any covered loss or taking from a non-Wholly-Owned Subsidiary, the pro rata portion thereof (calculated without regard to this <u>clause (vi)</u>) attributable to minority interests and not available for distribution to or for the account of the Borrower or a Wholly-Owned Subsidiary as a result thereof.

"<u>Net Proceeds</u>" means (a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash proceeds (including Cash Equivalents and Cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of (i) selling costs and out-of-pocket expenses (including reasonable broker's fees or commissions, legal fees, accountants' fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, escrow costs and fees, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and the Borrower's good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements or any intercompany distributions) in connection with such Disposition), (ii) amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated with such Disposition (<u>provided</u> that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds), (iii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness (other than the Loans and any other Indebtedness secured by a Lien on the Collateral that is *pari passu* with or expressly subordinated to the Lien on the Collateral securing any Secured Obligation) which is secured by the asset sold in such Disposition and which is required to be repaid or otherwise comes due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset) (including, without limitation, any Asset Financing Facility or CRE Financing), (iv) Cash escrows (until released from escrow to the Borrower or any of its Restricted Subsidiaries) from the sale price for such Disposition and (v) in the case of any Disposition by a non-Wholly-Owned Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this <u>clause (v)</u>) attributable to minority interests and not available for distribution to or for the account of the Borrower or a Wholly-Owned Subsidiary as a result thereof; and (b) with respect to any issuance or incurrence of Indebtedness or Capital Stock, the Cash proceeds thereof, net of all Taxes and customary fees, commissions, costs, underwriting discounts and other fees and expenses incurred in connection therewith.

"<u>Net Proceeds Percentage</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Non-Finance Lease</u>" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that is not required to be accounted for as a finance lease or capital lease on the balance sheet and the income statement in accordance with GAAP as in effect at any time of determination. For the avoidance of doubt, any lease pursuant to which a Person recognizes lease expense on a straight-line basis over the lease term and any operating lease shall be considered a Non-Finance Lease.

"<u>Non-Finance Lease Obligation</u>" means a lease obligation pursuant to any Non-Finance Lease.

"<u>Non-Fixed Basket</u>" has the meaning assigned to such term in <u>Section 1.10(d)</u>.

"<u>Non-Recourse Indebtedness</u>" means any Indebtedness other than Recourse Indebtedness.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business

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Day, for the immediately preceding Business Day); <u>provided</u> that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided,</u> <u>further</u>, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Obligations</u>" means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding) on the Loans, all accrued and unpaid fees and all expenses (including fees and expenses accruing during the pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding), reimbursements, indemnities and all other advances to, debts, liabilities and obligations of any Loan Party to the Lenders or to any Lender, the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger<u>, any Twelfth Amendment Arranger,</u> or any Indemnitee arising under the Loan Documents in respect of any Loan or otherwise, whether direct or indirect (including those acquired by assumption), absolute, contingent, due or to become due, now existing or hereafter arising.

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Treasury Department.

"<u>Organizational Documents</u>" means (a) with respect to any corporation, its certificate or articles of incorporation or organization and its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership and its partnership agreement, (c) with respect to any general partnership, its partnership agreement, (d) with respect to any limited liability company, its articles of organization or certificate of formation, and its operating agreement or limited liability company agreement, and (e) with respect to any other form of entity, such other organizational documents required by local Requirements of Law or customary under such jurisdiction to document the formation and governance principles of such type of entity. In the event that any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such "Organizational Document" shall only be to a document of a type customarily certified by such governmental official.

"<u>Other Applicable Indebtedness</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Other Connection Taxes</u>" means, with respect to any Lender or the Administrative Agent, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary Taxes or any intangible, recording, filing or other excise or property Taxes arising from any payment made under any Loan

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Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, but excluding any such Taxes that are Other Connection Taxes imposed with respect to an assignment, grant of a participation or designation of a new office for receiving payments by or on account of the Borrower (other than an assignment or designation of a new office made pursuant to <u>Section 2.19(b)</u>).

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.05(c)(i)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 9.05(c)(ii)</u>.

"<u>Patent</u>" means the following: (a) any and all patents and patent applications; (b) all inventions, designs or improvements thereto described or claimed therein; (c) all reissues, reexaminations, divisions, continuations, renewals, extensions and continuations in part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Plan</u>" means any employee pension benefit plan, as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, which the Borrower or any of its Restricted Subsidiaries, or any of their respective ERISA Affiliates, maintains or contributes to or has an obligation to contribute to, or otherwise has any liability, contingent or otherwise.

"<u>Perfection Certificate</u>" means a certificate substantially in the form of <u>Exhibit J</u>.

"<u>Perfection Certificate Supplement</u>" means a supplement to the Perfection Certificate substantially in the form of <u>Exhibit K</u>.

"<u>Perfection Requirements</u>" means the filing of appropriate financing statements with the office of the Secretary of State or other appropriate office of the state of organization (or, in the case of a Foreign Discretionary Guarantor, other office under Section 9-307 of the UCC) of each Loan Party, the filing of appropriate assignments, security agreements, instruments or notices with the U.S. Patent and Trademark Office and the U.S. Copyright Office, the proper recording or filing, as applicable, of Mortgages and fixture filings with respect to any Material Real Estate Asset constituting Collateral, in each case in favor of the Administrative Agent for the benefit of the Secured Parties and to the extent required by the applicable Loan Documents, in each case, the delivery to the Administrative Agent of any stock certificate, promissory note and instruments required to be delivered pursuant to the applicable Loan Documents, together with instruments of transfer executed in blank and, in the case of any Foreign Discretionary Guarantor (and its Capital Stock), such steps required to grant the Administrative Agent a first priority perfected lien on its Capital Stock and substantially all of its assets pursuant to arrangements reasonably agreed between the Administrative Agent and the Borrower.

"<u>Permitted Acquisition</u>" means any acquisition made by the Borrower or any of its Restricted Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division or product line (including research and development and related assets in respect of any product) of, any Person or of a majority of the outstanding Capital Stock of any Person (and, in any event, including any Investment in (x) any Restricted Subsidiary the effect of which is to increase the Borrower's or any Restricted Subsidiary's equity ownership in such Restricted Subsidiary or (y) any joint

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venture for the purpose of increasing the Borrower's or its relevant Restricted Subsidiary's ownership interest in such joint venture) if (A) such Person becomes a Restricted Subsidiary or (B) such Person, in one transaction or a series of related transaction, is amalgamated, merged or consolidated with or into, or transfers or conveys substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, the Borrower or any Restricted Subsidiary as a result of such Investment.

"<u>Permitted Earlier Maturity Indebtedness Exception</u>" means Indebtedness incurred, at the option of the Borrower (in its sole discretion), with a final maturity date prior to the earliest maturity date otherwise expressly required under this Agreement with respect to such Indebtedness (in each such case, the "<u>Earliest Permitted Maturity Date</u>") and/or a Weighted Average Life to Maturity shorter than the minimum Weighted Average Life to Maturity otherwise expressly required under this Agreement with respect to such Indebtedness (in each such case, the "<u>Minimum Permitted Weighted Average Life to Maturity</u>") in an aggregate principal amount up to the greater of (a) $225,000,000 and (b) 1.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, in each case, solely to the extent the final maturity date of such Indebtedness is expressly restricted under the applicable Basket from occurring prior to an Earliest Permitted Maturity Date set forth therein that is expressly applicable thereto and/or the Weighted Average Life to Maturity of such Indebtedness is expressly restricted under the applicable Basket from being shorter than a Minimum Permitted Weighted Average Life to Maturity set forth therein that is expressly applicable thereto.

"<u>Permitted Holders</u>" means (a) the Sponsor and (b) any Person with which the Sponsor forms a "group" (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this <u>clause (b)</u>, the Sponsor beneficially owns more than 50% of the relevant voting stock beneficially owned by the group.

"<u>Permitted Liens</u>" means Liens permitted pursuant to <u>Section 6.02</u>.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or any other entity.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) maintained by the Borrower and/or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of its ERISA Affiliates, other than any Multiemployer Plan.

"<u>Platform</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Prepayment</u>" means, with respect to any Indebtedness, the repayment, in whole or in part, thereof prior to the stated maturity thereof (excluding regularly scheduled amortization and other mandatory or required payments), including by redemption, repurchase (including by assignment to the Borrower or a Restricted Subsidiary and cancellation or reduction of such Indebtedness or by Dutch Auction), tender offer, offer to purchase, defeasance, satisfaction and discharge, or other retirement of such Indebtedness; <u>provided</u>, that if such Indebtedness is under a revolving credit or similar facility, such Prepayment is accompanied by a corresponding permanent reduction of the commitments thereunder. "<u>Prepay</u>" and "<u>Prepayment</u>" shall have meanings correlative thereto.

"<u>Prepayment Asset Sale</u>" means any non-ordinary course Disposition by the Borrower or its Restricted Subsidiaries made pursuant to <u>Section 6.07(h)</u>, <u>(s)</u> or <u>(aa)</u>, other than the Disposition of assets acquired after the Closing Date with the proceeds of equity contributions or the issuance of Qualified Capital Stock of the Borrower (in each case, other than contributions by, or issuances to, the Borrower or a Restricted Subsidiary).

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"<u>Primary Obligor</u>" has the meaning assigned to such term in the definition of "Guarantee."

"<u>Prime Rate</u>" means the rate of interest last quoted by *The Wall Street Journal* as the "Prime Rate" in the U.S. or, if *The Wall Street Journal* ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably determined by the Administrative Agent).

"<u>Pro Forma Basis</u>" or "<u>pro forma effect</u>" means, with respect to any determination of the Total Debt to Total Assets Ratio, the Senior Debt to Total Assets Ratio or Consolidated Total Assets (including component definitions thereof), subject to <u>Section 1.10</u>, that each Subject Transaction shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which such calculation is being made and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any retirement or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness incurred for working capital purposes) shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection therewith shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; <u>provided</u> that, (x) if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of determination (taking into account any interest hedging arrangements applicable to such Indebtedness), (y) interest on any obligation with respect to any Finance Lease shall be deemed to accrue at an interest rate reasonably determined by a Financial Officer of the Borrower to be the rate of interest implicit in such obligation in accordance with GAAP and (z) interest on any Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate or other rate shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen by the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of any asset included in calculating Consolidated Total Assets, whether pursuant to any Subject Transaction or any Person becoming a Subsidiary or merging, amalgamating or consolidating with or into the Borrower or any of its Subsidiaries, or the Disposition of any asset included in calculating Consolidated Total Assets described in the definition of "Subject Transaction," shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which such calculation is being made, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;whenever a financial ratio or test is to be calculated on a *pro forma* basis, the reference to the "Test Period" for purposes of calculating such financial ratio or test (except for purposes of determining actual compliance with <u>Section 6.13(a)</u>) shall be deemed to be a reference to, and shall be based on, the most recently ended Test Period for which either, as determined by the Borrower, internal financial statements of the Borrower of the type described in <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, are available (as determined in good faith by the Borrower) or such financial statements have been delivered pursuant to <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable. Notwithstanding anything to the contrary set forth in the immediately preceding paragraph, for the avoidance of doubt,

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when calculating the Total Debt to Total Assets Ratio for purposes of <u>Section 6.13(a)</u> (other than for the purpose of determining pro forma compliance with <u>Section 6.13(a)</u> as a condition to taking any action under this Agreement), the events described in the immediately preceding paragraph that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.

"<u>Projections</u>" means the financial projections, forecasts, financial estimates, other forward-looking and/or projected information and pro forma financial statements of the Borrower and its subsidiaries included in the Information Memorandum (or a supplement thereto).

"<u>Promissory Note</u>" means a promissory note of the Borrower payable to any Lender or its registered assigns, in substantially the form of <u>Exhibit L</u> hereto, evidencing the aggregate outstanding principal amount of Loans of the Borrower to such Lender resulting from the Loans made by such Lender.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" has the meaning assigned to such term in <u>Section 9.01(d)</u>.

"<u>Qualified Capital Stock</u>" of any Person means any Capital Stock of such Person that is not Disqualified Capital Stock.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning assigned to it in <u>Section 9.23</u>.

"<u>Qualified Securitization Financing</u>" means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value and (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms. The grant of a security interest in any Securitization Assets of the Borrower or any of the Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing. For the avoidance of doubt, no Asset Financing Facility or CRE Financing is required to meet the conditions for a Qualified Securitization Financing in order to be permitted to be incurred hereunder and Qualified Securitization Financings shall be deemed to exclude Asset Financing Facilities and CRE Financings.

"<u>Real Estate Asset</u>" means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of any Loan Party in and to real property (including, but not limited to, land, improvements and fixtures thereon).

"<u>Real Estate Investment</u>" means (i) any Real Estate Asset that is not used by the Borrower or its Restricted Subsidiaries for operational purposes (including, for the avoidance of doubt, any such Real Estate Asset (x) subject to a sale-leaseback, ground lease or other long-term net lease, in each case, in respect of which the Borrower or any of its Restricted Subsidiaries is the landlord or lessor, as applicable, (y) acquired in connection with a foreclosure or other exercise of remedies under any CRE Finance Asset and/or (z)

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which is, or is in the process of becoming, subject to any CRE Financing) and/or direct or indirect interests therein (including, without limitation, preferred equity and/or syndicated equity interests), and (ii) any rights, assets or investments similar to or derivative of, any item referred to in the foregoing clause (i) and/or the acquisition, financing, operation or administration thereof (regardless of whether or not the Borrower or any of its Restricted Subsidiaries owns the applicable Real Estate Asset or direct or indirect interest therein) (including, without limitation, management, franchise and/or other operational rights) and (iii) Capital Stock in any Person substantially all of whose assets, directly or indirectly, are comprised of one or more of the items referred to in the foregoing clauses (i) and/or (ii).

"<u>Recourse Indebtedness</u>" means with respect to any Person, on any date of determination, the amount of Indebtedness for which such Person has recourse liability (including without limitation through a Guarantee), exclusive of any such Indebtedness to the extent such recourse liability of such Person is limited to obligations relating to customary nonrecourse carve-outs.

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting , (2) if such Benchmark is Daily Simple SOFR, then four Business Days prior to such setting or (3) if such Benchmark is neither the Term SOFR Rate or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Refinancing Amendment</u>" means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent and the Borrower executed by (a) the Borrower, (b) the Administrative Agent and (c) each Lender that agrees to provide all or any portion of the Replacement Term Loans being incurred pursuant thereto and in accordance with <u>Section 9.02(c)</u>.

"<u>Refinancing Indebtedness</u>" has the meaning assigned to such term in <u>Section 6.01(p)</u>.

"<u>Refunding Capital Stock</u>" has the meaning assigned to such term in <u>Section 6.04(a)(viii)</u>.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 9.05(b)(iv)</u>.

"<u>Regulation D</u>" means Regulation D of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation H</u>" means Regulation H of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>Regulation U</u>" means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"<u>REIT Status</u>" shall mean, with respect to any Person, (a) the qualification of such Person as a real estate investment trust under Sections 856 through 860 of the Code and (b) the applicability to such Person and its shareholders of the method of taxation provided for in Section 857 et seq. of the Code.

"<u>Related Funds</u>" means with respect to any Lender that is an Approved Fund, any other Approved Fund that is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

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"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, managers, officers, trustees, employees, partners, agents, advisors and other representatives of such Person and such Person's Affiliates.

"<u>Release</u>" means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the Environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.

"<u>Relevant Governmental Body</u>" means, the Board, the NYFRB, and/or the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Relevant Rate</u>" means (i) with respect to any Term Benchmark Borrowing, the Term SOFR Rate or (ii) with respect to any RFR Borrowing, Daily Simple SOFR, as applicable.

"<u>Replaced Term Loans</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

"<u>Replacement Notes</u>" means any Refinancing Indebtedness (whether issued in a public offering, Rule 144A under the Securities Act or other private placement or bridge financing in lieu of the foregoing or otherwise) incurred in respect of Indebtedness permitted under <u>Section 6.01(a)</u> (and any subsequent refinancing of such Replacement Notes).

"<u>Replacement Term B-3 Lender</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Replacement Term B-3 Loan Commitment</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Replacement Term B-3 Loans</u>" has the meaning assigned to such term in the Fifth Amendment.

"<u>Replacement Term B-6 Lender</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Replacement Term B-6 Loan Commitment</u>" has the meaning assigned to such term in the Eleventh Amendment.

"<u>Replacement Term B-6 Loans</u>" has the meaning assigned to such term in the Eleventh Amendment.

<u>"Replacement Term B-7 Lender" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Replacement Term B-7 Loan Commitment" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Replacement Term B-7 Loans" has the meaning assigned to such term in the Twelfth Amendment.</u>

"<u>Replacement Term Loans</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

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"<u>Reportable Event</u>" means, with respect to any Pension Plan or Multiemployer Plan, any of the events described in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period is waived under PBGC Reg. Section 4043.

"<u>Representatives</u>" has the meaning assigned to such term in <u>Section 9.13</u>.

"<u>Repricing Transaction</u>" means each of (a) the prepayment, repayment, refinancing, substitution or replacement of all or a portion of any Term B-6 Loans <u>or Term B-7 Loans</u> with the incurrence by any Loan Party of any broadly syndicated term loans secured by the Collateral on a pari passu basis with the Term B-6 Loans <u>and Term B-7 Loans</u> (including<u>, in each case,</u> any Replacement Term Loans) under any credit facilities the primary purpose (as determined in good faith by the Borrower) of which is to, and which does, reduce the Effective Yield of such Indebtedness relative to the Term B-6 Loans <u>or Term B-7 Loans, as applicable,</u> so prepaid, repaid, refinanced, substituted or replaced, as applicable, and (b) any amendment, waiver or other modification to this Agreement the primary purpose (as determined in good faith by the Borrower) of which is to, and which does, reduce the Effective Yield applicable to the applicable Term B-6 Loans <u>or Term B-7 Loans</u> immediately prior to such amendment, waiver or modification; <u>provided</u> that in no event shall any "Repricing Transaction" include (or be deemed to include) any such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with (x) a Change of Control or (y) any acquisition, investment or disposition, in each case under this clause (y), for which the aggregate consideration (together with any related acquisition, investment or disposition forming part of the same transaction or series of related transactions) is equal to or greater than $400,000,000. Any determination by the Administrative Agent of the Effective Yield for purposes of this definition shall be conclusive and binding on all Lenders, and the Administrative Agent shall have no liability to any Person with respect to such determination absent bad faith, gross negligence or willful misconduct.

"<u>Required Lenders</u>" means, at any time, Lenders having Loans and unused Commitments representing more than 50% of the sum of the total Loans and such unused Commitments at such

time.

"<u>Requirements of Law</u>" means, with respect to any Person, collectively, the common law and all federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Responsible Officer</u>" means, (A) with respect to the Borrower and its Restricted Subsidiaries (i) Stephen Plavin, Thomas C. Ruffing or Douglas Armer, or any successor to any of the foregoing, (ii) any asset manager at The Blackstone Group L.P. or any Affiliate thereof responsible for the applicable asset (or replacement manager of Borrower), or (iii) any other employee with a title equivalent or more senior to that of "principal" within The Blackstone Group L.P. or any Affiliate thereof responsible for the origination, acquisition and/or management of the applicable asset and (B) with respect to any other Person, the chief executive officer, the president, the chief financial officer, the treasurer, any assistant treasurer, any executive vice president, any senior vice president, any vice president, the chief operating officer or any other executive officer of such Person and any other individual or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement, and, as to any document

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delivered on the Closing Date, shall include any secretary or assistant secretary or any other individual or similar official thereof with substantially equivalent responsibilities of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer on behalf of any Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party, and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"<u>Restricted Amount</u>" has the meaning set forth in <u>Section 2.11(b)(iv)</u>.

"<u>Restricted Debt Payments</u>" has the meaning set forth in <u>Section 6.04(b)</u>.

"<u>Restricted Payment</u>" means (a) any dividend or other distribution on account of any shares of any class of the Capital Stock of the Borrower, except a dividend payable solely in shares of Qualified Capital Stock of the Borrower to the holders of such class; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of the Borrower; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of the Capital Stock of the Borrower now or hereafter outstanding.

"<u>Restricted Subsidiary</u>" means, as to any Person, any subsidiary of such Person that is not an Unrestricted Subsidiary. Unless otherwise specified, "Restricted Subsidiary" shall mean any Restricted Subsidiary of the Borrower.

"<u>RFR Borrowing</u>" means, as to any Borrowing, the RFR Loans comprising such Borrowing.

"<u>RFR Loan</u>" means a Loan that bears interest at a rate based on Daily Simple SOFR.

"<u>S&P</u>" means S&P Global Ratings, a subsidiary of S&P Global Inc.

"<u>Sanctioned Person</u>" means a person that is (i) the subject of Sanctions, (ii) located in or organized under the laws of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region), (iii) ordinarily a resident in a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region), or (iv) majority-owned or, as relevant under applicable Sanctions, controlled by any of the foregoing.

"<u>Sanctions</u>" means those trade, economic and financial sanctions laws, regulations, embargoes, and restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by the United States (including without limitation the Department of Treasury, Office of Foreign Assets Control) or Her Majesty's Treasury of the United Kingdom.

"<u>SEC</u>" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of its functions.

"<u>Second Amendment</u>" means that certain Second Amendment to Term Loan Credit Agreement, dated as of May 20, 2020, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Second Amendment Effective Date</u>" means May 20, 2020.

"<u>Secured Hedging Obligations</u>" means all Hedging Obligations (other than any Excluded Swap Obligations) under each Hedge Agreement that (a) is in effect on the Closing Date between any Loan Party

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and a counterparty that is the Administrative Agent, a Lender, an Arranger or any Affiliate of the Administrative Agent, a Lender or an Arranger as of the Closing Date, (b) is entered into after the Closing Date between any Loan Party and any counterparty that is (or is an Affiliate of) the Administrative Agent, any Lender, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger or<u>,</u> any Eleventh Amendment <u>Arranger or any Twelfth Amendment</u> Arranger at the time such Hedge Agreement is entered into or (c) is in effect on the Closing Date or entered into after the Closing Date by any Loan Party with any counterparty that is reasonably acceptable to the Administrative Agent designated as a "Secured Hedge Bank" by written notice executed by the Borrower and such counterparty to the Administrative Agent in a form reasonably acceptable to the Administrative Agent, in each case, for which such Loan Party agrees to provide security and in each case that has been designated to the Administrative Agent in writing by the Borrower as being a Secured Hedging Obligation for purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (x) to appoint the Administrative Agent as its agent under the applicable Loan Documents and (y) to agree to be bound by the provisions of <u>Article 8</u>, <u>Section 9.03</u> and <u>Section 9.10</u> as if it were a Lender.

"<u>Secured Obligations</u>" means all Obligations, together with all Secured Hedging Obligations.

"<u>Secured Parties</u>" means (i) the Lenders, (ii) the Administrative Agent, (iii) each counterparty to a Hedge Agreement with a Loan Party the obligations under which constitute Secured Hedging Obligations, (iv) the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger, the Fourth Amendment Arrangers, the Fifth Amendment Arrangers, the Sixth Amendment Arrangers, the Seventh Amendment Arrangers, the Tenth Amendment Arrangers and<u>,</u> the Eleventh <u>Amendment Arrangers and the Twelfth</u> Amendment Arrangers, and (v) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document.

"<u>Securities</u>" means any stock, shares, units, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing; <u>provided</u> that "Securities" shall not include any earn-out agreement or obligation or any employee bonus or other incentive compensation plan or agreement.

"<u>Securities Act</u>" means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

"<u>Securitization Assets</u>" means the accounts receivable, royalty or other revenue streams and other rights to payment subject to a Qualified Securitization Financing and the proceeds thereof.

"<u>Securitization Fees</u>" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Financing.

"<u>Securitization Financing</u>" means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries, and

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any assets related thereto, including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets.

"<u>Securitization Repurchase Obligation</u>" means any obligation of a seller of Securitization Assets in a Qualified Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.

"<u>Securitization Subsidiary</u>" means a wholly owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which none of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Borrower or such other Person shall be evidenced to the Administrative Agent by delivery to the Administrative Agent of a certified copy of the resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions.

"<u>Security Agreement</u>" means the Pledge and Security Agreement, substantially in the form of <u>Exhibit M</u>, among the Loan Parties and the Administrative Agent for the benefit of the Secured Parties.

"<u>Senior Debt to Total Assets Ratio</u>" means, at any date, the percentage obtained by dividing (i) Consolidated Senior Debt as of the last day of the most recently ended Test Period by (ii) Consolidated Total Assets as of the last day of the most recently ended Test Period.

"<u>Seventh Amendment</u>" means that certain Seventh Amendment to Term Loan Credit Agreement, dated as of November 4, 2022, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

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"<u>Seventh Amendment Arranger</u>" has the meaning assigned to such term in the Seventh Amendment.

"<u>Seventh Amendment Effective Date</u>" means November 4, 2022.

"<u>Similar Business</u>" means any Person the majority of the revenues of which are derived from, or the majority of operations relate to, a business that would be permitted by <u>Section 6.10</u> if the references to "Restricted Subsidiaries" in <u>Section 6.10</u> were read to refer to such Person.

"<u>Sixth Amendment</u>" means that certain Sixth Amendment to Term Loan Credit Agreement, dated as of May 9, 2022, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Sixth Amendment Arranger</u>" has the meaning assigned to such term in the Sixth Amendment.

"<u>Sixth Amendment Effective Date</u>" means May 9, 2022.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>SOFR Rate Day</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>SPC</u>" has the meaning assigned to such term in <u>Section 9.05(e)</u>.

"<u>Specified Debt</u>" has the meaning assigned to such term in the definition of "Permitted Earlier Maturity Indebtedness Exception."

"<u>Specified Representations</u>" means the representations and warranties set forth in <u>Sections 3.01(a)(i)</u> (solely with respect to the Loan Parties), <u>3.02</u> (as it relates to the due authorization, execution, delivery and performance of the Loan Documents and the enforceability thereof), <u>3.03(b)(i)</u>, <u>3.08</u>, <u>3.12</u>, <u>3.14</u> (as it relates to the creation, validity and perfection of the security interests in the Collateral), <u>3.16,</u> <u>3.17(a)(ii)</u>, <u>3.17(b)</u> and <u>3.17(c)</u> (solely as it relates to the use of proceeds in violation of FCPA).

"<u>Sponsor</u>" means, collectively, The Blackstone Group L.P., its controlled Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates, in each case, for the avoidance of doubt, other than any portfolio company of the foregoing and other than the Borrower or any of its Subsidiaries.

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"<u>Standard Securitization Undertakings</u>" means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing.

"<u>Subject Indebtedness</u>" has the meaning assigned to such term in <u>Section 1.10(f)(i)</u>.

"<u>Subject Loans</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Subject Person</u>" has the meaning assigned to such term in the definition of "Consolidated Net Income."

"<u>Subject Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(b)(ii)</u>.

"<u>Subject Transaction</u>" means (a) the Transactions, (b) any Permitted Acquisition or any other acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital Stock of any Person (including (i) to the extent applicable, any Investment in (A) any Restricted Subsidiary the effect of which is to increase the Borrower's or any Restricted Subsidiary's respective equity ownership in such Restricted Subsidiary or (B) any joint venture for the purpose of increasing the Borrower's or its relevant Restricted Subsidiary's ownership interest in such joint venture and (ii) and any transaction resulting in any Person that was not previously a Restricted Subsidiary becoming a Restricted Subsidiary or being merged, amalgamated or consolidated with or into the Borrower or a Restricted Subsidiary), in each case that is not prohibited by this Agreement, (c) any Disposition of all or substantially all of the assets or Capital Stock of any subsidiary (or any business unit, line of business or division of the Borrower or a Restricted Subsidiary) not prohibited by this Agreement, (d) the designation of a Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with <u>Section 5.10</u> hereof, (e) any incurrence or repayment (or redemption, repurchase or other retirement) of Indebtedness and/or (f) any other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a pro forma basis.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of such Person or a combination thereof, in each case to the extent such entity's financial results are required to be included in such Person's consolidated financial statements under GAAP; <u>provided</u> that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interests in the nature of a "qualifying share" of the former Person shall be deemed to be outstanding. Unless otherwise specified, "Subsidiary" shall mean any Subsidiary of the Borrower.

"<u>Subsidiary Guarantor</u>" means (x) on the Closing Date, each Subsidiary of the Borrower (other than any such Subsidiary that is an Excluded Subsidiary on the Closing Date) and (y) thereafter, each Subsidiary of the Borrower that becomes a guarantor of the Secured Obligations pursuant to the terms of this Agreement (including each Restricted Subsidiary that is a Discretionary Guarantor), in each case, until such time as the relevant Subsidiary is released from its obligations under the Loan Guaranty in accordance with the terms and provisions hereof.

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"<u>Successor Borrower</u>" has the meaning assigned to such term in <u>Section 6.07(a)</u>.

"<u>Supported QFC</u>" has the meaning assigned to it in <u>Section 9.23</u>.

"<u>Swap Obligations</u>" means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Taxes</u>" means all present and future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Tenth Amendment</u>" means that certain Tenth Amendment to Term Loan Credit Agreement, dated as of December 10, 2024, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Tenth Amendment Arranger</u>" has the meaning assigned to such term in the Tenth Amendment.

"<u>Tenth Amendment Effective Date</u>" means December 10, 2024.

"<u>Term B-2 Lender</u>" means each Initial Term B-2 Lender and each Additional Term B-2 Lender.

"<u>Term B-2 Loan Commitments</u>" means the Initial Term B-2 Loan Commitments and the Additional Term B-2 Loan Commitments.

"<u>Term B-2 Loans</u>" means the Initial Term B-2 Loans and the Additional Term B-2 Loans. As of the Eleventh Amendment Effective Date, there are no Term B-2 Loans outstanding under this Agreement.

"<u>Term B-3 Loans</u>" means the Replacement Term B-3 Loans and the Incremental Term B-3 Loans; <u>provided</u> that, for the avoidance of doubt, the Replacement Term B-3 Loans and the Incremental Term B-3 Loans shall be treated as a single Class of Term B-3 Loans under this Agreement and the other Loan Documents. As of the Eleventh Amendment Effective Date, there are no Term B-3 Loans outstanding under this Agreement.

"<u>Term B-4 Lender</u>" means any Lender with a Term B-4 Loan Commitment or an outstanding Term B-4 Loan.

"<u>Term B-4 Loan Commitments</u>" means the Initial Term B-4 Loan Commitments and the Incremental Term B-4 Loan Commitments.

"<u>Term B-4 Loans</u>" means the Initial Term B-4 Loans and the Incremental Term B-4 Loans. <u>As of the Twelfth Amendment Effective Date, after giving effect to the application of the proceeds of the Replacement Term B-7 Loans, there are no Term B-4 Loans outstanding under this Agreement.</u>

"<u>Term B-5 Lender</u>" means any Lender with a Term B-5 Loan Commitment or an outstanding Term B-5 Loan.

"<u>Term B-5 Loan Commitments</u>" has the meaning assigned to such term in the Tenth Amendment.

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"<u>Term B-5 Loans</u>" has the meaning assigned to such term in the Tenth Amendment. As of the Eleventh Amendment Effective Date, after giving effect to the application of the proceeds of the Term B-6 Loans, there are no Term B-5 Loans outstanding under this Agreement.

"<u>Term B-6 Loans</u>" means the Replacement Term B-6 Loans and the Incremental Term B-6 Loans; <u>provided</u> that, for the avoidance of doubt, the Replacement Term B-6 Loans and the Incremental Term B-6 Loans shall be treated as a single Class of Term B-6 Loans under this Agreement and the other Loan Documents.

<u>"Term B-7 Lender" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Term B-7 Loan Commitment" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Term B-7 Loans" means the Replacement Term B-7 Loans and the Incremental Term B-7 Loans; provided that, for the avoidance of doubt, the Replacement Term B-7 Loans and the Incremental Term B-7 Loans shall be treated as a single Class of Term B-7 Loans under this Agreement and the other Loan Documents.</u>

"<u>Term Benchmark</u>" when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Term SOFR Rate.

"<u>Term Commitment</u>" means any Initial Term Loan Commitment, any 2019 Replacement Term Loan Commitment, any 2019 Incremental Term Loan Commitment, any Additional 2019 Incremental Term Loan Commitment, any Term B-2 Loan Commitment, any Replacement Term B-3 Loan Commitment, any Incremental Term B-3 Loan Commitment, any Term B-4 Loan Commitment, any Term B-5 Loan Commitment, any Replacement Term B-6 Commitment, any Incremental Term B-6 Commitment<u>, any Replacement Term B-7 Commitment, any Incremental Term B-7 Commitment</u> and any other Additional Term Loan Commitment.

"<u>Term Facility</u>" means the Term Loans provided to or for the benefit of the Borrower pursuant to the terms of this Agreement.

"<u>Term Lender</u>" means any Initial Term Lender, any 2019 Replacement Term Lender, any 2019 Incremental Term Lender, any Additional 2019 Incremental Term Lender, any Term B-2 Lender, any Replacement Term B-3 Lender, any Incremental Term B-3 Lender, any Term B-4 Lender, any Term B-5 Lender, any Replacement Term B-6 Lender, any Incremental Term B-6 Lender<u>, any Replacement Term B-7 Lender, any Incremental Term B-7 Lender</u> and any other Additional Term Lender.

"<u>Term Loan</u>" means the Initial Term Loans and, from and after the First Amendment Effective Date, the 2019 Replacement Term Loans and the 2019 Incremental Term Loans, and, from and after the Second Amendment Effective Date, the Term B-2 Loans, and, from and after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans, and, from and after the Fifth Amendment Effective Date, the Replacement Term B-3 Loans and the Incremental Term B-3 Loans, and, from and after the Sixth Amendment Effective Date, the Term B-4 Loans, and, from and after the Tenth Amendment Effective Date, the Term B-5 Loans, and, from and after the Eleventh Amendment Effective Date, the Replacement Term B-6 Loans and the Incremental Term B-6 Loans, and<u>, from any after the Twelfth Amendment Effective Date, the Replacement Term B-7 Loans and the Incremental Term B-7 Loans and</u> any other Additional Term Loans.

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"<u>Term SOFR Adjustment</u>" means, solely with respect to the 2019 New Term Loans and the Term B-3 Loans, (a) in the case of an Interest Period that is one month in duration, a percentage equal to 0.11448% (11.448 basis points) per annum, (b) in the case of an Interest Period that is three months in duration, a percentage equal to 0.26161% (26.161 basis points) per annum and (c) in the case of an Interest Period that is six months in duration, a percentage equal to 0.42826% (42.826 basis points) per annum.

"<u>Term SOFR Determination Day</u>" has the meaning assigned to it under the definition of

"Term SOFR Reference Rate".

"<u>Term SOFR Rate</u>" means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; <u>provided</u> that, in no event shall the Term SOFR Rate for the Term B-4 Loans, Term B-5<u>-6</u> Loans or Term B-6<u>-7</u> Loans be less than the Floor.

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "<u>Term SOFR Determination Day</u>"), with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.

"<u>Termination Date</u>" has the meaning assigned to such term in the lead-in to <u>Article 5</u>.

"<u>Test Period</u>" means, as of any date, the period of four consecutive Fiscal Quarters then most recently ended for which financial statements under <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, have been delivered (or are required to have been delivered).

"<u>Third Amendment</u>" means that certain Third Amendment to Term Loan Credit Agreement, dated as of June 11, 2020, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.

"<u>Third Amendment Arranger</u>" has the meaning assigned to such term in the Third Amendment.

"<u>Third Amendment Effective Date</u>" means June 11, 2020.

"<u>Threshold Amount</u>" means, at any date, the greater of (i) $50,000,000 and (ii) 0.35% of Consolidated Total Assets as of the last day of the most recently ended Test Period.

"<u>Total Debt to Total Assets Ratio</u>" means, at any date, the percentage obtained by dividing (i) Consolidated Total Debt as of the last day of the most recently ended Test Period by (ii) Consolidated Total Assets as of the last day of the most recently ended Test Period.

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"<u>Trademark</u>" means the following: (a) all trademarks (including service marks), common law marks, trade names, trade dress, domain names and logos, slogans and other indicia of origin under the Requirements of Law of any jurisdiction in the world, and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements, dilutions or violations thereof; (d) all rights to sue for past, present, and future infringements, dilutions or violations of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all domestic rights corresponding to any of the foregoing.

"<u>Transaction Costs</u>" means fees, premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable or otherwise borne by the Borrower and/or its Subsidiaries in connection with the Transactions and the transactions contemplated thereby.

"<u>Transactions</u>" means, collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the Borrowing of Loans hereunder on the Closing Date and (b) the payment of the Transaction Costs.

"<u>Treasury Capital Stock</u>" has the meaning assigned to such term in <u>Section 6.04(a)(viii)</u>.

"<u>Treasury Regulations</u>" means the U.S. federal income tax regulations promulgated under the Code.

"<u>Trust Account</u>" means any accounts used solely to hold Trust Funds.

