# EDGAR Filing Document

**Accession Number:** 0002049733
**File Stem:** 0002049733-25-000049
**Filing Date:** 2025-11
**Character Count:** 874181
**Document Hash:** ea92cf4b5e0b172484c1b9801f2ed4cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002049733-25-000049.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0002049733-25-000049

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Real Estate Credit & Income Fund
- **CENTRAL INDEX KEY:** 0002049733

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01853
- **FILM NUMBER:** 251474409

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 000-000-0000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Private Real Estate Credit Fund
- **DATE OF NAME CHANGE:** 20241223

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

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**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 814-01853**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![Screenshot 2025-11-03 093950.jpg](brec-20250930_g1.jpg)<br>

**Blackstone Private Real Estate Credit and Income Fund**

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

_____________________________________________________________________________________________________________________________________________________

---

| | |
|:---|:---|
| **Delaware** | **33-6657275** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **345 Park Avenue,** <br>**New York, New York** | **10154** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (212) 583-5000**

**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 Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;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. Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The number of shares of Registrant's common shares of beneficial interest ("Common Shares"), $0.01 par value per share, outstanding as of October 31, 2025 was 24,973,549. Common Shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **[PART I](#i673a7713afb64f7db14b2dc89846cbb8_13)** | **[FINANCIAL INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_13)** | |
| [Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_16) | <u>[Consolidated Financial Statements (Unaudited)](#i673a7713afb64f7db14b2dc89846cbb8_16)</u>  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Assets and Liabilities as of](#i673a7713afb64f7db14b2dc89846cbb8_19)</u><u>September 30, 2025</u> | [4](#i673a7713afb64f7db14b2dc89846cbb8_19) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_22)[s](#i673a7713afb64f7db14b2dc89846cbb8_22)[of Operations for the three](#i673a7713afb64f7db14b2dc89846cbb8_22)[and six](#i673a7713afb64f7db14b2dc89846cbb8_22)[months ended](#i673a7713afb64f7db14b2dc89846cbb8_22)</u><u>September 30, 2025</u> | [5](#i673a7713afb64f7db14b2dc89846cbb8_22) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement](#i673a7713afb64f7db14b2dc89846cbb8_25)[s](#i673a7713afb64f7db14b2dc89846cbb8_25)[of Changes in Net Assets for the three](#i673a7713afb64f7db14b2dc89846cbb8_25)[and six](#i673a7713afb64f7db14b2dc89846cbb8_25)[months ended](#i673a7713afb64f7db14b2dc89846cbb8_25)</u><u>September 30, 2025</u> | [6](#i673a7713afb64f7db14b2dc89846cbb8_25) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Cash Flows for the](#i673a7713afb64f7db14b2dc89846cbb8_28)[six](#i673a7713afb64f7db14b2dc89846cbb8_28)[months ended](#i673a7713afb64f7db14b2dc89846cbb8_28)</u><u>September 30, 2025</u> | [7](#i673a7713afb64f7db14b2dc89846cbb8_28) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Schedule of Investments as of](#i673a7713afb64f7db14b2dc89846cbb8_31)</u><u>September 30, 2025</u> | [8](#i673a7713afb64f7db14b2dc89846cbb8_31) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i673a7713afb64f7db14b2dc89846cbb8_37)</u> | [13](#i673a7713afb64f7db14b2dc89846cbb8_37) |
| [Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_85) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i673a7713afb64f7db14b2dc89846cbb8_85)</u> | [32](#i673a7713afb64f7db14b2dc89846cbb8_85) |
| [Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_121) | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i673a7713afb64f7db14b2dc89846cbb8_121)</u> | [44](#i673a7713afb64f7db14b2dc89846cbb8_121) |
| [Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142) | <u>[Controls and Procedures](#i673a7713afb64f7db14b2dc89846cbb8_142)</u> | [45](#i673a7713afb64f7db14b2dc89846cbb8_124) |
| **[PART II](#i673a7713afb64f7db14b2dc89846cbb8_127)** | **[OTHER INFORMATION](#i673a7713afb64f7db14b2dc89846cbb8_127)** |  |
| [Item 1.](#i673a7713afb64f7db14b2dc89846cbb8_130) | <u>[Legal Proceedings](#i673a7713afb64f7db14b2dc89846cbb8_130)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_130) |
| [Item 1A.](#i673a7713afb64f7db14b2dc89846cbb8_133) | <u>[Risk Factors](#i673a7713afb64f7db14b2dc89846cbb8_133)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_133) |
| [Item 2.](#i673a7713afb64f7db14b2dc89846cbb8_136) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i673a7713afb64f7db14b2dc89846cbb8_136)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_136) |
| [Item 3.](#i673a7713afb64f7db14b2dc89846cbb8_139) | <u>[Defaults upon Senior Securities](#i673a7713afb64f7db14b2dc89846cbb8_139)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_139) |
| [Item 4.](#i673a7713afb64f7db14b2dc89846cbb8_142) | <u>[Mine Safety Disclosures](#i673a7713afb64f7db14b2dc89846cbb8_142)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_142) |
| [Item 5.](#i673a7713afb64f7db14b2dc89846cbb8_145) | <u>[Other Information](#i673a7713afb64f7db14b2dc89846cbb8_145)</u> | [46](#i673a7713afb64f7db14b2dc89846cbb8_145) |
| [Item 6.](#i673a7713afb64f7db14b2dc89846cbb8_148) | <u>[Exhibits](#i673a7713afb64f7db14b2dc89846cbb8_148)</u> | [47](#i673a7713afb64f7db14b2dc89846cbb8_148) |
| <u>[Signatures](#i673a7713afb64f7db14b2dc89846cbb8_151)</u> |  | [48](#i673a7713afb64f7db14b2dc89846cbb8_151) |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blackstone Private Real Estate Credit and Income Fund (together, with its consolidated subsidiaries, the "Company," "BREC," "we," "us" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the performance of properties securing or underlying our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, economic or real estate market conditions, the inflation and interest rate environment or conditions affecting the financial and capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital and repurchase shares to execute our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, distributions and dividends, if any, from our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the demand for liquidity under our share repurchase program and the continued approval of quarterly tender offers by the Board of Trustees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser") or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify for and maintain our qualification as a regulated investment company ("RIC") under Subchapter M of the Code and as a business development company ("BDC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes to generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes to tax legislation and, generally, our tax position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Adviser and its affiliates to attract and retain highly talented professionals.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of any projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "Risk Factors" in Item 1A of our <u>[Registration Statement](https://www.sec.gov/Archives/edgar/data/2049733/000119312525027355/d820675d1012g.htm)</u> on Form 10 filed on July 11, 2025 as updated by the Company's periodic filings with the United States Securities and Exchange Commission (the "SEC"). These projections and forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statement of Assets and Liabilities**