"<u>Trust Funds</u>" means, to the extent segregated from other assets of the Loan Parties in a segregated account that contains amounts comprised solely and exclusively of such Trust Funds, cash, cash equivalents or other assets comprised solely of (a) funds used for payroll and payroll taxes and other employee benefit payments to or for the benefit of such Loan Party's employees, (b) all taxes required to be collected, remitted or withheld (including, without limitation, federal and state withholding taxes) and (c) any other funds which the Loan Parties hold in trust or as an escrow or fiduciary for another person, which is not a Loan Party or a Restricted Subsidiary.

<u>"Twelfth Amendment" means that certain Twelfth Amendment to Term Loan Credit Agreement, dated as of August 6, 2025, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.</u>

<u>"Twelfth Amendment Arranger" has the meaning assigned to such term in the Twelfth Amendment.</u>

<u>"Twelfth Amendment Effective Date" means August 6, 2025.</u>

"<u>Type</u>," when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR Rate, Daily Simple SOFR or the Alternate Base Rate.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the creation or perfection of security interests.

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"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unrestricted Subsidiary</u>" means any Subsidiary of the Borrower that is listed on <u>Schedule 5.10</u> hereto or designated by the Borrower as an Unrestricted Subsidiary after the Closing Date pursuant to <u>Section 5.10</u>.

"<u>U.S.</u>" means the United States of America.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Lender</u>" means any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"<u>U.S. Special Resolution Regimes</u>" has the meaning assigned to it in <u>Section 9.23</u>.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning assigned to such term in <u>Section 2.17(f)</u>.

"<u>USA PATRIOT Act</u>" means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

"<u>Weighted Average Life to Maturity</u>" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness; <u>provided</u> that the effects of any Prepayments made on such Indebtedness shall be disregarded in making such calculation.

"<u>Wholly-Owned Subsidiary</u>" of any Person means a direct or indirect subsidiary of such Person, 100% of the Capital Stock or other ownership interests of which (other than directors' qualifying shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"<u>Withdrawal Liability</u>" means the liability to any Multiemployer Plan as the result of a "complete" or "partial" withdrawal by the Borrower or any Restricted Subsidiary or any ERISA Affiliate from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title

IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp; <u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (*e.g.*, an "Initial Term Loan") or by Type (*e.g.*, a "Term Benchmark Loan" or an "ABR Loan") or by Class and Type (*e.g.*, a "Term Benchmark Term B-4 Loan"). Borrowings

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also may be classified and referred to by Class (*e.g.*, a "Term Loan Borrowing") or by Type (*e.g.*, a "Term Benchmark Borrowing") or by Class and Type (*e.g.*, a "Term Benchmark Term Loan Borrowing").

Section 1.03. &nbsp;&nbsp;&nbsp;&nbsp;<u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein or in any Loan Document (including any Loan Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified or extended, replaced or refinanced (subject to any restrictions or qualifications on such amendments, restatements, amendment and restatements, supplements or modifications or extensions, replacements or refinancings set forth herein), (b) any reference to any Requirement of Law in any Loan Document shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law, (c) any reference herein or in any Loan Document to any Person shall be construed to include such Person's successors and permitted assigns, (d) the words "herein," "hereof" and "hereunder," and words of similar import, when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision hereof, (e) all references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits and Schedules shall be construed to refer to Articles, Sections, clauses and paragraphs of, and Exhibits and Schedules to, such Loan Document, (f) in the computation of periods of time in any Loan Document from a specified date to a later specified date, the word "from" means "from and including," the words "to" and "until" mean "to but excluding" and the word "through" means "to and including" and (g) the words "asset" and "property," when used in any Loan Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including Cash, securities, accounts and contract rights.

Section 1.04.&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounting Terms; GAAP.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;All financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and, except as otherwise expressly provided herein, all terms of an accounting nature that are used in calculating the Total Debt to Total Assets Ratio, the Senior Debt to Totals Assets Ratio or Consolidated Total Assets shall be construed and interpreted in accordance with GAAP, as in effect from time to time; <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date of delivery of the financial statements described in <u>Section 3.04(a)</u> in GAAP or in the application thereof (including the conversion to IFRS as described below) on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes effective until such notice shall have been withdrawn or such provision shall have been amended in accordance herewith; <u>provided</u>, <u>further</u>, that if such an amendment is requested by the Borrower or the Required Lenders, then the Borrower and the Administrative Agent shall negotiate in good faith to enter into an amendment of the relevant affected provisions (without the payment of any amendment or similar fee to the Lenders) to preserve the original intent thereof in light of such change in GAAP or the application thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (A) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at "fair value," as defined therein and (B) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; if the Borrower notifies the Administrative Agent that the Borrower is required to report under IFRS or has elected to do so through an early adoption policy, "GAAP" shall mean international financial reporting standards pursuant to IFRS and after such conversion, the Borrower cannot elect to report under GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp; (c) Notwithstanding anything to the contrary contained in <u>paragraph (a)</u> above or in the definition of "Finance Lease," regardless of GAAP as in effect at any applicable time, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute Finance Leases in conformity with GAAP as in effect on January 1, 2018 shall be considered Finance Leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

Section 1.05. <u>[Reserved].</u>

Section 1.06. &nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Payment of Performance.</u> When payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or required on a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

Section 1.07. &nbsp;&nbsp;&nbsp;&nbsp;<u>Times of Day</u>. Unless otherwise specified herein, all references herein to times of day shall be references to New York City time (daylight or standard, as applicable).

Section 1.08. &nbsp;&nbsp;&nbsp;&nbsp;<u>Currency Equivalents Generally</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to amounts denominated in currencies other than Dollars:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; For purposes of any determination under <u>Article 1</u>, <u>Article 5</u>, <u>Article 6</u> (other than <u>Section 6.13(a)</u> and the calculation of compliance with any financial ratio for purposes of taking any action hereunder) or <u>Article 7</u> with respect to the amount of any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition, Affiliate transaction or other transaction, event or circumstance, or any determination under any other provision of this Agreement (any of the foregoing, a "<u>specified transaction</u>"), in a currency other than Dollars, the Dollar Equivalent amount of a specified transaction in a currency other than Dollars shall be determined by the Borrower in good faith; <u>provided</u>, that (A) if any Indebtedness is incurred (and, if applicable, associated Lien granted) to refinance or replace

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other Indebtedness denominated in a currency other than Dollars, and the relevant refinancing or replacement would cause the applicable Dollar-denominated restriction to be exceeded if the Dollar Equivalent thereof were determined on the date of such refinancing or replacement, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement Indebtedness (and, if applicable, associated Lien granted) does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount equal to (x) unpaid accrued interest, penalties and premiums (including tender premiums) thereon <u>plus</u> reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing or replacement and the Indebtedness being refinanced or replaced, (y) any existing commitments unutilized thereunder and (z) additional amounts permitted to be incurred under <u>Section 6.01</u>, and (B) for the avoidance of doubt, no Default or Event of Default shall occur or be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any specified transaction so long as such specified transaction was permitted at the time incurred, made, acquired, committed, entered or declared as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;For purposes of <u>Section 6.13(a)</u> and the calculation of compliance with any financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts denominated in currencies other than Dollars shall be translated into Dollars at the applicable rate of currency exchange used in preparing the financial statements delivered pursuant to <u>Sections 5.01(a)</u> or <u>(b)</u> (or, prior to the first such delivery, the financial statements referred to in <u>Section 3.04</u>), as applicable, for the relevant Test Period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness. Notwithstanding the foregoing or anything to the contrary herein, to the extent that the Borrower would not be in compliance with <u>Section 6.13(a)</u> if any Indebtedness denominated in a currency other than Dollars were to be translated into Dollars on the basis of the applicable rate of currency exchange used in preparing the financial statements for the relevant Test Period, but would be in compliance with <u>Section 6.13(a)</u> if such Indebtedness that is denominated in a currency other than in Dollars were instead translated into Dollars on the basis of the average relevant rate of currency exchange over such Test Period (taking into account the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness), then, solely for purposes of compliance with <u>Section 6.13(a)</u>, the Total Debt to Total Assets Ratio as of the last day of such Test Period shall be calculated on the basis of such average relevant rate of currency exchange.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Each provision of this Agreement shall be subject to such reasonable changes of construction as agreed by the Administrative Agent and the Borrower to appropriately reflect a change in currency of any country and any relevant market convention or practice relating to such change in currency.

Section 1.09.&nbsp;&nbsp;&nbsp;&nbsp; <u>Cashless Rollovers</u>. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Term Loans, Replacement Term Loans, Extended Term Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a "cashless roll" by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made "in Dollars," "in immediately available funds," "in Cash" or any other similar requirement.

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Section 1.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Calculations and Tests.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, but subject to this <u>Section 1.10</u>, all financial ratios and tests (including the Total Debt to Total Assets Ratio, the Senior Debt to Total Assets Ratio and the amount of Consolidated Total Assets and the component definitions of any of the foregoing) contained in this Agreement shall be calculated with respect to any applicable Test Period to give effect to all Subject Transactions on a Pro Forma Basis that occurred on or after the first day of such Test Period and on or prior to the date of any required calculation of any financial ratio or test (which may be after the end of such Test Period); <u>provided</u>, that solely for purposes of calculating quarterly compliance with <u>Section 6.13(a)</u>, no Subject Transaction occurring after the last day of the Test Period shall be taken into account or given pro forma effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;With respect to any Limited Condition Transaction, notwithstanding anything to the contrary in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;To the extent that the terms of this Agreement require (A) the making or accuracy of any representations and warranties (other than in connection with any acquisition or similar Investment, the Specified Representations as related thereto), (B) compliance with any Financial Incurrence Test (including, without limitation, <u>Section 6.13(a)</u> hereof, any Total Debt to Total Assets Ratio test or any Senior Debt to Totals Assets Ratio test), and/or any Basket expressed as a percentage of Consolidated Total Assets, (C) the absence of a Default or Event of Default (or any type of Default or Event of Default), (D) compliance with, or determination of availability under, any Basket (including any categories (or subcategories) or items (or sub-items) under <u>Section 2.22</u>, <u>6.01</u>, <u>6.02</u>, <u>6.04</u>, <u>6.06</u>, <u>6.07</u> or <u>6.09</u> or any applicable defined terms used in any of the foregoing, including any measured as a percentage of Consolidated Total Assets) or (E) compliance with, or satisfaction of, any other condition or requirement, in each case, in connection with any Limited Condition Transactions (or any actions and transactions in connection with any Limited Condition Transaction (including the incurrence of any Indebtedness (and related Liens) pursuant to <u>Sections 2.22</u> and <u>6.01</u>)) and any actions or transactions related thereto, determination of whether the relevant conditions or requirement described in <u>subclauses (A)</u> through <u>(E)</u> above (the "<u>LCT Requirements</u>") are satisfied or complied with may be made, at the election of the Borrower (an "<u>LCT Election</u>"), on the date (the "<u>LCT Test Date</u>") the definitive agreements for such Limited Condition Transaction is entered into (or, if applicable, the date of delivery of irrevocable notice (which may be conditional or subject to deferral) with respect to Indebtedness or declaration of a Restricted Payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;If, after giving effect to the Limited Condition Transaction (any related actions and transactions, including the incurrence of any Indebtedness (and related Liens) pursuant to <u>Sections 2.22</u> and <u>6.01</u> and the use of proceeds thereof and related Subject Transactions) and any related pro forma adjustments on a Pro Forma Basis, the Borrower or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such Limited Condition Transaction (and all related actions and transactions) on the relevant LCT Test Date in compliance with any applicable LCT Requirements, all applicable LCT Requirements shall be deemed to have been complied with (or satisfied) for all purposes and the Borrower and its Restricted Subsidiaries may consummate such Limited Condition Transaction and take or consummate all related actions and transactions at any time subsequent to the LCT Test Date regardless of whether any LCT Requirement determined or tested as of the LCT Test Date would at any time subsequent to such LCT Test Date fail to be complied with or satisfied for any reason whatsoever

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(including due to the occurrence or existence of any event, fact or circumstance), and no Default or Event of Default shall be deemed to have occurred as a result of the consummation of such Limited Condition Transaction and taking or consummation of all related actions and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; If internal financial statements of the Borrower of the type described in <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, are available (as determined in good faith by the Borrower) or such financial statements have been delivered pursuant to <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, (a) the Borrower may elect, in its sole discretion, to re-determine compliance with, or satisfaction of, all applicable LCT Requirements on the basis of such financial statements, in which case, such date of re-determination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets, and (b) except as contemplated in the foregoing <u>clause (a)</u>, compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; In calculating the availability under any ratio, test, basket, cap or threshold in connection with any action or transaction unrelated to such Limited Condition Transaction (including any other Limited Condition Transaction and related actions and transactions) following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement, the notice redemption, purchase or repayment or the declaration for such Limited Condition Transaction is terminated, expires, passes or is revoked, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test, basket, cap or threshold shall be determined or tested giving pro forma effect to such Limited Condition Transaction (and related actions and transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio or test (including, without limitation, <u>Section 6.13(a)</u> hereof, any Total Debt to Total Assets Ratio test, any Senior Debt to Total Assets Ratio test and/or the amount of Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to <u>clause (b)</u> above), such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall occur or be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement or any Loan Document to the contrary, in calculating any Non-Fixed Basket any (x) Indebtedness incurred to fund original issue discount and/or upfront fees with respect to Indebtedness incurred under an applicable Non-Fixed Basket or in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket and (y) any amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Basket (including the Free and Clear Incremental Amount) in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket, in each case of the foregoing clauses (x) and (y), shall be disregarded in the calculation of such Non-Fixed Basket. For all purposes hereunder, (i) "<u>Fixed Basket</u>" shall mean any Basket that is subject to a fixed-dollar limit (including Baskets based on a percentage of Consolidated Total Assets), (ii) "<u>Non-Fixed Basket</u>" shall mean any Basket that is subject to compliance with a financial ratio or test (including, without limitation, the Financial Covenant, the Senior Debt to Total Assets Ratio and the Total Debt to Total Assets Ratio) (any such ratio or test, a "<u>Financial Incurrence Test</u>") and (iii) "<u>Basket</u>" means any amount, threshold, exception or value (including by reference to the Senior Debt to Total Assets Ratio, the Total Debt to Total Assets Ratio or Consolidated Total Assets) permitted or prescribed with respect to any Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction or any transaction, action, judgment or amount under any provision in this Agreement or any other Loan Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. The increase in amounts secured by Liens by virtue of accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an incurrence of Liens for purposes of <u>Section 6.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; For purposes of determining at any time compliance with, or availability under, <u>Section 2.22</u>, <u>6.01</u>, <u>6.02</u>, <u>6.04</u>, <u>6.06</u>, <u>6.07</u> or <u>6.09</u> (including any applicable defined terms used therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; In the event that any Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition, Affiliate transaction or and any related transactions, as applicable, meets the criteria of more than one of the Baskets (including, without limitation, sub-clauses, sub-categories or sub-items) permitted pursuant to any clause of such <u>Sections 2.22</u>, <u>6.01</u> (other than <u>Sections 6.01(a)</u> with respect to the Initial Term Loans incurred on the Closing Date), <u>6.02</u> (other than <u>Section 6.02(a)</u> to the extent securing Initial Term Loans incurred on the Closing Date), <u>6.04</u>, <u>6.06</u>, <u>6.07</u> or <u>6.09</u> or in any defined term used in any of the foregoing, in each case, the Borrower, in its sole discretion, may, at any time and from time to time, divide, classify or reclassify such transaction or item (or portion thereof) under one or more Baskets of each such Section (and/or applicable defined terms) and will only be required to include the amount and type of such transaction (or portion thereof) in any one applicable Basket thereof; <u>provided</u> that, upon delivery of any financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> following the initial incurrence of any portion of any Indebtedness (such portion of Indebtedness, the "<u>Subject Indebtedness</u>") incurred under <u>Section 6.01</u> (other than <u>Section 6.01(a)</u> with respect to the Initial Term Loans incurred on the Closing Date) or, with respect to any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt, incurred under the Non-Ratio Based Incremental Amount, if any such Subject Indebtedness could have been incurred under the Ratio Based Incremental Amount under the Incremental Cap, such Subject Indebtedness shall, unless otherwise elected by the Borrower, automatically be reclassified as incurred under the Ratio Based Incremental Amount (as provided in <u>clause (iii)</u> of the proviso in the definition of "Incremental Cap").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; It is understood and agreed that (A) any Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction and any related transactions need not be permitted solely by reference to one category (or subcategory) or item (or sub-item) under <u>Sections 2.22</u>, <u>6.01</u>, <u>6.02</u>, <u>6.04</u>, <u>6.05</u>, <u>6.06</u>, <u>6.07</u> or <u>6.09</u>, respectively, or in any applicable defined terms used in any of the foregoing, but may instead be permitted in part under any combination thereof within the applicable Section and/or applicable defined terms and of any other available Basket and (B) the Borrower (x) shall in its sole discretion determine under which Baskets (including sub-categories and sub-items) such Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction and any related transactions (or, in each case, any portion thereof), as applicable, is permitted and (y) shall be permitted from time to time, in its

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sole discretion, to make any redetermination and/or to divide, re-divide, classify or reclassify under which Baskets (including sub-categories and sub-items) such Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction and any related transaction is permitted, including reclassifying any utilization of Fixed Baskets as incurred under any available Non-Fixed Baskets, in each case, within the applicable Section and/or applicable defined terms. For the avoidance of doubt, if the applicable date for meeting any requirement hereunder or under any other Loan Document falls on a day that is not a Business Day, compliance with such requirement shall not be required until noon on the first Business Day following such applicable date and if any such test would be satisfied in any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time. For the avoidance of doubt, the amount of any Lien, Indebtedness, Disqualified Stock, Disposition, Investment, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Affiliate transaction or other transaction, action, judgment or amount that shall be allocated to each such Basket shall be determined by the Borrower at the time of such division, classification, re-division or re-classification, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;With respect to Designated Revolving Commitments (to the extent loans funded under such Designated Revolving Commitments would constitute Indebtedness) (including Designated Revolving Commitments established as Incremental Equivalent Debt) (i) except for purposes of determining the Net Proceeds Percentage and determining actual compliance with <u>Section 6.13(a)</u>, such Designated Revolving Commitments will be deemed an incurrence of Indebtedness on the date of the establishment thereof and will be deemed outstanding for purposes of calculating the Senior Debt to Total Assets Ratio, the Total Debt to Total Assets Ratio and the availability of any baskets hereunder and (ii) commencing on the date such Designated Revolving Commitments are established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder (but without netting any cash proceeds thereof), and so long as such incurrence is permitted hereunder on such date of establishment, such committed amount under such Designated Revolving Commitments may thereafter be borrowed (and reborrowed, if applicable), in whole or in part, from time to time, without further compliance with any basket or financial ratio or test under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; Interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Financial Officer of the Borrower to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP.

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Section 1.11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rates; Benchmark Notification.</u> The interest rate on a Term Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, <u>Section 2.14(e)</u> provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to the administration, submission, performance or any other matter related to any interest rate used in this Agreement with respect to the Term Loans, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement with respect to the Term Loans or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement with respect to the Term Loans, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

<br>ARTICLE 2<br>

THE CREDITS

Section 2.01. <u>Commitments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth herein, each Initial Term Lender severally, and not jointly, agrees to make an Initial Term Loan to the Borrower on the Closing Date in Dollars in a principal amount not to exceed its Initial Term Loan Commitment. Amounts paid or prepaid in respect of the Initial Term Loans may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms and conditions of this Agreement and any applicable Refinancing Amendment or Incremental Facility Amendment, each Lender with an Additional Commitment of a given Class, severally and not jointly, agrees to make Additional Term Loans of such Class to the Borrower, which Loans shall not exceed for any such Lender at the time of any incurrence thereof the Additional Commitment of such Class of such Lender as set forth in the applicable Refinancing Amendment or Incremental Facility Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the First Amendment, each 2019 Replacement Term Lender severally, and not jointly, agrees to make a 2019 Replacement Term Loan to the Borrower on the First Amendment Effective Date in Dollars in a principal amount not to exceed its 2019 Replacement Term Loan Commitment. Subject to and upon the terms and conditions set forth in the First Amendment, each 2019 Incremental Term Lender severally, and not jointly, agrees to make a 2019 Incremental Term Loan to the Borrower on the First Amendment Effective Date in Dollars in a principal amount not to exceed its 2019 Incremental Term Loan Commitment. Amounts paid or prepaid in respect of

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the 2019 Incremental Term Loans and 2019 Replacement Term Loans may not be reborrowed. For the avoidance of doubt, the 2019 Replacement Term Loans and 2019 Incremental Term Loans shall constitute, and shall be treated as, a single Class of "2019 New Term Loans" and "Term Loans" under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Subject to and upon the terms and conditions set forth in the Second Amendment, each Initial Term B-2 Lender severally, and not jointly, agrees to make an Initial Term B-2 Loan to the Borrower on the Second Amendment Effective Date in Dollars in a principal amount not to exceed its Initial Term B-2 Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Third Amendment, each Additional Term B-2 Lender severally, and not jointly, agrees to make an Additional Term B-2 Loan to the Borrower on the Third Amendment Effective Date in Dollars in a principal amount not to exceed its Additional Term B-2 Loan Commitment. Each Additional Term B-2 Loan shall initially take the form of a pro rata increase in each outstanding Borrowing of Initial Term B-2 Loans on the Third Amendment Effective Date.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;Amounts paid or prepaid in respect of the Term B-2 Loans may not be reborrowed. For the avoidance of doubt, (x) the Term B-2 Loans shall constitute, and shall be treated as, a separate Class of "Term Loans" from the "2019 New Term Loans" under the Loan Documents and (y) the Initial Term B-2 Loans and the Additional Term B-2 Loans shall constitute, and shall be treated as, forming parts of the same Class of "Term Loans" under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Fourth Amendment, each Additional 2019 Incremental Term Lender severally, and not jointly, agrees to make an Additional 2019 New Term Loan to the Borrower on the Fourth Amendment Effective Date in Dollars in a principal amount not to exceed its Additional 2019 Incremental Term Loan Commitment. Each Additional 2019 New Term Loan shall initially take the form of a pro rata increase in each outstanding Borrowing of 2019 New Term Loans on the Fourth Amendment Effective Date. Amounts paid or prepaid in respect of the Additional 2019 New Term Loans may not be reborrowed. For the avoidance of doubt, the Additional 2019 New Term Loans shall constitute 2019 New Term Loans under the Loan Documents, and shall be treated as forming a single Class of Term Loans with the 2019 New Term Loans outstanding on the Fourth Amendment Effective Date immediately prior to giving effect to the Fourth Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Fifth Amendment, each Replacement Term B-3 Lender severally, and not jointly, agrees to make a Replacement Term B-3 Loan to the Borrower on the Fifth Amendment Effective Date in Dollars in a principal amount not to exceed its Replacement Term B-3 Loan Commitment. Subject to and upon the terms and conditions set forth in the Fifth Amendment, each Incremental Term B-3 Lender severally, and not jointly, agrees to make an Incremental Term B-3 Loan to the Borrower on the Fifth Amendment Effective Date in Dollars in a principal amount not to exceed its Incremental Term B-3 Loan Commitment. Amounts paid or prepaid in respect of the Incremental Term B-3 Loans and Replacement Term B-3 Loans may not be reborrowed. For the avoidance of doubt, the Replacement Term B-3 Loans and the Incremental Term B-3 Loans shall constitute, and shall be treated as, a single Class of "Term B-3 Loans" and "Term Loans" under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Subject to and upon the terms and conditions set forth in the Sixth Amendment, each Term B-4 Lender severally, and not jointly, agrees to make an Initial Term B-4 Loan to the Borrower on the Sixth Amendment Effective Date in Dollars in a principal amount not to exceed its Initial Term B-4 Loan Commitment. Amounts paid or prepaid in respect of the Term B-4 Loans may not be reborrowed. For the avoidance of doubt, the Term B-4 Loans shall constitute, and shall be treated as, a separate Class of "Term

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Loans" from the "2019 New Term Loans", the "Term B-3 Loans" , the "Term B-5 Loans" and<u>,</u> the "Term B-6 Loans" <u>and the "Term B-7 Loans"</u> under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Seventh Amendment, each Incremental Term B-4 Lender severally, and not jointly, agrees to make an Incremental Term B-4 Loan to the Borrower on the Seventh Amendment Effective Date in Dollars in a principal amount not to exceed its Incremental Term B-4 Loan Commitment. Each Incremental Term B-4 Loan shall initially take the form of a pro rata increase in each outstanding Borrowing of Initial Term B-4 Loans on the Seventh Amendment Effective Date. For the avoidance of doubt, the Incremental Term B-4 Loans shall constitute Term B-4 Loans under the Loan Documents, and shall be treated as forming a single Class of Term Loans with the Initial Term B-4 Loans outstanding on the Seventh Amendment Effective Date immediately prior to giving effect to the Seventh Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Tenth Amendment, each Term B-5 Lender severally, and not jointly, agrees to make a Term B-5 Loan to the Borrower on the Tenth Amendment Effective Date in Dollars in a principal amount not to exceed its Term B-5 Loan Commitment. Amounts paid or prepaid in respect of the Term B-5 Loans may not be reborrowed. For the avoidance of doubt, the Term B-5 Loans shall constitute, and shall be treated as, a separate Class of "Term Loans" from the "2019 New Term Loans", the "Term B-3 Loans" , the "Term B-4 Loans" and<u>,</u> the "Term B-6 Loans" <u>and the "Term B-7 Loans"</u> under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) &nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in the Eleventh Amendment, each Replacement Term B-6 Lender severally, and not jointly, agrees to make a Replacement Term B-6 Loan to the Borrower on the Eleventh Amendment Effective Date in Dollars in a principal amount not to exceed its Replacement Term B-6 Loan Commitment. Subject to and upon the terms and conditions set forth in the Eleventh Amendment, each Incremental Term B-6 Lender severally, and not jointly, agrees to make a Incremental Term B-6 Loan to the Borrower on the Eleventh Amendment Effective Date in Dollars in a principal amount not to exceed its Incremental Term B-6 Loan Commitment<u>.</u> Amounts paid or prepaid in respect of the Replacement Term B-6 Loans and Incremental Term B-6 Loans may not be reborrowed. For the avoidance of doubt, the Replacement Term B-6 Loans and Incremental Term B-6 Loans shall constitute, and shall be treated as, a single class of "Term B-6 Loans" and "Term Loans" under the Loan Documents, and as a separate Class of "Term Loans" from the "2019 New Term Loans", the "Term B-3 Loans" , the "Term B-4 Loans" and<u>,</u> the "Term B-5 Loans" <u>and the "Term B-7 Loans"</u> under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(m)&nbsp;&nbsp;&nbsp;&nbsp; Subject to and upon the terms and conditions set forth in the Twelfth Amendment, each Replacement Term B-7 Lender severally, and not jointly, agrees to make a Replacement Term B-7 Loan to the Borrower on the Twelfth Amendment Effective Date in Dollars in a principal amount not to exceed its Replacement Term B-7 Loan Commitment. Subject to and upon the terms and conditions set forth in the Twelfth Amendment, each Incremental Term B-7 Lender severally, and not jointly, agrees to make an Incremental Term B-7 Loan to the Borrower on the Twelfth Amendment Effective Date in Dollars in a principal amount not to exceed its Incremental Term B-7 Loan Commitment. Amounts paid or prepaid in respect of the Replacement Term B-7 Loans and Incremental Term B-7 Loans may not be reborrowed. For the avoidance of doubt, the Replacement Term B-7 Loans and Incremental Term B-7 Loans shall constitute, and shall be treated as, a single Class of "Term B-7 Loans" and "Term Loans" under the Loan Documents, and as a separate Class of "Term Loans" from the "2019 New Term Loans", the "Term B-3 Loans" , the "Term B-4 Loans", the "Term B-5 Loans" and the "Term B-6 Loans" under the Loan Documents.</u>

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Section 2.02. <u>Loans And Borrowings.</u><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 2.14</u>, each Borrowing of 2019 New Term Loans, Term B-3 Loans, and Term B-4 Loans shall be comprised entirely of ABR Loans or Term Benchmark Loans, in each case, as the Borrower may request in accordance herewith. Each Lender at its option may make any Term Benchmark Loan or RFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement, (ii) such Loan shall be deemed to have been made and held by such Lender, and the obligation of the Borrower to repay such Loan shall nevertheless be to such Lender for the account of such domestic or foreign branch or Affiliate of such Lender and (iii) in exercising such option, such Lender shall use reasonable efforts to minimize increased costs to the Borrower resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of <u>Section 2.15</u> shall apply); <u>provided</u>, <u>further</u>, that no such domestic or foreign branch or Affiliate of such Lender shall be entitled to any greater indemnification under <u>Section 2.17</u> in respect of any U.S. federal withholding tax with respect to such Loan than that to which the applicable Lender was entitled on the date on which such Loan was made (except in connection with any indemnification entitlement arising as a result of any Change in Law after the date on which such Loan was made).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;At the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall comprise an aggregate principal amount that is an integral multiple of $50,000 and not less than $250,000. Each ABR Borrowing or RFR Borrowing when made shall be in a minimum principal amount of $50,000 and in an integral multiple of $50,000. Borrowings of more than one Type and Class may be outstanding at the same time; <u>provided</u> that there shall not at any time be more than a total of twelve Term Benchmark Borrowings or RFR Borrowings at any time outstanding (in each case, or such greater number as the Administrative Agent may agree from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, the Borrower shall not, nor shall it be entitled to, request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to the relevant Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, and except as otherwise set forth in <u>Section 2.14</u>, there shall be no RFR Loans or RFR Borrowings prior to there being a Benchmark Transition Event that results in Daily Simple SOFR or Adjusted Daily Simple SOFR, as applicable, being the Benchmark Replacement in accordance with <u>Sections 2.14(e)</u> for Borrowings of 2019 New Term Loans, Term B-3 Loans, or Term B-4 Loans, as applicable.

Section 2.03.&nbsp;&nbsp;&nbsp;&nbsp; <u>Requests for Borrowings.</u> Each Term Loan Borrowing, each conversion of Term Loans from one Type to another, and each continuation of Term Benchmark Loans shall be made upon irrevocable notice by the Borrower to the Administrative Agent (<u>provided</u> that notices in respect of Term Loan Borrowings to be made in connection with any acquisition, investment or irrevocable repayment or redemption of Indebtedness may be conditioned on the closing of such Permitted Acquisition, permitted Investment or permitted irrevocable repayment or redemption of Indebtedness). Each such notice must be in the form of a written Borrowing Request, appropriately completed and signed by a Responsible Officer of the Borrower and must be received by the Administrative Agent (by hand delivery, fax or other

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electronic transmission (including ".pdf" or ".tif")) not later than (i) 1:00 p.m. three Business Days prior to the requested day of any Borrowing, conversion or continuation of Term Benchmark Loans, (ii) 1:00 p.m. on the requested date of any Borrowing of ABR Loans and (iii) 11:00 a.m. five Business Days prior to the requested day of any Borrowing of RFR Loans (or, in each case, such later time as is reasonably acceptable to the Administrative Agent).

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall advise each Lender of the details and amount of any Loan to be made as part of the relevant requested Borrowing (x) in the case of any ABR Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this <u>Section</u> or (y) in the case of any Term Benchmark Borrowing or RFR Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance with this <u>Section</u>.

Section 2.04. <u>[Reserved].</u>

Section 2.05. <u>[Reserved].</u>

Section 2.06. <u>[Reserved].</u>

Section 2.07. <u>Funding of Borrowings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall make each Loan to be made by it hereunder not later than (i) 1:00 p.m., in the case of Term Benchmark Loans and RFR Loans, and (ii) 2:00 p.m., in the case of ABR Loans (or, in the case of ABR Loans requested after 11:00 a.m. but before 1:00 p.m. on the date of the applicable Borrowing, 4:00 p.m.), in each case on the Business Day specified in the applicable Borrowing Request by wire transfer of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender's respective Applicable Percentage. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to the account designated in the relevant Borrowing Request or as otherwise directed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Unless the Administrative Agent has received notice from any Lender that such Lender will not make available to the Administrative Agent such Lender's share of any Borrowing prior to the proposed date of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>paragraph (a)</u> of this <u>Section</u> and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if any Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to Loans comprising such Borrowing at such time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing and the obligation of the Borrower to repay the Administrative Agent such corresponding amount pursuant to this <u>Section 2.07(b)</u> shall cease. If the Borrower pays such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such Borrowing by such amount. Nothing herein shall be deemed to relieve any Lender from its obligation

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to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower or any other Loan Party may have against any Lender as a result of any default by such Lender hereunder.

Section 2.08. Type; <u>Interest Elections.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Each Borrowing shall initially be of the Type specified in the applicable Borrowing Request and, in the case of any Term Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, subject to the first sentence of <u>Section 2.02(b)</u>, the Borrower may elect to convert any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this <u>Section</u>. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders based upon their Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;To make an election pursuant to this <u>Section</u>, the Borrower shall deliver an Interest Election Request, appropriately completed and signed by a Responsible Officer of the Borrower, of the applicable election to the Administrative Agent; <u>provided</u> that, in each case under this <u>Section 2.08(b)</u>, such Interest Election Request must be received by the Administrative Agent (by hand delivery, fax or other electronic transmission (including ".pdf" or ".tif")) not later than (i) 1:00 p.m. three Business Days prior to the requested day of any Borrowing, conversion or continuation of Term Benchmark Loans, (ii) 1:00 p.m. on the requested date of any Borrowing of ABR Loans and (iii) 11:00 a.m. five Business Days prior to the requested day of any Borrowing of RFR Loans (or, in each case, such later time as is reasonably acceptable to the Administrative Agent).

If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be converted at the end of such Interest Period to an ABR Borrowing. Notwithstanding anything to the contrary herein, if an Event of Default exists and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such Event of Default exists (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid, each Term Benchmark Borrowing shall be converted to an ABR Borrowing at the end of the then-current Interest Period applicable thereto.

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Section 2.09. <u>Termination of Commitments.</u> Unless previously terminated, (i) the Initial Term Loan Commitments on the Closing Date shall automatically terminate upon the making of the Initial Term Loans on the Closing Date, (ii) the 2019 Replacement Term Loan Commitments on the First Amendment Effective Date shall automatically terminate upon the making of the 2019 Replacement Term Loans on the First Amendment Effective Date, (iii) the 2019 Incremental Term Loan Commitments on the First Amendment Effective Date shall automatically terminate upon the making of the 2019 Incremental Term Loans on the First Amendment Effective Date, (iv) the Initial Term B-2 Loan Commitments on the Second Amendment Effective Date shall automatically terminate upon the making of the Initial Term B-2 Loans on the Second Amendment Effective Date, (v) the Additional Term B-2 Loan Commitments on the Third Amendment Effective Date shall automatically terminate upon the making of the Additional Term B-2 Loans on the Third Amendment Effective Date, (vi) the Additional 2019 Incremental Term Loan Commitments on the Fourth Amendment Effective Date shall automatically terminate upon the making of the Additional 2019 New Term Loans on the Fourth Amendment Effective Date, (vii) the Replacement Term B-3 Loan Commitments on the Fifth Amendment Effective Date shall automatically terminate upon the making of the Replacement Term B-3 Loans on the Fifth Amendment Effective Date, (viii) the Incremental Term B-3 Loan Commitments on the Fifth Amendment Effective Date shall automatically terminate upon the making of the Incremental Term B-3 Loans on the Fifth Amendment Effective Date, (ix) the Initial Term B-4 Loan Commitments on the Sixth Amendment Effective Date shall automatically terminate upon the making of the Initial Term B-4 Loans on the Sixth Amendment Effective Date, (x) the Incremental Term B-4 Loan Commitments on the Seventh Amendment Effective Date shall automatically terminate upon the making of the Incremental Term B-4 Loans on the Seventh Amendment Effective Date, (xi) the Term B-5 Loan Commitments on the Tenth Amendment Effective Date shall automatically terminate upon the making of the Term B-5 Loans on the Tenth Amendment Effective Date, (xii) the Replacement Term B-6 Loan Commitments on the Eleventh Amendment Effective Date shall automatically terminate upon the making of the Replacement Term B-6 Loans on the Eleventh Amendment Effective Date, (xiii) the Incremental Term B-6 Loan Commitments on the Eleventh Amendment Effective Date shall automatically terminate upon the making of the Incremental Term B-6 Loans on the Eleventh Amendment Effective Date and<u>,</u> (xiv<u>) the Replacement Term B-7 Loan Commitments on the Twelfth Amendment Effective Date shall automatically terminate upon the making of the Replacement Term B-7 Loans on the Twelfth Amendment Effective Date, (xv) the Incremental Term B-7 Loan Commitments on the Twelfth Amendment Effective Date shall automatically terminate upon the making of the Incremental Term B-7 Loans on the Twelfth Amendment Effective Date and (xvi</u>) the Additional Term Loan Commitments of any Class shall automatically terminate upon the making of the Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional Term Loan Commitment is required to be drawn pursuant to the applicable Refinancing Amendment or Incremental Facility Amendment, the undrawn amount thereof shall automatically terminate.<br>

Section 2.10. <u>Repayment of Loans; Evidence of Debt.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Borrower hereby unconditionally promises to repay the outstanding principal amount of the 2019 New Term Loans (including, for the avoidance of doubt, from and after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans) to the Administrative Agent for the account of each Term Lender (x) commencing March 31, 2021, on the last Business Day of each March, June, September and December (each such date being referred to as a "<u>Loan Installment Date</u>") prior to the Initial Term Loan Maturity Date, in each case in an amount equal to 0.253164557% of the principal amount of the 2019 New Term Loans outstanding on the Fourth Amendment Effective Date immediately after giving effect to the funding of the Additional 2019 New Term Loans (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such 2019 New Term Loans

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pursuant to <u>Section 2.22(a)</u>), and (y) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the 2019 New Term Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby unconditionally promises to repay the outstanding principal amount of the Term B-3 Loans to the Administrative Agent for the account of each Term Lender (x) commencing June 30, 2021, on each Loan Installment Date prior to the Initial Term Loan Maturity Date, in each case in an amount equal to 0.25% of the original principal amount of the Term B-3 Loans (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such Term B-3 Loans pursuant to <u>Section 2.22(a)</u>), and (y) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Term B-3 Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby unconditionally promises to repay the outstanding principal amount of the Term B-4<u>-7</u> Loans (including, for the avoidance of doubt, from and after the Seventh Amendment Effective Date, the Incremental Term B-4 Loans) to the Administrative Agent for the account of each Term Lender (x) commencing December 31, 2022<u>2025</u>, on each Loan Installment Date prior to the Maturity Date of the Term B-4<u>-7</u> Loans, in each case in an amount equal to 0.25062656642<u>0.25</u>% of the principal amount of the Term B-4<u>-7</u> Loans outstanding on the Seventh<u>Twelfth</u> Amendment Effective Date immediately after giving effect to the funding of the Incremental Term B-4<u>-7</u> Loans (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such Term B-4<u>-7</u> Loans pursuant to <u>Section 2.22(a)</u>), and (y) on the Maturity Date of the Term B-4<u>-7</u> Loans, in an amount equal to the remainder of the principal amount of the Term B-4<u>-7</u> Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby unconditionally promises to repay the outstanding principal amount of the Term B-6 Loans to the Administrative Agent for the account of each Term Lender (x) commencing on September 30, 2025, on each Loan Installment Day prior to the Maturity Date of the Term B-6 Loans, in each case in an amount equal to 0.25% of the principal amount of the Term B-6 Loans outstanding on the Eleventh Amendment Effective Date immediately after giving effect to the funding of the Term B-6 Loans (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> and repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such Term B-6 Loans pursuant to <u>Section 2.22(a)</u>, and (y) on the Maturity Date of the Term B-6 Loans, in an amount equal to the remainder of the Term B-6 Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluded the date of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall repay the Additional Term Loans of any Class in such scheduled amortization installments and on such date or dates as shall be specified therefor in the applicable Refinancing Amendment, Incremental Facility Agreement or Extension Amendment (as such payments may be reduced from time to time as a result of the application of prepayments in accordance with <u>Section 2.11</u> or repurchases in accordance with <u>Section 9.05(g)</u> or increased as a result of any increase in the amount of such Additional Term Loans of such Class pursuant to <u>Section 2.22(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such

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Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall maintain the Register in accordance with <u>Section 9.05(b)(iv)</u>, and shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The entries made in the accounts maintained pursuant to <u>paragraphs (b)</u> or <u>(c)</u> of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such accounts or any manifest error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement; <u>provided</u>, <u>further</u>, that in the event of any inconsistency between the accounts maintained by the Administrative Agent pursuant to <u>paragraph (c)</u> of this Section and any Lender's records, the accounts of the Administrative Agent shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Any Lender may request that any Loan made by it be evidenced by a Promissory Note. In such event, the Borrower shall prepare, execute and deliver a Promissory Note to such Lender payable to such Lender and its registered assigns; it being understood and agreed that such Lender (and/or its applicable assign) shall be required to return such Promissory Note to the Borrower in accordance with <u>Section 9.05(b)(iii)</u> and upon the occurrence of the Termination Date (or as promptly thereafter as practicable). If any Lender loses the original copy of its Promissory Note, it shall execute an affidavit of loss containing an indemnification provision reasonably satisfactory to the Borrower.

Section 2.11. <u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Optional Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Upon prior notice in accordance with <u>paragraph (a)(ii)</u> of this <u>Section</u>, the Borrower shall have the right at any time and from time to time to prepay any Borrowing of Term Loans of one or more Classes (such Class or Classes to be selected by the Borrower in its sole discretion) in whole or in part without premium or penalty (but subject (A) in the case of Borrowings of Term B-4 Loans only, to <u>Section 2.12(c)</u> and (B) if applicable, to <u>Section 2.16</u>). Each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages of the relevant Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall notify the Administrative Agent in writing of any prepayment under this <u>Section 2.11(a)</u> (x) in the case of any prepayment of a Term Benchmark Borrowing, not later than 2:00 p.m. three Business Days before the date of prepayment, (y) in the case of any prepayment of an ABR Borrowing, not later than 1:00 p.m. on the day of prepayment or (z) in the case of any prepayment of an RFR Borrowing, not later than 11:00 a.m. five Business Days before the date of prepayment (or, in each case, such later time as to which the Administrative Agent may reasonably agree). Each such notice shall be irrevocable (except as set forth in the proviso to this sentence) and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof or each relevant Class to be prepaid; <u>provided</u> that any notice of prepayment delivered by the Borrower may be conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to any Borrowing, the Administrative Agent shall advise the

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applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount at least equal to the amount that would be permitted in the case of a Borrowing of the same Type and Class as provided in <u>Section 2.02(c)</u>, or such lesser amount that is then outstanding with respect to such Borrowing being repaid (and in increments of $100,000 in excess thereof or such lesser incremental amount that is then outstanding with respect to such Borrowing being repaid). Each prepayment of Term Loans shall be applied to the Class or Classes of Term Loans specified in the applicable prepayment notice and consistent with the requirements hereof, and each prepayment of Term Loans of such Class or Classes made pursuant to this <u>Section 2.11(a)</u> shall be applied against the remaining scheduled installments of principal due in respect of the Term Loans of such Class or Classes in the manner specified by the Borrower or, in the absence of any such specification on or prior to the date of the relevant optional prepayment, in direct order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No later than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment Asset Sale or Net Insurance/Condemnation Proceeds, in each case, in excess of $15,000,000 in any Fiscal Year, the Borrower shall apply an amount equal to 100% (such percentage, as it may be reduced as described below, the "<u>Net Proceeds Percentage</u>") of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess of such threshold (collectively, the "<u>Subject Proceeds</u>") to prepay the outstanding principal amount of Term Loans then subject to prepayment requirements (the "<u>Subject Loans</u>") in accordance with <u>clause (vi)</u> below; <u>provided</u> that (A) so long as the Borrower does not notify the Administrative Agent in writing prior to the date any such prepayment is required to be made that it does not intend to (I) reinvest (including to make capital expenditures) the Subject Proceeds in the business (other than Cash or Cash Equivalents) (including, without limitation, investments in CRE Finance Assets and Real Estate Investments) of the Borrower or any of its Restricted Subsidiaries, then, the Borrower shall not be required to make a mandatory prepayment under this <u>clause (ii)</u> in respect of the Subject Proceeds to the extent (x) the Subject Proceeds are so reinvested within 18 months following receipt thereof, or (y) the Borrower or any of its Restricted Subsidiaries has committed to so reinvest the Subject Proceeds during such 18 month period and the Subject Proceeds are so reinvested within 180 days after the expiration of such 18 month period (it being understood that if the Subject Proceeds have not been so reinvested prior to the expiration of the applicable period, the Borrower shall promptly prepay the Subject Loans with the amount of Subject Proceeds not so reinvested as set forth above in this clause (I)) (<u>provided</u> that, with respect to this clause (I), at the Borrower's election by written notice to the Administrative Agent, expenditures and investments occurring prior to receipt of the relevant Subject Proceeds (and not otherwise applied in respect of any other prepayment required by this <u>clause (ii)</u>), but after the definitive agreement governing the transaction from which such Subject Proceeds were generated was entered into, may be deemed to have been reinvested after receipt of such Subject Proceeds) or (II) apply the Subject Proceeds to prepay amounts outstanding under any (x) Asset Financing Facility secured directly or indirectly by CRE Finance Assets or any (y) CRE Financing, then, the Borrower shall not be required to make a mandatory prepayment under this <u>clause (ii)</u> in respect of the Subject Proceeds to the extent the Subject Proceeds are so applied within 18 months following receipt thereof (it being understood that if the Subject Proceeds have not been so applied prior to the expiration of the applicable period, the Borrower shall promptly prepay the Subject Loans with the amount of Subject Proceeds not so applied to repay such amounts as set forth above in this clause (II)) and (B) if, at the time that any such prepayment would be required hereunder, the Borrower or any of its Restricted Subsidiaries is required to Prepay any other Indebtedness that is secured on a *pari passu* basis with the Obligations by the documentation governing such other Indebtedness (such other Indebtedness, "<u>Other Applicable Indebtedness</u>"), then the

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relevant Person may apply the Subject Proceeds on a pro rata basis to the prepayment of the Subject Loans and to the Prepayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Subject Loans and the Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time); it being understood that (1) the portion of the Subject Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of the Subject Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of the Subject Proceeds shall be allocated to the Subject Loans in accordance with the terms hereof, and the amount of the prepayment of the Subject Loans that would have otherwise been required pursuant to this <u>Section 2.11(b)(ii)</u> shall be reduced accordingly and (2) to the extent the holders of the Other Applicable Indebtedness decline to have such Indebtedness Prepaid, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Subject Loans to the extent required in accordance with the terms of this <u>Section 2.11(b)(ii)</u>. Notwithstanding the foregoing, (x) the Net Proceeds Percentage shall be 50.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the date of such required prepayment is less than or equal to 70.0% and greater than 64.5% (with the Net Proceeds Percentage being calculated after giving pro forma effect to such prepayment at a rate of 100.0%), (y) the Net Proceeds Percentage shall be 25.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the date of such required prepayment is less than or equal to 64.5% and greater than 60.0% (with the Net Proceeds Percentage being calculated after giving pro forma effect to such prepayment at a rate of 50.0%) and (z) the Net Proceeds Percentage shall be 0.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the date of such required prepayment is less than or equal to 60.0% (with the Net Proceeds Percentage being calculated after giving pro forma effect to such prepayment at a rate of 25.0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Borrower or any of its Restricted Subsidiaries receives Net Proceeds from the issuance or incurrence of Indebtedness by the Borrower or any of its Restricted Subsidiaries (other than Indebtedness that is permitted to be incurred under <u>Section 6.01</u>, except to the extent the relevant Indebtedness constitutes (A) Refinancing Indebtedness (including Replacement Notes) incurred to refinance all or a portion of any Class of Term Loans pursuant to <u>Section 6.01(p)</u>, (B) Incremental Term Loans incurred to refinance all or a portion of any Class of Term Loans pursuant to <u>Section 2.22</u>, (C) Replacement Term Loans incurred to refinance all or any portion of any Class of Term Loans in accordance with the requirements of <u>Section 9.02(c)</u> and/or (D) Incremental Equivalent Debt incurred to refinance all or a portion of any Class of Term Loans in accordance with the requirements of <u>Section 6.01(z)</u>, in each case to the extent required by the terms hereof or thereof to prepay or offer to prepay such Indebtedness), the Borrower shall, promptly upon (and in any event not later than two Business Days thereafter) the receipt thereof of such Net Proceeds by the Borrower or its applicable Restricted Subsidiary, apply an amount equal to 100% of such Net Proceeds to prepay the outstanding principal amount of the relevant Class or Classes of Term Loans in accordance with <u>clause (vi)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this <u>Section 2.11(b)</u> to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall not be required to prepay any amount that would otherwise be required to be paid pursuant to <u>Section 2.11(b)(ii)</u> above to the extent that the relevant Prepayment Asset Sale is consummated by any Foreign Subsidiary or the relevant Net Insurance/Condemnation Proceeds are received by any Foreign Subsidiary, as the case may be, for so long as the repatriation to the Borrower of any such amount would be prohibited or delayed under any Requirement of Law or conflict with the fiduciary duties of such Foreign Subsidiary's directors, or result in, or could reasonably be expected to result in, a material risk of personal, civil or criminal liability for any officer, director, employee, manager, member of management or consultant of such

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Foreign Subsidiary (it being agreed that, solely within 365 days following the event giving rise to the relevant Subject Proceeds, the Borrower shall take all commercially reasonable actions required by applicable Requirements of Law to permit such repatriation) (it being understood that if the repatriation of the relevant Subject Proceeds is permitted under the applicable Requirement of Law and, to the extent applicable, would no longer conflict with the fiduciary duties of such director, or result in, or be reasonably expected to result in, a material risk of personal, civil or criminal liability for the Persons described above, in either case, an amount equal to such Subject Proceeds will be promptly applied (net of additional Taxes that would be payable or reserved against as a result of repatriating such amounts) to the repayment of the applicable Term Loans pursuant to this <u>Section 2.11(b)</u> to the extent required herein (without regard to this <u>clause (iv)</u>)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall not be required to prepay any amount that would otherwise be required to be paid pursuant to <u>Section 2.11(b)(ii)</u> to the extent that the relevant Subject Proceeds are received by any joint venture, in each case, solely with respect to any joint venture that is a Restricted Subsidiary, for so long as the distribution to the Borrower of such Subject Proceeds would be prohibited under the Organizational Documents governing such joint venture by any provision not entered into in contemplation of the Closing Date or of receipt of such Subject Proceeds; it being understood that if the relevant prohibition ceases to exist, the relevant joint venture that is a Restricted Subsidiary will promptly distribute the relevant Subject Proceeds, and the distributed Subject Proceeds will be promptly (and in any event not later than two Business Days after such distribution) applied to the repayment of the applicable Term Loans pursuant to this <u>Section 2.11(b)</u> to the extent required herein (without regard to this <u>clause (iv)</u>), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp; to the extent that the relevant Prepayment Asset Sale is consummated by any Foreign Subsidiary or the relevant Net Insurance/Condemnation Proceeds are received by any Foreign Subsidiary, if the Borrower determines in good faith that the repatriation (or other intercompany distribution) to the Borrower, directly or indirectly, from a Foreign Subsidiary as a distribution or dividend of any amounts required to mandatorily prepay the Term Loans pursuant to <u>Section 2.11(b)(ii)</u> above would result in a material adverse Tax liability (taking into account any withholding Tax) (the amount attributable to such Foreign Subsidiary, a "<u>Restricted Amount</u>"), the amount that the Borrower shall be required to mandatorily prepay pursuant to <u>Section 2.11(b)(ii)</u> above, as applicable, shall be reduced by the Restricted Amount; <u>provided</u> that to the extent that the repatriation (or other intercompany distribution) of the relevant Subject Proceeds, directly or indirectly, from the relevant Foreign Subsidiary would no longer have a material adverse tax consequence within the 365 day period following the event giving rise to the relevant Subject Proceeds, an amount equal to the Subject Proceeds to the extent available, and not previously applied pursuant to this clause (C), shall be promptly applied to the repayment of the applicable Term Loans pursuant to <u>Section 2.11(b)</u> as otherwise required above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Any Term Lender may elect, by notice to the Administrative Agent at or prior to the time and in the manner specified by the Administrative Agent, prior to any prepayment of Term Loans required to be made by the Borrower pursuant to <u>Section 2.11(b)</u>, to decline all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the "<u>Declined Proceeds</u>"), in which case such Declined Proceeds may be retained by the Borrower; <u>provided</u> that, for the avoidance of doubt, no Lender may reject any prepayment made under <u>Section 2.11(b)(iii)</u> above to the extent that such prepayment is made with the Net Proceeds of (w) Refinancing Indebtedness (including Replacement Notes) incurred to refinance all or a portion of the Term Loans pursuant to <u>Section 6.01(p)</u>, (x) Incremental Term Loans incurred to refinance all or a portion of the Term Loans pursuant to <u>Section 2.22</u>, (y) Replacement Term Loans incurred to refinance all or any portion of the Term Loans in accordance with the requirements

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of <u>Section 9.02(c)</u>, and/or (z) Incremental Equivalent Debt incurred to refinance all or a portion of the Term Loans in accordance with the requirements of <u>Section 6.01(z)</u>. If any Lender fails to deliver a notice to the Administrative Agent of its election to decline receipt of its Applicable Percentage of any mandatory prepayment within the time frame specified by the Administrative Agent, such failure will be deemed to constitute an acceptance of such Lender's pro rata share of the total amount of such mandatory prepayment of Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise contemplated by this Agreement or provided in, or intended with respect to, any Refinancing Amendment, any Incremental Facility Amendment or any Extension Amendment or the definitive documentation governing any Replacement Notes (<u>provided</u>, that such Refinancing Amendment, Incremental Facility Amendment or Extension Amendment may not provide that the applicable Class of Term Loans receive a greater than pro rata portion of mandatory prepayments of Term Loans pursuant to this <u>Section 2.11(b)</u> than would otherwise be permitted by this Agreement), in each case effectuated or issued in a manner consistent with this Agreement, each mandatory prepayment of applicable Term Loans pursuant to this <u>Section 2.11(b)</u> shall be applied ratably to each Class and Type of Term Loans then outstanding which is *pari passu* with the 2019 New Term Loans, the Term B-3 Loans and/or the Term B-4 Loans in right of payment and with respect to security (<u>provided</u> that any prepayment of applicable Term Loans with the Net Proceeds of any Refinancing Indebtedness, Incremental Facility or Replacement Term Loans shall be applied to the applicable Class and Type of Term Loans being refinanced or replaced). With respect to each relevant Class and Type of Term Loans, all accepted prepayments under this <u>Section 2.11(b)</u> shall be applied against the remaining scheduled installments of principal due in respect of such Term Loans as directed by the Borrower (or, in the absence of direction from the Borrower, to the remaining scheduled amortization payments in respect of such Term Loans in direct order of maturity <u>provided</u> that such prepayments may not be directed to a later maturing Class of Term Loans without at least a pro rata repayment of any earlier maturing Classes of Term Loans), and each such prepayment shall be paid to the applicable Term Lenders in accordance with their respective Applicable Percentage of the applicable Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Prepayments made under this <u>Section 2.11(b)</u> shall be (A) accompanied by accrued interest as required by <u>Section 2.13</u>, (B) subject to <u>Section 2.16</u> and (C) in the case of prepayments of Term B-4 Loans under <u>clause (iii)</u> above that constitute a Repricing Transaction, subject to <u>Section 2.12(c)</u>, but shall otherwise be without premium or penalty.

Section 2.12. <u>Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Borrower agrees to pay to the Administrative Agent, for its own account, the annual administration fee separately agreed in writing between the Borrower and JPMCB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; All fees payable hereunder shall be paid on the dates due, in Dollars and in immediately available funds, to the Administrative Agent. Fees paid shall not be refundable under any circumstances except, as to the annual administration fee payable to the Administrative Agent, as otherwise provided in the written agreement referred to in clause (a) above. Fees payable hereunder shall accrue through and including the last day of the month immediately preceding the applicable fee payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;In the event that, on or prior to the date that is 6 months after the Eleventh Amendment Effective Date, the Borrower (i) prepays, repays, refinances, substitutes or replaces any Term B-6 Loans in connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to <u>Section 2.11(b)(iii)</u> that constitutes a Repricing Transaction), or (ii) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Term Lenders, (A) in the case of <u>clause (i)</u>, a premium of 1.00% of the aggregate principal amount of the Term B-6 Loans so prepaid, repaid, refinanced, substituted or replaced and (B) in the case of <u>clause (ii)</u>, a fee

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equal to 1.00% of the aggregate principal amount of the Term B-6 Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is 6 months after the Eleventh Amendment Effective Date, all or any portion of the Term B-6 Loans held by any Term Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to <u>Section 2.19(b)(iv)</u> in connection with such Term Lender not agreeing or otherwise consenting to any waiver, consent, modification or amendment that constitutes, and which actually and directly results in, a Repricing Transaction, such prepayment, repayment, refinancing, substitution or replacement will be made at 101.00% of the principal amount so prepaid, repaid, refinanced, substituted or replaced. <u>In the event that, on or prior to the date that is 6 months after the Twelfth Amendment Effective Date, the Borrower (i) prepays, repays, refinances, substitutes or replaces any Term B-7 Loans in connection with a Repricing Transaction (including, for the avoidance of doubt, any prepayment made pursuant to Section 2.11(b)(iii) that constitutes a Repricing Transaction), or (ii) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Term Lenders, (A) in the case of clause (i), a premium of 1.00% of the aggregate principal amount of the Term B-7 Loans so prepaid, repaid, refinanced, substituted or replaced and (B) in the case of clause (ii), a fee equal to 1.00% of the aggregate principal amount of the Term B-7 Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is 6 months after the Twelfth Amendment Effective Date, all or any portion of the Term B-7 Loans held by any Term Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to Section 2.19(b)(iv) in connection with such Term Lender not agreeing or otherwise consenting to any waiver, consent, modification or amendment that constitutes, and which actually and directly results in, a Repricing Transaction, such prepayment, repayment, refinancing, substitution or replacement will be made at 101.00% of the principal amount so prepaid, repaid, refinanced, substituted or replaced.</u> All such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be payable for the actual days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of a fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

Section 2.13. <u>Interest.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Term Loans comprising each Term Benchmark Borrowing of Term B-4 Loans, Term B-5<u>-6</u> Loans or Term B-6<u>-7</u> Loans shall bear interest at the Term SOFR Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate. The Term Loans comprising each Term Benchmark Borrowing of 2019 New Term Loans or Term B-3 Loans shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The Term Loans comprising each RFR Borrowing of Term B-4 Loans, Term B-5<u>-6</u> Loans or Term B-6<u>-7</u> Loans shall bear interest at a rate per annum equal to Daily Simple SOFR <u>plus</u> the Applicable Rate. The Term Loans comprising each RFR Borrowing of 2019 New Term Loans or Term B-3 Loans shall bear interest at the Adjusted Daily Simple SOFR <u>plus</u> the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing but in all cases subject to <u>Section 9.05(f)</u>, if any principal of or interest on any Term Loan or any fee payable by the Borrower hereunder is not, in each case, paid or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, the relevant overdue

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amount shall bear interest, to the fullest extent permitted by applicable Requirements of Law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.00% <u>plus</u> the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this <u>Section</u> or (ii) in the case of any other amount, 2.00% <u>plus</u> the rate applicable to Term Loans that are ABR Loans as provided in <u>paragraph</u> <u>(a)</u> of this <u>Section</u>; <u>provided</u> that no amount shall accrue pursuant to this <u>Section 2.13(e)</u> on any overdue amount or other amount payable to a Defaulting Lender so long as such Lender is a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and on the Maturity Date applicable to such Loan; <u>provided</u> that (A) interest accrued pursuant to <u>paragraph (e)</u> of this <u>Section</u> shall be payable on demand, (B) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (C) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Term SOFR Rate, Adjusted Term SOFR Rate, Daily Simple SOFR or Adjusted Daily Simple SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest shall accrue on each Loan for the day on which the Loan is made and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; <u>provided</u> that any Loan that is repaid on the same day on which it is made shall bear interest for one day.

Section 2.14. <u>Alternate Rate of Interest.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to clauses (e) – (i) of this <u>Section 2.14</u>, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent is advised by the Required Lenders of the affected Classes that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period or (B) at any time, Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

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&nbsp;&nbsp;&nbsp;&nbsp;then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section 2.08</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, (1) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing so long as Daily Simple SOFR is not also the subject of <u>Section 2.14(d)(i)</u> or <u>(ii)</u> above or (y) an ABR Borrowing if Daily Simple SOFR also is the subject of <u>Section 2.14(d)(i)</u> or <u>(ii)</u> above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a Borrowing Request for an ABR Borrowing. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this <u>Section 2.14(d)</u> with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section 2.08</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as Daily Simple SOFR is not also the subject of <u>Section 2.14(d)(i)</u> or <u>(ii)</u> above or (y) an ABR Loan if Daily Simple SOFR also is the subject of <u>Section 2.14(d)(i)</u> or <u>(ii)</u> above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedge Agreement shall be deemed not to be a "Loan Document" for purposes of this <u>Section 2.14(e)</u>), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of the affected Classes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

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&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>clause (h)</u> below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to <u>clauses (d) – (i)</u> of this <u>Section 2.14</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to <u>clauses (d) – (i)</u> of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to (A) an RFR Borrowing so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to <u>clauses (d) – (i)</u> of this <u>Section 2.14</u>, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing so long as Daily Simple SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

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Section 2.15. <u>Increased Costs.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Change in Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposes, modifies or deems applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Lender to any Taxes (other than (A) Indemnified Taxes and Other Taxes indemnifiable under <u>Section 2.17</u> and (B) Excluded Taxes) on or with respect to its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes on any Lender or the applicable offshore interbank market any other condition (other than Taxes) affecting this Agreement or Loans made by any Lender;

and the result of any of the foregoing is to increase the cost to the relevant Lender of making or maintaining any Term Benchmark Loan or RFR Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) in respect of any Term Benchmark Loan or RFR Loan in an amount deemed by such Lender to be material, then, within 30 days after the Borrower's receipt of the certificate contemplated by <u>paragraph (c)</u> of this <u>Section</u>, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; <u>provided</u> that the Borrower shall not be liable for such compensation if (x) the relevant Change in Law occurs on a date prior to the date such Lender becomes a party hereto, (y) such Lender invokes <u>Section 2.20</u> or (z) in the case of requests for reimbursement under <u>clause (iii)</u> above resulting from a market disruption, (A) the relevant circumstances are not generally affecting the banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; If any Lender determines that any Change in Law regarding liquidity or capital requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law other than due to Taxes (taking into consideration such Lender's policies of general applicability and the policies of general applicability of such Lender's holding company with respect to capital adequacy), then within 30 days of receipt by the Borrower of the certificate contemplated by <u>paragraph (c)</u> of this <u>Section</u> the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Any Lender requesting compensation under this <u>Section 2.15</u> shall be required to deliver a certificate to the Borrower that (i) sets forth the amount or amounts necessary to compensate such Lender or the holding company thereof, as applicable, as specified in <u>paragraph (a)</u> or <u>(b)</u> of this <u>Section</u>, (ii) sets forth, in reasonable detail, the manner in which such amount or amounts were determined and (iii) certifies that such Lender is generally charging such amounts to similarly situated borrowers, which certificate shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Failure or delay on the part of any Lender to demand compensation pursuant to this <u>Section</u> shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u>, <u>however</u> that the Borrower shall not be required to compensate a Lender pursuant to this <u>Section</u> for any increased costs

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or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.16. &nbsp;&nbsp;&nbsp;&nbsp;<u>Break Funding Payments</u>. (a) Subject to <u>Section 9.05(f)</u>, in the event of (a) the conversion or prepayment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (b) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any Term Benchmark Loan of any Lender other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to <u>Section 2.19</u>, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense actually incurred by such Lender that is attributable to such event (other than loss of profit). In the case of a Term Benchmark Loan, the loss, cost or expense of any Lender (other than loss of profit) shall be the amount reasonably determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred at the Term SOFR Rate that would have been applicable to such Loan for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the applicable interbank market; it being understood that such loss, cost or expense shall in any case exclude any interest rate floor and all administrative, processing or similar fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 9.05(f)</u>, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (ii) the failure to borrow or prepay any RFR Loan on the date or in the amount specified in any notice delivered pursuant hereto or (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to <u>Section 2.19</u>, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender requesting compensation under this <u>Section 2.16</u> shall be required to deliver a certificate to the Borrower that (A) sets forth any amount or amounts that such Lender is entitled to receive pursuant to this <u>Section</u>, the basis therefor and, in reasonable detail, the manner in which such amount or amounts were determined and (B) certifies that such Lender is generally charging the relevant amounts to similarly situated borrowers, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof.

Section 2.17. <u>Taxes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;All payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable Requirements of Law. If any applicable Requirement of Law requires the deduction or withholding of any Tax in respect of any such payment, then (i) if such Tax is an Indemnified Tax and/or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions or withholdings have been made (including deductions or withholdings applicable to additional sums payable under this <u>Section 2.17</u>) each Lender (or, in the case of any payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it

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would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In addition, without duplication of other amounts payable by the Borrower under <u>Section 2.17</u>, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall indemnify the Administrative Agent and each Lender within 30 days after receipt of the certificate described in the succeeding sentence, for the full amount of any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, other than any penalties determined by a final and non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of the Administrative Agent or such Lender as applicable (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.17</u>), and, in each case, any reasonable expenses arising therefrom or with respect thereto, whether or not correctly or legally imposed or asserted, provided that if the Borrower reasonably believes that such Taxes were not correctly or legally asserted, the Administrative Agent or such Lender, as applicable, will, at the request of the Borrower, use reasonable efforts to cooperate with the Borrower to obtain a refund of such Taxes (which, if obtained, shall be repaid to the Borrower to the extent provided in <u>Section 2.17(g)</u>) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional out-of-pocket costs or expenses not reimbursed by such Loan Party or be otherwise materially disadvantageous to the Administrative Agent or such Lender. In connection with any request for reimbursement under this <u>Section 2.17(c)</u>, the relevant Lender or the Administrative Agent, as applicable, shall deliver a certificate to the Borrower setting forth, in reasonable detail, the basis and calculation of the amount of the relevant payment or liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after any payment of any Taxes pursuant to this <u>Section 2.17</u> by any Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued, if any, by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment that is reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Any Lender that is entitled to an exemption from or reduction of any withholding Tax with respect to any payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation as the Borrower or the Administrative Agent may reasonably request to permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor

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Administrative Agent any documentation provided to the Administrative Agent pursuant to this <u>Section 2.17(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp; each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two executed original copies of IRS Form W-9 (or any successor forms) certifying that such Lender is exempt from U.S. federal backup withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp; each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; in the case of any Foreign Lender claiming the benefits of an income tax treaty to which the U.S. is a party, two executed original copies of IRS Form W-8BEN or W-8BEN-E, as applicable (or any successor forms, as applicable), establishing any available exemption from, or reduction of, U.S. federal withholding Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; two executed original copies of IRS Form W-8ECI (or any successor forms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;in the case of any Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the Code, (x) two executed original copies of a certificate substantially in the form of <u>Exhibit N-1</u> to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code, and that no payments payable to such Lender are effectively connected with the conduct of a U.S. trade or business (a "<u>U.S. Tax Compliance Certificate</u>") and (y) two executed original copies of IRS Form W-8BEN or W-8BEN-E, as applicable (or any successor forms, as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;to the extent any Foreign Lender is not the beneficial owner (e.g., where the Foreign Lender is a partnership or participating Lender), two executed original copies of IRS Form W-8IMY (or any successor forms), accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit N-2</u>, <u>Exhibit N-3</u> or <u>Exhibit N-4</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if such Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit N-3</u> on behalf of each such direct or indirect partner(s);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) &nbsp;&nbsp;&nbsp;&nbsp;each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two executed original copies of any other form prescribed by applicable Requirements of 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 Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp; if a payment made to any Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender 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), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by applicable Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation as is prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment.

For the avoidance of doubt, if a Lender is an entity disregarded from its owner for U.S. federal income tax purposes, references to the foregoing documentation are intended to refer to documentation with respect to such Lender's owner and, as applicable, such Lender.

Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect (including any specific documentation required above in this <u>Section 2.17(f)</u>), it shall deliver to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so.

Notwithstanding anything to the contrary in this <u>Section 2.17(f)</u>, no Lender shall be required to provide any documentation that such Lender is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;If the Administrative Agent or any Lender determines, in its sole discretion, exercised in good faith, that it has received a refund (whether received in cash or applied as a credit against any cash taxes of the same type payable) of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this <u>Section 2.17</u>, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this <u>Section 2.17</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Loan Party (<u>plus</u> any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.

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Notwithstanding anything to the contrary in this <u>paragraph (g)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this <u>paragraph (g)</u> to the extent that the payment thereof would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the position that the Administrative Agent or such Lender would have been in if the Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This <u>Section 2.17</u> shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the relevant Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. Each party's obligations under this <u>Section 2.17</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; On or before the date the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall deliver to Borrower whichever of the following is applicable: (i) if the Administrative Agent is a "United States person" within the meaning of Section 7701(a)(30) of the Code, two executed original copies of IRS Form W-9 certifying that such Administrative Agent is exempt from U.S. federal backup withholding or (ii) if the Administrative Agent is not a "United States person" within the meaning of Section 7701(a)(30) of the Code, (A) with respect to payments received for its own account, two executed original copies of IRS Form W-8ECI and (B) with respect to payments received on account of any Lender, two executed original copies of IRS Form W-8IMY (together with all required accompanying documentation) certifying that the Administrative Agent is a U.S. branch and may be treated as a United States person for purposes of applicable U.S. federal withholding Tax. At any time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower. Notwithstanding anything to the contrary in this <u>Section 2.17(i)</u>, the Administrative Agent shall not be required to provide any documentation that the Administrative Agent is not legally eligible to deliver as a result of a Change in Law after the Closing Date.

Section 2.18. <u>Payments Generally; Allocation of Proceeds; Sharing of Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, the Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u>, or otherwise) prior to 3:00 p.m. on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated by the Administrative Agent to the Borrower, except that payments pursuant to <u>Sections 2.15</u>, <u>2.16</u>, <u>2.17</u> and <u>9.03</u> shall be made directly to the Person or Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Except as provided in <u>Sections 2.19(b)</u> and <u>2.20</u>, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans of a given Class and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type (and of the same Class) shall be allocated pro rata among the Lenders in accordance with their respective Applicable Percentages of the applicable Class. Each Lender agrees that in computing such Lender's portion of any Borrowing to be made hereunder, the Administrative Agent may,

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in its discretion, round each Lender's percentage of such Borrowing to the next higher or lower whole Dollar amount. All payments hereunder shall be made in Dollars. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Subject, if applicable, in all respects to the provisions of any Acceptable Intercreditor Agreements, all proceeds of Collateral received by the Administrative Agent while an Event of Default is continuing and all or any portion of the Loans have been accelerated hereunder pursuant to <u>Section 7.01</u>, shall be applied, <u>first</u>, to the payment of all costs and expenses then due incurred by the Administrative Agent in connection with any collection, sale or realization on Collateral or otherwise in connection with this Agreement, any other Loan Document or any of the Secured Obligations, including all court costs and the fees and expenses of agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document, <u>second</u>, on a pro rata basis, to pay any fees, indemnities or expense reimbursements then due to the Administrative Agent (other than those covered in clause first above) from the Borrower constituting Secured Obligations, <u>third</u>, on a pro rata basis in accordance with the amounts of the Secured Obligations (other than contingent indemnification obligations for which no claim has yet been made) owed to the Secured Parties on the date of any such distribution, to the payment in full of the Secured Obligations, and <u>fourth</u>, to, or at the direction of, the Borrower or as a court of competent jurisdiction may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;If any Lender obtains payment (whether voluntary, involuntary, through the exercise of any right of set-off or otherwise) in respect of any principal of or interest on any of its Loans of any Class held by it resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans of such Class and accrued interest thereon than the proportion received by any other Lender with Loans of such Class, then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such Class and of other Lenders of such Class at such time outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class; <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by any Lender as consideration for the assignment of or sale of a participation in any of its Loans to any permitted assignee or participant, including any payment made or deemed made in connection with <u>Sections 2.22</u>, <u>2.23</u>, <u>9.02(c)</u> and/or <u>Section 9.05</u>. The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this <u>Section 2.18(c)</u> and will, in each case, notify the Lenders following any such purchases or repayments. Each Lender that purchases a participation pursuant to this <u>Section 2.18(c)</u> shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. For purposes of <u>subclause (c)</u> of the definition of "Excluded Taxes," a Lender that acquires a participation pursuant to this <u>Section 2.18(c)</u> shall be treated as having acquired such participation on the earlier date(s) on which

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such Lender acquired the applicable interest(s) in the Commitment(s) and/or Loan(s) to which such participation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Unless the Administrative Agent has received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of any Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lender the amount due. In such event, if the Borrower has not in fact made such payment, then each Lender severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;If any Lender fails to make any payment required to be made by it pursuant to <u>Section 2.07(b)</u> or <u>Section 2.18(d)</u>, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid.