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

**(Unaudited)**

---

| | |
|:---|:---|
| | **September 30, 2025** |
| **ASSETS** | |
| Investments at fair value |  |
| Non-controlled/non-affiliated investments (cost basis of $786,936) | $793353 |
| Total investments at fair value (cost basis of $786,936) | 793353 |
| Cash and cash equivalents | 20949 |
| Restricted cash | 1735 |
| Interest receivable from non-controlled/non-affiliated investments | 4503 |
| Derivative assets at fair value | 41 |
| Other assets | 1028 |
| **Total assets** | $821609 |
| **LIABILITIES** |  |
| Secured debt, net | $383148 |
| Payables for investments purchased | 24470 |
| Derivative liabilities at fair value | 1851 |
| Distribution payable | 2673 |
| Due to affiliates | 1182 |
| Accrued expenses and other liabilities | 4751 |
| **Total liabilities** | 418075 |
| Commitments and contingencies (Note 10) |  |
| **NET ASSETS** |  |
| Common Shares, $0.01 par value (15,660,394 shares issued and outstanding) | 157 |
| Additional paid-in capital | 395346 |
| Distributable earnings | 8031 |
| **Total net assets** | 403534 |
| **Total liabilities and net assets** | $821609 |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE** | **September 30, 2025** |
| Net assets | $403534 |
| Common Shares outstanding ($0.01 par value, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15660394 |
| Net asset value per share | $25.77 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statements of Operations**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **For the period from May 1, 2025 (Commencement of operations) to September 30, 2025** |
| &nbsp;&nbsp;**Investment income:** | | |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $14196 | $16348 |
| &nbsp;&nbsp;**Total investment income** | 14196 | 16348 |
| &nbsp;&nbsp;**Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5121 | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 1404 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 662 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 199 | 304 |
| &nbsp;&nbsp;**Total expenses** | 7386 | 11677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support | (2016) | (5731) |
| &nbsp;&nbsp;**Net expenses** | 5370 | 5946 |
| &nbsp;&nbsp;**Net investment income before tax expense** | 8826 | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 134 | 134 |
| &nbsp;&nbsp;**Net investment income after tax expense** | 8692 | 10268 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 4094 | 6610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (444) | (1810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (210) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net unrealized gain** | 3440 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Realized gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 259 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 316 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain** | 693 | 741 |
| &nbsp;&nbsp;**Net realized and unrealized gain** | 4133 | 5331 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $12825 | $15599 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statements of Changes in Net Assets**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **For the period from May 1, 2025 (Commencement of operations) to September 30, 2025** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $8692 | $10268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain | 3440 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 693 | 741 |
| Net increase in net assets resulting from operations | 12825 | 15599 |
| **Distributions to common shareholders:** |  |  |
| Net decrease in net assets resulting from distributions | (6112) | (7568) |
| **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 175000 | 395503 |
| Net increase from share transactions | 175000 | 395503 |
| Total increase in net assets | 181713 | 403534 |
| Net assets, beginning of period | 221821 |  |
| **Net assets, end of period** | $403534 | $403534 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Statement of Cash Flows**