Section 2.19. <u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;If any Lender requests compensation under <u>Section 2.15</u> or such Lender determines it can no longer make or maintain Term Benchmark Loans pursuant to <u>Section 2.20</u>, or any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder affected by such event, or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.15</u> or <u>2.17</u>, as applicable, in the future or mitigate the impact of <u>Section 2.20</u>, as the case may be, and (ii) would not subject such Lender to any unreimbursed out-of-pocket cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;If (i) any Lender requests compensation under <u>Section 2.15</u> or such Lender determines it can no longer make or maintain Term Benchmark Loans pursuant to <u>Section 2.20</u>, (ii) any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, (iii) any Lender is a Defaulting Lender or (iv) in connection with any proposed amendment, waiver or consent requiring the consent of "each Lender," or "each Lender directly affected thereby" (or any other Class or group of Lenders other than the Required Lenders) with respect to which Required Lender consent (or the consent of Lenders holding Loans or Commitments of such Class or lesser group representing more than 50% of the sum of the total Loans and unused Commitments of such Class or lesser group at such time) has been obtained, as applicable, any Lender is a non-consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, (x) terminate the applicable Commitments of such Lender, and repay all Obligations of the Borrower owing to such Lender relating to the applicable Loans and participations held by such Lender as of such termination date or (y) replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.05</u>), all of its interests, rights and obligations under this Agreement to an

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Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if any Lender accepts such assignment); <u>provided</u> that (A) such Lender has received payment of an amount equal to the outstanding principal amount of its Loans of such Class of Loans and/or Commitments, accrued interest thereon, accrued fees and all other amounts payable to it under any Loan Document with respect to such Class of Loans and/or Commitments, (B) in the case of any assignment resulting from a claim for compensation under <u>Section 2.15</u> or payments required to be made pursuant to <u>Section 2.17</u>, such assignment would result in a reduction in such compensation or payments and (C) such assignment does not conflict with applicable Requirements of Law. No Lender (other than a Defaulting Lender) shall be required to make any such assignment and delegation, and the Borrower may not repay the Obligations of such Lender or terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this <u>Section 2.19</u>, it shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender's Loans are evidenced by one or more Promissory Notes) subject to such Assignment and Assumption (<u>provided</u> that the failure of any Lender replaced pursuant to this <u>Section 2.19</u> to execute an Assignment and Assumption or deliver any such Promissory Note shall not render such sale and purchase (and the corresponding assignment) invalid), such assignment shall be recorded in the Register, any such Promissory Note shall be deemed cancelled. Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Lender's attorney-in-fact, with full authority in the place and stead of such Lender and in the name of such Lender, from time to time in the Administrative Agent's discretion, with prior written notice to such Lender, to take any action and to execute any such Assignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this <u>clause (b)</u>. To the extent that any Lender is replaced pursuant to <u>Section 2.19(b)(iv)</u> in connection with a Repricing Transaction requiring payment of a fee pursuant to <u>Section 2.12(c)</u>, the Borrower shall pay to each Lender being replaced as a result of such Repricing Transaction the fee set forth in <u>Section 2.12(c)</u>.

Section 2.20.&nbsp;&nbsp;&nbsp;&nbsp; <u>Illegality</u>. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to the Term SOFR Rate or to determine or charge interest rates based upon the Term SOFR Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Term Benchmark Loans or to convert ABR Loans to Term Benchmark Loans shall be suspended and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the Term SOFR Rate component of the Alternate Base Rate, the interest rate on ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist (which notice such Lender agrees to give promptly). Upon receipt of such notice, (x) the Borrower shall, upon demand from the relevant Lender (with a copy to the Administrative Agent), prepay or convert all of such Lender's Term Benchmark Loans to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR Rate component, as applicable, of the Alternate Base Rate) either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term Benchmark Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Term Benchmark Loans (in which case the Borrower shall not be required to make payments pursuant to <u>Section 2.16</u> in connection with such payment) and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Term SOFR Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Term SOFR Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Term SOFR Rate. Upon any

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such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the determination of such Lender, otherwise be materially disadvantageous to such Lender.

Section 2.21. &nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Commitments of such Defaulting Lender shall not be included in determining whether all Lenders, each affected Lender, the Required Lenders or such other number of Lenders as may be required hereby or under any other Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant to <u>Section 9.02</u>); <u>provided</u> that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 2.11</u>, <u>Section 2.15</u>, <u>Section 2.16</u>, <u>Section 2.17</u>, <u>Section 2.18</u>, <u>Article 7</u>, <u>Section 9.05</u> or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to <u>Section 9.09</u>), shall be applied at such time or times as may be determined by the Administrative Agent and, where relevant, the Borrower as follows: <u>first</u>, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, so long as no Default or Event of Default exists, as the Borrower may request, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; <u>third</u>, as the Administrative Agent or the Borrower may elect, to be held in a deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; <u>fourth</u>, to the payment of any amounts owing to the non-Defaulting Lenders as a result of any judgment of a court of competent jurisdiction obtained by any non-Defaulting Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; <u>fifth</u>, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and <u>sixth</u>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loan in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loan was made or created, as applicable, at a time when the conditions to such Lender's obligations to fund such Loan were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to any Defaulting Lender that are applied (or held) to pay amounts owed by any Defaulting Lender pursuant to this <u>Section 2.21(b)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the fact that any Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, (x) no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender and (y) except to the extent otherwise expressly agreed by the

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affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender.

Section 2.22. <u>Incremental Facilities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment add one or more new Classes of term facilities and/or increase the principal amount of the Term Loans of any existing Class by requesting new commitments to provide such Term Loans (any such new Class or increase, an "<u>Incremental Facility</u>" and any loans made pursuant to an Incremental Facility, "<u>Incremental Term Loans</u>") in an aggregate principal amount for all such Incremental Term Loans incurred after the First Amendment Effective Date not to exceed the Incremental Cap; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;no Incremental Commitment in respect of any Incremental Facility may be in an amount that is less than $5,000,000 (or such lesser amount to which the Administrative Agent may reasonably agree);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as the Borrower and any Lender may separately agree, no Lender shall be obligated to provide any Incremental Commitment, and the determination to provide such commitments shall be within the sole and absolute discretion of such Lender (it being agreed that the Borrower shall not be obligated to offer the opportunity to any Lender to participate in any Incremental Facility);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;no Incremental Facility or Incremental Term Loan (nor the creation, provision or implementation thereof) shall require the approval of any existing Lender other than in its capacity, if any, as a lender providing all or part of any Incremental Commitment or Incremental Term Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;except as otherwise permitted herein (including with respect to margin, pricing, maturity and fees), the terms of any Incremental Facility, if not consistent with those applicable to any then-existing Term Loans (as reasonably determined by the Borrower and the Administrative Agent), must either, at the option of the Borrower, (x) not be materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) than (when taken as a whole) those contained in the Loan Documents (other than any terms which are applicable only after the then-existing Latest Maturity Date), (y) be conformed (or added) to the Loan Documents for the benefit of the existing Term Lenders or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without limitation, any amendment or modification to the Loan Documents that solely adds one or more terms for the benefit of the existing Term Lenders shall not require the consent of any such existing Term Lender so long as the form (but not the substance) of the applicable agreement effecting such amendment or modification is reasonably satisfactory to the Administrative Agent) or (z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; the interest rate, fees, discount and yield applicable to any Incremental Facility shall be determined by the Borrower and the lender or lenders providing such Incremental Facility; <u>provided</u> that, with respect to any Incremental Term Loans incurred on any date after the Eleventh Amendment Effective Date that is on or prior to the day that is 12 months after the Tenth Amendment Effective Date in an aggregate principal amount in excess of the greater of (x)

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$429,000,000 and (y) 2.00% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis (the "<u>MFN Threshold</u>") under any Incremental Facility that (A) consists of floating rate Dollar-denominated Term Loans that are *pari passu* with the Term B-6 Loans in right of payment and with respect to security, (B) [reserved], (C) is scheduled to mature prior to the date that is two years after the Maturity Date of the Term B-6 Loans and (D) is not incurred or established to refinance the 2019 New Term Loans or the Term B-6 Loans (the foregoing sub-clauses (A) through (D), the "<u>MFN Conditions</u>"), the Effective Yield applicable thereto may not be more than 0.50% higher than the Effective Yield applicable to the Term B-6 Loans unless the Applicable Rate (and/or, as provided in the proviso below, the Floor or Alternate Base Rate floor) with respect to the Term B-6 Loans is adjusted to be equal to the Effective Yield with respect to such Incremental Facility, <u>minus</u> 0.50% (this <u>clause (v)</u>, the "<u>MFN Protection</u>"); <u>provided</u>, <u>further</u>, that any increase in Effective Yield to any Term B-6 Loan due to the application or imposition of an Alternate Base Rate floor or other benchmark floor on any Incremental Term Loan may be effected, at the option of the Borrower, through an increase in (or implementation of, as applicable) any Floor or Alternate Base Rate floor applicable to such Term B-6 Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; subject to the Permitted Earlier Maturity Indebtedness Exception, the final maturity date with respect to any Incremental Term Loans shall be no earlier than the then-existing Latest Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; subject to the Permitted Earlier Maturity Indebtedness Exception or as expressly provided in <u>clause (xiv)</u> below, the Weighted Average Life to Maturity of any Incremental Facility shall be no shorter than the remaining Weighted Average Life to Maturity of the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans or Term B-6<u>-7</u> Loans on the date of incurrence of such Incremental Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; subject to <u>clauses (vi)</u> and <u>(vii)</u> above, any Incremental Facility may otherwise have an amortization schedule as determined by the Borrower and the lenders providing such Incremental Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) &nbsp;&nbsp;&nbsp;&nbsp;subject to <u>clause (v)</u> above, to the extent applicable, any fees payable in connection with any Incremental Facility shall be determined by the Borrower and the arrangers and/or lenders providing such Incremental Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &nbsp;&nbsp;&nbsp;&nbsp;(A) any Incremental Facility (x) shall rank *pari passu* in right of payment with any then-existing Class of Term Loans and (y) may rank *pari passu* with or junior to any then-existing Class of Term Loans, as applicable, in right of security or may be unsecured (and to the extent the relevant Incremental Facility is secured by the Collateral, it shall be subject to an Acceptable Intercreditor Agreement) and (B) no Incremental Facility may be (x) guaranteed by any Restricted Subsidiary which is not a Loan Party or (y) secured by any assets of the Borrower or any Restricted Subsidiary other than the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) &nbsp;&nbsp;&nbsp;&nbsp;any Incremental Facility may participate (A) in any voluntary prepayment of Term Loans as set forth in <u>Section 2.11(a)</u> on a pro rata basis, greater than pro rata basis or less than a pro rata basis with the then-existing Term Loans and (B) in any mandatory prepayment of Term Loans as set forth in <u>Section 2.11(b)</u> on a pro rata basis (to the extent such Incremental Facility is secured on a *pari passu* basis with the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans and/or the Term B-6<u>-7</u> Loans), greater than pro rata basis with respect to prepayments of any such Incremental Facility with the proceeds of any Replacement Term Loans or

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Refinancing Indebtedness (including Replacement Notes) or less than a pro rata basis with the then-existing Term Loans, in each case, to the extent provided in such Sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) &nbsp;&nbsp;&nbsp;&nbsp;notwithstanding anything to the contrary in this <u>Section 2.22</u> or in any other provision of any Loan Document, (A) no Event of Default (or, if the proceeds of any Incremental Facility are incurred in connection with a Limited Condition Transaction, no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u>) shall have occurred and be continuing on such date and (B) the Specified Representations shall be true and correct in all material respects on and as of the date of the initial borrowing or establishment of such Incremental Facility; <u>provided</u> that (I) in the case of any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be, (II) if any Specified Representation is qualified by or subject to a "material adverse effect," "material adverse change" or similar term or qualification, such Specified Representation shall be true and correct in all respects and (III) <u>Section 3.14</u> shall not apply to Collateral that is not required to be created or perfected on or prior to the date of initial funding of such Incremental Facility; <u>provided</u>, <u>further</u>, that with respect to any Limited Condition Transaction, except as set forth above, any other conditions may be satisfied on the LCT Test Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; the proceeds of any Incremental Facility may be used for working capital and/or purchase price adjustments and other general corporate purposes (including capital expenditures, acquisitions, Investments, Restricted Payments and Restricted Debt Payments and related fees and expenses) and any other use not prohibited by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;on the date of the Borrowing of any Incremental Term Loans that will be of the same Class as any then-existing Class of Term Loans, and notwithstanding anything to the contrary set forth in <u>Section 2.08</u> or <u>2.13</u> above, such Incremental Term Loans shall be added to (and constitute a part of, be of the same Type as and, at the election of the Borrower, have the same Interest Period as) each Borrowing of outstanding Term Loans of such Class on a pro rata basis (based on the relative sizes of such Borrowings), so that each Term Lender providing such Incremental Term Loans will participate proportionately in each then-outstanding Borrowing of Term Loans of such Class; it being acknowledged that the application of this <u>clause (a)(xiv)</u> may result in new Incremental Term Loans having Interest Periods (the duration of which may be less than one month) that begin during an Interest Period then applicable to outstanding Term Benchmark Loans of the relevant Class and which end on the last day of such Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Incremental Commitments may be provided by any existing Lender, or by any other Eligible Assignee (any such other lender being called an "<u>Additional Lender</u>"); <u>provided</u> that the Administrative Agent shall have a right to consent (such consent not to be unreasonably withheld or delayed) to the relevant Additional Lender's provision of Incremental Commitments if such consent would be required under <u>Section 9.05(b)</u> for an assignment of Loans to such Additional Lender; <u>provided</u>, <u>further</u>, that any Additional Lender that is an Affiliated Lender shall be subject to the provisions of <u>Section 9.05(g)</u>, *mutatis mutandis*, to the same extent as if the relevant Incremental Commitments and related Obligations had been acquired by such Lender by way of assignment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Each Lender or Additional Lender providing a portion of any Incremental Commitment shall execute and deliver to the Administrative Agent and the Borrower all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the Administrative Agent to evidence and effectuate such Incremental Commitment. On the effective date of such Incremental Commitment, each Additional Lender shall become a Lender for all purposes in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;As conditions precedent to the effectiveness of any Incremental Facility or, subject to <u>Section 1.10</u>, the making of any Incremental Term Loans, (i) upon its request, the Administrative Agent shall be entitled to receive customary written opinions of counsel, as well as such reaffirmation agreements, supplements and/or amendments as it shall reasonably require, (ii) the Administrative Agent shall be entitled to receive, from each Additional Lender, an administrative questionnaire, in the form provided to such Additional Lender by the Administrative Agent (the "<u>Administrative Questionnaire</u>") and such other documents as it shall reasonably require from such Additional Lender, (iii) the Administrative Agent and the applicable Lenders shall be entitled to receive all fees required to be paid to them in respect of such Incremental Facility or Incremental Term Loans, (iv) the Administrative Agent shall have received a Borrowing Request as if the relevant Incremental Term Loans were subject to <u>Section 2.03</u> (provided that such Borrowing Request need not include any bring down of any representation or warranty, include any representation as to the occurrence of any default or Event of Default or other item not consistent with this <u>Section 2.22</u>) and (v) the Administrative Agent shall be entitled to receive a certificate of the Borrower signed by a Responsible Officer thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;certifying and attaching a copy of the resolutions adopted by the governing body of the Borrower approving or consenting to such Incremental Facility or Incremental Term Loans, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &nbsp;&nbsp;&nbsp;&nbsp;to the extent applicable, certifying that the conditions set forth in <u>subclauses (A)</u> and <u>(B)</u> of <u>clause (a)(xii)</u> above has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Incremental Facility Amendment and/or any amendment to any other Loan Document as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or commitments pursuant to this <u>Section 2.22</u> and such technical, mechanical and conforming amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this <u>Section 2.22</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; This <u>Section 2.22</u> shall supersede any provision in <u>Section 2.18</u> or <u>9.02</u> to the contrary.

Section 2.23. <u>Extensions of Loans.</u><br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an "<u>Extension Offer</u>") made from time to time by the Borrower to all Lenders holding Loans of any Class or Commitments of any Class, in each case on a pro rata basis within such Class (based on the aggregate outstanding principal amount of the respective Loans or Commitments of such Class) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate transactions with any individual Lender who accepts the terms contained in the relevant Extension Offer to extend the Maturity Date of all or a portion of such Lender's Loans and/or Commitments of such Class and otherwise modify the terms of all or a portion of such Loans and/or Commitments pursuant to the terms of the relevant

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Extension Offer (including by increasing the interest rate or fees payable in respect of such Loans and/or Commitments (and related outstandings) and/or modifying the amortization schedule, if any, in respect of such Loans) (each, an "<u>Extension</u>," and each group of Loans or Commitments, as applicable, in each case as so extended, and the original Loans and the original Commitments (in each case not so extended), being a "Class"; it being understood that any Extended Term Loans shall constitute a separate Class of Loans from the Class of Loans from which they were converted, so long as the following terms are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; except as to (A) interest rates, fees, amortization, final maturity date, premiums, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding <u>clauses (iii)</u>, <u>(iv)</u> and <u>(v)</u>, be determined by the Borrower and any Lender who agrees to an Extension of its Term Loans and set forth in the relevant Extension Offer), (B) terms applicable to such Extended Term Loans (as defined below) that are more favorable to the lenders or the agent of such Extended Term Loans than those contained in the Loan Documents and are then conformed (or added) to the Loan Documents for the benefit of the Term Lenders or, as applicable, the Administrative Agent (*i.e.*, by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Extension Amendment) and (C) any covenants or other provisions applicable only to periods after the Latest Maturity Date (in each case, as of the date of such Extension), the Term Loans of any Lender extended pursuant to any Extension (any such extended Term Loans, the "<u>Extended Term Loans</u>") shall have substantially consistent terms (or terms not less favorable to existing Lenders) as the Class of Term Loans subject to the relevant Extension Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;the final maturity date of any Extended Term Loans may be no earlier than the Class of Term Loans from which they were converted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans from which they were converted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; subject to <u>clauses (iii)</u> and <u>(iv)</u> above, any Extended Term Loans may otherwise have an amortization schedule as determined by the Borrower and the Lenders providing such Extended Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; any Extended Term Loans may participate (A) in any voluntary prepayments of Term Loans as set forth in <u>Section 2.11(a)(i)</u> and (B) in any mandatory prepayments of Term Loans as set forth in <u>Section 2.11(b)(vi)</u>, in each case, to the extent provided in such Sections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;if the aggregate principal amount of Loans or Commitments, as the case may be, in respect of which Lenders have accepted the relevant Extension Offer exceed the maximum aggregate principal amount of Loans or Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Loans or Commitments, as the case may be, of such Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed the applicable Lender's actual holdings of record) with respect to which such Lenders have accepted such Extension Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;unless the Administrative Agent otherwise agrees, any Extension must be in a minimum amount of $5,000,000;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) &nbsp;&nbsp;&nbsp;&nbsp;any applicable Minimum Extension Condition must be satisfied or waived by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &nbsp;&nbsp;&nbsp;&nbsp;any documentation in respect of any Extension shall be consistent with the foregoing.

(b) &nbsp;&nbsp;&nbsp;&nbsp;(i) No Extension consummated in reliance on this <u>Section 2.23</u> shall constitute a voluntary or mandatory prepayment for purposes of <u>Section 2.11</u>, (ii) the scheduled amortization payments (insofar as such schedule affects payments due to Lenders participating in the relevant Class) set forth in <u>Section 2.10</u> shall be adjusted to give effect to any Extension of any Class of Loans and/or Commitments and (iii) except as set forth in <u>clause (a)(viii)</u> above, no Extension Offer is required to be in any minimum amount or any minimum increment; <u>provided</u> that the Borrower may at its election specify as a condition (a "<u>Minimum Extension Condition</u>") to the consummation of any Extension that a minimum amount (to be specified in the relevant Extension Offer in the Borrower's sole discretion) of Loans or Commitments (as applicable) of any or all applicable tranches be tendered; it being understood that the Borrower may, in its sole discretion, waive any such Minimum Extension Condition. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this <u>Section 2.23</u> (including, for the avoidance of doubt, the payment of any interest, fees or premium in respect of any Extended Term Loans on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including <u>Sections 2.10</u>, <u>2.11</u> and/or <u>2.18</u>) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this <u>Section</u>.

(c) &nbsp;&nbsp;&nbsp;&nbsp;No consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Loans and/or Commitments of any Class (or a portion thereof). All Extended Term Loans and all obligations in respect thereof shall constitute Secured Obligations under this Agreement and the other Loan Documents that are secured by the Collateral and guaranteed on a *pari passu* basis with all other applicable Secured Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Extension Amendment and any amendments to any of the other Loan Documents with the Loan Parties as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or Commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this <u>Section 2.23</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;In connection with any Extension, the Borrower shall provide the Administrative Agent at least five Business Days' (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this <u>Section 2.23</u>.

****

<br> ARTICLE 3

<br>REPRESENTATIONS AND WARRANTIES

On the Closing Date, the Borrower hereby represents and warrants to the Lenders that:

Section 3.01. <u>Organization; Powers</u>. The Borrower and each of its Restricted Subsidiaries (a) is (i) duly organized and validly existing and (ii) in good standing (to the extent such concept exists in the

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relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization, (b) has all requisite organizational power and authority to own its assets and to carry on its business as now conducted and (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant jurisdiction) in, every jurisdiction where the ownership, lease or operation of its properties or conduct of its business requires such qualification, except, in each case referred to in this <u>Section 3.01</u> (other than <u>clause (a)(i)</u> and <u>clause (b)</u> with respect to the Loan Parties) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

Section 3.02. <u>Authorization; Enforceability.</u> The execution, delivery and performance of each Loan Document are within each applicable Loan Party's corporate or other organizational power and have been duly authorized by all necessary corporate or other organizational action of such Loan Party. Each Loan Document to which any Loan Party is a party has been duly executed and delivered by such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to the Legal Reservations.

Sections 3.03. <u>Governmental Approvals; No Conflicts.</u> The execution and delivery of each Loan Document by each Loan Party thereto and the performance by such Loan Party thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) in connection with the Perfection Requirements or (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which could not be reasonably expected to have a Material Adverse Effect, (b) will not violate any (i) of such Loan Party's Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation, in the case of this <u>clause (b)(ii)</u>, could reasonably be expected to have a Material Adverse Effect and (c) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party which violation, in the case of this <u>clause (c)</u>, could reasonably be expected to result in a Material Adverse Effect.

Section 3.04. <u>Financial Condition; No Material Adverse Effect.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The financial statements (i) of the Borrower for its fiscal year ended December 31, 2018 filed with the SEC prior to the Closing Date and (ii) after the Closing Date, most recently provided pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower on a consolidated basis as of such dates and for such periods in accordance with GAAP, (x) except as otherwise expressly noted therein, (y) subject, in the case of quarterly financial statements, to the absence of footnotes and normal year-end adjustments and (z) except as may be necessary to reflect any differing entities and organizational structure prior to giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Since December 31, 2018, there has been no Material Adverse Effect.

Section 3.05. <u>Properties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, <u>Schedule 3.05</u> sets forth the address of each Real Estate Asset (or each set of such assets that collectively comprise one operating property) that is owned in fee simple by any Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each of its Restricted Subsidiaries have good and valid fee simple title to or rights to purchase, or valid leasehold interests as tenants in, or easements or other limited property interests in, all of their respective Real Estate Assets and have good title to their personal property and assets, in each case, except (i) for defects in title that do not materially interfere with their ability to conduct their business

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as currently conducted or to utilize such properties and assets for their intended purposes, (ii) where the failure to have such title would not reasonably be expected to have a Material Adverse Effect or (iii) Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower and its Restricted Subsidiaries own or otherwise have a license or right to use all Intellectual Property rights ("<u>IP Rights</u>") used or held for use to conduct their respective businesses as presently conducted without, to the knowledge of any Responsible Officer of the Borrower, any infringement, dilution, violation or misappropriation of the IP Rights of third parties, except to the extent the failure to own or license or have rights to use would not, or where such infringement, dilution, violation or misappropriation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 3.06. <u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Responsible Officer of the Borrower, threatened in writing against or affecting the Borrower or any of its Restricted Subsidiaries which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Except for any matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i) neither the Borrower nor any of its Restricted Subsidiaries is subject to or has received notice of any Environmental Claim or Environmental Liability or knows of any basis for any Environmental Liability or Environmental Claim of the Borrower or any of its Restricted Subsidiaries and (ii) neither the Borrower nor any of its Restricted Subsidiaries has failed to comply with any Environmental Law or to obtain, maintain or comply with any Governmental Authorization, permit, license or other approval required under any Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the five-year period prior to the Closing Date, neither the Borrower nor any of its Restricted Subsidiaries has treated, stored, transported or Released any Hazardous Materials on, at, under or from any currently or formerly owned or leased real estate or facility in a manner that would reasonably be expected to have a Material Adverse Effect.

Section 3.07.<u>Compliance with Laws.</u> The Borrower and each of its Restricted Subsidiaries is in compliance with all Requirements of Law applicable to it or its property, except, in each case where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; it being understood and agreed that this <u>Section 3.07</u> shall not apply to the Requirements of Law covered by <u>Section 3.17</u> below.

Section 3.08. <u>Investment Company Status.</u> No Loan Party is an "investment company" under the Investment Company Act of 1940.

Section 3.09. <u>Taxes</u>. The Borrower and each of its Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable (including in its capacity as a withholding agent), except (a) Taxes (or any requirement to file Tax returns with respect thereto) that are being contested in good faith by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

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Section 3.10. <u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable Requirements of Law, except where any failure to comply would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In the five-year period prior to the date on which this representation is made or deemed made, no ERISA Event has occurred and is continuing or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.

Section 3.11. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, all written information (other than the Projections, financial estimates, other forward-looking information and/or projected information and information of a general economic or industry-specific nature) concerning the Borrower and its subsidiaries that was included in the Information Memorandum (the "<u>Information</u>"), when taken as a whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Projections have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time furnished (it being recognized that such Projections are as to future events and are not to be viewed as facts and are subject to significant uncertainties and contingencies many of which are beyond the Borrower's control, that no assurance can be given that any particular financial projections will be realized, that actual results may differ from projected results and that such differences may be material).

Section 3.12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency.</u> As of the Closing Date and after giving effect to the Transactions and the incurrence of the Indebtedness and obligations being incurred in connection with this Agreement and the Transactions, (i) the sum of the debt (including contingent liabilities) of the Borrower and its Subsidiaries, taken as a whole, does not exceed the fair value of the assets (on a going concern basis) of the Borrower and its Subsidiaries, taken as a whole; (ii) the capital of the Borrower and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower and its Subsidiaries, taken as a whole, contemplated as of the Closing Date; and (iii) the Borrower and its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debt as they mature in the ordinary course of business.

Section 3.13.&nbsp;&nbsp;&nbsp;&nbsp; <u>Subsidiaries.</u> <u>Schedule 3.13</u> sets forth, in each case as of the Closing Date, (a) a correct and complete list of the name of each subsidiary of the Borrower and the ownership interest therein held by the Borrower or its applicable Subsidiary, and (b) the type of entity of the Borrower and each of its Subsidiaries.

Section 3.14. <u>Security Interest in Collateral</u>. Subject to any limitations and exceptions set forth in any Loan Documents, the Legal Reservations and the provisions of this Agreement and the other relevant Loan Documents, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of itself and the other Secured Parties, and upon the satisfaction of the applicable Perfection Requirements, such Liens constitute perfected Liens (with the priority that such Liens are expressed to have under the relevant Collateral Documents, unless otherwise

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permitted hereunder or under any Loan Document) on the Collateral (to the extent such Liens are required to be perfected under the terms of the Loan Documents) securing the Secured Obligations, in each case as and to the extent set forth therein. For the avoidance of doubt, notwithstanding anything herein or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Capital Stock of any Foreign Subsidiary (other than Capital Stock and assets of Foreign Subsidiaries, if any, that are Guarantors), or as to the rights and remedies of the Administrative Agent or any Lender with respect thereto, under foreign Requirements of Law not required to be obtained under the Loan Documents, (B) the enforcement of any security interest, or rights or remedies with respect to any Collateral that may be limited or restricted by, or require any consents, authorizations approvals or licenses under, any Requirement of Law or (C) on the Closing Date and until required pursuant to <u>Section 5.12</u>, the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or enforceability of any pledge or security interest to the extent not required on the Closing Date.

Section 3.15. <u>Labor Disputes</u>. Except as individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect, (a) there are no strikes, lockouts or slowdowns against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of any Responsible Officer of the Borrower or any of its Restricted Subsidiaries, threatened and (b) the hours worked by and payments made to employees of the Borrower and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Requirements of Law dealing with such matters.

Section 3.16. Federal Reserve Regulations. No part of the proceeds of any Loan have been used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that results in a violation of the provisions of Regulation U.

<br>&nbsp;&nbsp;&nbsp;&nbsp;Section 3.17. <u>OFAC; PATRIOT ACT and FCPA.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; (i) None of the Borrower or any of its Subsidiaries or, to the knowledge of any Responsible Officer of the Borrower, any director, officer or employee of any of the foregoing is a Sanctioned Person; and (ii) the Borrower will not directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, use the proceeds of the Loans or otherwise make available such proceeds to any Person in violation of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;To the extent applicable, each Loan Party is in compliance (i) in all material respects with the USA PATRIOT Act, the Trading with the Enemy Act, as amended, each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and the UK Bribery Act of 2010 and any enabling legislation or executive order relating thereto and (ii) except as would not reasonably be expected to have a Material Adverse Effect, with all Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of any Responsible Officer of the Borrower, any director, officer or employee of the Borrower or any Subsidiary, has taken any action, directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, that would result in a material violation by any such Person of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "<u>FCPA</u>"), including, without limitation, making any offer, payment, promise to pay or authorization or approval of the payment of any money, or other property, gift, promise to give or

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authorization of the giving of anything of value, directly or indirectly, to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in each case in contravention in any material respect of the FCPA and any applicable anti-corruption Requirement of Law of any Governmental Authority. The Borrower will not directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, use the proceeds of the Loans or otherwise make available such proceeds to any governmental official or employee, political party, official of a political party, candidate for public office or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage in violation of the FCPA.

The representations and warranties set forth in <u>Section 3.17</u> above made by or on behalf of any Foreign Subsidiary are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary; it being understood and agreed that to the extent that any Foreign Subsidiary is unable to make any representation or warranty set forth in <u>Section 3.17</u> as a result of the application of this sentence, such Foreign Subsidiary shall be deemed to have represented and warranted that it is in compliance, in all material respects, with any equivalent Requirement of Law relating to anti-terrorism, anti-corruption, sanctions or anti-money laundering that is applicable to such Foreign Subsidiary in its relevant local jurisdiction of organization.

****<br> ARTICLE 4

CONDITIONS

Section 4.01. <u>Closing Date</u>. The obligations of each Lender to make Loans on the Closing Date shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with <u>Section 9.02</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Credit Agreement and Loan Documents</u>. The Administrative Agent (or its counsel) shall have received from each Loan Party, to the extent party thereto, (i) a counterpart signed by such Loan Party (or written evidence reasonably satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or other electronic method) that such party has signed a counterpart) of (A) this Agreement, (B) the Security Agreement, (C) each applicable Intellectual Property Security Agreement, (D) the Loan Guaranty and (E) each Promissory Note requested by a Lender at least three Business Days prior to the Closing Date and (ii) a Borrowing Request as required by <u>Section 2.03</u> (and any such requirements may be waived or extended by the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received, on behalf of itself and the Lenders on the Closing Date, a customary written opinion of (i) Ropes & Gray LLP, in its capacity as counsel for the Loan Parties and (ii) Venable LLP, in its capacity as local Maryland counsel for the Loan Parties, each dated as of the Closing Date and addressed to the Administrative Agent and the Lenders on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Secretary's Certificate and Good Standing Certificates</u>. The Administrative Agent (or its counsel) shall have received (i) a certificate of each Loan Party, dated the Closing Date and executed by a secretary, assistant secretary or other similarly-titled Responsible Officer thereof, which shall (A) certify that (x) attached thereto is a true and complete copy of the certificate or articles of incorporation, formation or organization of such Loan Party, as applicable, certified by the relevant authority of its jurisdiction of organization, which certificate or articles of incorporation, formation or organization of such Loan Party, as applicable, have not been amended (except as attached thereto) since the date reflected thereon, (y) attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Loan

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Party, as applicable, together with all amendments thereto as of the Closing Date and such by-laws or operating, management, partnership or similar agreement are in full force and effect and (z) attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board of directors, board of managers, sole member, manager or other applicable governing body authorizing the execution and delivery of the Loan Documents, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect, and (B) identify by name and title and bear the signatures of the officers, managers, directors or authorized signatories of such Loan Party, as applicable, authorized to sign the Loan Documents to which such Loan Party, as applicable, is a party and (ii) a good standing (or equivalent) certificate for such Loan Party, as applicable, from the relevant authority of its jurisdiction of organization, dated as of a recent date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. The representations and warranties of the Borrower set forth in <u>Article 3</u> hereof and the representations and warranties of the applicable Loan Parties set forth in the other Loan Documents shall be true and correct in all material respects on and as of the Closing Date; <u>provided</u> that (A) in the case of any representation which expressly relates to a given date or period, such representation shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be and (B) if any representation is qualified by or subject to a "material adverse effect," "material adverse change" or similar term or qualification, such representation shall be true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. Prior to or substantially concurrently with the funding of the Initial Term Loans hereunder, the Administrative Agent and the Arrangers shall have received (i) all fees required to be paid by the Borrower on the Closing Date as separately agreed among the Borrower, the Administrative Agent and the applicable Arrangers and (ii) all expenses required to be paid by the Borrower for which invoices have been presented at least three Business Days prior to the Closing Date or such later date to which the Borrower may agree (including the reasonable fees and expenses of legal counsel required to be paid), in each case on or before the Closing Date, which amounts may be offset against the proceeds of the Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. The Administrative Agent (or its counsel) shall have received a certificate in substantially the form of <u>Exhibit O</u> from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Closing Date and certifying as to the matters set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Perfection Certificate</u>. The Administrative Agent (or its counsel) shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pledged Stock and Pledged Notes</u>. The Administrative Agent (or its counsel) shall have received (i) the certificates representing the Capital Stock required to be pledged pursuant to the Security Agreement, together with an undated stock power or similar instrument of transfer for each such certificate endorsed in blank by a duly authorized officer of the pledgor thereof, and (ii) each Material Debt Instrument (if any) endorsed (without recourse) in blank (or accompanied by a transfer form endorsed in blank) by the pledgor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Filings Registrations and Recordings</u>. Each document (including any UCC (or similar) financing statement) required by any Collateral Document or under applicable Requirements of Law to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral required to be delivered pursuant to such Collateral Document, which, if applicable, shall be in proper form for filing, registration or recordation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>USA PATRIOT Act</u>. No later than three Business Days in advance of the Closing Date, the Administrative Agent shall have received all documentation and other information reasonably requested with respect to any Loan Party in writing by any Initial Lender at least ten Business Days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Officer's Certificate</u>. The Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower certifying satisfaction of the conditions precedent set forth in <u>Section 4.01(d)</u>.

For purposes of determining whether the conditions specified in this <u>Section 4.01</u> have been satisfied on the Closing Date, by funding the Loans hereunder, the Administrative Agent and each Lender shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agent or such Lender, as the case may be.