**(in thousands)**

**(Unaudited)**

---

| | |
|:---|:---|
| | **For the period from May 1, 2025 (Commencement of operations) to September 30, 2025** |
| **Cash flows from operating activities:** | |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | $15599 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain on investments | (6610) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on derivative instruments | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss on foreign currency transactions | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on foreign currency transactions | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (1726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal fundings of investments in loans | (537133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Origination and other fees received on investments in loans | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal collections from investments in loans | 32913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments in debt securities | (320373) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale/repayment of investments in debt securities | 37332 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/non-affiliated investments | (4503) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (1433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for investments purchased | 24470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 4751 |
| **Net cash used in operating activities** | (752651) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings of secured debt | 790677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of secured debt | (405950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 395503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (4895) |
| **Net cash provided by financing activities** | 775335 |
| **Net increase in cash, cash equivalents, and restricted cash** | 22684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash, at beginning of period |  |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated statement of assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1735 |
| **Cash, cash equivalents, and restricted cash, at end of period** | $22684 |
| **Supplemental information and non-cash activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid during the period | $4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan principal payments held by servicer, net | $127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | $2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued but unpaid deferred financing costs | $1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued but unpaid deferred offering costs | $901 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Reference Rate** | **Spread** | **Floor** | **Interest Rate**<sup>(1)</sup> | **Acquisition Date/<br>Origination Date** | **Maturity Date**<sup>(2)</sup> | **Outstanding <br>Principal Balance** | **Cost Basis** | **Unfunded<br>Commitment** | **Fair Value** | **% of Net Assets** |
| **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | **Investments — non-controlled/non-affiliated**<sup>(3)</sup> | | | | | | | | | | |
| **Investments in loans**<sup>(4)</sup> | | | | | | | | | | | |
| **Senior loans** | | | | | | | | | | | |
| &nbsp;&nbsp;Ridge Hill<sup>(5)</sup> | SOFR | 3.4% | 3.00% | 7.51% | 9/24/2025 | 10/9/2030 | $60804 | $60134 | $16319 | $60804 | 15.1% |
| &nbsp;&nbsp;The Journal Phase I<sup>(5)</sup> | SOFR | 2.9% | 3.25% | 7.11% | 6/30/2025 | 7/9/2030 | 56390 | 55906 | 3610 | 56390 | 14.0 |
| &nbsp;&nbsp;1100 Peachtree<sup>(5)</sup> | SOFR | 3.7% | 3.00% | 7.87% | 5/27/2025 | 6/9/2030 | 33625 | 33314 | 7750 | 33625 | 8.3 |
| &nbsp;&nbsp;Stella on the Park<sup>(5)</sup> | SOFR | 2.8% | 3.00% | 6.97% | 7/17/2025 | 8/9/2030 | 33250 | 32916 | 2550 | 33250 | 8.2 |
| &nbsp;&nbsp;Sterling Plaza<sup>(5)</sup> | SOFR | 3.5% | 3.00% | 7.67% | 7/31/2025 | 8/9/2030 | 30158 | 29831 | 4522 | 30158 | 7.5 |
| &nbsp;&nbsp;1305 West 7th Street loan<sup>(5)</sup> |  |  |  | 4.49% | 6/18/2025 | 6/24/2029 | 25755 | 24239 | 2500 | 25006 | 6.2 |
| &nbsp;&nbsp;4700-4738 Cherry Hill Road<sup>(5)</sup> |  |  |  | 4.10% | 6/18/2025 | 7/1/2032 | 26368 | 23507 | - | 24031 | 6.0 |
| &nbsp;&nbsp;6905-6955 Oakland Mills Road<sup>(5)</sup> | SOFR | 1.8% |  | 6.27% | 6/18/2025 | 12/20/2029 | 18617 | 18029 | - | 18069 | 4.5 |
| &nbsp;&nbsp;Lot 600 Fingerboard Road<sup>(5)</sup> | PRIME | 0.5% |  | 7.75% | 6/18/2025 | 10/12/2032 | 15000 | 15006 | - | 15000 | 3.7 |
| &nbsp;&nbsp;43490 Yukon Drive<sup>(5)</sup> |  |  |  | 7.00% | 6/18/2025 | 6/1/2027 | 11494 | 11502 | - | 11494 | 2.9 |
| &nbsp;&nbsp;3-26 Kent Towne Market<sup>(5)</sup> |  |  |  | 4.75% | 6/18/2025 | 7/15/2032 | 11330 | 10461 | - | 10752 | 2.7 |
| &nbsp;&nbsp;528-556 First Colonial Road<sup>(5)</sup> |  |  |  | 3.99% | 6/18/2025 | 4/13/2027 | 10069 | 9679 | - | 9750 | 2.4 |
| &nbsp;&nbsp;6420 Coventary Way<sup>(5)</sup> |  |  |  | 3.55% | 6/18/2025 | 10/5/2030 | 7153 | 6436 | - | 6593 | 1.6 |
| &nbsp;&nbsp;5009 Westone Plaza Drive<sup>(5)</sup> |  |  |  | 6.57% | 6/18/2025 | 6/30/2026 | 6595 | 6567 | - | 6589 | 1.6 |
| &nbsp;&nbsp;6420 Coventary Way 2<sup>(5)</sup> |  |  |  | 4.40% | 6/18/2025 | 10/5/2030 | 5627 | 5251 | - | 5380 | 1.3 |
| &nbsp;&nbsp;8520 Rainswood Drive<sup>(5)</sup> |  |  |  | 6.00% | 6/18/2025 | 6/1/2027 | 4950 | 4920 | 705 | 4950 | 1.2 |
| &nbsp;&nbsp;18200-18250 Flower Hill Way<sup>(5)</sup> |  |  |  | 4.99% | 6/18/2025 | 12/27/2033 | 4296 | 4302 | - | 4491 | 1.1 |
| &nbsp;&nbsp;1101-1125 Nelson Street<sup>(5)</sup> |  |  |  | 5.25% | 6/18/2025 | 10/17/2029 | 3427 | 3290 | - | 3337 | 0.8 |
| &nbsp;&nbsp;1519 Wisconsin Avenue NW<sup>(5)</sup> |  |  |  | 4.15% | 6/18/2025 | 5/20/2032 | 3205 | 2876 | - | 2901 | 0.7 |
| &nbsp;&nbsp;52 Souder Road<sup>(5)</sup> |  |  |  | 6.99% | 6/18/2025 | 3/20/2030 | 2886 | 2888 | - | 2886 | 0.7 |
| &nbsp;&nbsp;1710 17th Street NE<sup>(5)</sup> | SOFR | 2.5% |  | 6.97% | 6/18/2025 | 11/2/2030 | 2850 | 2822 | - | 2827 | 0.7 |
|  |  |  |  |  |  |  | $373849 | $363876 | $37956 | $368283 | 91.3% |
| **Mezzanine loans** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Azalea Multifamily Portfolio | SOFR | 4.8% |  | 8.91% | 8/8/2025 | 8/9/2030 | $70000 | $69660 | $- | $70000 | 17.4% |
| &nbsp;&nbsp;Eagle & West | SOFR | 5.5% |  | 9.60% | 6/11/2025 | 6/9/2030 | 40000 | 40000 | - | 40000 | 9.9 |
| &nbsp;&nbsp;Puck Building |  |  |  | 10.00% | 5/20/2025 | 10/1/2034 | 15000 | 14928 | 9375 | 15000 | 3.7 |
| &nbsp;&nbsp;*ECI Multifamily Portfolio* |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine fixed rate loan |  |  |  | 8.26% | 5/9/2025 | 6/9/2030 | 12000 | 11980 | - | 12000 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;ECI Mezzanine variable rate loan | SOFR | 4.5% | 3.00% | 8.68% | 5/9/2025 | 6/9/2030 | 3000 | 2976 | - | 3000 | 0.7 |
|  |  |  |  |  |  |  | $140000 | $139544 | $9375 | $140000 | 34.7% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities** | | | | | | | | | | | |
| **CMBS** | | | | | | | | | | | |
| &nbsp;&nbsp;RFR 2025-SGRM E<sup>(5)</sup> |  |  |  | 7.51% | 9/10/2025 | 3/11/2041 | $17916 | $18039 | $- | $18359 | 4.6% |
| &nbsp;&nbsp;BX 2021-ARIA F<sup>(5)</sup> | SOFR | 2.7% | 2.59% | 6.86% | 8/21/2025 | 10/15/2036 | 14940 | 14846 | - | 14935 | 3.7 |
| &nbsp;&nbsp;BX 2021-RISE G<sup>(5)</sup> | SOFR | 3.1% | 2.95% | 7.21% | 8/7/2025 | 11/15/2036 | 13948 | 13975 | - | 13963 | 3.5 |
| &nbsp;&nbsp;BX 2021-ARIA G<sup>(5)</sup> | SOFR | 3.3% | 3.14% | 7.41% | 7/24/2025 | 10/15/2036 | 13000 | 12959 | - | 12952 | 3.2 |
| &nbsp;&nbsp;BSTN 2025-HUB HRR |  |  |  | 10.06% | 9/29/2025 | 4/13/2041 | 11393 | 11393 | - | 11393 | 2.8 |
| &nbsp;&nbsp;CSTL 2024-GATE E<sup>(5)</sup> |  |  |  | 7.19% | 9/12/2025 | 11/10/2041 | 10000 | 10072 | - | 10216 | 2.5 |
| &nbsp;&nbsp;ICNQ 2024-MF E<sup>(5)</sup> |  |  |  | 6.56% | 9/11/2025 | 12/10/2034 | 9900 | 9742 | - | 9929 | 2.5 |
| &nbsp;&nbsp;TAURS 2025-UK3A E<sup>(5)(6)</sup> | SONIA | 3.8% | 0.00% | 7.88% | 6/26/2025 | 7/20/2035 | 9549 | 9741 | - | 9532 | 2.4 |
| &nbsp;&nbsp;BBCMS 2025-C35 E |  |  |  | 3.50% | 7/10/2025 | 7/15/2058 | 17295 | 8382 | - | 8880 | 2.2 |
| &nbsp;&nbsp;BBCMS 2025-C35 KRR |  |  |  | 6.37% | 7/10/2025 | 7/15/2058 | 24022 | 8479 | - | 8729 | 2.2 |
| &nbsp;&nbsp;BMARK 2025-B41 JRR |  |  |  | 6.55% | 8/15/2025 | 7/15/2068 | 21238 | 7939 | - | 7667 | 1.9 |
| &nbsp;&nbsp;BSTN 2025-HUB E |  |  |  | 7.37% | 9/29/2025 | 4/13/2041 | 6986 | 6986 | - | 6986 | 1.7 |
| &nbsp;&nbsp;BSTN 2025-HUB D |  |  |  | 6.37% | 9/29/2025 | 4/13/2041 | 6000 | 6000 | - | 6000 | 1.5 |
| &nbsp;&nbsp;BX 2021-VOLT F<sup>(5)</sup> | SOFR | 2.5% | 2.40% | 6.66% | 6/12/2025 | 9/15/2036 | 5982 | 5958 | - | 5968 | 1.5 |
| &nbsp;&nbsp;BMARK 2025-B41 F |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 12135 | 5858 | - | 5960 | 1.5 |
| &nbsp;&nbsp;BBCMS 2025-C35 JRR |  |  |  | 6.37% | 7/10/2025 | 7/15/2058 | 11531 | 5491 | - | 5632 | 1.4 |
| &nbsp;&nbsp;MHC 2021-MHC G<sup>(5)</sup> | SOFR | 3.3% | 3.20% | 7.47% | 7/11/2025 | 4/15/2038 | 5600 | 5600 | - | 5604 | 1.4 |
| &nbsp;&nbsp;FS 2023-4SZN D<sup>(5)</sup> |  |  |  | 9.38% | 6/3/2025 | 11/10/2039 | 5243 | 5418 | - | 5431 | 1.4 |
| &nbsp;&nbsp;SHR 2024-LXRY D<sup>(5)</sup> | SOFR | 3.6% | 3.60% | 7.75% | 6/18/2025 | 10/15/2041 | 5110 | 5123 | - | 5140 | 1.3 |
| &nbsp;&nbsp;BX 2025-VLT6 D | SOFR | 2.6% | 2.59% | 6.74% | 9/3/2025 | 3/15/2042 | 4986 | 4981 | - | 4977 | 1.2 |
| &nbsp;&nbsp;ARZ 2024-BILT F<sup>(5)</sup> |  |  |  | 8.27% | 6/12/2025 | 6/11/2039 | 4770 | 4908 | - | 4953 | 1.2 |
| &nbsp;&nbsp;SREIT 2021-MFP2 F<sup>(5)</sup> | SOFR | 2.7% | 2.62% | 6.88% | 6/4/2025 | 11/15/2036 | 4401 | 4402 | - | 4401 | 1.1 |
| &nbsp;&nbsp;INV 2024-IND D<sup>(5)</sup> | SOFR | 3.1% | 3.09% | 7.24% | 6/12/2025 | 11/15/2041 | 4400 | 4395 | - | 4398 | 1.1 |
| &nbsp;&nbsp;BX 2021-VOLT E<sup>(5)</sup> | SOFR | 2.1% | 2.00% | 6.26% | 6/16/2025 | 9/15/2036 | 3989 | 3972 | - | 3980 | 1.0 |
| &nbsp;&nbsp;WFCM 2016-LC24 B |  |  |  | 3.62% | 9/11/2025 | 10/15/2049 | 4000 | 3823 | - | 3790 | 0.9 |
| &nbsp;&nbsp;COMM 2025-180W E<sup>(5)</sup> |  |  |  | 7.61% | 7/28/2025 | 8/10/2042 | 3640 | 3621 | - | 3649 | 0.9 |
| &nbsp;&nbsp;BMARK 2025-B41 G |  |  |  | 3.50% | 8/15/2025 | 7/15/2068 | 9102 | 3579 | - | 3549 | 0.9 |
| &nbsp;&nbsp;BBCMS 2025-C35 XE |  |  |  | 2.87% | 7/10/2025 | 7/15/2058 | 17295 | 2624 | - | 2682 | 0.7 |
| &nbsp;&nbsp;ELP 2021-ELP G<sup>(5)</sup> | SOFR | 3.2% | 3.12% | 7.38% | 6/11/2025 | 11/15/2038 | 2479 | 2464 | - | 2477 | 0.6 |
| &nbsp;&nbsp;MHP 2021-STOR G<sup>(5)</sup> | SOFR | 2.9% | 2.75% | 7.02% | 5/20/2025 | 7/15/2038 | 2250 | 2250 | - | 2250 | 0.6 |
| &nbsp;&nbsp;BMARK 2025-B41 XF |  |  |  | 3.05% | 8/15/2025 | 7/15/2068 | 12135 | 2015 | - | 2168 | 0.5 |
| &nbsp;&nbsp;BLP 2024-IND2 E<sup>(5)</sup> | SOFR | 3.7% | 3.69% | 7.84% | 5/20/2025 | 3/15/2041 | 1907 | 1907 | - | 1904 | 0.5 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities (continued)** | | | | | | | | | | | |
| **CMBS (continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;BX 2022-AHP E<sup>(5)</sup> | SOFR | 3.0% | 3.04% | 7.19% | 8/8/2025 | 1/17/2039 | 1863 | 1839 | - | 1855 | 0.5 |
| &nbsp;&nbsp;SCG 2025-SNIP E<sup>(5)</sup> | SOFR | 3.4% | 3.40% | 7.65% | 9/9/2025 | 9/15/2030 | 1680 | 1680 | - | 1684 | 0.4 |
| &nbsp;&nbsp;BMARK 2025-B41 XG |  |  |  | 3.05% | 8/15/2025 | 7/15/2068 | 9102 | 1356 | - | 1484 | 0.4 |
| &nbsp;&nbsp;GSMS 2021-STAR G<sup>(5)</sup> | SOFR | 3.3% | 3.15% | 7.42% | 6/4/2025 | 12/15/2036 | 1493 | 1472 | - | 1477 | 0.4 |
| &nbsp;&nbsp;ARES1 2025-IND3 E<sup>(5)</sup> | SOFR | 3.6% | 3.55% | 7.70% | 8/21/2025 | 4/15/2042 | 1415 | 1415 | - | 1417 | 0.4 |
| &nbsp;&nbsp;SHR 2024-LXRY E<sup>(5)</sup> | SOFR | 4.5% | 4.45% | 8.60% | 6/25/2025 | 10/15/2041 | 1221 | 1223 | - | 1230 | 0.3 |
| &nbsp;&nbsp;COMM 2025-180W X<sup>(5)</sup> |  |  |  | 1.60% | 7/28/2025 | 8/10/2042 | 10024 | 713 | - | 596 | 0.2 |
| &nbsp;&nbsp;LBA 2024-BOLT E<sup>(5)</sup> | SOFR | 3.7% | 3.69% | 7.84% | 6/27/2025 | 6/15/2039 | 500 | 500 | - | 500 | 0.1 |
| &nbsp;&nbsp;COMM 2015-CR25 C<sup>(5)</sup> |  |  |  | 4.49% | 6/10/2025 | 8/10/2048 | 420 | 410 | - | 414 | 0.1 |
| &nbsp;&nbsp;EQUS 2021-EQAZ E<sup>(5)</sup> | SOFR | 2.6% | 2.30% | 6.72% | 6/10/2025 | 10/15/2038 | 397 | 395 | - | 397 | 0.1 |
| &nbsp;&nbsp;BX 2021-LBA GJV<sup>(5)</sup> | SOFR | 3.1% | 3.00% | 7.27% | 5/1/2025 | 2/15/2036 | 287 | 281 | - | 285 | 0.1 |
| &nbsp;&nbsp;COMM 2015-LC21 B<sup>(5)</sup> |  |  |  | 4.44% | 6/11/2025 | 7/10/2048 | 242 | 239 | - | 240 | 0.1 |
| &nbsp;&nbsp;INV 2024-IND E | SOFR | 4.2% | 4.24% | 8.39% | 9/17/2025 | 11/15/2041 | 178 | 178 | - | 178 | 0.0 |
| &nbsp;&nbsp;ELP 2021-ELP J<sup>(5)</sup> | SOFR | 3.7% | 3.62% | 7.88% | 5/1/2025 | 11/15/2038 | 141 | 139 | - | 141 | 0.0 |
|  |  |  |  |  |  |  | $326105 | $228782 | $- | $230352 | 57.1% |
| **RMBS**<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| GSMBS 2023-CCM1 B2<sup>(5)</sup> |  |  |  | 7.39% | 7/17/2025 | 8/25/2053 | $6792 | $6762 | $- | $6758 | 1.7% |
| PRKCM 2023-AFC2 B2<sup>(5)</sup> |  |  |  | 8.17% | 6/11/2025 | 6/25/2058 | 4786 | 4786 | - | 4799 | 1.2 |
| VISIO 2023-2 B2<sup>(5)</sup> |  |  |  | 7.71% | 8/4/2025 | 10/25/2058 | 4624 | 4623 | - | 4604 | 1.1 |
| COLT 2025-6 B1<sup>(5)</sup> |  |  |  | 7.21% | 6/13/2025 | 8/25/2070 | 3500 | 3501 | - | 3539 | 0.9 |
| COLT 2024-7 B2 |  |  |  | 7.15% | 9/16/2025 | 12/26/2069 | 3478 | 3492 | - | 3402 | 0.8 |
| NRZT 2024-NQM1 B2 |  |  |  | 7.99% | 9/4/2025 | 3/25/2064 | 3290 | 3313 | - | 3332 | 0.8 |
| BRAVO 2024-NQM3 B2<sup>(5)</sup> |  |  |  | 8.34% | 7/9/2025 | 3/25/2064 | 3256 | 3310 | - | 3287 | 0.8 |
| NRZT 2023-NQM1 B1<sup>(5)</sup> |  |  |  | 7.51% | 7/8/2025 | 10/25/2063 | 3000 | 3007 | - | 3032 | 0.8 |
| COLT 2024-2 B2<sup>(5)</sup> |  |  |  | 8.37% | 7/16/2025 | 4/25/2069 | 2500 | 2537 | - | 2533 | 0.6 |
| PRKCM 2024-AFC1 B2<sup>(5)</sup> |  |  |  | 8.42% | 9/3/2025 | 3/25/2059 | 2035 | 2063 | - | 2076 | 0.5 |
| BRAVO 2024-NQM5 B2<sup>(5)</sup> |  |  |  | 8.08% | 7/17/2025 | 6/25/2064 | 2000 | 2028 | - | 2024 | 0.5 |
| RCKT 2024-CES2 B2<sup>(5)</sup> |  |  |  | 9.69% | 6/17/2025 | 4/25/2044 | 1922 | 1982 | - | 1984 | 0.5 |
| PRPM 2024-NQM3 B1 |  |  |  | 7.41% | 9/12/2025 | 8/25/2069 | 1500 | 1512 | - | 1514 | 0.4 |
| COLT 2024-INV3 B2<sup>(5)</sup> |  |  |  | 7.85% | 8/5/2025 | 9/25/2069 | 1420 | 1429 | - | 1428 | 0.4 |
| COLT 2024-6 B2 |  |  |  | 7.51% | 9/3/2025 | 11/25/2069 | 1335 | 1345 | - | 1324 | 0.3 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in debt securities (continued)** | | | | | | | | | | | |
| **RMBS**<sup>(6)</sup> **(continued)** | | | | | | | | | | | |
| &nbsp;&nbsp;BRAVO 2024-NQM6 B2<sup>(5)</sup> |  |  |  | 8.03% | 8/13/2025 | 8/1/2064 | 1300 | 1316 | - | 1307 | 0.3 |
| &nbsp;&nbsp;PRKCM 2023-AFC3 B2<sup>(5)</sup> |  |  |  | 7.65% | 6/11/2025 | 9/25/2058 | 1250 | 1249 | - | 1255 | 0.3 |
| &nbsp;&nbsp;HOMES 2024-AFC1 B1<sup>(5)</sup> |  |  |  | 6.89% | 7/8/2025 | 8/25/2059 | 1181 | 1160 | - | 1181 | 0.3 |
| &nbsp;&nbsp;GCAT 2024-NQM2 B2<sup>(5)</sup> |  |  |  | 8.01% | 7/17/2025 | 6/25/2059 | 713 | 720 | - | 724 | 0.2 |
|  |  |  |  |  |  |  | $49882 | $50135 | - | $50103 | 12.4% |
| **CLOs** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MF1 2022-FL9 C<sup>(5)</sup> | SOFR | 3.7% | 3.70% | 7.83% | 5/1/2025 | 6/19/2037 | $2878 | $2878 | $- | $2885 | 0.7% |
| &nbsp;&nbsp;MF1 2022-FL8 C<sup>(6)</sup> | SOFR | 2.2% | 2.20% | 6.33% | 6/24/2025 | 2/19/2037 | 448 | 440 | - | 442 | 0.1 |
|  |  |  |  |  |  |  | $3326 | $3318 | $- | $3327 | 0.8% |
| **Term Loans** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BAYCLU TL B 1L 06/2031 | SOFR | 3.8% |  | 7.74% | 6/4/2025 | 6/30/2031 | $1284 | $1281 | $- | $1288 | 0.3% |
|  |  |  |  |  |  |  | $1284 | $1281 | $- | $1288 | 0.3% |
| **Total investments - non-controlled/non-affiliated** | **Total investments - non-controlled/non-affiliated** | **Total investments - non-controlled/non-affiliated** |  |  |  |  | $894446 | $786936 | $47331 | $793353 | 196.6% |
| **Total investments** | **Total investments** | **Total investments** |  |  |  |  | $894446 | $786936 | $47331 | $793353 | 196.6% |
| Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents |  |  |  |  | 20949 | 20949 | - | 20949 | 5.2% |
| **Total investments, cash and cash equivalents** | **Total investments, cash and cash equivalents** | **Total investments, cash and cash equivalents** |  |  |  |  | $915395 | $807885 | $47331 | $814302 | 201.8% |