****<br> ARTICLE 5

AFFIRMATIVE COVENANTS

From the Closing Date until the date on which all Commitments have expired or terminated and the principal of and interest on each Loan and all fees, expenses and other amounts and payment Obligations (other than (i) contingent indemnification obligations for which no claim or demand has been made and (ii) Secured Hedging Obligations under any Hedge Agreements as to which arrangements reasonably satisfactory to the applicable counterparty have been made) have been paid in full in Cash (such date, the "<u>Termination Date</u>"), the Borrower hereby covenants and agrees with the Lenders that:<br>

Section 5.01. <u>Financial Statements and Other Reports.</u> The Borrower will deliver to the Administrative Agent for delivery by the Administrative Agent, subject to <u>Section 9.05(f)</u>, to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Quarterly Financial Statements</u>. As soon as available, and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ending March 31, 2019 the consolidated balance sheet of Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of operations (or income) and cash flows of Borrower and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, and setting forth, in reasonable detail, in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Financial Officer Certification (which may be included in the applicable Compliance Certificate) with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Financial Statements</u>. As soon as available, and in any event within 90 days after the end of each Fiscal Year ending after the Closing Date, (i) the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of operations (or income), changes in equity and cash flows of the Borrower and its Subsidiaries for such Fiscal Year and setting forth, in reasonable detail, in comparative form the corresponding figures for the previous Fiscal Year and (ii) with respect to such consolidated financial statements, a report thereon of an independent certified public accountant of recognized

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national standing (which report shall not be subject to a qualification as to the scope of such audit or "going concern" qualification (except (A) as resulting from the impending maturity of any permitted Indebtedness or anticipated or actual breach of any financial covenant, (B) the upcoming maturity of any Indebtedness within one year of the date such opinion is deliver or (C) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary) but may include a "going concern" explanatory paragraph or like statement), and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower for, and as of the end of, such Fiscal Year in conformity with GAAP (such report and opinion, a "<u>Conforming Accounting Report</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance Certificate</u>. Together with each delivery of financial statements of the Borrower and its subsidiaries pursuant to <u>Sections 5.01(a)</u> and <u>(b)</u>, (i) a duly executed and completed Compliance Certificate, and (ii) (A) a summary of the pro forma adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements and (B) a list identifying any change in the Subsidiaries of the Borrower as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or confirmation that there is no change in such information since the later of the Closing Date and the date of the last such list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Default</u>. Promptly upon any Responsible Officer of the Borrower obtaining actual knowledge of any Default or Event of Default, a reasonably-detailed notice specifying the nature and period of existence of such event and what action the Borrower has taken, is taking and/or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Litigation</u>. Promptly upon any Responsible Officer of the Borrower obtaining actual knowledge of (i) the institution of, or threat of, any Adverse Proceeding not previously disclosed in writing by the Borrower to the Administrative Agent, or (ii) any material development in any Adverse Proceeding that, in the case of either of <u>clauses (i)</u> or <u>(ii)</u>, could reasonably be expected to have a Material Adverse Effect, written notice thereof from the Borrower together with such other non-privileged information as may be reasonably available to the Loan Parties to enable the Lenders to evaluate such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. Promptly upon any Responsible Officer of the Borrower obtaining actual knowledge of the occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Regarding Collateral</u>. Prompt (and, in any event, within 60 days of the relevant change) written notice of any change (i) in any Loan Party's legal name, (ii) in any Loan Party's type of organization or (iii) in any Loan Party's jurisdiction of organization, together with a certified copy of the applicable Organizational Document reflecting the relevant change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Collateral Verification</u>. Together with the delivery of each Compliance Certificate provided with the financial statements required to be delivered pursuant to <u>Section 5.01(b)</u>, a Perfection Certificate Supplement (or confirmation that there have been no

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changes in such information since the Closing Date or the most recent Perfection Certificate Supplement provided);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Reports</u>. Promptly upon their becoming available and without duplication of any obligations with respect to any such information that is otherwise required to be delivered under the provisions of any Loan Document, copies of all special reports and registration statements which the Borrower or any Restricted Subsidiary files with the SEC or any analogous Governmental Authority or with any national securities exchange, as the case may be (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration statement on Form S-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Information</u>. Such other certificates, reports and information (financial or otherwise) as the Administrative Agent may reasonably request from time to time regarding the financial condition or business of the Borrower and its Restricted Subsidiaries; <u>provided</u>, <u>however</u>, that none of the Borrower or any Restricted Subsidiary shall be required to disclose or provide any information (a) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower or any of its subsidiaries or any of their respective borrowers, tenants or other occupants, joint venture partners, customers and/or suppliers, (b) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by applicable Requirements of Law, (c) that is subject to attorney-client or similar privilege or constitutes attorney work product, (d) in respect of which the Borrower or any Restricted Subsidiary owes confidentiality obligations to any third party (<u>provided</u> such confidentiality obligations were not entered into in contemplation of the requirements of this <u>Section 5.01(l)</u>) or (e) to the extent applicable, which the Borrower or any Restricted Subsidiary is not reasonably able to obtain with respect to any obligor under any CRE Finance Asset or tenant or other occupant under any Real Estate Investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;promptly following any request therefor, solely to the extent actually required to comply with such laws at such time, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and 31 C.F.R. 1010.230, in each case, solely to the extent actually required to comply with such rules and regulations at such time.

Documents required to be delivered pursuant to this <u>Section 5.01</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower (or a representative thereof) (x) posts such documents or (y) provides a link thereto at http://www.blackstonemortgagetrust.com; <u>provided</u> that, other than with respect to items required to be delivered pursuant to <u>Section 5.01(k)</u> above, the Borrower shall promptly notify (which notice may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents at http://www.blackstonemortgagetrust.com and provide to the Administrative Agent by electronic mail electronic versions of such documents; (ii) on which such documents are delivered by the Borrower to the Administrative Agent for posting on behalf of the Borrower on IntraLinks/SyndTrak or another relevant website (the "<u>Platform</u>"), if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); (iii) on which such documents are faxed to the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); or (iv) in respect of the items required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(k) above in respect of information filed by the Borrower with any securities exchange or with the SEC or any analogous governmental or private regulatory authority with jurisdiction over matters relating to securities (including in Form 10-Q Reports and Form 10-K reports), on which such items have been made available on the SEC website or the website of the relevant analogous governmental or private

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regulatory authority or securities exchange. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations referred to in Section 5.01(a) and/or 5.01(b) may be satisfied by filing the Borrower's Form 10-K or 10-Q, as applicable, with the SEC or any securities exchange, in each case, within the time periods specified in Sections 5.01(a) or 5.01(b), as applicable (and the public filing of such report with the SEC or such securities exchange shall constitute delivery thereof for purposes of Section 5.01(a) and 5.01(b), as applicable); <u>provided</u> that to the extent such statements are provided in lieu of the statements required to be provided under Section 5.01(b), such statements shall include, or be accompanied by, a Conforming Accounting Report.

Any financial statement required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> shall not be required to include acquisition accounting adjustments relating to any Permitted Acquisition, Investment or other transaction permitted under this Agreement, in each case, to the extent it is not practicable to include any such adjustments in such financial statement.

Section 5.02. &nbsp;&nbsp;&nbsp;&nbsp;<u>Existence.</u> Except as otherwise permitted under <u>Section 6.07</u>, the Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights, franchises, licenses and permits in the normal conduct of its business that are material to its business except, other than with respect to the preservation of the existence of the Borrower, to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; <u>provided</u> that neither the Borrower nor any of the Borrower's Restricted Subsidiaries shall be required to preserve any such existence (other than with respect to the preservation of existence of the Borrower), right, franchise, license or permit if a Responsible Officer of such Person or such Person's board of directors (or similar governing body) determines that the preservation thereof is no longer desirable in the conduct of the business of such Person.

Section 5.03. &nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Taxes</u>. The Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, timely pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income or businesses or franchises; <u>provided</u>, <u>however</u>, that no such Tax need be paid if (a) it is being contested in good faith by appropriate proceedings, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity with GAAP, have been made therefor and (ii) in the case of a Tax which has resulted or may result in the creation of a Lien on any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or (b) failure to pay or discharge the same could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

Section 5.04.&nbsp;&nbsp;&nbsp;&nbsp; <u>Maintenance of Properties</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear and casualty and condemnation excepted, all property reasonably necessary to the normal conduct of business of the Borrower and its Restricted Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs, renewals and replacements thereof except as expressly permitted by this Agreement or where the failure to maintain such properties or make such repairs, renewals or replacements could not reasonably be expected to have a Material Adverse Effect.

Section 5.05. &nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Borrower will maintain or cause to be maintained, with financially sound and reputable insurers that the Borrower believes (in the good faith and judgment of its management) are

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financially sound and reputable at the time the relevant coverage is placed or renewed, or with a Captive Insurance Subsidiary, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Borrower and its Restricted Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons; <u>provided</u> that notwithstanding the foregoing, in no event will the Borrower or any Restricted Subsidiary be required to obtain or maintain insurance that is more restrictive than its normal course of practice. Each such policy of insurance (excluding, for the avoidance of doubt, any business interruption insurance policy) shall, (i) in the case of each general liability policy in favor of any Loan Party, name the Administrative Agent on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy in favor of any Loan Party, to the extent available from the relevant insurance carrier, contain a lenders' loss payable clause or endorsement that names the Administrative Agent, on behalf of the Secured Parties as the lenders' loss payee thereunder.

Section 5.06. <u>Inspections</u>. The Borrower will, and will cause each of its Restricted Subsidiaries to, permit any authorized representative designated by the Administrative Agent to visit and inspect any of the properties owned or leased by the Borrower and any of its Restricted Subsidiaries at which the principal financial records and executive officers of the applicable Person are located, to inspect and copy its and their respective financial and accounting records, and to discuss its and their respective affairs, finances and accounts with its and their Responsible Officers and independent public accountants at the expense of the Borrower (<u>provided</u> that the Borrower (or any of its subsidiaries) may, if it so chooses, be present at or participate in any such discussion), all upon reasonable notice and at reasonable times during normal business hours; <u>provided</u> that (a) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this <u>Section 5.06</u> and (b) except as expressly set forth in the proviso below during the continuance of an Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u>, the Administrative Agent shall not exercise such rights more often than one time during any calendar year; <u>provided</u>, <u>further</u>, that when an Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists and is continuing, the Administrative Agent (or any of its representatives) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice; <u>provided</u>, <u>further</u>, that notwithstanding anything to the contrary herein, neither the Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies of or taking abstracts from, or discuss any document, information, or other matter (A) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower and its subsidiaries and/or any of its borrowers, tenants or other occupants, joint venture partners, customers and/or suppliers, (B) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives or contractors) is prohibited by applicable Requirements of Law, (C) that is subject to attorney-client or similar privilege or constitutes attorney work product or (D) in respect of which the Borrower or any Restricted Subsidiary owes confidentiality obligations to any third party (<u>provided</u> such confidentiality obligations were not entered into in contemplation of the requirements of this <u>Section 5.06</u>).

Section 5.07. &nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Book and Records</u>. The Borrower will, and will cause its Restricted Subsidiaries to, maintain proper books of record and account containing entries of all material financial transactions and matters involving the assets and business of the Borrower and its Restricted Subsidiaries that are full, true and correct in all material respects and permit the preparation of consolidated financial statements in accordance with GAAP.

Section 5.08. &nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws</u>. The Borrower will comply, and will cause each of its Restricted Subsidiaries to comply, with the requirements of all applicable Requirements of Law (including

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applicable ERISA and all Environmental Laws, OFAC, the USA PATRIOT Act and the FCPA), except to the extent the failure of the Borrower or the relevant Restricted Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the requirements set forth in this <u>Section 5.08</u>, as they pertain to compliance by any Foreign Subsidiary with OFAC, the USA PATRIOT ACT and the FCPA are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary in its relevant local jurisdiction.

Section 5.09. <u>Environmental</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Environmental Disclosure</u>. The Borrower will deliver to the Administrative Agent as soon as practicable following the sending or receipt thereof by any Responsible Officer of the Borrower, written notice of (A) any Environmental Claim that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, (B) any Release required to be reported by the Borrower or any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory agency or other Governmental Authority that reasonably could be expected to have a Material Adverse Effect, (C) any request made to the Borrower or any of its Restricted Subsidiaries for information from any governmental agency that suggests such agency is investigating whether the Borrower or any of its Restricted Subsidiaries may be potentially responsible for any Hazardous Materials Activity which is reasonably expected to have a Material Adverse Effect and (D) subject to the limitations set forth above in the proviso in <u>Section 5.01(l)</u>, such other documents and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this <u>Section 5.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;<u>Hazardous Materials Activities, Etc</u>. Subject to the rights of tenants or other occupants of any Real Estate Investment and obligors of any CRE Finance Asset, the Borrower shall promptly take, and shall cause each of its Restricted Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by the Borrower or its Restricted Subsidiaries, and address with appropriate corrective or remedial action any known Release or threatened Release of Hazardous Materials at or from any Facility, in each case, that could reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any Environmental Claim against the Borrower or any of its Restricted Subsidiaries in their individual capacities and discharge any obligations it may have to any Person thereunder, in each case, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 5.10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Designation of Subsidiaries</u>. The Borrower may at any time after the Closing Date designate (or re-designate) any subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that (i) immediately after any such re-designation, no Event of Default exists (including after giving effect to the reclassification of Investments in, Indebtedness of and Liens on the assets of, the applicable Unrestricted Subsidiary), (ii) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any Restricted Subsidiary of the Borrower (unless such Restricted Subsidiary is also designated as an Unrestricted Subsidiary) or hold any Indebtedness of or any Lien on any property of the Borrower or its Restricted Subsidiaries (unless the Borrower or such Restricted Subsidiary is permitted to incur such Indebtedness or Liens in favor of such Unrestricted Subsidiary pursuant to <u>Sections 6.01</u> and <u>6.02</u>) and (iii) subject to <u>clause (ii)</u> above, any subsidiary of an Unrestricted Subsidiary will be deemed to be an Unrestricted Subsidiary. The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower (or its applicable Restricted Subsidiary) therein at the date of designation in an amount equal to the portion of the fair market value of the net assets of such Subsidiary attributable to the Borrower's (or its applicable Restricted

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Subsidiary's) equity interest therein as reasonably estimated by the Borrower (and such designation shall only be permitted to the extent such Investment is permitted under <u>Section 6.06</u>). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the making, incurrence or granting, as applicable, at the time of designation of any then-existing Investment, Indebtedness or Lien of such Subsidiary, as applicable; <u>provided</u> that upon any re-designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount (if positive) equal to (a) the Borrower's "Investment" in such Restricted Subsidiary at the time of such re-designation, *less* (b) the portion of the fair market value of the net assets of such Restricted Subsidiary attributable to the Borrower's equity therein at the time of such re-designation.

Section 5.11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The Borrower shall use the proceeds of (a) the Initial Term Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents, including the payment of Transaction Costs, (b) 2019 Replacement Term Loans to prepay in full the outstanding principal amount of all Initial Term Loans on the First Amendment Effective Date, (c) the 2019 Incremental Term Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the First Amendment Transactions (as defined in the First Amendment)), (d) the Term B-2 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Second Amendment Transactions (as defined in the Second Amendment) and the Third Amendment Transactions (as defined in the Third Amendment)), (e) the Additional 2019 New Term Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Fourth Amendment Transactions (as defined in the Fourth Amendment)), (f) the Replacement Term B-3 Loans to prepay in full the outstanding principal amount of all Term B-2 Loans on the Fifth Amendment Effective Date, (g) the Incremental Term B-3 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Fifth Amendment Transactions (as defined in the Fifth Amendment)), (h) the Term B-4 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Sixth Amendment Transactions (as defined in the Sixth Amendment) and the Seventh Amendment Transactions (as defined in the Seventh Amendment), (i) the Term B-5 Loans to prepay outstanding principal amount of 2019 New Term Loans and Term B-3 Loans on the Tenth Amendment Effective Date, (j) the Replacement Term B-6 Loans to prepay the outstanding principal amount of the Term B-5 Loans on the Eleventh Amendment Effective Date and<u>,</u> (k) the Incremental Term B-6 Loans to prepay a portion of the outstanding principal amount of the Term B-4 Loans on the Eleventh Amendment Effective Date.<u>, (l) the Replacement Term B-7 Loans to prepay the outstanding principal amount of the Term B-4 Loans on the Twelfth Amendment Effective Date and (m) the Incremental Term B-7 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Twelfth Amendment Transactions (as defined in the Twelfth Amendment)).</u> 

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Section 5.12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Covenant to Guarantee Obligations and Give Security.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Upon (i) the formation or acquisition after the Closing Date of any Restricted Subsidiary that is not an Excluded Subsidiary, including as a result of a Division, (ii) any Restricted Subsidiary that is a Domestic Subsidiary ceasing to be an Excluded Subsidiary (including pursuant to the last sentence of the definition of "Guarantor") or (iii) the designation of a Discretionary Guarantor, (x) if the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as Restricted Subsidiary or the event giving rise to the obligation under this <u>Section 5.12(a)</u> occurs during the first three Fiscal Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered pursuant to <u>Section 5.01(a)</u> for the Fiscal Quarter in which the relevant formation, acquisition, designation or cessation occurred or (y) if the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as Restricted Subsidiary or the event giving rise to the obligation under this <u>Section 5.12(a)</u> occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 60 days after the end of such Fiscal Quarter (or, in the cases of <u>clauses (x)</u> and <u>(y)</u>, such longer period as the Administrative Agent may reasonably agree), the Borrower shall (A) cause such Restricted Subsidiary (other than any Excluded Subsidiary) to comply with the requirements set forth in <u>clause (a)</u> of the definition of "Collateral and Guarantee Requirement" and (B) upon the reasonable request of the Administrative Agent, cause the relevant Restricted Subsidiary (other than any Excluded Subsidiary) or Discretionary Guarantor to deliver to the Administrative Agent a signed copy of a customary opinion of counsel for such Restricted Subsidiary or Discretionary Guarantor, addressed to the Administrative Agent and the other relevant Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Within 120 days after the acquisition by any Loan Party of any Material Real Estate Asset other than any Excluded Asset (or such longer period as the Administrative Agent may reasonably agree), the Borrower shall cause such Loan Party to comply with the requirements set forth in <u>clause (b)</u> of the definition of "Collateral and Guarantee Requirement" (it being understood and agreed that, with respect to any Material Real Estate Asset owned by any Restricted Subsidiary at the time such Restricted Subsidiary is required to become a Loan Party under Section 5.12(a) above, such Material Real Estate Asset shall be deemed to have been acquired by such Restricted Subsidiary on the last day of the time period within which such Restricted Subsidiary becomes a Loan Party under <u>Section 5.12(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, it is understood and agreed that:

<br>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent may grant extensions of time (at any time, including after the expiration of any relevant period, which will be retroactive) for the creation and perfection of security interests in, or obtaining of title insurance, legal opinions, surveys or other deliverables with respect to, particular assets or the provision of any Loan Guaranty by any Restricted Subsidiary (in connection with assets acquired, or Restricted Subsidiaries formed or acquired after the Closing Date), and each Lender hereby consents to any such extension of time,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;any Lien required to be granted from time to time pursuant to the definition of "Collateral and Guarantee Requirement" shall be subject to the exceptions and limitations set forth in the Collateral Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;perfection by control shall not be required with respect to assets requiring perfection through control agreements or other control arrangements (other than control of pledged Capital Stock and/or Material Debt Instruments, in each case to the extent otherwise constituting Collateral),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; no Loan Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman waiver or other collateral access or similar letter or agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Loan Party will be required to (A) take any action outside of the U.S. in order to create or perfect any security interest in any asset located outside of the U.S., (B) execute any foreign law security agreement, pledge agreement, mortgage, deed or charge or (C) make any foreign intellectual property filing, conduct any foreign intellectual property search or prepare any foreign intellectual property schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; in no event will the Collateral include any Excluded Asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;no action shall be required to perfect any Lien with respect to (1) any vehicle or other asset subject to a certificate of title, (2) letter-of-credit rights, (3) the Capital Stock of any Immaterial Subsidiary and/or (4) the Capital Stock of any Person that is not a Subsidiary, which Person, if a Subsidiary, would constitute an Immaterial Subsidiary, in each case except to the extent that a security interest therein can be perfected by filing a Form UCC-1 (or similar) financing statement under the UCC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;any joinder or supplement to any Loan Guaranty, any Collateral Document and/or any other Loan Document executed by any Restricted Subsidiary that is required to become a Loan Party pursuant to <u>Section 5.12(a)</u> above may, with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), include such schedules (or updates to schedules) as may be necessary to ensure that any representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp; any time periods to comply with the foregoing <u>Section 5.12(a)</u> shall not apply to Discretionary Guarantors;

<u>provided</u> that <u>clauses (iii)</u>, <u>(v)</u> and <u>(vi)</u> shall not apply to the Capital Stock or assets of a Foreign Discretionary Guarantor that becomes a Guarantor pursuant to the last sentence of the definition of "Guarantor."

Section 5.13.&nbsp;&nbsp;&nbsp;&nbsp; <u>Maintenance of Ratings</u>. The Borrower shall use commercially reasonable efforts to maintain public corporate credit facility and public corporate family ratings from each of S&P and Moody's; <u>provided</u> that in no event shall the Borrower be required to maintain any specific rating with any such agency.

Section 5.14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Further Assurances.</u> Promptly upon request of the Administrative Agent and subject to the limitations described in <u>Section 5.12</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of tenants or other occupants of any Real Estate Investment and obligors of any CRE Finance Asset (in each case, to the extent such rights were not created in contemplation of the requirements of this <u>Section 5.14(a)</u>), the Borrower will, and will cause each other Loan Party to, execute any and all further documents, financing statements, agreements, instruments, certificates, notices and acknowledgments and take all such further actions (including the filing and recordation of financing statements, fixture filings, Mortgages and/or amendments thereto and other documents), that may be required under any applicable Requirements of Law and which the Administrative Agent may reasonably request to ensure the creation, perfection and priority of the Liens created or intended to be created under the Collateral Documents, all at the expense of the relevant Loan Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will, and will cause each other Loan Party to (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts (including notices to third parties), deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to ensure the creation, perfection and priority of the Liens created or intended to be created under the Collateral Documents.

****<br> ARTICLE 6

<br>NEGATIVE COVENANTS

From the Closing Date and until the Termination Date, the Borrower covenants and agrees with the Lenders that:

Section 6.01. &nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</u>. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or otherwise become or remain liable with respect to any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Obligations (including any Additional Term Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower to any Restricted Subsidiary and/or of any Restricted Subsidiary to the Borrower and/or any other Restricted Subsidiary; <u>provided</u> that in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Restricted Subsidiary that is a Loan Party, such Indebtedness shall be permitted as an Investment under <u>Section 6.06</u>; <u>provided</u>, <u>further</u>, that any Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party must be expressly subordinated to the Obligations of such Loan Party on terms that are reasonably acceptable to the Administrative Agent (including pursuant to an Intercompany Note);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness arising from any agreement providing for indemnification, adjustment of purchase price or similar obligations (including contingent earn-out obligations) incurred in connection with any Disposition permitted hereunder, any acquisition permitted hereunder or consummated prior to the Closing Date and not in contemplation thereof or any other purchase of assets or Capital Stock, and Indebtedness arising from guarantees, letters of credit, bank guarantees, surety bonds, performance bonds or similar instruments securing the performance of the Borrower or any such Restricted Subsidiary pursuant to any such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds or other similar obligations incurred in the ordinary course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support any of the foregoing items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary in respect of commercial credit cards, stored value cards, purchasing cards, treasury management services, netting services, overdraft protections, check drawing services, automated payment services

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(including depository, overdraft, controlled disbursement, ACH transactions, return items and interstate depository network services), employee credit card programs, cash pooling services and any arrangements or services similar to any of the foregoing and/or otherwise in connection with Cash management and Deposit Accounts, including incentive, supplier finance or similar programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;(i) guarantees by the Borrower and/or any Restricted Subsidiary of the obligations of suppliers, customers and licensees in the ordinary course of business, (ii) Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower and/or any Restricted Subsidiary to pay the deferred purchase price of goods, services, CRE Finance Assets or Real Estate Investments or progress payments in connection with such assets, goods and services and (iii) Indebtedness in respect of letters of credit, bankers' acceptances, bank guaranties or similar instruments supporting trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;guarantees by the Borrower and/or any Restricted Subsidiary of Indebtedness or other obligations of the Borrower or any Restricted Subsidiary with respect to Indebtedness otherwise permitted to be incurred pursuant to this <u>Section 6.01</u> or other obligations not prohibited by this Agreement; <u>provided</u> that in the case of any Guarantee by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary existing, or pursuant to commitments existing, on the Closing Date and, to the extent in excess of $6,000,000 described on <u>Schedule 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary consisting of obligations owing under incentive, supply, license or similar agreements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business and/or (iii) obligations to reacquire assets or inventory in connection with customer financing arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary with respect to Finance Leases and purchase money Indebtedness in an aggregate outstanding principal amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of any Person that becomes a Restricted Subsidiary or Indebtedness assumed in connection with an acquisition or any other similar investment permitted hereunder after the Closing Date; <u>provided</u> that (i) such Indebtedness (A) existed at the time such Person became a Restricted Subsidiary or the assets subject to such Indebtedness were acquired and (B) was not created or incurred in anticipation of such acquisition or investment or such Person becoming a Restricted Subsidiary and (ii) the Borrower is in compliance with <u>Section 6.13(a)</u> calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of promissory notes issued by the Borrower or any Restricted Subsidiary to any stockholder of the Borrower or any current or former director, officer,

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employee, member of management, manager or consultant of the Borrower or any Subsidiary (or their respective Immediate Family Members) to finance the purchase or redemption of Capital Stock of the Borrower permitted by <u>Section 6.04(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness refinancing, refunding or replacing any Indebtedness permitted under <u>clauses (a)</u>, <u>(i)</u>, <u>(m)</u>, <u>(n)</u>, <u>(r)</u>, <u>(u)</u>, <u>(y)</u>, and <u>(z)</u> of this <u>Section 6.01</u> ("<u>Refinancing Indebtedness</u>") and any subsequent Refinancing Indebtedness in respect thereof; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced, refunded or replaced, except by (A) an amount equal to unpaid accrued interest, penalties and premiums (including tender premiums) thereon plus underwriting discounts, other reasonable and customary fees, commissions and expenses (including upfront fees, original issue discount or initial yield payments) incurred in connection with the relevant refinancing, refunding or replacement and the related refinancing transaction, (B) an amount equal to any existing commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this <u>Section 6.01</u> (<u>provided</u> that (x) any additional Indebtedness referenced in this <u>clause (C)</u> satisfies the other applicable requirements of this definition (with additional amounts incurred in reliance on this <u>clause (C)</u> constituting a utilization of the relevant basket or exception pursuant to which such additional amount is permitted) and (y) if such additional Indebtedness is secured, the Lien securing such Indebtedness satisfies the applicable requirements of <u>Section 6.02</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other than in the case of Refinancing Indebtedness with respect to <u>clauses (i)</u>, <u>(m)</u>, <u>(n)</u>, <u>(r)</u>, <u>(u)</u> and/or <u>(y)</u> (and other than customary bridge loans with a maturity date of not longer than one year; <u>provided</u> that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this <u>clause (ii)</u>), such Indebtedness has (A) subject to the Permitted Earlier Maturity Indebtedness Exception, a final maturity equal to or later than (and, in the case of revolving Indebtedness, does not require mandatory commitment reductions, if any, prior to) the earlier of (x) the then-existing Latest Maturity Date and (y) the final maturity of the Indebtedness being refinanced, refunded or replaced and (B) subject to the Permitted Earlier Maturity Indebtedness Exception and other than with respect to revolving Indebtedness, such Indebtedness (x) has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Indebtedness being refinanced, refunded or replaced (without giving effect to any Prepayments thereof) or (y) a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the outstanding 2019 New Term Loans, Term B-3 Loans, Term B-4 Loans, Term B-5<u>-6</u> Loans and Term B-6<u>-7</u> Loans at such time,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;[reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Refinancing Indebtedness with respect to Indebtedness permitted under <u>clauses (m)</u>, <u>(r)</u>, <u>(u)</u> and <u>(z)</u> (solely as it relates to the Base Incremental Amount) of this <u>Section 6.01</u>, the incurrence thereof shall be without duplication of any amounts outstanding in reliance on the relevant clause,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;except in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted under <u>clause (a)</u> of this <u>Section 6.01</u> incurred as Replacement Term Loans, (A) such Indebtedness, if secured, is secured only by Permitted Liens at the time of

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such refinancing, refunding or replacement (it being understood that secured Indebtedness may be refinanced with unsecured Indebtedness), and, to the extent the Liens securing such Indebtedness were contractually subordinated at time of such refinancing to the Liens on the Collateral securing the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, Term B-5<u>-6</u> Loans and/or the Term B-6<u>-7</u> Loans, the Liens securing such Indebtedness either constitute Permitted Liens (other than pursuant to Section 6.02(k)) or are subordinated to the Liens on the Collateral securing the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, Term B-5<u>-6</u> Loans and/or the Term B-6<u>-7</u> Loans on terms not materially less favorable (as reasonably determined by the Borrower), taken as a whole, to the Lenders than those applicable to the Liens securing the Indebtedness being refinanced, refunded or replaced, taken as a whole, or set forth in, or otherwise subject to, an Acceptable Intercreditor Agreement, (B) such Indebtedness is incurred by the obligor or obligors in respect of the Indebtedness being refinanced, refunded or replaced, except to the extent otherwise permitted pursuant to <u>Section 6.01</u>, (C) if the Indebtedness being refinanced, refunded or replaced was expressly contractually subordinated to the Obligations in right of payment, (x) such Indebtedness is contractually subordinated to the Obligations in right of payment, or (y) if not contractually subordinated to the Obligations in right of payment, the purchase, defeasance, redemption, repurchase, repayment, refinancing or other acquisition or retirement of such Indebtedness is permitted under <u>Section 6.04(b)</u> (other than <u>Section 6.04(b)(i),</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;in the case of Replacement Notes, (A) such Indebtedness is *pari passu* or junior in right of payment and secured by the Collateral on a *pari passu* or junior basis with respect to the remaining Obligations hereunder, or is unsecured; <u>provided</u> that any such Indebtedness that is secured by Liens on the Collateral shall be subject to any applicable Acceptable Intercreditor Agreements, (B) such Indebtedness is not secured by any assets other than the Collateral and shall not be incurred or Guaranteed by any Person other than one or more Loan Parties, (C) such Indebtedness is incurred under (and pursuant to) documentation other than this Agreement, and (D) if such Replacement Notes are incurred to refinance Indebtedness outstanding under the Loan Documents, then, except as otherwise set forth above in this <u>Section 6.01(p)</u>, the other terms and conditions of such Replacement Notes, if not substantially identical to those applicable to the Indebtedness being refinanced (as determined by the Borrower in good faith), must either, at the option of the Borrower, (x) not be materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) than (when taken as a whole) those contained in the Indebtedness being refinanced (other than any terms which are applicable only after the then-existing Latest Maturity Date with respect to such Indebtedness), (y) be conformed (or added) to the Loan Documents for the benefit of the applicable Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without limitation, any amendment or modification to the Loan Documents that solely adds one or more terms for the benefit of the existing Term Lenders shall not require the consent of any such existing Term Lender so long as the form (but not the substance) of the applicable agreement effecting such amendment or modification is reasonably satisfactory to the Administrative Agent) or (z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith); it being understood and agreed that any such Indebtedness that is pari passu with the 2019 New Term Loans, the Term B-3 Loans, the Term B-4 Loans, Term B-5<u>-6</u> Loans and/or the Term B-6<u>-7</u> Loans hereunder in right of payment and secured by the Collateral on a pari passu basis with the Liens on the Collateral securing the 2019

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New Term Loans, the Term B-3 Loans, the Term B-4 Loans, the Term B-5<u>-6</u> Loans and/or the Term B-6<u>-7</u> Loans may participate (x) in any voluntary prepayments of Term Loans as set forth in <u>Section 2.11(a)(i)</u> and (y) in any mandatory prepayments of Term Loans as set forth in <u>Section 2.11(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed 200% of the amount of Net Proceeds received by the Borrower from any cash contribution (made in Cash or converted into Cash) to the common equity of the Borrower and from the issuance and sale by the Borrower of its Qualified Capital Stock, in each case, (i) other than any Net Proceeds received from the sale of Capital Stock to, or contributions from, the Borrower or any of its Restricted Subsidiaries and (ii) other than the Available Excluded Contribution Amount, Cure Amounts and amounts otherwise applied under the Available Amount to incur a transaction (the amount of any Net Proceeds or contribution utilized to incur Indebtedness in reliance on this <u>clause (r)</u>, a "<u>Contribution Indebtedness Amount</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary under any Derivative Transaction not entered into for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary representing (i) deferred compensation to current or former directors, officers, employees, members of management, managers, and consultants of the Borrower and/or any Restricted Subsidiary in the ordinary course of business and (ii) deferred compensation or other similar arrangements in connection with the Transactions, any Permitted Acquisition or any other Investment permitted hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed the sum of (i) the greater of $185,000,000 and 1.325% of Consolidated Total Assets as of the last day of the most recently ended Test Period, <u>plus</u> (ii) at the election of the Borrower (and without duplication), any amount reallocated to this <u>Section 6.01(u)(ii)</u> from <u>Section 6.04(a)(x)</u> (<u>provided</u> that the Borrower may reallocate to <u>Section 6.04(a)(x)</u> any unutilized amounts under this 6.01(u)(ii) that were originally reallocated from <u>Section 6.04(a)(x)</u>));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;Incremental Equivalent Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness (including obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments with respect to such Indebtedness) incurred by the Borrower and/or any Restricted Subsidiary in respect of workers compensation claims, unemployment insurance (including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee benefits or property, casualty

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or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of any Restricted Subsidiary that is not a Loan Party under any Asset Financing Facility or CRE Financing (and any Guarantees and co-borrower obligations of the Borrower, any Restricted Subsidiary that is a Loan Party or any Restricted Subsidiary that is not a Loan Party, in each case, with respect to the foregoing), in each case, (i) to the extent that such Indebtedness and obligations are not secured by the assets of any Loan Party (other than Capital Stock held by such Loan Party that constitutes Capital Stock issued by any Person that is not a Loan Party and is an obligor, or provides credit support, with respect to such Indebtedness) and (ii) so long as the Borrower is in compliance with <u>Section 6.13(a)</u> calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;unfunded pension fund and other employee benefit plan obligations and liabilities incurred by the Borrower and/or any Restricted Subsidiary in the ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under <u>Section 7.01(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;security deposits, diligence deposits, purchase price deposits, reserves, advance payments and similar monetary items (in each case, to the extent constituting Indebtedness of the Borrower or any Restricted Subsidiary), received in the ordinary course of business (as determined in good faith by the Borrower) from current or prospective borrowers under any CRE Finance Asset, tenants or other occupants, purchasers for the acquisition, refinancing or occupancy of, or Investment in, CRE Finance Assets and Real Estate Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings) to the Borrower or any of the Restricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of any other Indebtedness, all premiums (if any), interest (including post-petition interest and payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of the Borrower and/or any Restricted Subsidiary hereunder.

Section 6.02. <u>Liens</u><u>.</u> The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, create, incur, assume or permit or suffer to exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income or profits therefrom, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing the Secured Obligations created pursuant to the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Liens for Taxes which (i) are not then due and payable, or (ii) are being contested in accordance with <u>Section 5.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;statutory or common law Liens (and rights of set-off) of landlords, banks, brokers, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by applicable Requirements of Law, in each case incurred in the ordinary course of

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business (i) for amounts not yet overdue by more than 90 days, (ii) for amounts that are overdue by more than 90 days and that are being contested in good faith by appropriate proceedings, so long as any reserves or other appropriate provisions required by GAAP have been made for any such contested amounts or (iii) with respect to which the failure to make payment would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred (i) in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money), (iii) pursuant to pledges and deposits of Cash or Cash Equivalents in the ordinary course of business securing (x) any liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty, liability or other insurance to the Borrower and its Subsidiaries or (y) leases or licenses of property otherwise permitted by this Agreement and (iv) to secure Obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments posted with respect to the items described in <u>clauses (i)</u> through <u>(iii)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Liens consisting of easements, rights-of-way, restrictions (including zoning restrictions), encroachments, protrusions, conditions and other similar encumbrances and defects or irregularities in title, in each case, which, either (i) do not, in the aggregate, materially interfere with the ordinary conduct of the business of the Borrower and/or its Restricted Subsidiaries, taken as a whole, or both the then-current and intended use of the affected property or (ii) solely with respect to Real Estate Investments, any applicable title company providing the Borrower or any Restricted Subsidiary, or the applicable provider of CRE Financing with respect thereto, with title insurance with respect thereto insures over (without including an exception therefor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Liens consisting of any (i) interest or title of a lessor, sub-lessor, licensor or sub-licensor under any lease, sublease or license of real estate permitted hereunder, (ii) landlord lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor, sub-lessor, licensor or sub-licensor may be subject or (iv) subordination of the interest of the lessee, sub-lessee, licensee or sub-licensee under such lease to any restriction or encumbrance referred to in the preceding <u>clause (iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Liens (i) solely on any Cash earnest money deposits made by the Borrower and/or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under <u>Section 6.07</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;purported Liens evidenced by the filing of UCC financing statements relating solely to operating leases or consignment or bailee arrangements, and Liens arising from precautionary UCC financing statements or similar filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Liens in connection with any zoning, building or similar Requirement of Law (including, without limitation, notices of violation) or right reserved to or vested in any

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Governmental Authority to control or regulate the use of any or dimensions of real property or the structure thereon, including Liens in connection with any condemnation or eminent domain proceeding or compulsory purchase order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness permitted pursuant to, and subject to the provisions (including with respect to priority and whether permitted to be secured) set forth in, <u>Section 6.01(p)</u> (solely with respect to the permitted refinancing of (x) Indebtedness permitted pursuant to <u>Sections 6.01(i)</u>, <u>(m)</u>, <u>(n)</u>, <u>(y)</u> and <u>(z)</u> (<u>provided</u> that, in the case of Indebtedness incurred pursuant to <u>Section 6.01(z)</u>, such Liens extend only to Collateral) and (y) Indebtedness that is secured in reliance on <u>Section 6.02(u)</u> (without duplication of any amount outstanding thereunder)); <u>provided</u> that (i) no such Lien extends to any asset not covered by the Lien securing the Indebtedness that is being refinanced unless otherwise permitted by this <u>Section 6.02</u> and (ii) if the Lien securing the Indebtedness being refinanced applied to Collateral and was subject to intercreditor arrangements, then any Lien as to such Collateral securing any refinancing Indebtedness in respect thereof shall be subject to (A) intercreditor arrangements that are not materially less favorable to the Secured Parties, taken as a whole, than the intercreditor arrangements governing the Lien securing the Indebtedness that is refinanced or (B) an Acceptable Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Liens existing, or required pursuant to commitments existing on the Closing Date and, to the extent any such Lien secures amounts in excess of $6,000,000, described on <u>Schedule 6.02</u> and any modification, replacement, refinancing, renewal or extension thereof; <u>provided</u> that (i) no such Lien extends to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under <u>Section 6.01</u>, (B) proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood that individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates) and (C) Liens otherwise permitted by this <u>Section 6.02</u>, and (ii) any such modification, replacement, refinancing, renewal or extension of the obligations secured or benefited by such Liens, if constituting Indebtedness, is permitted by <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness permitted pursuant to <u>Section 6.01(m)</u>; <u>provided</u> that any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood that individual financings of the type permitted under <u>Section 6.01(m)</u> provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens securing Indebtedness permitted pursuant to <u>Section 6.01(n)</u> on the relevant acquired assets or on the Capital Stock and assets of the relevant acquired Subsidiary at the time such Person becomes a Subsidiary and (ii) Liens on property or other assets at the time the Borrower or a Restricted Subsidiary acquired the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any Restricted Subsidiary; <u>provided</u> that no such Lien (x) extends to or covers any other assets (other than the proceeds or products thereof, replacements, accessions or additions thereto and improvements thereon) or (y) was created in contemplation of the applicable acquisition or Investment or in contemplation of such Person becoming a Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens that are contractual rights of setoff or netting relating to (A) the establishment of depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of the Borrower or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any Restricted Subsidiary, (C) purchase orders and other agreements entered into with customers of the Borrower or any Restricted Subsidiary in the ordinary course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course of business, (ii) Liens encumbering reasonable customary initial deposits and margin deposits, (iii) bankers Liens and rights and remedies as to Deposit Accounts, (iv) Liens of a collection bank arising under Section 4-208 or 4-210 of the UCC on items in the ordinary course of business, (v) Liens in favor of banking or other financial institutions arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution and that are within the general parameters customary in the banking industry or arising pursuant to such banking institution's general terms and conditions, (vi) Liens on the proceeds of any Indebtedness incurred in connection with any transaction permitted hereunder, which proceeds have been deposited into an escrow account on customary terms to secure such Indebtedness pending the application of such proceeds to finance such transaction, (vii) Liens of the type described in the foregoing <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u>, <u>(iv)</u> and <u>(v)</u> securing obligations under <u>Sections 6.01(f)</u>, <u>6.01(s)</u> and/or <u>6.01(ff)</u> and (viii) Liens in favor of any servicer, depository or cash management bank, title company, custodian, bailee or other service provider in connection with the administration of any Asset Financing Facility or CRE Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Liens on assets and Capital Stock of Restricted Subsidiaries that are not Loan Parties (including Capital Stock owned by such Persons) securing Indebtedness, Refinancing Indebtedness and other obligations of Restricted Subsidiaries that are not Loan Parties permitted under this Agreement (or co-borrower or guarantee obligations of any Loan Party with respect to Indebtedness and other obligations permitted under <u>Section 6.01(bb)</u> as to which any Restricted Subsidiary that is not a Loan Party is the primary obligor thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations (other than obligations representing Indebtedness for borrowed money) under operating, reciprocal easement or similar agreements entered into in the ordinary course of business of the Borrower and/or its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness incurred in reliance on, and subject to the provisions, (including with respect to priority and whether permitted to be secured), set forth in, <u>Section 6.01(z)</u>; <u>provided</u>, that any Lien that is granted in reliance on this <u>clause (s)</u> on the Collateral shall be subject to an Acceptable Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Liens on assets securing Asset Financing Facilities and CRE Financings; <u>provided</u> that no such Lien extends to any additional assets other than (i) the CRE Finance Assets or Real Estate Investments, as applicable, financed by such Asset Financing Facility or CRE Financing, as applicable,(ii) any corresponding Financing Equity and (iii) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on assets securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed the greater of $185,000,000 and 1.325% of Consolidated Total Assets as of the last day of the most recently ended Test Period and (ii) Liens with respect to property or assets of the Borrower or any of its Restricted Subsidiaries securing

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obligations not to exceed the amount under <u>Section 6.04(a)(x)</u> that is then reallocated to <u>Section 6.01(u)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on assets securing judgments, awards, attachments and/or decrees and notices of *lis pendens* and associated rights relating to litigation being contested in good faith not constituting an Event of Default under <u>Section 7.01(h)</u> and (ii) any pledge and/or deposit securing any settlement of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;(i) leases, subleases, licenses, sublicense concessions or other occupancy agreements granted to others in the ordinary course of business (determined by the Borrower in good faith) which do not secure any Indebtedness, and (ii) restrictions and encumbrances to which the interest or title of the Borrower or any Restricted Subsidiary as lessor, sub-lessor, licensor or sub-licensor may be subject in connection therewith (including, without limitation, under any non-disturbance provisions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Securities that are the subject of repurchase agreements constituting Investments permitted under <u>Section 6.06</u> arising out of such repurchase transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing obligations in respect letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted under <u>Sections 6.01(d)</u>, <u>(e)</u>, <u>(g)</u> and <u>(aa)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising (i) out of conditional sale, title retention, consignment or similar arrangements for the sale of any asset in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar Requirement of Law under any jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Liens (i) in favor of any Loan Party and/or (ii) granted by any non-Loan Party in favor of any Restricted Subsidiary that is not a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;Liens on specific items of inventory or other goods and the proceeds thereof securing the relevant Person's obligations in respect of documentary letters of credit or banker's acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;licenses, sublicenses and cross-licenses involving any IP Rights in the ordinary course of business or on a non-exclusive basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on Capital Stock of joint ventures or Unrestricted Subsidiaries securing capital contributions to, or obligations of, such Persons, (ii) rights of first refusal and tag, drag, forced sale, major decisions and similar rights in joint venture agreements and agreements with respect to non-Wholly-Owned Subsidiaries, in each case, in the ordinary course of business (determined by the Borrower in good faith) and (iii) Liens on Capital Stock in joint ventures pursuant to the relevant joint venture agreement or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;Liens consisting of the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;Liens on the Collateral (i) ranking *pari passu* in right of priority with the Liens on the Collateral securing the Term Loans to the extent the Senior Debt to Total Assets Ratio does not exceed 80.0% on a Pro Forma Basis and (ii) ranking junior in right of priority to the Liens on the Collateral securing the Term Loans to the extent the Total Debt to Total Assets Ratio does not exceed 82.0% on a Pro Forma Basis; <u>provided</u> that, in the case of each of <u>clause (i)</u> and <u>(ii</u>), such Liens shall be subject to any applicable Acceptable Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on the Securitization Assets arising in connection with a Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;Liens disclosed in any Mortgage Policy delivered pursuant to <u>Section 5.12</u> with respect to any Material Real Estate Asset and any replacement, extension or renewal thereof; <u>provided</u> that no such replacement, extension or renewal Lien shall cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal (and additions thereto, improvements thereon and the proceeds thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Financing Equity or CRE Finance Assets securing funding obligations or commitments of the Borrower or any Financing SPE Subsidiary in respect of such CRE Finance Asset (including such Liens provided under any co-lender, intercreditor, participation or similar agreement).

Section 6.03. <u>[Reserved].</u> 

Section 6.04. <u>Restricted Payments; Restricted Debt Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not pay or make, directly or indirectly, any Restricted Payment, except that:

<br>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments consisting of dividends or other similar distributions on account of its Capital Stock declared by the Borrower in any Fiscal Quarter; <u>provided</u> that such dividends or similar distributions may be paid by the Borrower within 60 calendar days following the date that such dividend or other distribution is declared by the Borrower; <u>provided</u>, <u>further</u>, that, solely for purposes of this clause (i), the amount of such dividends or distributions declared in any Fiscal Quarter as to which Restricted Payments are made pursuant to this clause (i) shall not exceed the greater of (x) the amount necessary to enable the Borrower to maintain its REIT Status (<u>provided</u> that the Borrower may make such distributions in the form of cash or Cash Equivalents notwithstanding whether dividends in a form other than cash or Cash Equivalents would be sufficient to maintain the Borrower's REIT Status) and (y) 100.0% of estimated Core Earnings of the Borrower and its Subsidiaries, determined in good faith by the Borrower on a run-rate basis as of the date of declaration of the relevant Restricted Payment, for the full fiscal quarter in which the applicable Restricted Payment is declared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may pay to repurchase, redeem, retire or otherwise acquire or retire for value the Capital Stock of the Borrower or any Subsidiary held by any present or former employee, director, member of management, officer, manager or consultant (or any Affiliate or

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Immediate Family Member thereof) of the Borrower or any Subsidiary (or of the Manager or any Affiliate thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;with Cash and Cash Equivalents (and including, to the extent constituting a Restricted Payment, amounts paid in respect of promissory notes issued to evidence any obligation to repurchase, redeem, retire or otherwise acquire or retire for value the Capital Stock of the Borrower or any Subsidiary held by any present or former employee, director, member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of the Borrower or any Subsidiary (or of the Manager or any Affiliate thereof)) in an amount not to exceed, in any Fiscal Year, the greater of $25,000,000 and 0.18% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, which, if not used in such Fiscal Year, shall be carried forward to succeeding Fiscal Years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;with the proceeds of any sale or issuance of, or any capital contribution in respect of, the Capital Stock of the Borrower (to the extent such proceeds are contributed in respect of Qualified Capital Stock to the Borrower or any Restricted Subsidiary (other than any such proceeds or contribution that forms part of any Available Excluded Contribution Amount, Cure Amount or outstanding Contribution Indebtedness Amount or to the extent such proceeds or contribution has increased the Available Amount and is applied to incur an applicable transaction under the Available Amount)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;with the net proceeds of any key-man life insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the Borrower may make Restricted Payments in an amount not to exceed (A) the portion, if any, of the Available Amount on such date that the Borrower elects to apply to this <u>clause (iii)(A)</u> and/or (B) the portion, if any, of the unutilized Available Excluded Contribution Amount on such date that the Borrower elects to apply to this <u>clause (iii)(B)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments consisting of Cash payments in lieu of the issuance of fractional shares in connection with the exercise, settlement, grant or vesting of warrants, options or other securities convertible into or exchangeable for, or otherwise based on, Capital Stock of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may repurchase Capital Stock upon the exercise, settlement, grant or vesting of warrants, options or other securities convertible into or exchangeable for, or otherwise based on, Capital Stock if such Capital Stock represents all or a portion of the exercise price of, or tax withholdings with respect to, such warrants, options or other securities convertible into or exchangeable for, or otherwise based on, Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments to (i) redeem, repurchase, retire or otherwise acquire any Capital Stock ("<u>Treasury Capital Stock</u>") of the Borrower and/or any Restricted Subsidiary in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the Borrower and/or any Restricted Subsidiary) of, Qualified Capital Stock of the Borrower to the extent any such proceeds are contributed to the capital of the Borrower and/or

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any Restricted Subsidiary in respect of Qualified Capital Stock ("<u>Refunding Capital Stock</u>") and (ii) declare and pay dividends on any Treasury Capital Stock out of the proceeds of the substantially concurrent sale (other than to the Borrower or a Restricted Subsidiary) of any Refunding Capital Stock; <u>provided</u> that any amount applied to make a Restricted Payment pursuant to this <u>clause (viii)</u> shall not be applied or used as any Cure Amount or any Contribution Indebtedness Amount or to increase the Available Amount or the Available Excluded Contribution Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) &nbsp;&nbsp;&nbsp;&nbsp;to the extent constituting a Restricted Payment, the Borrower may consummate any transaction permitted by <u>Section 6.06</u> (other than <u>Sections 6.06(j)</u> and <u>(t)</u>), <u>Section 6.07</u> (other than <u>Section 6.07(g)</u>) and <u>Section 6.09</u> (other than <u>Sections 6.09(d),</u> <u>(j)</u> and <u>(q)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments in an aggregate amount not to exceed the greater of $350,000,000 and 2.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, so long as no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists, <u>minus</u> any amounts then reallocated at the election of the Borrower (and without duplication) to Section 6.01(u), Section 6.04(b)(iv) or Section 6.06(q)(i) at such time of determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp; [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments with the Capital Stock of, or Indebtedness owed to the Borrower or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents contributed by the Borrower and its Restricted Subsidiaries); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp; the Borrower may declare and make dividend payments or other Restricted Payments payable solely in the Capital Stock of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not, nor shall it permit any Restricted Subsidiary to, make any Prepayment in respect of principal of any Junior Debt, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Junior Debt more than one year prior to the scheduled maturity date thereof (collectively, "<u>Restricted Debt Payments</u>"), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;with respect to any purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement of Junior Debt made by exchange for, or out of the proceeds of, either (x) Refinancing Indebtedness or (y) any other Indebtedness or Disqualified Capital Stock permitted pursuant to <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;as part of an applicable high yield discount obligation catch-up payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;payments of regularly scheduled interest (including any penalty interest, if applicable) and payments of fees, expenses and indemnification obligations as and when due (other than payments with respect to Junior Debt that are prohibited by the subordination provisions thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;Restricted Debt Payments in an aggregate amount not to exceed the portion, if any, of <u>Section 6.04(a)(x)</u> at such time of determination that the Borrower elects to reallocate to this <u>Section 6.04(b)(iv)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;(A) Restricted Debt Payments in exchange for, or with proceeds of any issuance of, Qualified Capital Stock of the Borrower and/or any capital contribution in respect of Qualified Capital Stock of the Borrower, in each case, other than any such issuance to, or contribution by, any Restricted Subsidiary and except to the extent such amount is applied as any Cure Amount or utilized to incur outstanding Indebtedness pursuant to the Contribution Indebtedness Amount or to make any Restricted Payment, Investment or Restricted Debt Payment pursuant to the Available Amount or the Available Excluded Contribution Amount, (B) Restricted Debt Payments as a result of the conversion of all or any portion of any Junior Debt into Qualified Capital Stock of the Borrower and (C) to the extent constituting a Restricted Debt Payment, payment-in-kind interest with respect to any Junior Debt that is permitted under <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;Restricted Debt Payments in an aggregate amount not to exceed (A) the portion, if any, of the Available Amount on such date that the Borrower elects to apply to this <u>clause (vi)(A)</u> and (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower elects to apply to this <u>clause (vi)(B)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;(A) Restricted Debt Payments of Junior Debt made with Declined Proceeds (it being understood that any Declined Proceeds applied to make Restricted Debt Payments in reliance on this <u>Section 6.04(b)(vii)(A)</u> shall not increase the amount available under <u>clause (a)(ix)</u> of the definition of "Available Amount" to the extent so applied) and (B) Restricted Debt Payments of Junior Debt to the extent such Junior Debt was assumed in connection with a Permitted Acquisition or other permitted Investment, which such assumption by permitted under <u>Section 6.01</u>, and such Junior Debt was not issued in contemplation of such Permitted Acquisition.

Section 6.05. <u>Burdensome Agreements.</u> Except as provided herein or in any other Loan Document and/or in agreements with respect to refinancings, renewals or replacements of such Indebtedness that are permitted by <u>Section 6.01</u>, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into or cause to exist any agreement restricting the ability of (x) any Restricted Subsidiary of the Borrower that is not a Loan Party to pay dividends or other distributions to the Borrower or any Loan Party, (y) any Restricted Subsidiary that is not a Loan Party to make cash loans or advances to the Borrower or any Loan Party or (z) any Loan Party to create, permit or grant a Lien on any of its properties or assets to secure the Secured Obligations (each, a "<u>Burdensome Agreement</u>"), except restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;set forth in any agreement evidencing or relating to (i) Indebtedness of a Restricted Subsidiary that is not a Loan Party permitted by <u>Section 6.01</u>, (ii) Indebtedness permitted by <u>Section 6.01</u> that is secured by a Permitted Lien if the relevant restriction applies only to the Person obligated under such Indebtedness and its Restricted Subsidiaries or the assets intended to secure such Indebtedness and (iii) Indebtedness permitted pursuant to clauses (m), (p) (as it relates to Indebtedness in respect of clauses (a), (m), (r), (u) and/or (y) of Section 6.01), (r), (u), (y), (bb) or (ff) of Section 6.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;arising under customary provisions restricting assignments, subletting, licensing, sublicensing or other transfers (including the granting of any Lien) contained in CRE Finance Assets, Real Estate Investments, leases, subleases, licenses, sublicenses, concessions, occupancy agreements, joint venture agreements, co-lender agreements, intercreditor agreements, participation agreements, purchase and sale agreements, servicing agreements, custodial agreements and other

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agreements entered into in the ordinary course of business (determined by the Borrower in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;that are assumed in connection with any acquisition of property or the Capital Stock of any Person, so long as the relevant encumbrance or restriction relates solely to the Person and its subsidiaries (including the Capital Stock of the relevant Person or Persons) and/or property so acquired and was not created in connection with or in anticipation of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;set forth in any agreement for any Disposition of any Restricted Subsidiary (or all or substantially all of the assets thereof) that restricts the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;set forth in provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;imposed by customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;on Cash, other deposits or net worth or similar restrictions imposed by any Person under any contract entered into in the ordinary course of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;set forth in documents which exist on the Closing Date and were not created in contemplation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be incurred after the Closing Date if the relevant restrictions, taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole (as determined in good faith by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;arising under or as a result of applicable Requirements of Law or the terms of any license, authorization, concession or permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;arising in any Hedge Agreement (or any other agreement relating to any Derivative Transaction permitted under this Agreement) or any customary agreement in respect of deposit, treasury or cash management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;relating to any asset (or all of the assets) of and/or the Capital Stock of the Borrower and/or any Restricted Subsidiary which is imposed pursuant to an agreement entered into in connection with any Disposition of such asset (or assets) and/or all or a portion of the Capital Stock of the relevant Person that is permitted or not restricted by this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;set forth in any agreement relating to any Permitted Lien that limit the right of the Borrower or any Restricted Subsidiary to Dispose of or encumber the assets subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;set forth in agreements entered into in connection with the administration, operation or management of CRE Finance Assets, Asset Financing Facilities, Real Estate Investments and/or CRE Financings in the ordinary course of business (as determined in good faith by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in <u>clauses (a)</u> through <u>(n)</u> above; <u>provided</u> that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith judgment of the Borrower, more restrictive with respect to such restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Section 6.06. <u>Investments</u>. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, make or own any Investment in any other Person except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Cash or Investments that were Cash Equivalents at the time made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments in the Borrower and/or one or more Restricted Subsidiaries and (ii) Investments made by any Loan Party and/or any Restricted Subsidiary that is not a Loan Party in the form of any contribution to or Disposition of the Capital Stock of any Person to the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Investments (i) constituting deposits, prepayments and/or other credits to suppliers, (ii) made in connection with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business or, in the case of <u>clause (iii)</u>, to the extent necessary to maintain the ordinary course of supplies to the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Investments in any Similar Business (including, for the avoidance of doubt, to the extent constituting a Similar Business, joint ventures) in an aggregate outstanding amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Investments (i) existing on, or contractually committed to or contemplated as of, the Closing Date and, to the extent any such Investment in excess of $6,000,000, described on <u>Schedule 6.06</u> and (ii) any modification, replacement, renewal or extension of any Investment described in <u>clause (i)</u> above so long as no such modification, renewal or extension increases the amount of such Investment except by the terms thereof or as otherwise permitted by this <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Investments received in lieu of Cash in connection with any Disposition permitted by <u>Section 6.07</u> or any other disposition of assets not constituting a Disposition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;loans or advances to present or former employees, directors, members of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of the Borrower, its Subsidiaries, the Manager (or its Affiliates) and/or any joint venture to the extent permitted by Requirements of Law, in connection with such Person's purchase of Capital Stock of the Borrower, either (i) in an aggregate principal amount not to exceed the greater of $10,000,000 and 0.0725% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis at any one time outstanding or (ii) so long as the proceeds of such loan or advance are substantially contemporaneously contributed to the Borrower for the purchase of such Capital Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of (or resulting from) Indebtedness permitted under <u>Section 6.01</u> (other than Indebtedness permitted under <u>Sections 6.01(b</u>) and <u>(h)</u>), Permitted Liens, Restricted Payments permitted under <u>Section 6.04</u> (other than <u>Section 6.04(a)(ix)</u>), Restricted Debt Payments permitted by <u>Section 6.04</u> and mergers, consolidations, amalgamations, liquidations, windings up, dissolutions or Dispositions permitted by <u>Section 6.07</u> (other than <u>Section 6.07(a)</u> (if made in reliance on <u>subclause (ii)(y)</u> of the proviso thereto), <u>Section 6.07(b)</u> (if made in reliance on <u>clause (ii)</u> therein), <u>Section 6.07(c)(ii)</u> (if made in reliance on <u>clause (B)</u> therein) and <u>Section 6.07(g)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Investments (including debt obligations and Capital Stock) received (i) in connection with the bankruptcy or reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary course of business, (iii) upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment and/or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or other disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;loans and advances of payroll payments or other compensation to present or former employees, directors, members of management, officers, managers or consultants of the Borrower or its Restricted Subsidiaries, in each case, to the extent such payments or other compensation relate to services provided to the Borrower or its Restricted Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Investments to the extent that payment therefor is made solely with Qualified Capital Stock of the Borrower, in each case, to the extent not resulting in a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by, or merged into or consolidated or amalgamated with, the Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this <u>Section 6.06</u> to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation or consolidation and (ii) any modification, replacement, renewal or extension of any Investment permitted under <u>clause (i)</u> of this <u>Section 6.06(o)</u> so long as no such modification, replacement, renewal or extension thereof

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increases the original amount of such Investment except as otherwise permitted by this <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Investments in CRE Finance Assets and Real Estate Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Investments made after the Closing Date by the Borrower and/or any of its Restricted Subsidiaries in an aggregate amount at any time outstanding not to exceed, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (X) greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis and (Y) at the election of the Borrower (and without duplication), any amounts then reallocated from <u>Section 6.04(a)(x)</u> to this <u>Section 6.06(q)(i)(Y)</u> (<u>provided</u> that the Borrower may reallocate to <u>Section 6.04(a)(x)</u> any unutilized amounts under this <u>Section 6.06(q)(i)(Y)</u> that were originally reallocated from <u>Section 6.04(a)(x)</u>), <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the event that (A) the Borrower or any of its Restricted Subsidiaries makes any Investment after the Closing Date in any Person that is not a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to 100.0% of the fair market value of such Investment as of the date on which such Person becomes a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Investments made after the Closing Date by the Borrower and/or any of its Restricted Subsidiaries in an aggregate outstanding amount not to exceed (i) the portion, if any, of the Available Amount on such date that the Borrower elects to apply to this <u>clause (r)(i)</u> and/or (ii) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower elects to apply to this <u>clause (r)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;(i) Guarantees of leases (other than Finance Leases) or of other obligations not constituting Indebtedness and (ii) Guarantees of the lease obligations of suppliers, customers, franchisees and licensees of the Borrower and/or its Restricted Subsidiaries, in each case, in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;repurchases of Secured Obligations through open market purchases and Dutch Auctions, in each case, to the extent such repurchase or purchase is otherwise permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Restricted Subsidiaries in connection with internal reorganizations and/or restructurings and activities related to tax planning; <u>provided</u> that, after giving effect to any such reorganization, restructuring or activity, neither the Loan Guaranty, taken as a whole, nor the security interest of the Administrative Agent in the Collateral, taken as a whole, is materially impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;Investments under any Derivative Transaction of the type permitted under <u>Section 6.01(s)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Investments in any joint ventures and Unrestricted Subsidiaries in an aggregate amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;Investments made in joint ventures as required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture agreements and similar binding arrangements entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;Investments made in connection with any nonqualified deferred compensation plan or arrangement for any present or former employees, directors, members of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of the Borrower, its Subsidiaries, the Manager (or its Affiliates) and/or any joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Investments in the Borrower, any Restricted Subsidiary and/or joint venture in connection with intercompany cash management arrangements and related activities in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;Investments so long as (x) no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists or would result therefrom and (y) on a Pro Forma Basis, the Total Debt to Total Assets Ratio does not exceed 82.0% as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;any Investment made by any Unrestricted Subsidiary prior to the date on which such Unrestricted Subsidiary is designated as a Restricted Subsidiary so long as the relevant Investment was not made in contemplation of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of the licensing or contribution of IP Rights pursuant to joint marketing arrangements with other Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;so long as the Borrower would be in compliance with <u>Section 6.13(a)</u> on a Pro Forma Basis, (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing; <u>provided</u>, <u>however</u>, that any such Investment in a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or equity and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing.

Section 6.07. <u>Fundamental Changes; Disposition of Assets</u>. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any transaction of merger, consolidation or amalgamation, consummate a Division as the Dividing Person, or liquidate, wind up or dissolve themselves (or suffer any liquidation or dissolution), or otherwise make any Disposition of any assets, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Restricted Subsidiary may be merged, consolidated or amalgamated with or into the Borrower or any other Restricted Subsidiary and (ii) any Restricted Subsidiary may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by one or more Subsidiaries at such time, or, with respect to assets not so held by one or more Subsidiaries, such Division, in the aggregate, would otherwise result in a Disposition permitted by <u>Section 6.07</u> (other than Section

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 (a); <u>provided</u> that (A) in the case of any such merger, consolidation or amalgamation with or into the Borrower, (1) the Borrower shall be the continuing or surviving Person or (2) if the Person formed by or surviving any such merger, consolidation or amalgamation is not the Borrower (any such Person, the "<u>Successor Borrower</u>"), (x) the Successor Borrower shall be an entity organized or existing under the law of the U.S., any state thereof or the District of Columbia, (y) the Successor Borrower shall expressly assume the Obligations of the Borrower in a manner reasonably satisfactory to the Administrative Agent and (z) except as the Administrative Agent may otherwise agree, each Guarantor, unless it is the other party to such merger, consolidation or amalgamation, shall have executed and delivered a reaffirmation agreement with respect to its obligations under the Loan Guaranty and the other Loan Documents; it being understood and agreed that if the foregoing conditions under <u>clauses (x)</u> through <u>(z)</u> are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents, and (B) in the case of any such merger or Division, consolidation or amalgamation with or into the Borrower or any Subsidiary Guarantor, either (1) the Borrower or a Subsidiary Guarantor shall be the continuing or surviving Person or the continuing or surviving Person shall expressly assume the obligations of the Borrower or Subsidiary Guarantor in a manner reasonably satisfactory to the Administrative Agent or (2) the relevant transaction shall be treated as an Investment and shall comply with <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions (including of Capital Stock) among the Borrower and/or any Restricted Subsidiary (upon voluntary liquidation or otherwise) (including as a result of a Division);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) the liquidation or dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower, is not materially disadvantageous to the Lenders and the Borrower or any Restricted Subsidiary receives any assets of the relevant dissolved or liquidated Restricted Subsidiary; <u>provided</u> that in the case of any liquidation or dissolution of any Loan Party that results in a distribution of assets to any Restricted Subsidiary that is not a Loan Party, such distribution shall be treated as an Investment and shall comply with <u>Section 6.06</u> (other than in reliance on <u>clause (j)</u> thereof); (ii) any merger or Division, amalgamation, dissolution, liquidation or consolidation, the purpose of which is to effect (A) any Disposition otherwise permitted under this <u>Section 6.07</u> (other than <u>clause (a)</u>, <u>clause (b)</u> or this <u>clause (c)</u>) or (B) any Investment permitted under <u>Section 6.06</u>; and (iii) the conversion of the Borrower or any Restricted Subsidiary into another form of entity, so long as such conversion does not adversely affect the value of the Loan Guaranty or Collateral, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(x) Dispositions of obsolete, damaged or worn out property or assets, inventory, equipment and other assets in the ordinary course of business (as determined in good faith by the management of the Borrower), and property or assets no longer used or useful in the ordinary course or the principal business of the Borrower and its Restricted Subsidiaries) and (y) the leasing or subleasing of real property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of surplus, obsolete, used or worn out property or other property that, in the reasonable judgment of the Borrower, is (A) no longer useful in its business (or in the business of any Restricted Subsidiary of the Borrower) or (B) otherwise economically impracticable to maintain;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Cash and/or Cash Equivalents and/or other assets that were Cash Equivalents when the relevant original Investment was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions, mergers, Divisions, amalgamations, consolidations or conveyances that constitute (w) Investments permitted pursuant to <u>Section 6.06</u> (other than <u>Section 6.06(j)</u>), (x) Permitted Liens and (y) Restricted Payments permitted by <u>Section 6.04(a)</u> (other than <u>Section 6.04(a)(ix)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions for fair market value; <u>provided</u> that with respect to any such Disposition involving assets with a purchase price in excess of the greater of $45,000,000 and 0.35% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, at least 75% of the consideration for such Disposition shall consist of Cash or Cash Equivalents (<u>provided</u> that for purposes of the 75% Cash consideration requirement, (w) the amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are owed to the Borrower or any Restricted Subsidiary) of the Borrower or any Restricted Subsidiary (as shown on such Person's most recent balance sheet or statement of financial position (or in the notes thereto)) that are assumed by the transferee of any such assets and for which the Borrower and/or its applicable Restricted Subsidiary have been validly released by all relevant creditors in writing, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such Disposition, (y) any Securities received by the Borrower or any Restricted Subsidiary from such transferee that are converted by such Person into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents received) within 180 days following the closing of the applicable Disposition and (z) any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (z)</u> that is at that time outstanding, not in excess of the greater of $105,000,000 and 0.75% of Consolidated Total Assets as of the last day of the most recently ended Test Period, in each case, shall be deemed to be Cash); <u>provided</u>, <u>further</u>, that (x) on the date on which the agreement governing such Disposition is executed, no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> exists and (y) the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by <u>Section 2.11(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that (i) the relevant property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of the relevant Disposition are promptly applied to the purchase price of such replacement property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of notes receivable or accounts receivable in the ordinary course of business (including any discount and/or forgiveness thereof) or in connection with the collection or compromise thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions and/or terminations of leases, subleases, licenses or sublicenses (including the provision of software under any open source license), (i) the Disposition or termination of which will not materially interfere with the business of the Borrower and its Restricted Subsidiaries or (ii) which relate to closed facilities or the discontinuation of any product line;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;(i) any termination of any lease in the ordinary course of business, (ii) any expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property subject to foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof or any similar proceeding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions or consignments of equipment, inventory or other assets (including leasehold interests in real property) with respect to facilities that are temporarily not in use, held for sale or closed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Real Estate Investments in the ordinary course of business (as determined in good faith by the Borrower);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Disposition of any assets (i) acquired in a acquisition or other investment permitted hereunder, which assets are (x) not used or useful in the ordinary course or the principal business of the Borrower and its Restricted Subsidiaries or (y) non-core assets or unnecessary to the business or operations of the Borrower and its Restricted Subsidiaries or (ii) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Borrower to consummate any acquisition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;exchanges or swaps, including transactions covered by Section 1031 of the Code (or any comparable provision of any foreign jurisdiction), of assets so long as any such exchange or swap is made for fair value (as reasonably determined by the Borrower) for like assets; <u>provided</u> that, upon the consummation of any such exchange or swap by any Loan Party, to the extent the assets received do not constitute an Excluded Asset, the Administrative Agent has a perfected Lien with the same priority as the Lien held on the Real Estate Assets so exchanged or swapped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;(i) licensing, sublicensing and cross-licensing arrangements involving any IP Rights of the Borrower or any Restricted Subsidiary in the ordinary course of business and (ii) Dispositions, abandonments, cancellations or lapses of IP Rights, or issuances or registrations, or applications for issuances or registrations, of IP Rights, which, in the reasonable business judgment of the Borrower, are not material to the conduct of the business of the Borrower or its Restricted Subsidiaries, or are no longer economical to maintain in light of its use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;terminations or unwinds of Derivative Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions made to comply with any order of any Governmental Authority or any applicable Requirement of Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;any merger, consolidation, Disposition or conveyance the sole purpose of which is to reincorporate or reorganize (i) any Domestic Subsidiary in another jurisdiction in the U.S. and/or (ii) any Foreign Subsidiary in the U.S. or any other jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;any sale of motor vehicles and information technology equipment purchased at the end of an operating lease and resold thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions involving assets having a fair market value (as reasonably determined by the Borrower at the time of the relevant Disposition) of not more than the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis in any Fiscal Year, which, if not used in such Fiscal Year, shall be carried forward to succeeding Fiscal Years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;so long as the Borrower would be in compliance with <u>Section 6.13(a)</u> on a Pro Forma Basis, any Disposition of Securitization Assets to a Securitization Subsidiary; <u>provided</u>, that such Disposition shall be for no less than the fair market value of such property at the time of such Disposition as determined by the Borrower in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;any Disposition of Securitization Assets (other than to a Securitization Subsidiary) or related assets in connection with any Qualified Securitization Financing.

Section 6.08. [<u>Reserved]</u>.

Section 6.09. <u>Transactions with Affiliates</u>. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) involving payment in excess of $15,000,000 with any of their respective Affiliates on terms that are less favorable to the Borrower or such Restricted Subsidiary, as the case may be (as reasonably determined by the Borrower), than those that might be obtained at the time in a comparable arm's-length transaction from a Person who is not an Affiliate; <u>provided</u> that the foregoing restriction shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any transaction between or among the Borrower and/or one or more Restricted Subsidiaries (or any entity that becomes a Restricted Subsidiary as a result of such transaction) to the extent permitted or not restricted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any issuance, sale or grant of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment arrangements, stock options, incentive equity awards and similar arrangements, and stock or other equity ownership plans approved by the board of directors (or equivalent governing body) of the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) any collective bargaining, employment or severance agreement or compensatory (including profit sharing) arrangement entered into by the Borrower or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management,

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managers, employees, consultants or independent contractors of the Borrower or its Subsidiaries (or of the Manager or its Affiliates), (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option, equity incentive plan or similar arrangement and stock or other equity ownership plans, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) transactions permitted by <u>Sections 6.01(d)</u>, <u>(o)</u> and <u>(ee)</u>, <u>6.04</u> and <u>6.06(h)</u>, <u>(m)</u>, <u>(o)</u>, <u>(t)</u>, <u>(y)</u>, <u>(z)</u> and <u>(aa)</u> and (ii) issuances of Capital Stock and issuances and incurrences of Indebtedness not restricted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;transactions in existence on the Closing Date and any amendment, modification or extension thereof to the extent such amendment, modification or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;(i) so long as no Event of Default under <u>Sections 7.01(a)</u>, <u>7.01(f)</u> or <u>7.01(g)</u> then exists or would result therefrom (<u>provided</u>, that during such an Event of Default such fees may continue to accrue and become payable upon the waiver, termination or cure of the relevant Event of Default), the payment of management, monitoring, consulting, transaction, oversight, advisory and similar fees to the Manager (or its Affiliates) pursuant to any management agreement in place from time to time between the Borrower and the Manager (to the extent such management agreement is approved or ratified by the board of directors of the Borrower) and (ii) the payment or reimbursement of all indemnification obligations and expenses owed to the Manager (or its Affiliates) and any of their respective directors, officers, members of management, managers, employees and consultants, in each case whether currently due or paid in respect of accruals from prior periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Transactions, including the payment of Transaction Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;customary compensation to Affiliates of the Borrower (or the Manager or Affiliates thereof) in connection with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities and other transaction fees, which payments are approved by the board of directors (or similar governing body) of the Borrower in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees permitted by <u>Section 6.01</u> or <u>Section 6.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;transactions among the Borrower and its Restricted Subsidiaries that are otherwise permitted (or not restricted) under this <u>Article 6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors (or similar governing body), officers, employees, members of management, managers, consultants and independent contractors of the Borrower and/or any of its Restricted Subsidiaries in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;transactions with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services or providers of employees or other labor entered into in the ordinary course of business, which are (i) fair to the Borrower and/or its applicable Restricted Subsidiary in the good faith determination of the board of directors (or similar governing body) of the Borrower or the senior management thereof or (ii) on terms at least as favorable as might reasonably be obtained from a Person other than an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;any transaction in respect of which the Borrower delivers to the Administrative Agent a letter addressed to the board of directors (or equivalent governing body) of the Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating that such transaction is on terms that are no less favorable to the Borrower or the applicable Restricted Subsidiary than might be obtained at the time in a comparable arm's length transaction from a Person who is not an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;the non-exclusive licensing of trademarks, copyrights or other Intellectual Property in the ordinary course of business to permit the commercial exploitation of Intellectual Property between or among Affiliates and Subsidiaries of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;any Disposition of Securitization Assets or related assets in connection with any Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;any customary tax sharing agreements or arrangements entered into among the Borrower and any Affiliates or Subsidiaries of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;any (x) disposition of CRE Finance Assets, Real Estate Investments and/or related assets in connection with any Asset Financing Facility and/or CRE Financing, and any transaction in connection therewith and (y) any transaction in connection with the servicing, administration, operation or management (including property management) of CRE Finance Assets and/or Real Estate Investments in the ordinary course of business (as determined in good faith by the Borrower).