---

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of September 30, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Maturity date is based on the fully extended maturity date of the instrument for investments in loans or rated final distribution date for investments in debt securities; however investments may be repaid before such date.

(3)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company is generally deemed to "control" a portfolio company if the Company owns more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. Under the 1940 Act, the Company is generally deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of September 30, 2025, the Company did not own more than 5% of a portfolio company's outstanding voting securities.

(4)Investments in loans were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser, as the Valuation Designee (refer to Note 2 and Note 8), pursuant to the Company's valuation policy.

(5)All or a portion of the Company's investment has been pledged as collateral under the Company's secured debt agreements.

(6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2025, non-qualifying assets represented 8.0% of the Company's total assets as calculated in accordance with regulatory requirements.

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025**

**(in thousands)**

**(Unaudited)**

**ADDITIONAL INFORMATION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Interest Rate Derivatives** | **Counterparty** | **Company Receives**<sup>(1)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | $20000 | $3 |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | 20500 | (59) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (80) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (96) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (111) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (124) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 4.3% | 7/14/2034 | 8500 | (144) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (149) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 102162 | (1088) |
| &nbsp;&nbsp;**Total interest rate swaps** |  |  |  |  | $200662 | $(1848) |

---

(1)For interest rate swap agreements, the Company generally receives one-month term SOFR.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement Date** | **Fair Value** |
| &nbsp;&nbsp;Foreign currency forward contract | Royal Bank of Canada | USD 2,934 | GBP 2,151 | 10/28/2025 | $38 |
| &nbsp;&nbsp;**Total foreign currency forward contracts** |  |  |  |  | $38 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**1. ORGANIZATION**

Blackstone Private Real Estate Credit and Income Fund ("BREC" or the "Company") is a Delaware statutory trust formed on October 14, 2024. The Company was formed to originate, acquire, finance and manage a portfolio consisting of a broad range of real estate-related investments in or relating to private and public debt, equity or other interests on a global basis, with a primary focus in the U.S. The Company may invest in, or originate, real estate-related debt and equity securities, including senior loans, mezzanine loans, subordinated debt, mortgage-backed securities ("MBS"), B-Notes, and collateralized loan obligations ("CLOs"). The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company is externally managed by Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser"), a subsidiary of Blackstone Inc. ("Blackstone"), and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The six months ended September 30, 2025 represents the period from May 1, 2025 (commencement of operations) to September 30, 2025.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted.

As an investment company, the Company applies the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946").

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires the Company 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.

**Consolidation**

As provided under ASC 946, the Company will not consolidate its subsidiaries other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. All intercompany balances and transactions have been eliminated in consolidation.

**Cash and Cash Equivalents** 

Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, it deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company has not experienced, and does not expect, any losses on its cash or cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Investments**

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Such gains and losses include investments charged-off during the period, net of recoveries, and are recorded within net realized gain (loss) on the consolidated statements of operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized gain (loss) on the consolidated statements of operations.