Section 6.10. &nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Business</u>. From and after the Closing Date, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, engage in any material line of business other than a business which is not prohibited from being conducted by such Person while maintaining REIT Status with respect to the Borrower (including, without limitation, to the extent <u>not</u> prohibited from being conducted by such Person while maintaining REIT Status with respect to the Borrower, (x) similar, incidental, complementary, ancillary or related businesses to the businesses engaged in by the Borrower or any Restricted Subsidiary on the Closing Date and (y) any business permitted to be engaged in by a "taxable REIT subsidiary" (as defined in Section 856 of the Code) pursuant to Section 856, et seq. of the Code).

Section 6.11. <u>[Reserved]</u>.

Section 6.12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Fiscal Year</u>. The Borrower shall not change its Fiscal Year-end to a date other than December 31; <u>provided</u> that the Borrower may, upon written notice to the Administrative Agent, change the Fiscal Year-end of the Borrower to another date, in which case the Borrower and the Administrative Agent

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will, and are hereby authorized to, make any adjustments to this Agreement that are necessary to reflect such change in Fiscal Year.

Section 6.13. <u>Financial Covenant.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Total Debt to Total Assets Ratio</u>. As of the last day of each Fiscal Quarter commencing with the Fiscal Quarter ending December 31, 2019, the Borrower shall not permit the Total Debt to Total Assets Ratio to be greater than 83.333% (the "<u>Financial Covenant</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Cure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement (including <u>Article 7</u>), upon the occurrence of an Event of Default as a result of the Borrower's failure to comply with <u>Section 6.13(a)</u> above for any Fiscal Quarter, the Borrower shall have the right (the "<u>Cure Right</u>") (at any time during such Fiscal Quarter or thereafter until the date that is 15 Business Days after the date on which financial statements for such Fiscal Quarter are required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable) to issue Qualified Capital Stock for Cash or otherwise receive Cash contributions in respect of its Qualified Capital Stock (the "<u>Cure Amount</u>"), and thereupon the Borrower's compliance with <u>Section 6.13(a)</u> shall be recalculated giving effect to a pro forma increase in the amount of Consolidated Total Assets by an amount equal to the Cure Amount solely for the purpose of determining compliance with <u>Section 6.13(a)</u> as of the end of such Fiscal Quarter and for applicable subsequent Fiscal Quarters. If, after giving effect to the foregoing recalculation (but not, for the avoidance of doubt, taking into account any repayment of Indebtedness in connection with determining compliance with <u>Section 6.13(a)</u> for the Fiscal Quarter with respect to which such Cure Right is exercised), the requirements of <u>Section 6.13(a)</u> would be satisfied, then the requirements of <u>Section 6.13(a)</u> shall be deemed satisfied as of the end of the relevant Fiscal Quarter with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of <u>Section 6.13(a)</u> that had occurred (or would have occurred) shall be deemed cured for the purposes of this Agreement. Notwithstanding anything herein to the contrary, (I) in each four consecutive Fiscal Quarter period there shall be at least two Fiscal Quarters (which may, but are not required to be, consecutive) in which the Cure Right is not exercised, (II) during the term of this Agreement, the Cure Right shall not be exercised more than five times (provided that, in addition to any remaining Fiscal Quarters as to which a Cure Right may be exercised under the cap set forth in this clause (II), there shall be an additional Cure Right under this clause (II) applicable solely after the Initial Term Loan Maturity Date) , (III) the Cure Amount shall be no greater than the amount required for the purpose of complying with <u>Section 6.13(a)</u>, (IV) upon the Administrative Agent's receipt of a written notice from the Borrower that the borrower intends to exercise the Cure Right until the 15th Business Day following the date on which financial statements for the Fiscal Quarter are required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>, as applicable, neither the Administrative Agent (nor any sub-agent therefor) nor any Lender shall exercise any right to accelerate the Loans, and none of the Administrative Agent (nor any sub-agent therefor) nor any Lender or Secured Party shall exercise any right to foreclose on or take possession of the Collateral or any other right or remedy under the Loan Documents solely on the basis of the relevant Event of Default under <u>Section 6.13(a)</u>, (V) there shall be no pro forma reduction of the amount of Indebtedness by the amount of any Cure Amount for purposes of determining compliance with <u>Section 6.13(a)</u> for the Fiscal Quarter in respect of which the Cure Right was exercised and (VI) for the Fiscal Quarter with respect to which any Cure Amount is included in the calculation of Consolidated Total Assets as of the last day thereof as a result of any exercise of the Cure Right, such increase to Consolidated Total Assets as a result of applying such Cure Amount shall be disregarded for purposes of determining whether any financial ratio or test or Basket set forth in <u>Article 6</u> of this Agreement has been satisfied (other than any direct or indirect

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condition or requirement under any applicable Basket to be in compliance on a Pro Forma Basis with <u>Section 6.13(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In addition to, and without limitation of, the Cure Right set forth in clause (ii) above, any breach of <u>Section 6.13(a)</u> in respect of a given Fiscal Quarter will be deemed to be cured if the applicable financial statements in accordance with <u>Sections 5.01(a)</u> or <u>(b)</u>, together with a related Compliance Certificate, for a subsequent Fiscal Quarter demonstrating compliance with the Financial Covenant for such subsequent Fiscal Quarter are delivered to the Administrative Agent, unless as at such date the Required Lenders have declared all Obligations to be immediately due and payable pursuant to Section 7.01 on account of such Event of Default occurring as a result of such breach of <u>Section 6.13(a)</u>.

****<br> ARTICLE 7

EVENTS OF DEFAULT

Section 7.01. &nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default.</u> If any of the following events (each, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Failure To Make Payments When Due</u>. Failure by the Borrower to pay (i) any installment of principal of any Loan when due, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise or (ii) any interest on any Loan or any fee or any other amount due hereunder within five Business Days after the date due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Default in Other Agreements</u>. (i) Failure by the Borrower or any of its Restricted Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in <u>clause (a)</u> above) with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by the Borrower or any of its Restricted Subsidiaries with respect to any other term of (A) one or more items of Indebtedness with an aggregate outstanding principal amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness (other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the result of any default thereunder by any Loan Party or any Restricted Subsidiary), in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; <u>provided</u> that (X) <u>clause (ii)</u> of this <u>paragraph (b)</u> shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property securing such Indebtedness if such sale or transfer is permitted hereunder and (Y) this clause (b) shall not apply to the extent such failure is remedied or waived by the holders of the applicable Indebtedness prior to any acceleration of the Loans pursuant to Article 7; <u>provided</u>, <u>further</u>, that no such event (other than the failure to make a principal payment at stated final maturity) under any Asset Financing Facility or CRE Financing shall constitute a Default or

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Event of Default under this clause (b) until such Asset Financing Facility or CRE Financing, as applicable, shall have been accelerated as a result of such event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Breach of Certain Covenants</u>. Failure of any Loan Party, as required by the relevant provision, to perform or comply with any term or condition contained in <u>Section 5.01(e)</u>, <u>Section 5.02</u> (as it applies to the preservation of the existence of the Borrower), or <u>Article 6</u>; it being understood and agreed that any breach of <u>Section 6.13(a)</u> is subject to cure as provided in <u>Section 6.13(b)</u>, and no Event of Default may arise under <u>Section 6.13(a)</u> until the 15th Business Day after the day on which financial statements are required to be delivered for the relevant Fiscal Quarter under <u>Sections 5.01(a)</u> or <u>(b)</u>, as applicable (so long as the Borrower shall have the right to exercise Cure Rights), and then only to the extent the Cure Amount has not been received on or prior to such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Breach of Representations, Etc</u>. Any representation, warranty or certification made or deemed made by any Loan Party in any Loan Document or in any certificate required to be delivered in connection herewith or therewith (including, for the avoidance of doubt, any Perfection Certificate or any Perfection Certificate Supplement) being untrue in any material respect as of the date made or deemed made (it being understood and agreed that any breach of representation, warranty or certification resulting from the failure of the Administrative Agent to file any Uniform Commercial Code continuation statement shall not result in an Event of Default under this <u>Section 7.01(d)</u> or any other provision of any Loan Document) and, in each case, to the extent capable of being cured, such incorrect representation, warranty, certification or statement of fact shall remain incorrect in such material respect for a period of 30 calendar days after receipt by the Borrower of written notice thereof from the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Defaults Under Loan Documents</u>. Default by any Loan Party in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this <u>Article 7</u>, which default has not been remedied or waived within 30 calendar days after receipt by the Borrower of written notice thereof from the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Involuntary Bankruptcy; Appointment of Receiver, Etc</u>. (i) The entry by a court of competent jurisdiction of a decree or order for relief in respect of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in an involuntary case or proceeding under any Debtor Relief Law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or local Requirements of Law, which relief is not stayed; or (ii) the commencement of an involuntary case or proceeding against the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) under any Debtor Relief Law; the entry by a court having jurisdiction in the premises of a decree or order for the appointment of a receiver, receiver and manager, (preliminary) insolvency receiver, liquidator, sequestrator, trustee, administrator, custodian or other officer having similar powers over the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary), or over all or a material part of its property; or the involuntary appointment of an interim receiver, trustee or other custodian of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) for all or a material part of its property, which remains, in any case or proceeding under this <u>clause (f)</u>, undismissed, unvacated, unbonded or unstayed pending appeal for 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Bankruptcy; Appointment of Receiver, Etc</u>. (i) The entry against the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of an order for relief, the commencement by the Borrower or any of its Restricted Subsidiaries (other than any

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Immaterial Subsidiary) of a voluntary case or proceeding under any Debtor Relief Law, or the consent by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the entry of an order for relief in an involuntary case or proceeding or to the conversion of an involuntary case or proceeding to a voluntary case or proceeding, under any Debtor Relief Law, or the consent by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the appointment of or taking possession by a receiver, receiver and manager, insolvency receiver, liquidator, sequestrator, trustee, administrator, custodian or other like official for or in respect of itself or for all or a material part of its property; (ii) the making by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of a general assignment for the benefit of creditors; or (iii) the admission in writing by any Responsible Officer of the Borrower of the inability of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to pay their respective debts as such debts become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Judgments and Attachments</u>. The entry or filing of one or more final money judgments, writs or warrants of attachment or similar process against the Borrower or any of its Restricted Subsidiaries or any of their respective assets involving in the aggregate at any time an amount in excess of the Threshold Amount (in either case to the extent not adequately covered by indemnity from a third party, by self-insurance (if applicable) or by insurance as to which the relevant third party insurance company has been notified and not denied coverage), which judgment, writ, warrant or similar process remains unpaid, undischarged, unvacated, unbonded or unstayed pending appeal for a period of 60 consecutive days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Benefit Plans</u>. The occurrence of one or more ERISA Events, which individually or in the aggregate result in liability of the Borrower or any of its Restricted Subsidiaries in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Control</u>. The occurrence of a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Guaranties, Collateral Documents and Other Loan Documents</u>. At any time after the execution and delivery thereof, (i) any material Loan Guaranty for any reason, other than the occurrence of the Termination Date, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared, by a court of competent jurisdiction, to be null and void or any Guarantor shall repudiate in writing its obligations thereunder (in each case, other than as a result of the discharge of such Guarantor in accordance with the terms thereof and other than as a result of acts or omissions by the Administrative Agent or any Lender), (ii) this Agreement or any material Collateral Document ceases to be in full force and effect or shall be declared, by a court of competent jurisdiction, to be null and void or any Lien on Collateral created (or purported to be created) under any Collateral Document ceases to be valid and perfected with respect to a material portion of the Collateral (other than (I) Collateral consisting of Material Real Estate Assets to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage or (II) solely by reason of (w) such perfection is not required pursuant to the Collateral and Guarantee Requirement, the Perfection Requirements, the Collateral Documents, this Agreement or otherwise, (x) the failure of the Administrative Agent to maintain possession of any Collateral actually delivered to it or the failure of the Administrative Agent to file Uniform Commercial Code continuation statements, (y) a release of Collateral in accordance with the terms hereof or thereof or (z) the occurrence of the Termination Date or any other termination of such Collateral Document in accordance with the terms thereof) or (iii) other than bona fide, good faith disputes as to the scope of Collateral or whether any Lien has been, or is required to be released,

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then, and in every such event (other than an event with respect to the Borrower described in <u>clause (f)</u> or <u>(g)</u> of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any of the following actions, at the same or different times: declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; <u>provided</u> that upon the occurrence of an event with respect to the Borrower described in <u>clauses (f)</u> or <u>(g)</u> of this <u>Article</u>, any such Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, in each case without further action of the Administrative Agent or any Lender. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.

**<br>**<br> ARTICLE 8

THE ADMINISTRATIVE AGENT

Each of the Lenders hereby irrevocably appoints JPMCB (or any successor appointed pursuant hereto) as Administrative Agent and authorizes the Administrative Agent to take such actions on its behalf (including, without limitation, in any insolvency or liquidation proceeding), including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.

Any Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated, unless the context otherwise requires or unless such Person is in fact not a Lender, include each Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Loan Party or any Subsidiary of any Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. The Lenders acknowledge that, pursuant to such activities, the Administrative Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations

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in favor of such Loan Party or such Affiliate) and acknowledge that the Administrative Agent shall not be under any obligation to provide such information to them.

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default exists, and the use of the term "agent" herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Requirements of Law; it being understood that such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights and powers that are expressly contemplated by the Loan Documents and which the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the relevant circumstances as provided in <u>Section 9.02</u>); <u>provided</u> that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Requirements of Law, and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Restricted Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable to the Lenders or any other Secured Party for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as is necessary, or as the Administrative Agent believes in good faith shall be necessary, under the relevant circumstances as provided in <u>Section 9.02</u>) or in the absence of its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any covenant, agreement or other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral or to assure that the Liens granted to the Administrative Agent pursuant to any Loan Document have been or will continue to be properly or sufficiently or lawfully created, perfected or enforced or are entitled to any particular priority, (vi) the satisfaction of any condition set forth in <u>Article 4</u> or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vii) any property, book or record of any Loan Party or any Affiliate thereof.

Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the Borrower, the Administrative Agent and each Secured Party agree that (i) no Secured Party (other than the Administrative Agent) shall have any right individually to realize upon any of the Collateral or to enforce the Loan Guaranty; it being understood that any realization upon the Collateral or enforcement on any Loan Guaranty against the Loan Parties pursuant hereto or pursuant to any Loan Document may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms hereof or thereof, and (ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant

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to a public or private sale or in the event of any other Disposition (including pursuant to Section 363 of the Bankruptcy Code or any similar provision of any other Debtor Relief Law), (A) the Administrative Agent, as agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale, to use and apply all or any portion of the Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent at such Disposition and (B) the Administrative Agent or any Lender may be the purchaser or licensor of all or any portion of such Collateral at any such Disposition.

No holder of any Secured Hedging Obligation in its capacity as such shall have any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under this Agreement.

Each Secured Party agrees that the Administrative Agent may in its sole discretion, but is under no obligation to, credit bid any part of the Secured Obligations or to purchase or retain or acquire any portion of the Collateral.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) that it believes to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

The Administrative Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this <u>Article 8</u> shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. The Secured Parties agree that the Administrative Agent shall not be responsible to the Secured Parties for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that such Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

The Administrative Agent may resign at any time by giving ten days' written notice to the Lenders and the Borrower; <u>provided</u> that if no successor agent is appointed in accordance with the terms set forth below within such 10-day period, the Administrative Agent's resignation shall not be effective until the earlier to occur of (x) the date of the appointment of the successor agent or (y) the date that is twenty (20) days after the last day of such 10-day period. If the Administrative Agent is a Defaulting Lender under <u>clause (a)</u>, <u>(b)</u> or <u>(e)</u> of the definition thereof, either the Required Lenders or the Borrower may, upon ten days' notice, remove the Administrative Agent; <u>provided</u> that if no successor agent is appointed in accordance with the terms set forth below within such 10-day period, the Administrative Agent's removal shall, at the option of the Borrower, not be effective until the earlier to occur of (x) the date of the appointment of the successor

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agent or (y) the date that is twenty (20) days after the last day of such 10-day period. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (not to be unreasonably withheld or delayed), to appoint a successor Administrative Agent which shall be a commercial bank or trust company with offices in the U.S. having combined capital and surplus in excess of $1,000,000,000, and which, for the avoidance of doubt, shall be a "U.S. person" and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1; <u>provided</u> that during the existence of an Event of Default under <u>Section 7.01(a)</u> or, with respect to any Borrower, <u>Sections 7.01(f)</u> or <u>(g)</u>, no consent of the Borrower shall be required. If no successor has been appointed as provided above and accepted such appointment within ten days after the retiring Administrative Agent gives notice of its resignation or the Administrative Agent receives notice of removal, then (a) in the case of a retirement, the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above (including, for the avoidance of doubt, the consent of the Borrower) or (b) in the case of a removal, the Borrower may, after consulting with the Required Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; <u>provided</u> that (x) in the case of a retirement, if the Administrative Agent notifies the Borrower, the Lenders that no qualifying Person has accepted such appointment or (y) in the case of a removal, the Borrower notifies the Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall nonetheless become effective in accordance with the provisos to the first two sentences in this paragraph and (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent in its capacity as collateral agent for the Secured Parties for purposes of maintaining the perfection of the Lien on the Collateral securing the Secured Obligations, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations required to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly (and each Lender will cooperate with the Borrower to enable the Borrower to take such actions), until such time as the Required Lenders or the Borrower, as applicable, appoint a successor Administrative Agent, as provided above in this <u>Article 8</u>. Upon the acceptance of its appointment as Administrative Agent hereunder as a successor Administrative Agent, the successor Administrative Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder (other than its obligations under <u>Section 9.13</u> hereof). The fees payable by the Borrower to any successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor Administrative Agent. After the Administrative Agent's resignation or removal hereunder, the provisions of this Article and <u>Section 9.03</u> shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any action taken or omitted to be taken by any of them while the relevant Person was acting as Administrative Agent (including for this purpose holding any collateral security following the retirement or removal of the Administrative Agent). Notwithstanding anything to the contrary herein, no Disqualified Institution may be appointed as a successor Administrative Agent.

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any

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document furnished hereunder or thereunder. Each Lender acknowledges that neither the Administrative Agent nor any Affiliate thereof has made any representation or warranty to it. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of the Administrative Agent or any of its Related Parties.

Each Lender, by delivering its signature page to this Agreement or an Assignment and Assumption and funding its Loan or assignment, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be approved by the Administrative Agent, the Required Lenders or the Lenders, as applicable, on the Closing Date or, in the case of a Lender that becomes party hereto by Assignment and Assumption, thereafter and prior to the effectiveness of such Assignment and Assumption.

Notwithstanding anything to the contrary herein, the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger, the Fourth Amendment Arrangers, the Fifth Amendment Arrangers, the Sixth Amendment Arrangers, the Seventh Amendment Arrangers, the Tenth Amendment Arrangers, the Eleventh Amendment Arrangers<u>, the Twelfth Amendment Arrangers</u> and their respective Affiliates shall not have any right, power, obligation, liability, responsibility or duty under this Agreement, except in their respective capacities as the Administrative Agent or a Lender hereunder, as applicable.

Each Secured Party hereby further authorizes the Administrative Agent, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Loan Guaranty, the Collateral and the Loan Documents; provided that the Administrative Agent shall not owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Secured Obligations with respect to any Secured Hedging Obligations.

The Secured Parties agree that the Administrative Agent shall not be responsible for or have a duty to the Secured Parties to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection (or continued perfection) of the Administrative Agent's Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

Each Secured Party irrevocably authorizes the Administrative Agent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;release any Lien on any property granted to or held by Administrative Agent under any Loan Document (i) upon the occurrence of the Termination Date, (ii) that is sold or transferred as part of or in connection with any sale, transfer or other disposition permitted under the Loan Documents to a Person that is not a Loan Party, (iii) that does not constitute (or ceases to constitute) Collateral, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its Loan Guaranty otherwise in accordance with the Loan Documents, (v) as required under <u>clause (d)</u> below or (vi) if approved, authorized or ratified in writing by the Required Lenders in accordance with <u>Section 9.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>Section 9.21</u>, release any Subsidiary Guarantor from its obligations under the Loan Guaranty if such Person ceases to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions permitted hereunder and the Borrower has requested such Excluded Subsidiary cease to be a Subsidiary Guarantor);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by <u>Sections 6.02(d)</u>, <u>6.02(e)</u>, <u>6.02(g)(i)</u>, <u>6.02(l)</u>, <u>6.02(n)</u>, <u>6.02(o)(i)</u> (other than any Lien on the Capital Stock of any Subsidiary Guarantor), <u>6.02(q)</u>, <u>6.02(r)</u> (to the extent the relevant Lien is of the type to which the Lien of the Administrative Agent is otherwise required to be subordinated under this <u>clause (c)</u> pursuant to any of the other exceptions to <u>Section 6.02</u> that are expressly included in this <u>clause (c)</u>), <u>6.02(x)</u>, <u>6.02(y)</u>, <u>6.02(z)(i)</u>, <u>6.02(bb)</u>, <u>6.02(cc)</u>, <u>6.02(ee)</u>, <u>6.02(ff)</u> and <u>6.02(gg)</u> (and any Refinancing Indebtedness in respect of any thereof to the extent such Refinancing Indebtedness is permitted to be secured under <u>Section 6.02(k))</u>; <u>provided</u>, that the subordination of any Lien on any property granted to or held by the Administrative Agent shall only be required with respect to any Lien on such property that is permitted by <u>Sections 6.02(l)</u>, <u>6.02(o)</u>, <u>6.02(q)</u>, <u>6.02(r)</u> and/or <u>6.02(bb)</u> to the extent that the Lien of the Administrative Agent with respect to such property is required to be subordinated to the relevant Permitted Lien in accordance with the documentation governing the Indebtedness that is secured by such Permitted Lien; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;enter into subordination, intercreditor and/or similar agreements with respect to Indebtedness (including any Acceptable Intercreditor Agreement and/or any amendment to any of the foregoing in accordance with <u>Section 9.02</u>) that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and with respect to which Indebtedness, this Agreement contemplates an intercreditor, subordination, collateral trust agreement or similar agreement.

Upon the request of the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under the Loan Guaranty or its Lien on any Collateral pursuant to this <u>Article 8</u>. In each case as specified in this <u>Article 8</u>, the Administrative Agent will (and each Lender hereby authorizes the Administrative Agent to), at the Borrower's expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents, to subordinate its interest therein, or to release such Loan Party from its obligations under the Loan Guaranty, in each case in accordance with the terms of the Loan Documents and this <u>Article 8</u>; <u>provided</u>, that upon the request of the Administrative Agent, the Borrower shall deliver a certificate of a Financial Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. Any execution and delivery of documents pursuant to this paragraph shall be without recourse to or warranty by the Administrative Agent.

The Administrative Agent is authorized to enter into an Acceptable Intercreditor Agreement and any other intercreditor, subordination, collateral trust or similar agreement contemplated hereby, in each case, on terms reasonably satisfactory to the Administrative Agent, with respect to any (a) Indebtedness permitted hereby (i) that is (A) required or permitted to be subordinated hereunder and/or (B) secured by Liens permitted hereby and (ii) which contemplates an intercreditor, subordination or collateral trust agreement and/or (b) Secured Hedging Obligations, whether or not constituting Indebtedness (any such other intercreditor agreement an "<u>Additional Agreement</u>"), and the Secured Parties party hereto acknowledge that the Intercreditor Agreement and any Additional Agreement is binding upon them. Each Secured Party party hereto hereby (a) agrees that it will be bound by, and will not take any action contrary to, the provisions of any Additional Agreement and (b) authorizes the Administrative Agent to enter into an Acceptable Intercreditor Agreement and/or any Additional Agreement and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof. The foregoing provisions are

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intended as an inducement to the Secured Parties to extend credit to the Borrower, and the Secured Parties are intended third-party beneficiaries of such provisions and the provisions of an Acceptable Intercreditor Agreement and/or any Additional Agreement.

To the extent that the Administrative Agent (or any Affiliate thereof) is not reimbursed and indemnified by the Borrower in accordance with and to the extent required by <u>Section 9.03(b)</u> hereof, the Lenders will reimburse and indemnify the Administrative Agent (and any Affiliate thereof) in proportion to their respective Applicable Percentages (determined as if there were no Defaulting Lenders and all Term Loans were of a single Class) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by the Administrative Agent (or any Affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or any other Loan Document (in all cases, whether or not caused or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Administrative Agent or any Affiliate thereof); <u>provided</u> that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's (or such affiliate's) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). The agreements in this paragraph shall survive the payment of the Loans and all other amounts payable hereunder.

To the extent required by any applicable Requirements of Law (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of <u>Section 2.17</u>, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, all Taxes and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective), whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

In addition, unless either (1) <u>sub-clause (i)</u> in the immediately preceding <u>clause (a)</u> is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>sub-clause (iv)</u> in the immediately preceding <u>clause (a)</u>, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

****<br> ARTICLE 9

<br>MISCELLANEOUS

Section 9.01. <u>Notices.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to <u>paragraph (b)</u> below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email, as follows:

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(i)&nbsp;&nbsp;&nbsp;&nbsp; if to any Loan Party, to such Loan Party in the care of the Borrower at:

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154<br>Attention: Douglas Armer<u>Chief Financial Officer</u>

Email: BXMTTermLoanB@blackstone.com

*with copies to (which shall not constitute notice to any Loan Party)*:

Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036<br>Attention: Arkadiusz (Arek) M. Maczka<br>Email: <u>[redacted]</u><br>Telephone: [redacted]

*and*

Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036<br>Attention: Daniel Stanco<br>Email: [redacted]<br>Telephone: [redacted]

(ii) &nbsp;&nbsp;&nbsp;&nbsp;if to the Administrative Agent, at:

JPMorgan Chase Bank, N.A.

as Administrative Agent

500 Stanton Christiana Road

NCC 5, Floor 1

Newark, DE 19713-2107

Attention: Matthew Bruno

Telephone: [redacted]

Facsimile: [redacted]

Email: [redacted]

with a copy to

JPMorgan Chase Bank, N.A.

as Administrative Agent

500 Stanton Christiana Road

NCC 5, Floor 1

Newark, DE 19713-2107

Attention: Mitchell Soobryan

Telephone: [redacted]

Email: [redacted]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;if to any Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire.

All such notices and other communications (A) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent by certified or registered mail, in each case, delivered, sent or mailed (properly addressed) to the relevant party as provided in this <u>Section 9.01</u> or in accordance with the latest unrevoked direction from such party given in accordance with this <u>Section 9.01</u> or (B) sent by facsimile shall be deemed to have been given when sent and when receipt has been confirmed by telephone; <u>provided</u> that notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, such notices or other communications shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>clause (b)</u> below shall be effective as provided in such <u>clause (b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and Internet or intranet websites) pursuant to procedures set forth herein or otherwise approved by the Administrative Agent. The Administrative Agent or the Borrower (on behalf of any Loan Party) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it (<u>provided</u> that approval of such procedures may be limited to particular notices or communications). All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); <u>provided</u> that any such notice or communication not given during the normal business hours of the recipient shall be deemed to have been given at the opening of business on the next Business Day for the recipient and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (b)(i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;Any party hereto may change its address or facsimile number or other notice information hereunder by notice to the other parties hereto; it being understood and agreed that the Borrower may provide any such notice to the Administrative Agent as recipient on behalf of itself and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by, or on behalf of, the Borrower hereunder (collectively, the "<u>Borrower Materials</u>") by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be "public-side" Lenders (i.e., Lenders that do not wish to receive material nonpublic information within the meaning of the United States federal securities laws with respect to the Borrower, any of its subsidiaries, or their respective securities) (each, a "<u>Public Lender</u>"). At the request of the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger, the Fourth Amendment Arrangers, the Fifth Amendment Arrangers, the Sixth Amendment Arrangers, the Seventh Amendment Arrangers, the Tenth Amendment Arrangers or<u>,</u> the Eleventh Amendment Arrangers <u>or the Twelfth Amendment Arrangers</u>, the Borrower hereby agrees that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked "PUBLIC," (ii) by marking Borrower Materials "PUBLIC," the Borrower shall be deemed to have authorized the Administrative Agent

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and the Lenders to treat such Borrower Materials as information of a type that would (x) customarily be made publicly available (or could be derived from publicly available information), as determined in good faith by the Borrower, or (y) would not be material with respect to the Borrower, its subsidiaries, any of their respective securities or the Transactions as determined in good faith by the Borrower for purposes of United States federal securities laws and (iii) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not marked as "Public Investor*.*" Notwithstanding the foregoing, the following Borrower Materials shall be deemed to be marked "PUBLIC," unless the Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Loan Documents, (2) any notification of changes in the terms of the Term Facility and (3) all information delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u>.

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable law, including United States Federal and state securities laws, to make reference to communications that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws.

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE*.*" NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

Section 9.02. <u>Waivers; Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof except as provided herein or in any Loan Document, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any party hereto therefrom shall in any event be effective unless the same is permitted by this <u>Section 9.02</u>, and then such waiver or consent shall be effective only in the

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specific instance and for the purpose for which given. Without limiting the generality of the foregoing, to the extent permitted by applicable Requirements of Law, the making of any Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default or Event of Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Subject to this <u>Section 9.02(b)</u> and <u>Sections 9.02(c)</u> and <u>(d)</u> below and to <u>Section 2.14(b)</u>, <u>Section 2.22</u> and <u>Section 9.05(f)</u>, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified, except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) or (ii) in the case of any other Loan Document (other than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other Loan Document), pursuant to an agreement or agreements in writing entered into by the Administrative Agent and each Loan Party that is party thereto, with the consent of the Required Lenders; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;the consent of each Lender directly and adversely affected thereby (but, except in the case of subclause (1), not the consent of the Required Lenders) shall be required for any waiver, amendment or modification that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;increases the Commitment of such Lender (other than with respect to any Incremental Facility pursuant to <u>Section 2.22</u> in respect of which such Lender has agreed to be an Additional Lender); it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall constitute an increase of any Commitment of such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;reduces the principal amount of any Loan owed to such Lender or any amount due to such Lender on any Loan Installment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; (x) extends the scheduled final maturity of any Loan or (y) postpones any Loan Installment Date or any Interest Payment Date with respect to any Loan held by such Lender or the date of any scheduled payment of any fee or premium payable to such Lender hereunder (in each case, other than any extension for administrative reasons agreed by the Administrative Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; reduces the rate of interest (other than to waive any Default or Event of Default or obligation of the Borrower to pay interest to such Lender at the default rate of interest under <u>Section 2.13(e)</u>, which shall only require the consent of the Required Lenders) or the amount of any fee or premium owed to such Lender; it being understood that no change in the calculation of any other interest, fee or premium due hereunder (including any component definition thereof) shall constitute a reduction in any rate of interest or fee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) &nbsp;&nbsp;&nbsp;&nbsp;extends the expiry date of such Lender's Commitment; it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of any Commitment shall constitute an extension of any Commitment of any Lender; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &nbsp;&nbsp;&nbsp;&nbsp;waives, amends or modifies the provisions of <u>Section 2.18(b)</u> or <u>2.18(c)</u> of this Agreement in a manner that would by its terms alter the "waterfall" in <u>Section 2.18(b)</u> or pro rata sharing of payments required by <u>Section 2.18(c)</u> (except in connection with any transaction permitted under <u>Sections 2.22</u>, <u>2.23</u>, <u>9.02(c)</u> and/or <u>9.05(g)</u> or as otherwise provided in this <u>Section 9.02</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &nbsp;&nbsp;&nbsp;&nbsp;no such agreement shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;change any of the provisions of <u>Section 9.02(a)</u> or <u>Section 9.02(b)</u> or the definition of "Required Lenders" to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without the prior written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;release all or substantially all of the Collateral from the Lien granted pursuant to the Loan Documents (except as otherwise permitted herein or in the other Loan Documents, including pursuant to <u>Article 8</u> or <u>Section 9.21</u> hereof), without the prior written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;release all or substantially all of the value of the Guarantees under the Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents, including pursuant to <u>Section 9.21</u> hereof), without the prior written consent of each Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp; no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, this Agreement may be amended with the written consent of the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing or replacement of all or any portion of the outstanding Term Loans under the applicable Class (any such loans being refinanced or replaced, the "<u>Replaced Term Loans</u>") with one or more replacement term loans hereunder ("<u>Replacement Term Loans</u>") pursuant to a Refinancing Amendment; <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of any Replacement Term Loans shall not exceed the aggregate principal amount of the Replaced Term Loans (<u>plus</u> (1) any additional amounts permitted to be incurred under <u>Section 6.01</u> and, to the extent any such additional amounts are secured, the related Liens are permitted under <u>Section 6.02</u>, and <u>plus</u> (2) the amount of accrued interest, penalties and premium (including tender premium) thereon any committed but undrawn amounts and underwriting discounts, fees (including upfront fees, original issue discount or initial yield payments), commissions and expenses associated therewith),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;subject to the Permitted Earlier Maturity Indebtedness Exception, any Replacement Term Loans (other than customary bridge loans with a maturity date of not longer than one year; <u>provided</u> that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this <u>clause (B)</u>) must have a final maturity date that is equal to or later than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater

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than the Weighted Average Life to Maturity of, the Replaced Term Loans at the time of the relevant refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;any Replacement Term Loans may be *pari passu* with or junior to any then-existing Term Loans in right of payment and *pari passu* with or junior to such Term Loans with respect to the Collateral (<u>provided</u> that any Replacement Term Loans not incurred under this Agreement that are secured by Liens on the Collateral shall be subject to any applicable Acceptable Intercreditor Agreements),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;any Replacement Term Loans that are secured may not be secured by any assets other than the Collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;any Replacement Term Loans that are guaranteed may not be guaranteed by any Person other than one or more Guarantors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;any Replacement Term Loans that are pari passu with the 2019 New Term Loans, the Term B-3 Loans and/or the Term B-4 Loans in right of payment and security may participate (A) in any voluntary prepayments of Term Loans as set forth in <u>Section 2.11(a)(i)</u> and (B) in any mandatory prepayments of Term Loans as set forth in <u>Section 2.11(b)(vi)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;any Replacement Term Loans may have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms and, subject to preceding <u>clause (B)</u>, amortization schedule, as the Borrower and the lenders providing such Replacement Term Loans may agree,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;other terms and conditions of any Replacement Term Loans (excluding as set forth above, including pricing, interest rate margins, fees, discounts, rate floors and optional prepayment or redemption terms), if not substantially identical to those applicable to Replaced Term Loans (as reasonably determined by the Borrower and the Administrative Agent), must either, at the option of the Borrower, (x) not be materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) than (when taken as a whole) those contained in the Replaced Term Loans (other than any terms which are applicable only after the then-existing Latest Maturity Date with respect to such Replaced Term Loans), (y) be conformed (or added) to the Loan Documents for the benefit of the existing Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without limitation, any amendment or modification to the Loan Documents that solely adds one or more terms for the benefit of the existing Term Lenders shall not require the consent of any such existing Term Lender so long as the form (but not the substance) of the applicable agreement effecting such amendment or modification is reasonably satisfactory to the Administrative Agent) or (z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default under <u>Section 7.01(a)</u>, <u>(f)</u> or <u>(g)</u> shall exist immediately prior to or after giving effect to such Replacement Term Loans;

<u>provided</u>, <u>further</u>, that, in respect of this <u>clause (c)</u>, any Affiliated Lender and Debt Fund Affiliate shall be permitted without the consent of the Administrative Agent to provide any Replacement Term Loans, it

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being understood that in connection therewith, the relevant Affiliated Lender or Debt Fund Affiliate, as applicable, shall be subject to the restrictions applicable to such Person under <u>Section 9.05</u> as if such Replacement Term Loans were Term Loans.