**Valuation of Investments**

The Company is required to report its investments at fair value, including those for which current market values are not readily available.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees of the Company (the "Board") designated the Adviser as the "Valuation Designee" to perform fair value determinations related to the Company's investments, subject to the Board's oversight. Any investments and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Company's valuation procedures established by, and under the general supervision and responsibility of the Board.

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a market participant can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Valuation Designee, determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

ASC 820 prioritizes the use of observable market prices and prices derived from observable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other-than-active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. These inputs require significant judgment or estimation by the Company and/or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading, or any markets in which investments with similar attributes are trading, in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services, the Company subjects those prices to certain criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments may be generally less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it, and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers, for certain of the Company's investments. Securities that are traded publicly on an exchange or other public market (e.g., stocks, exchange-traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such security in the principal market in which such security trades.

Certain investments, such as mortgages, mezzanine loans, preferred equity or private company investments, are unlikely to have market quotations. For such investments, the Valuation Designee will initially determine if there is adequate collateral real estate value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is generally valued at its par value. If the market yield is not estimated to approximate the investment's yield, the Valuation Designee will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield.

Market yield is estimated as of each valuation date based on a variety of inputs regarding the collateral asset(s) performance, local/macro real estate performance, and capital market conditions, in each case as determined in good faith by the Valuation Designee. These factors may include, but are not limited to: purchase price/par value of such investments; debt yield, capitalization rates, loan-to-value ratio, and replacement cost of the collateral asset(s); borrower financial condition, reputation, and indications of intent (e.g., pending repayments, extensions, defaults, etc.); and known transactions or other price discovery for comparable debt investments.

In the absence of collateral real estate value supporting such investments, the Valuation Designee will consider the residual value to its investments, following repayment of any senior debt or other obligations of the collateral asset(s).

**Receivables/Payables from Investments Sold/Purchased**

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for closed transactions that have not settled at the reporting date.

**Secured Debt, Net**

The Company records investments financed with secured debt as separate assets and the related borrowings under any secured debt are recorded as separate liabilities on the Company's consolidated statement of assets and liabilities. Interest income earned on the investments and interest expense incurred on the secured debt are reported separately on the Company's consolidated statements of operations.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Deferred Financing Costs**

The deferred financing costs that are included as a reduction to the net book value of the related liability on the Company's consolidated statement of assets and liabilities include issuance and other costs related to the Company's debt obligations. These costs are amortized as interest expense using the effective interest method, or a method that approximates the effective interest method, over the life of the related obligations.

**Derivative Instruments**

The Company reports its derivative financial instruments as a component of derivative assets at fair value or derivative liabilities at fair value on its consolidated statement of assets and liabilities.

From time to time, the Company may enter into interest rate swaps or other derivative transactions to mitigate interest rate risk associated with the Company's fixed rate assets or liabilities. Changes in fair value of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in net realized gains (losses) and net unrealized gains (losses) in the consolidated statements of operations. Periodic settlements of interest rate swaps entered into by the Company and not designated as hedging instruments are presented in net realized gains (losses) in the consolidated statements of operations.

Additionally, the Company may enter into forward currency contracts, which are obligations between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated transactions entered into by the Company. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying transactions entered into by the Company, but establishes a rate of exchange in advance. Changes in the fair value of the foreign currency forwards are presented in net realized gains (losses) and net unrealized gain (loss) in the consolidated statements of operations.

Proceeds or payments from premiums and periodic settlements of derivative instruments are classified in the same section of the Company's consolidated statement of cash flows as the underlying hedged item.

**Distributions**

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

**Revenue Recognition**

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of fees and discounts and amortizations of premiums and deferred expenses. Discounts from and premiums to par value of debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method, or a method that approximates the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan, any prepayment premiums, unamortized loan origination fees or discounts are recorded as interest income in the current period.

*PIK Income*

The Company may have loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company's consolidated statements of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Any non-cash PIK income will be included in the Company's investment company taxable income for the year of the accrual, even though the Company has not yet collected cash, and such income may be required to be paid out to shareholders in the form of dividends to satisfy the Company's annual distribution requirement for tax treatment as a RIC.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

*Non-Accrual Income*

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any unamortized fees, premiums, or discounts are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending on the Company's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Company's judgment, are likely to remain current. The Company may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

*Fee Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication, or other fees. Such fees are recognized as income when earned or the services are rendered.

**Organization Expenses and Offering Expenses**

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of common shares of beneficial interest of the Company ("Common Shares") are capitalized as deferred offering costs in the consolidated statement of assets and liabilities and amortized over a twelve-month period from the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's private offering.

**Income Taxes**

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its tax status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Segment Reporting**

The Company operates as a single reportable segment and, as a result, the Company's segment accounting policies are consistent with those described herein. The Company has neither intra-segment sales nor transfers of assets. See "Note 11. Segment Reporting" for further information.

**Foreign Currency**

In the normal course of business, the Company enters into transactions not denominated in United States (''U.S.") dollars. Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the reporting date. Purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in securities denominated in U.S. dollars. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. dollar securities. Foreign exchange gains or losses arising on such transactions are presented in net realized gain (loss) and net unrealized gain (loss) in the Company's consolidated statements of operations.

**Recent Accounting Pronouncements**

In November 2024, the FASB issued ASU 2024-03 "Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("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. 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. The Company has not early adopted ASU 2024-03 and does not expect the adoption of ASU 2024-03 to have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the 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. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**3. INVESTMENTS**

The following table details the composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance** | **Fair Value** |
| <u>Investments in loans</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 21 | 6.5% | 7/6/2030 | $373849 | $368283 |
| &nbsp;&nbsp;Mezzanine loans | 4 | 9.2% | 12/25/2030 | 140000 | 140000 |
| Subtotal | 25 | 7.3% | 8/22/2030 | 513849 | 508283 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 46 | 6.9% | 1/1/2044 | 326105 | 230352 |
| &nbsp;&nbsp;RMBS | 19 | 7.8% | 1/4/2062 | 49882 | 50103 |
| &nbsp;&nbsp;CLO | 2 | 7.6% | 6/3/2037 | 3326 | 3327 |
| &nbsp;&nbsp;Term loans | 1 | 7.7% | 6/30/2031 | 1284 | 1288 |
| Subtotal | 68 | 7.0% | 1/12/2047 | 380597 | 285070 |
| **Total investments** | 93 | 7.2% | 7/13/2036 | $894446 | $793353 |

---

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of September 30, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

The following table details the property type composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Property type** | **Number of positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 5 | $213438 | $214640 | 27% | 53% |
| &nbsp;&nbsp;Retail | 15 | 206855 | 209783 | 26% | 52% |
| &nbsp;&nbsp;Office | 3 | 75385 | 76083 | 10% | 19% |
| &nbsp;&nbsp;Industrial | 2 | 7742 | 7777 | 1% | 2% |
| Subtotal | 25 | 503420 | 508283 | 64% | 126% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;Residential | 32 | 113750 | 114108 | 15% | 28% |
| &nbsp;&nbsp;Office | 6 | 50159 | 50722 | 6% | 13% |
| &nbsp;&nbsp;Hospitality | 8 | 47031 | 47222 | 6% | 12% |
| &nbsp;&nbsp;Industrial | 15 | 42122 | 42065 | 5% | 10% |
| &nbsp;&nbsp;Retail | 5 | 21883 | 22291 | 3% | 6% |
| &nbsp;&nbsp;Self-Storage | 1 | 3516 | 3534 | —% | 1% |
| &nbsp;&nbsp;Other | 1 | 5055 | 5128 | 1% | 1% |
| Subtotal | 68 | 283516 | 285070 | 36% | 71% |
| **Total investments** | 93 | $786936 | $793353 | 100% | 197% |

---

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

The following table details the geographic composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Geography** | **Number of positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 17 | $301962 | $305416 | 38% | 76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunbelt | 8 | 201458 | 202867 | 26% | 50% |
| Subtotal | 25 | 503420 | 508283 | 64% | 126% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunbelt | 31 | 136951 | 137554 | 18% | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 17 | 87323 | 88132 | 11% | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 10 | 23444 | 23552 | 3% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | 7 | 19565 | 19718 | 2% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest | 2 | 6492 | 6582 | 1% | 2% |
| International | 1 | 9741 | 9532 | 1% | 2% |
| Subtotal | 68 | 283516 | 285070 | 36% | 71% |
| **Total investments** | 93 | $786936 | $793353 | 100% | 197% |

---

The following table details the credit ratings of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Credit Rating** | **Number of positions** | **Cost Basis** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| <u>Investments in loans</u> |  |  |  |  |  |
| &nbsp;&nbsp;Not rated | 25 | $503420 | $508283 | 64% | 126% |
| Subtotal | 25 | 503420 | 508283 | 64% | 126% |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;AA- | 2 | 4062 | 4030 | 1% | 1% |
| &nbsp;&nbsp;A | 1 | 440 | 442 | —% | —% |
| &nbsp;&nbsp;A- | 4 | 12241 | 12256 | 2% | 3% |
| &nbsp;&nbsp;BBB | 2 | 1108 | 993 | —% | —% |
| &nbsp;&nbsp;BBB- | 7 | 42962 | 43102 | 6% | 11% |
| &nbsp;&nbsp;BB+ | 1 | 1907 | 1904 | —% | —% |
| &nbsp;&nbsp;BB | 9 | 40430 | 40910 | 5% | 10% |
| &nbsp;&nbsp;BB- | 13 | 73711 | 74658 | 9% | 19% |
| &nbsp;&nbsp;B+ | 4 | 19069 | 19205 | 2% | 5% |
| &nbsp;&nbsp;B | 15 | 40473 | 40347 | 5% | 10% |
| &nbsp;&nbsp;B- | 7 | 30556 | 30687 | 4% | 8% |
| &nbsp;&nbsp;Not rated | 3 | 16557 | 16536 | 2% | 4% |
| Subtotal | 68 | 283516 | 285070 | 36% | 71% |
| **Total investments** | 93 | $786936 | $793353 | 100% | 197% |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**4. BORROWINGS** 

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 1, 2025, the Company's sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of September 30, 2025, the Company's asset coverage was 205%.

As of September 30, 2025, the Company was in compliance with all covenants and other requirements of its outstanding credit agreements.

**Secured Debt**

The following table details the Company's secured debt ($ in thousands):

---

| | |
|:---|:---|
| | **September 30, 2025** |
| &nbsp;&nbsp;Secured credit facilities | $339093 |
| &nbsp;&nbsp;Asset-specific debt | 45603 |
| &nbsp;&nbsp;Total secured debt | 384696 |
| &nbsp;&nbsp;Deferred financing costs | (1548) |
| &nbsp;&nbsp;Net book value of secured debt | $383148 |

---

(1)Costs incurred in connection with the Company's secured debt are recorded on the Company's consolidated statement of assets and liabilities when incurred and recognized as a component of interest expense over the life of each related facility.

**Secured Credit Facilities**

The Company's secured credit facilities are generally in the form of master repurchase agreements and secured by certain of its investments in loans and debt securities. The following table details the Company's secured credit facilities ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate** | **Borrowings** | **Weighted Average Maturity**<sup>(1)</sup> | **Number of Positions Pledged** | **Collateral**<sup>(2)</sup> | **Weighted Average Maturity**<sup>(3)</sup> |
| <u>Investments in loans</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 5.6% | $114599 | 7/13/2029 | 16 | $154056 | 7/23/2029 |
| &nbsp;&nbsp;Barclays Bank PLC | 5.8% | 97334 | 7/15/2030 | 4 | 153423 | 7/15/2030 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | —% |  | 9/12/2027 |  |  |  |
| Subtotal | 5.6% | 211933 | 12/29/2029 | 20 | 307479 | 1/14/2030 |
| <u>Investments in debt securities</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Société Generale | 5.3% | 57093 | 9/29/2026 | 23 | 93693 | 3/7/2046 |
| &nbsp;&nbsp;Royal Bank of Canada | 5.5% | 44473 | 7/26/2026 | 11 | 64703 | 1/29/2038 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 5.3% | 18003 | 9/21/2026 | 8 | 23713 | 11/1/2038 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. | 5.4% | 7591 | 8/6/2026 | 5 | 11583 | 5/14/2049 |
| Subtotal | 5.4% | 127160 | 9/2/2026 | 47 | 193692 | 2/17/2043 |
| **Total** | 5.5% | $339093 | 9/30/2028 | 67 | $501171 | 2/18/2035 |

---

(1)For investments in loans, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

(2)Represents the fair market value of the collateral pledged.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

The availability of funding under the Company's secured credit facilities is based on the amount of approved collateral, which is proposed by the Company at its discretion and approved by the respective counterparty in its discretion. Certain structural elements of the Company's secured credit facilities, including the limitation on recourse to it and facility economics, are influenced by the specific collateral portfolio construction of each facility, and therefore vary within and among the facilities. The recourse limitation to lenders ranges from 0% to 100%.

The Company's secured credit facilities generally permit it to increase or decrease the amount advanced against the pledged collateral in the Company's discretion within certain maximum/minimum amounts and frequency limitations. As of September 30, 2025, there was an aggregate $42.2 million available to be drawn at the Company's discretion under the Company's secured credit facilities.

**Asset-Specific Debt**

The Company's asset-specific debt is generally in the form of master loan and security agreements and is secured by certain investments in loans. The following table details the Company's asset-specific debt ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate** | **Borrowings** | **Weighted Average**<br>**Maturity**<sup>(1)</sup> | **Number of <br>Positions Pledged** | **Collateral**<sup>(2)</sup> | **Weighted Average**<br>**Maturity**<sup>(3)</sup> |
| <u>Investments in loans</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;HSBC | 5.6% | $45603 | 10/9/2030 | 1 | $60804 | 10/9/2030 |
| **Total** | 5.6% | $45603 | 10/9/2030 | 1 | $60804 | 10/9/2030 |

---

(1)For investments in loans, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used.

(2)Represents the fair market value of the collateral pledged.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans; however, investments may be repaid before such date.

**Components of Interest Expense**

The components of interest expense for the Company's secured debt were as follows ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended <br>September 30, 2025** | **For the Six Months Ended <br>September 30, 2025** |
| &nbsp;&nbsp;Interest incurred on amounts borrowed | $4973 | $5463 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 148 | 166 |
| &nbsp;&nbsp;**Total interest expense** | $5121 | $5629 |

---

**5. DERIVATIVES**

The objective of the Company's use of derivative financial instruments is to minimize the risks and/or costs associated with the Company's investments and/or financing transactions. These derivatives may or may not qualify under the hedge accounting requirements of ASC 815 – "Derivatives and Hedging." Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks. Refer to Note 2 for additional discussion of derivatives. As of September 30, 2025, the Company has not designated any derivatives as hedges.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

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, the Company only enters into derivative financial instruments with counterparties that have appropriate credit ratings and are major financial institutions with which the Company and its affiliates generally also have other financial relationships.