Each party hereto hereby agrees that this Agreement may be amended by the Borrower, the Administrative Agent and the lenders providing the relevant Replacement Term Loans to the extent (but only to the extent) necessary to reflect the existence and terms of such Replacement Term Loans incurred or implemented pursuant thereto (including any amendment necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and/or Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Term Loans may elect or decline, in its sole discretion, to provide such Replacement Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this <u>Section 9.02</u> or any other provision of this Agreement or any provision of any other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower and the Administrative Agent may, without the input or consent of any Lender, amend, supplement and/or waive any guaranty, collateral security agreement, pledge agreement and/or related document (if any) executed in connection with this Agreement to (A) comply with any Requirement of Law or the advice of counsel, (B) cause any such guaranty, collateral security agreement, pledge agreement or other document to be consistent with this Agreement and/or the relevant other Loan Documents or (C) add a benefit for solely the Lenders under the existing Term Facility, including, but not limited to, increase in margin, interest rate floor, prepayment premium, call protection and reestablishment of or increase in amortization schedule; <u>provided</u> that no such amendment, modification or waiver that increases or accelerates the amortization schedule shall operate to cause the amounts subject to such increased or accelerated amortization schedule to not be subject to <u>Section 2.12(c)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;the Borrower and the Administrative Agent may, without the input or consent of any other Lender (other than the relevant Lenders (including Additional Lenders) providing Loans under such Sections), effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion of the Borrower and the Administrative Agent to (1) effect the provisions of <u>Sections 2.22</u>, <u>2.23</u>, <u>5.12</u>, <u>6.12</u> or <u>9.02(c)</u>, or any other provision specifying that any waiver, amendment or modification may be made with the consent or approval of the Administrative Agent and/or (2) to add terms (including representations and warranties, conditions, prepayments, covenants or events of default), in connection with the addition of any Additional Term Loan or Additional Commitment hereunder pursuant to <u>Sections</u> <u>2.22</u>, <u>2.23</u> or <u>9.02(c)</u>, that are favorable to the then-existing Lenders, as reasonably determined by the Administrative Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; if the Administrative Agent and the Borrower have jointly identified any ambiguity, mistake, defect, inconsistency, obvious error or any error or omission of a technical nature or any necessary or desirable technical change, in each case, in any provision of any Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision (without any further action or consent of any other party) solely to address such matter as reasonably determined by them acting jointly,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the Administrative Agent and the Borrower may amend, restate, amend and restate or otherwise modify any Acceptable Intercreditor Agreement as provided therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent may amend the Commitment Schedule to reflect assignments entered into pursuant to <u>Section 9.05</u>, Commitment terminations pursuant to <u>Section 2.09</u>, implementations

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of Additional Commitments or incurrences of Additional Term Loans pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u> and reductions or terminations of any such Additional Commitments or Additional Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) &nbsp;&nbsp;&nbsp;&nbsp;no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except as permitted pursuant to <u>Section 2.21(a)</u> and except that the Commitment and any Additional Commitment of any Defaulting Lender may not be increased without the consent of such Defaulting Lender (it being understood that any Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from any vote hereunder that requires the consent of any Lender, except as expressly provided in <u>Section 2.21(a)</u>),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) &nbsp;&nbsp;&nbsp;&nbsp;this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit any extension of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the relevant benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior to such inclusion, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;any amendment, wavier or modification of any term or provision that directly affects Lenders under one or more Classes and does not directly affect Lenders under one or more other Classes may be effected by the consent of Lenders representing more than 50% of the aggregate Commitments and/or Loans of such directly affected Class in lieu of the consent of the Required Lenders.

Section 9.03. <u>Expenses; Indemnity.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 9.05(f)</u>, the Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Arranger, the Administrative Agent and their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if necessary, of one local counsel in any relevant jurisdiction to all such Persons, taken as a whole) in connection with the syndication and distribution (including via the Internet or through a service such as IntraLinks) of the Term Facility, the preparation, execution, delivery and administration of the Loan Documents and any related documentation, including in connection with any amendment, modification or waiver of any provision of any Loan Document (whether or not the transactions contemplated thereby are consummated, but only to the extent the preparation of any such amendment, modification or waiver was requested by the Borrower and except as otherwise provided in a separate writing between the Borrower, the relevant Arranger and/or the Administrative Agent), but excluding solely in connection with any arranging of commitments to provide the Term Facility on the Closing Date (with any expense reimbursement in connection therewith to be governed by the Engagement Letter, dated as of April 17, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Closing Date), by and among the Borrower, JPMCB and the Arrangers) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers or the Lenders or any of their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if necessary, of one local counsel in any relevant jurisdiction to all such Persons, taken as a whole) in connection with the enforcement, collection or protection of their respective

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rights in connection with the Loan Documents, including their respective rights under this <u>Section</u>, or in connection with the Loans made hereunder. Except to the extent required to be paid on the Closing Date, all amounts due under this <u>paragraph (a)</u> shall be payable by the Borrower within 30 days of receipt by the Borrower of an invoice setting forth such expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall indemnify each Arranger, the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one local counsel in any relevant jurisdiction to all Indemnitees, taken as a whole and solely in the case of an actual or perceived conflict of interest, (x) one additional counsel to all affected Indemnitees, taken as a whole, and (y) one additional local counsel to all affected Indemnitees, taken as a whole, in each relevant jurisdiction), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby and/or the enforcement of the Loan Documents, (ii) the use of the proceeds of the Loans, (iii) any actual or alleged Release or presence of Hazardous Materials on, at, under or from any property currently or formerly owned or leased by the Borrower, any of its Restricted Subsidiaries or any other Loan Party or any Environmental Liability related to the Borrower, any of its Restricted Subsidiaries or any other Loan Party and/or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of their respective Affiliates); <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that any such loss, claim, damage, or liability (i) is determined by a final and non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or such Person's material breach of the Loan Documents or (ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against the Administrative Agent or any Arranger, acting in its capacity as the Administrative Agent or as an Arranger) that does not involve any act or omission of the Borrower or any of its Affiliates. Each Indemnitee shall be obligated to refund or return any and all amounts paid by the Borrower pursuant to this <u>Section 9.03(b)</u> to such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with the terms hereof. All amounts due under this <u>paragraph (b)</u> shall be payable by the Borrower within 30 days (x) after receipt by the Borrower of a written demand therefor, in the case of any indemnification obligations and (y) in the case of reimbursement of costs and expenses, after receipt by the Borrower of an invoice setting forth such costs and expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. This <u>Section 9.03(b)</u> shall not apply to Taxes other than any Taxes that represent losses, claims, damages or liabilities in respect of a non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not be liable for any settlement of any proceeding effected without the written consent of the Borrower (which consent shall not be unreasonably withheld, delayed or conditioned), but if any proceeding is settled with the written consent of the Borrower, or if there is a final judgment against any Indemnitee in any such proceeding, the Borrower agrees to indemnify and hold harmless each Indemnitee to the extent and in the manner set forth above. The Borrower shall not, without the prior written consent of the affected Indemnitee (which consent shall not be unreasonably withheld,

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conditioned or delayed), effect any settlement of any pending or threatened proceeding in respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes an unconditional release of such Indemnitee from all liability or claims that are the subject matter of such proceeding and (ii) such settlement does not include any statement as to any admission of fault or culpability.

Section 9.04.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Claim</u>. To the extent permitted by applicable Requirements of Law, no party to this Agreement shall assert, and each hereby waives, any claim against any other party hereto, any Loan Party and/or any Related Party of any thereof, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof, except, in the case of any claim by any Indemnitee against the Borrower, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of <u>Section 9.03</u>.

Section 9.05. &nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; <u>provided</u> that (i) except as provided under <u>Section 6.07</u>, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with the terms of this <u>Section 9.05</u> (any attempted assignment or transfer not complying with the terms of this <u>Section 9.05</u>, including with respect to attempted assignments or transfers to Disqualified Institutions shall be subject to <u>Section 9.05(f)</u>). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and permitted assigns, to the extent provided in <u>paragraph (e)</u> of this <u>Section 9.05</u>, Participants and, to the extent expressly contemplated hereby, the Related Parties of each of the Arrangers, the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the conditions set forth in <u>paragraph (b)(ii)</u> below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of any Additional Term Loan or Additional Commitment added pursuant to <u>Sections 2.22</u>, <u>2.23</u> or <u>9.02(c)</u> at the time owing to it) with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that (x) the Borrower shall be deemed to have consented to any assignment of Term Loans unless it has objected thereto by written notice to the Administrative Agent within 15 Business Days after receipt of written notice thereof and (y) the consent of the Borrower shall not be required for any assignment of Term Loans or Term Commitments (1) to any Term Lender or any Affiliate of any Term Lender or an Approved Fund or (2) at any time when an Event of Default under <u>Section 7.01(a)</u> or, solely with respect to the Borrower, <u>Sections 7.01(f)</u> or <u>(g)</u> exists; <u>provided</u>, <u>further</u>, that notwithstanding the foregoing, unless an Event of Default under <u>Section 7.01(a)</u> or, solely with respect to the Borrower, <u>Sections 7.01(f)</u> or <u>(g)</u> exists, the Borrower may withhold its consent to any assignment to any Person (other than a Bona Fide Debt Fund that is a Competitor (unless the Borrower has a reasonable basis for withholding consent)) that is either (I) not a Disqualified Institution but is known by the Borrower to be an Affiliate of a Disqualified Institution regardless of whether such Person is identifiable as an Affiliate of a Disqualified Institution on the basis of such Affiliate's name and/or (II) known by the Borrower to be an investor

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primarily in distressed credits or opportunistic or special situations or any affiliate of such investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed); <u>provided</u>, that no consent of the Administrative Agent shall be required for any assignment to another Lender, any Affiliate of a Lender or any Approved Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;except in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved Fund or any assignment of the entire remaining amount of the relevant assigning Lender's Loans or Commitments of any Class, the principal amount of Loans or Commitments of the assigning Lender subject to the relevant assignment (determined as of the date on which the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent and determined on an aggregate basis in the event of concurrent assignments to Related Funds of the assignee or by Related Funds of the assigning Lender) shall not be less than $1,000,000, in the case of Term Loans and Term Commitments, unless the Borrower and the Administrative Agent otherwise consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any partial assignment shall be made as an assignment of a proportionate part of all the relevant assigning Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee (i) shall not apply to an assignment by a Lender to its controlled Affiliates and (ii) may otherwise be waived or reduced in the sole discretion of the Administrative Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;the relevant Eligible Assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, to the Administrative Agent (1) an Administrative Questionnaire and (2) any IRS form and/or other documentation required under <u>Section 2.17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the acceptance and recording thereof pursuant to <u>paragraph (b)(iv)</u> of this <u>Section 9.05</u>, from and after the effective date specified in any Assignment and Assumption, the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned pursuant to such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be (A) entitled to the benefits of <u>Sections 2.15</u>, <u>2.16</u>, <u>2.17</u> and <u>9.03</u> with respect to facts and circumstances occurring on or prior to the effective date of such assignment and (B) subject to its obligations thereunder and under <u>Section 9.13</u>). If any assignment by any Lender holding any Promissory Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender such Promissory Note to the Administrative Agent for cancellation, and, following such cancellation, if requested by either the assignee or the assigning Lender, the Borrower shall issue and deliver a new Promissory Note to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new commitments and/or outstanding Loans of the assignee and/or the assigning Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders and their respective successors and assigns,

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and the commitment of, and principal amount of and interest on the Loans and Commitments owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and each Lender (but only as to its own holdings), at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Eligible Assignee, the Eligible Assignee's completed Administrative Questionnaire and any tax certification required by <u>Section 9.05(b)(ii)(D)(2)</u> (unless the assignee is already a Lender hereunder), the processing and recordation fee referred to in <u>Section 9.05(b)(ii)(C)</u>, if applicable, and any written consent to the relevant assignment required by <u>Section 9.05(b)(i)</u>, the Administrative Agent shall promptly accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;By executing and delivering an Assignment and Assumption, the assigning Lender and the Eligible Assignee thereunder shall be deemed to confirm and agree with each other and the other parties hereto as follows: (A) the assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that the amount of its commitments, and the outstanding balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective, are as set forth in such Assignment and Assumption, (B) except as set forth in <u>clause (A)</u> above, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statement, warranty or representation made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower or any Restricted Subsidiary or the performance or observance by the Borrower or any Restricted Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (C) the assignee represents and warrants that it is an Eligible Assignee, legally authorized to enter into such Assignment and Assumption; (D) the assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in <u>Section 3.04</u> and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (E) the assignee will independently and without reliance upon the Administrative Agent, the assigning Lender or any other Lender and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (F) the assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof, together with such powers as are reasonably incidental thereto; and (G) the assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender may, without the consent of the Borrower, the Administrative Agent or any other Lender, sell participations to any bank or other entity (other than to any Disqualified Institution, any natural Person or, other than with respect to any participation to any Debt Fund Affiliate (any such participations to a Debt Fund Affiliate being subject to the limitation set forth in the first proviso of the penultimate paragraph set forth in <u>Section 9.05(g)</u>, as if the limitation applied to such participations), the Borrower or any of its Affiliates) (a "<u>Participant</u>") in all or a portion of such Lender's rights and

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obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the relevant Participant, agree to any amendment, modification or waiver described in (x) <u>clause (A)</u> of the first proviso to <u>Section 9.02(b)</u> that directly and adversely affects the Loans or Commitments in which such Participant has an interest and (y) <u>clauses (B)(1)</u>, <u>(2)</u> or <u>(3)</u> of the first proviso to <u>Section 9.02(b)</u>. Subject to <u>paragraph (c)(ii)</u> of this <u>Section 9.05</u>, the Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.15</u>, <u>2.16</u> and <u>2.17</u> (subject to the limitations and requirements of such Sections and <u>Section 2.19</u>) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>paragraph (b)</u> of this <u>Section 9.05</u> and it being understood that the documentation required under <u>Section 2.17(f)</u> shall be delivered solely to the participating Lender, and if additional amounts are required to be paid pursuant to <u>Section 2.17(a)</u> or <u>Section 2.17(c)</u>, by the participating Lender to the Borrower and the Administrative Agent. To the extent permitted by applicable Requirements of Law, each Participant also shall be entitled to the benefits of <u>Section 9.09</u> as though it were a Lender; <u>provided</u> that such Participant shall be subject to <u>Section 2.18(c)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Participant shall be entitled to receive any greater payment under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u> than the participating Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent, not to be unreasonably withheld or delayed, expressly acknowledging that such Participant's entitlement to benefits under <u>Sections 2.15</u>, <u>2.16</u> and <u>2.17</u> is not limited to what the participating Lender would have been entitled to receive absent the participation.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and their respective successors and registered assigns, and the principal and interest amounts of each Participant's interest in the Loans or other obligations under the Loan Documents (a "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of any Participant Register (including the identity of any Participant or any information relating to any Participant's interest in any Commitment, Loan or any other obligation under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the Treasury Regulations, or is otherwise required under the Code or Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and each Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (other than to any Disqualified Institution or any natural person) to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to any Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this <u>Section 9.05</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release any Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle (an "<u>SPC</u>"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of any Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u>) and no SPC shall be entitled to any greater amount under <u>Section 2.15</u>, <u>2.16</u> or <u>2.17</u> or any other provision of this Agreement or any other Loan Document that the Granting Lender would have been entitled to receive, unless the grant to such SPC is made with the prior written consent of the Borrower, not to be unreasonably withheld or delayed, expressly acknowledging that such SPC's entitlement to benefits under <u>Sections 2.15</u>, <u>2.16</u> and <u>2.17</u> is not limited to what the Granting Lender would have been entitled to receive absent the grant to the SPC, (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting Lender shall for all purposes (including approval of any amendment, waiver or other modification of any provision of the Loan Documents) remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the Requirements of Law of the U.S. or any State thereof; <u>provided</u> that (i) such SPC's Granting Lender is in compliance in all material respects with its obligations to the Borrower hereunder and (ii) each Lender designating any SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary contained in this <u>Section 9.05</u>, any SPC may (i) with notice to, but without the prior written consent of, the Borrower or the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guaranty or credit or liquidity enhancement to such SPC. Any grant by a Granting Lender to an SPC shall be recorded in the Participant Register pursuant to <u>subsection 9.5(c)(ii)</u>.

<br>&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;(i) Any assignment or participation by a Lender without the Borrower's consent to any Disqualified Institution or otherwise not in compliance with this <u>Section 9.05</u> shall be subject to the provisions of this <u>Section 9.05(f)</u>, and the Borrower shall be entitled to seek specific performance to enforce this <u>Section 9.05(f)</u> in addition to injunctive relief (without posting a bond or presenting evidence of irreparable harm) or any other remedies available to the Borrower at law or in equity; it being understood and agreed that the Borrower and its Subsidiaries will suffer irreparable harm if any Lender breaches any obligation under this <u>Section 9.05</u> as it relates to any assignment, participation or pledge of any Loan or Commitment to any Disqualified Institution or any other Person to whom the Borrower's consent is required but not obtained. Nothing in this <u>Section 9.05(f)</u> shall be deemed to prejudice any right or remedy that the Borrower may otherwise have at law or equity. Upon the request of any Lender, the Administrative Agent and the Borrower may make the list of Disqualified Institutions (other than any Disqualified

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Institution under <u>clause (a)(iii)</u> or <u>(b)(ii)</u> of the definition thereof) available to such Lender so long as such Lender agrees to keep the list of Disqualified Institutions confidential in accordance with the terms hereof and such Lender may provide such list of Disqualified Institutions to any potential assignee or participant on a confidential basis, solely for the purpose of permitting such potential assignee or participant to verify whether such Person constitutes a Disqualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If any assignment or participation under this <u>Section 9.05</u> is made to a Disqualified Institution without the Borrower's prior written consent or otherwise not in compliance with this <u>Section 9.05</u>, then the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution (or the applicable Lender) and the Administrative Agent, (A) terminate any Commitment of such Disqualified Institution (or the applicable Lender) and repay all obligations of the Borrower owing to such Disqualified Institution (or the applicable Lender), (B) in the case of any outstanding Term Loans, held by such Disqualified Institution (or the applicable Lender), purchase such Term Loans by paying the lesser of (x) par and (y) the amount that such Disqualified Institution (or the applicable Lender) paid to acquire such Term Loans, <u>plus</u> accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require such Disqualified Institution (or the applicable Lender) to assign, without recourse (in accordance with and subject to the restrictions contained in this <u>Section 9.05</u>), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees; <u>provided</u> that (I) in the case of <u>clause (B)</u>, the applicable Disqualified Institution (or the applicable Lender) has received payment of an amount equal to the lesser of (1) par and (2) the amount that such Disqualified Institution (or the applicable Lender) paid for the applicable Loans, <u>plus</u> accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Borrower, (II) in the case of <u>clauses (A)</u> and <u>(B)</u>, the Borrower shall not be liable to the relevant Disqualified Institution (or the applicable Lender) under <u>Section 2.16</u> if any Term Benchmark Loan or RFR Loan owing to such Disqualified Institution (or the applicable Lender) is repaid or purchased other than on the last day of the Interest Period (or, in the case of an RFR Loan, the next applicable Interest Payment Date) relating thereto, (III) in the case of <u>clause (C)</u>, the relevant assignment shall otherwise comply with this <u>Section 9.05</u> (except that (x) no registration and processing fee required under this <u>Section 9.05</u> shall be required with any assignment pursuant to this paragraph and (y) any Term Loan acquired by any Affiliated Lender pursuant to this paragraph will not be included in calculating compliance with the Affiliated Lender Cap for a period of 90 days following such transfer; <u>provided</u> that, to the extent the aggregate principal amount of Term Loans held by Affiliated Lenders exceeds the Affiliated Lender Cap on the 91st day following such transfer, then such excess amount shall either be (x) contributed to the Borrower or any of its Subsidiaries and retired and cancelled immediately upon such contribution or (y) automatically cancelled) and (IV) in no event shall such Disqualified Institution (or the applicable Lender) be entitled to receive amounts set forth in <u>Section 2.13(e)</u>. Further, the Borrower may, upon notice to the Administrative Agent, require that such Disqualified Institution (or the applicable Lender) (A) will not receive information or reporting provided by any Loan Party, the Administrative Agent or any Lender and will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent, (B) (x) for purposes of determining whether the Required Lenders or the majority Lenders under any Class have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, shall not have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action, and all Loans held by any Disqualified Institution (or the applicable Lender) shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders, majority Lenders under any Class or all Lenders have taken any actions, and (y) hereby agrees that if a case or proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party, such Disqualified Institution (or the applicable Lender) will be deemed to vote in the same proportion as Lenders that are not Disqualified Institutions (or the applicable Lender) and that any vote by any such Disqualified Institution in violation of the foregoing shall not be counted and (C) hereby agrees that the

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provisions of <u>Section 9.03</u> shall not apply in favor of such Disqualified Institutions (or the applicable Lender). For the sake of clarity, the provisions in this <u>Section 9.05(f)</u> shall not apply to any Person that is an assignee of a Disqualified Institution (or the applicable Lender), if such assignee is not a Disqualified Institution (or the applicable Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, each of the Borrower and each Lender acknowledges and agrees that the Administrative Agent, in its capacity as such, shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions (or the applicable Lender), including whether any Lender or potential Lender is a Disqualified Institution (or the applicable Lender). Without limiting the generality of the foregoing, the Administrative Agent, in its capacity as such, shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Disqualified Institution (or the applicable Lender) or (y) have any liability with respect to or arising out of any assignment or participation of Loans or Commitments, or disclosure of confidential information, to any Disqualified Institution (or the applicable Lender) (regardless of whether the consent of the Administrative Agent is required thereto), and none of the Borrower, any Lender or their respective Affiliates will bring any claim to such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans to any Affiliated Lender, the Borrower or any of its Restricted Subsidiaries (A) through Dutch Auctions open to all Lenders holding the relevant Term Loans or (B) through open market purchases on a non-pro rata basis, in each case with respect to <u>clauses (A)</u> and <u>(B)</u>, without the consent of the Administrative Agent; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; any Term Loans acquired by the Borrower or any of its Restricted Subsidiaries shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled immediately upon the acquisition thereof; <u>provided</u> that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Term Loans shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so retired and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to <u>Section 2.10(a)</u> shall be reduced on a pro rata basis by the full par value of the aggregate principal amount of Term Loans so cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;any Term Loans acquired by any Affiliated Lender may (but shall not be required to) be contributed to the Borrower or any of its Subsidiaries (it being understood that any such Term Loans shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled promptly upon such contribution); <u>provided</u> that upon any such cancellation, the aggregate outstanding principal amount of the applicable Term Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Term Loans so contributed and cancelled, and each principal repayment installment with respect to the applicable Term Loans pursuant to <u>Section 2.10(a)</u> shall be reduced pro rata by the full par value of the aggregate principal amount of Term Loans so contributed and cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the relevant Affiliated Lender and assigning Lender shall have executed an Affiliated Lender Assignment and Assumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to the relevant assignment and to all other assignments to all Affiliated Lenders, the aggregate principal amount of all Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Term Loans then

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outstanding (after giving effect to any substantially simultaneous cancellations thereof) (the "<u>Affiliated Lender Cap</u>"); <u>provided</u> that each party hereto acknowledges and agrees that the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in connection with any compliance or non-compliance with this <u>clause (g)(iv)</u> or any purported assignment exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply to any Term Loans made available to Affiliated Lenders by means other than formal assignment (e.g., as a result of an acquisition of another Lender (other than any Debt Fund Affiliate)) by any Affiliated Lender or the provision of Additional Term Loans by any Affiliated Lender); <u>provided</u>, <u>further</u>, that to the extent that any assignment to any Affiliated Lender would result in the aggregate principal amount of Term Loans held by Affiliated Lenders exceeding the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof), the assignment of the relevant excess amount shall be null and void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;in connection with any assignment effected pursuant to a Dutch Auction and/or open market purchase conducted by the Borrower or any of its Restricted Subsidiaries, no Event of Default exists at the time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; by its acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>clause (iv)</u> above, the Term Loans held by such Affiliated Lender shall be disregarded in both the numerator and denominator in the calculation of any Required Lender or other Lender vote (and the Term Loans held by such Affiliated Lender shall be deemed to be voted pro rata along with the other Lenders that are not Affiliated Lenders); <u>provided</u> that (x) such Affiliated Lender shall have the right to vote (and the Term Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment, modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be, and (y) no amendment, modification, waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender as compared to other Lenders of the same Class that are not Affiliated Lenders or (2) deprive any Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such Affiliated Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;such Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone) or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives are not invited or (ii) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative notices in respect of its Term Loans required to be delivered to Lenders pursuant to <u>Article 2</u>);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp; no Affiliated Lender shall be required to represent or warrant that it is not in possession of material non-public information with respect to the Borrower and/or any Subsidiary thereof and/or their respective securities in connection with any assignment permitted by this <u>Section 9.05(g)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) &nbsp;&nbsp;&nbsp;&nbsp;in any case or proceeding under any Debtor Relief Law, the interest of any Affiliated Lender in any Term Loan will be deemed to be voted in the same proportion as the vote of Lenders that are not Affiliated Lenders on the relevant matter; <u>provided</u> that each Affiliated Lender will be entitled to vote its interest in any Term Loan to the extent that any plan of reorganization or similar dispositive restructuring plan with respect to which the relevant vote is sought proposes to treat the interest of such Affiliated Lender in such Term Loan in a manner that is less favorable to such Affiliated Lender than the proposed treatment of Term Loans held by other Term Lenders.

Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans to any Debt Fund Affiliate, and any Debt Fund Affiliate may, from time to time, purchase Term Loans (x) on a non-pro rata basis through Dutch Auctions open to all applicable Lenders or (y) on a non-pro rata basis through open market purchases without the consent of the Administrative Agent, in each case, notwithstanding the requirements set forth in <u>subclauses (i)</u> through <u>(viii)</u> of this <u>clause (g)</u>; <u>provided</u> that the Term Loans held by all Debt Fund Affiliates shall not account for more than 49.9% of the amounts included in determining whether the Required Lenders have (A) consented to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan Document or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document; it being understood and agreed that the portion of the Term Loan that accounts for more than 49.9% of the relevant Required Lender action shall be deemed to be voted pro rata along with other Lenders that are not Debt Fund Affiliates. Any Term Loans acquired by any Debt Fund Affiliate may (but shall not be required to) be contributed to the Borrower or any of its Subsidiaries for purposes of cancelling such Indebtedness (it being understood that any Term Loans so contributed shall be retired and cancelled immediately upon thereof); <u>provided</u> that upon any such cancellation, the aggregate outstanding principal amount of the relevant Class of Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Loans so contributed and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to <u>Section 2.10(a)</u> shall be reduced pro rata by the full par value of the aggregate principal amount of any applicable Term Loans so contributed and cancelled.

Section 9.06. <u>Survival.</u> &nbsp;&nbsp;&nbsp;&nbsp; All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loan regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of <u>Sections 2.15</u>, <u>2.16</u>, <u>2.17</u>, <u>9.03</u> and <u>9.13</u> and <u>Article 8</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the occurrence of the Termination Date or the termination of this Agreement or any provision hereof but in each case, subject to the limitations set forth in this Agreement.

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Section 9.07. &nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Integration; Effectiveness.</u> This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, the Engagement Letter and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it has been executed by the Borrower and the Administrative Agent and when the Administrative Agent has received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic transmission (including by email as a ".pdf" or ".tif" attachment) shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 9.08. &nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. To the extent permitted by applicable Requirements of Law, any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.09.&nbsp;&nbsp;&nbsp;&nbsp; <u>Right of Setoff.</u> At any time when an Event of Default exists, the Administrative Agent and each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations (in any currency) at any time owing by the Administrative Agent or such Lender to or for the credit or the account of any Loan Party against any of and all the Secured Obligations held by the Administrative Agent or such Lender, irrespective of whether or not the Administrative Agent or such Lender shall have made any demand under the Loan Documents and although such obligations may be contingent or unmatured or are owed to a branch or office of such Lender different than the branch or office holding such deposit or obligation on such Indebtedness. Any applicable Lender shall promptly notify the Borrower and the Administrative Agent of such set-off or application; <u>provided</u> that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this <u>Section 9.09</u>. The rights of each Lender and the Administrative Agent under this <u>Section 9.09</u> are in addition to other rights and remedies (including other rights of setoff) which such Lender or the Administrative Agent may have.

Section 9.10. <u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT) AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT), SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT AND

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AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT. EACH PARTY HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT RETAINS THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ITS RIGHTS UNDER ANY COLLATERAL DOCUMENT.

EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN <u>PARAGRAPH (b)</u> OF THIS <u>SECTION 9.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN <u>SECTION 9.01</u>. EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW.

Section 9.11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO

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HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 9.11</u>.

Section 9.12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.13. &nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each of the Administrative Agent, each Lender, each Arranger, each First Amendment Arranger (as defined in the First Amendment), each Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, each Fourth Amendment Arranger, each Fifth Amendment Arranger, each Sixth Amendment Arranger, each Seventh Amendment Arranger, each Tenth Amendment Arranger and<u>,</u> each Eleventh Amendment <u>Arranger and each Twelfth Amendment</u> Arranger agrees (and each Lender agrees to cause its SPC, if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its and its Affiliates' directors, officers, managers, employees, independent auditors, or other experts and advisors, including accountants, legal counsel and other advisors (collectively, the "<u>Representatives</u>") on a "need to know" basis solely in connection with the transactions contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have been advised of their obligation to keep the Confidential Information of this type confidential; <u>provided</u> that such Person shall be responsible for its Affiliates' and their Representatives' compliance with this paragraph; <u>provided</u>, <u>further</u>, that unless the Borrower otherwise consents, no such disclosure shall be made by the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger, any <u>Twelfth Amendment Arranger any</u> Lender or any Affiliate or Representative thereof to any Affiliate or Representative of the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger, <u>any Twelfth Amendment Arranger</u> or any Lender that is a Disqualified Institution, (b) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative proceeding, in any legal, judicial or administrative proceeding or otherwise as required by applicable Requirements of Law (in which case such Person shall (i) to the extent permitted by applicable Requirements of Law, inform the Borrower promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (c) upon the demand or request of any regulatory or governmental authority (including any self-regulatory body) purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any Governmental Authority or regulatory or self-regulatory authority exercising examination or regulatory authority, to the extent permitted by applicable Requirements of Law, (i) inform the Borrower promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any information so disclosed is accorded confidential treatment), (d) to any other party to this Agreement, (e) subject to an acknowledgment and agreement by the relevant recipient that the Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as otherwise reasonably acceptable to the Borrower and the Administrative Agent, including as set forth in the Information Memorandum) in accordance with the standard syndication process of the Arrangers, First Amendment Arrangers (as defined in the First Amendment), Second Amendment Arrangers (as defined in the Second

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Amendment), Third Amendment Arranger, Fourth Amendment Arrangers, Fifth Amendment Arrangers, Sixth Amendment Arrangers, Seventh Amendment Arrangers, Tenth Amendment Arrangers or<u>,</u> Eleventh Amendment Arrangers <u>or Twelfth Amendment Arrangers</u>, as applicable, or market standards for dissemination of the relevant type of information, which shall in any event require "click through" or other affirmative action on the part of the recipient to access the Confidential Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights or obligations under this Agreement, including any SPC (in each case other than a Disqualified Institution), (ii) any pledgee referred to in <u>Section 9.05</u>, (iii) any actual or prospective, direct or indirect contractual counterparty (or its advisors) to any Derivative Transaction (including any credit default swap) or similar derivative product to which any Loan Party is a party and (iv) subject to the Borrower's prior approval of the information to be disclosed, (x) to Moody's or S&P on a confidential basis in connection with obtaining or maintaining ratings as required under <u>Section 5.13</u> or (y) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the facilities or, on a confidential basis, market data collectors and service providers to the Administrative Agent in connection with the administration and management of this Agreement and the Loan Documents, (f) with the prior written consent of the Borrower and (g) to the extent the Confidential Information becomes publicly available other than as a result of a breach of this <u>Section 9.13</u> by such Person, its Affiliates or their respective Representatives. For purposes of this <u>Section 9.13</u>, "<u>Confidential Information</u>" means all information relating to the Borrower and/or any of its Subsidiaries and their respective businesses or the Transactions (including any information obtained by the Administrative Agent, any Lender, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger<u>, any Twelfth Amendment Arranger</u> or any of their respective Affiliates or Representatives, based on a review of any books and records relating to the Borrower and/or any of its Subsidiaries and their respective Affiliates from time to time, including prior to the date hereof) other than any such information that is publicly available to the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger<u>, any Twelfth Amendment Arranger</u> or Lender on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries. For the avoidance of doubt, in no event shall any disclosure of any Confidential Information be made to a Person that is a Disqualified Institution at the time of disclosure.

Section 9.14. &nbsp;&nbsp;&nbsp;&nbsp;<u>No Fiduciary Duty</u>. Each of the Administrative Agent, the Arrangers, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh Amendment Arranger, <u>any Twelfth Amendment Arranger,</u> each Lender and their respective Affiliates (collectively, solely for purposes of this paragraph, the "Lenders"), may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their respective affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Sixth Amendment Arranger, any Seventh Amendment Arranger, any Tenth Amendment Arranger, any Eleventh

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Amendment Arranger, any <u>Twelfth Amendment Arranger, any</u> Lender or their respective Affiliates, on the one hand, and such Loan Party, its respective stockholders or its respective affiliates, on the other. Each Loan Party acknowledges and agrees that: (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender, in its capacity as such, has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its respective stockholders or its respective affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Loan Party, its respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender, in its capacity as such, is acting solely as principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. To the fullest extent permitted by the applicable Requirements of Law, each Loan Party hereby agrees not to assert any claim against the Administrative Agent, the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger, the Fourth Amendment Arrangers, the Fifth Amendment Arrangers, the Sixth Amendment Arrangers, the Seventh Amendment Arrangers, the Tenth Amendment Arrangers, the Eleventh Amendment Arrangers, <u>the Twelfth Amendment Arrangers,</u> any Lender or any of their respective Affiliates with respect to any alleged breach of fiduciary duty arising solely by virtue of this Agreement.

Section 9.15. &nbsp;&nbsp;&nbsp;&nbsp;S<u>everal Obligations</u>. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.

Section 9.16. &nbsp;&nbsp;&nbsp;&nbsp;<u>USA PATRIOT Act.</u> Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act.

Section 9.17. &nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Agent Conflicts</u>. Each Loan Party and each Lender hereby acknowledge and agree that the Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates.

Section 9.18.&nbsp;&nbsp;&nbsp;&nbsp; <u>Appointment for Perfection</u>. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens for the benefit of the Administrative Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable Requirement of Law can be perfected only by possession. If any Lender (other than the Administrative Agent) obtains possession of any Collateral, such Lender shall notify the Administrative Agent thereof and, promptly upon the Administrative Agent's request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent's instructions. The Lenders hereby acknowledge and agree that the Administrative Agent may act, subject to and in accordance with the terms of any Acceptable Intercreditor Agreement, and any other applicable intercreditor or subordination agreement, as the collateral agent for the Lenders.

Section 9.19.&nbsp;&nbsp;&nbsp;&nbsp; <u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are

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treated as interest on such Loan under applicable Requirements of Law (collectively the "<u>Charged Amounts</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of such Loan hereunder, together with all Charged Amounts payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charged Amounts that would have been payable in respect of such Loan but were not payable as a result of the operation of this <u>Section 9.19</u> shall be cumulated and the interest and Charged Amounts payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, have been received by such Lender.

Section 9.20. &nbsp;&nbsp;&nbsp;&nbsp;<u>Conflicts.</u> Notwithstanding anything to the contrary contained herein or in any other Loan Document, in the event of any conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control; <u>provided</u> that in the case of any conflict or inconsistency between any Acceptable Intercreditor Agreement and any Loan Document, the terms of any Acceptable Intercreditor Agreement shall govern and control.

Section 9.21. &nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Guarantors.</u> Notwithstanding anything in <u>Section 9.02(b)</u> to the contrary, any Subsidiary Guarantor shall automatically be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (i) upon the consummation of any permitted transaction or series of related transactions if as a result thereof such Subsidiary Guarantor ceases to be a Restricted Subsidiary, (ii) upon such Subsidiary Guarantor becoming or constituting an Excluded Subsidiary as a result of a transaction or transactions permitted hereunder and/or (iii) upon the occurrence of the Termination Date. In connection with any such release, the Administrative Agent shall promptly execute and deliver to the relevant Loan Party, at such Loan Party's expense, all documents that such Loan Party shall reasonably request to evidence termination or release; <u>provided</u>, that upon the request of the Administrative Agent, the Borrower shall deliver a certificate of a Financial Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. Any execution and delivery of any document pursuant to the preceding sentence of this <u>Section 9.21</u> shall be without recourse to or warranty by the Administrative Agent (other than as to the Administrative Agent's authority to execute and deliver such documents).

Section 9.22.&nbsp;&nbsp;&nbsp;&nbsp; <u>Acknowledgment and Consent to Bail-In of EEA Financial Institutions.</u> Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding of the parties hereto, each such party acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be

------

accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

Section 9.23.&nbsp;&nbsp;&nbsp;&nbsp; <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party under a Supported QFC or any QFC Credit Support.

[*Signature Pages Follow<u>Intentionally Omitted</u>*]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION<br>PURSUANT TO 17 CFR 240.13a-14 <br>PROMULGATED UNDER<br>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Katharine A. Keenan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>/s/ Katharine A. Keenan</u> <br>Katharine A. Keenan<br>Chief Executive Officer

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION<br>PURSUANT TO 17 CFR 240.13a-14 <br>PROMULGATED UNDER<br>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Anthony F. Marone, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Blackstone Mortgage Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 29, 2025

<u>/s/ Anthony F. Marone, Jr.</u> <br>Anthony F. Marone, Jr.<br>Chief Financial Officer

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO <br>18 U.S.C. SECTION 1350, <br>AS ADOPTED PURSUANT TO <br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the "<u>Company</u>") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I, Katharine A. Keenan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<u>/s/ Katharine A. Keenan</u> <br> Katharine A. Keenan<br>Chief Executive Officer<br>October 29, 2025

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO <br>18 U.S.C. SECTION 1350, <br>AS ADOPTED PURSUANT TO <br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Blackstone Mortgage Trust, Inc. (the "<u>Company</u>") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I, Anthony F. Marone, Jr., Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 <u>/s/ Anthony F. Marone, Jr.</u> 

Anthony F. Marone, Jr.<br>Chief Financial Officer<br>October 29, 2025

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>