**Interest Rate Contracts** 

Certain of the Company's transactions expose the Company to interest rate risks. The Company uses derivative financial instruments, which may include interest rate swaps, caps, options, floors, and other interest rate derivative contracts, to limit the Company's exposure to the future variability of interest rates.

The following table details the Company's outstanding interest rate derivatives ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>&nbsp;&nbsp;**Interest Rate Derivatives** | **Counterparty** | **Company Receives**<sup>(1)</sup> | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.3% | 9/8/2027 | $20000 | $3 |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.4% | 4/1/2031 | 20500 | (59) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/17/2029 | 7000 | (80) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/6/2029 | 9000 | (96) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 8/19/2034 | 7500 | (111) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/4/2029 | 12000 | (124) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 4.3% | 7/14/2034 | 8500 | (144) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.6% | 6/9/2029 | 14000 | (149) |
| &nbsp;&nbsp;Interest rate swap | Royal Bank of Canada | SOFR | 3.7% | 7/15/2032 | 102162 | (1088) |
| &nbsp;&nbsp;**Total interest rate swaps** |  |  |  |  | $200662 | $(1848) |

---

(1)For interest rate swap agreements, the Company generally receives one-month term SOFR.

**Foreign Currency Forward Contracts**

Certain of the Company's international investments have exposure to fluctuations in foreign interest rates and currency exchange rates. These fluctuations may impact the value of the Company's cash receipts and cash payments in terms of the Company's functional currency, the U.S. dollar. The Company uses 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.

The following table details the Company's outstanding foreign currency forward contracts ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>&nbsp;&nbsp;**Foreign Currency Derivatives** | **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement Date** | **Fair Value** |
| &nbsp;&nbsp;Foreign currency forward contract | Royal Bank of Canada | USD 2,934 | GBP 2,151 | 10/28/2025 | $38 |
| &nbsp;&nbsp;**Total foreign currency forward contracts** |  |  |  |  | $38 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Financial Statement Impact** 

The following table details the Company's outstanding derivatives ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value of Derivatives in an Asset Position** | **Fair Value of Derivatives in a Liability Position** |
| &nbsp;&nbsp;Foreign currency forward contract | $38 | $— |
| &nbsp;&nbsp;Interest rate swap | 3 | (1851) |
| &nbsp;&nbsp;**Total** | $41 | $(1851) |

---

The following tables present the effect of the Company's derivative financial instruments on its consolidated statements of operations ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
| | **Interest Rate Swaps** | **Foreign Currency Forward Contract** | **Total** |
| &nbsp;&nbsp;Unrealized gain (loss) | $(482) | $38 | $(444) |
| &nbsp;&nbsp;Realized gain | 316 |  | 316 |
| &nbsp;&nbsp;**Total** | $(166) | $38 | $(128) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended September 30, 2025** | **For the Six Months Ended September 30, 2025** | **For the Six Months Ended September 30, 2025** |
| | **Interest Rate Swaps** | **Foreign Currency Forward Contract** | **Total** |
| &nbsp;&nbsp;Unrealized gain (loss) | $(1848) | $38 | $(1810) |
| &nbsp;&nbsp;Realized gain | 311 | 52 | 363 |
| &nbsp;&nbsp;**Total** | $(1537) | $91 | $(1447) |

---

**Credit-Risk Related Contingent Features**

The Company has entered into agreements with certain of the Company's derivative counterparties that contain provisions whereby if the Company was to default on any of the Company's indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company may also be declared in default on the Company's derivative obligations. In addition, certain of the Company's agreements with the Company's derivative counterparties require that the Company post collateral to restricted cash accounts when a derivative is in a liability position. As of September 30, 2025, the Company was in a net liability position with the Company's counterparties and has posted collateral of $1.7 million.

**6. NET ASSETS**

The following tables present transactions in Common Shares ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
| | **Shares** | **Amount** |
| &nbsp;&nbsp;Subscriptions | 6864858 | $175000 |
| &nbsp;&nbsp;Share repurchases |  |  |
| &nbsp;&nbsp;**Net increase** | 6864858 | $175000 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended September 30, 2025** | **For the Six Months Ended September 30, 2025** |
| | **Shares** | **Amount** |
| &nbsp;&nbsp;Subscriptions | $15660394 | $395503 |
| &nbsp;&nbsp;Share repurchases |  |  |
| &nbsp;&nbsp;**Net increase** | $15660394 | $395503 |

---

**Net Asset Value per Share and Offering Price**

The Company determines NAV for its Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV).

The following table presents each month-end NAV per share for the Common Shares for the three and six months ended September 30, 2025:

---

| | |
|:---|:---|
| **For the Months Ended** | **NAV per Share** |
| &nbsp;&nbsp;May 31, 2025 | $25.09 |
| &nbsp;&nbsp;June 30, 2025 | $25.22 |
| &nbsp;&nbsp;July 31, 2025 | $25.50 |
| &nbsp;&nbsp;August 31, 2025 | $25.61 |
| &nbsp;&nbsp;September 30, 2025 | $25.77 |

---

**Distributions**

The Board authorizes and declares monthly distribution amounts per share of the Company's Common Shares. The following table presents distributions that were declared and payable during the six months ended September 30, 2025 ($ in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution per Share** | **Distribution Amount** |
| &nbsp;&nbsp;May 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;May 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 27, 2025 | $0.1302 | $260 |
| &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;July 28, 2025 | 0.1359 | 1196 |
| &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;August 27, 2025 | 0.1419 | 1417 |
| &nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;September 29, 2025 | 0.1541 | 2022 |
| &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;October 27, 2025 | 0.1707 | 2673 |
| &nbsp;&nbsp;**Total** |  |  | $0.7328 | $7568 |

---

**Character of Distributions**

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including, but not limited to, offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares ($ in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended September 30, 2025** | **For the Six Months Ended September 30, 2025** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| &nbsp;&nbsp;Net investment income | $0.7328 | $7568 |
| &nbsp;&nbsp;Net realized gains |  |  |
| &nbsp;&nbsp;**Total** | $0.7328 | $7568 |

---

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Share Repurchase Program**

If, during any quarter, any shareholder requests the repurchase of any of its Common Shares, and if the Board deems doing so to be in the Company's best interests and the best interests of shareholders, all other shareholders will be notified and, in the second month of the following quarter, the Company will conduct a tender offer to purchase Common Shares in an amount determined by the Board to be appropriate in light of written requests received from shareholders, which amount is expected to be 5% of aggregate NAV as of the most recently completed quarter. The Company intends to conduct tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the 1940 Act.

There have been no share repurchases during the three or six months ended September 30, 2025.

**7. FINANCIAL HIGHLIGHTS**

The following are the Company's financial highlights ($ in thousands):

---

| | |
|:---|:---|
| **Per Share Data:**<sup>(1)</sup> | **For the Six Months Ended <br>September 30, 2025** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.96 |
| &nbsp;&nbsp;&nbsp;Net unrealized and realized gains | 0.54 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1.50 |
| &nbsp;&nbsp;&nbsp;Distributions from net investment income <sup>(2)</sup> | (0.73) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains <sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from shareholders' distributions | (0.73) |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 0.77 |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $25.77 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 15660394 |
| &nbsp;&nbsp;&nbsp;Total return based on NAV <sup>(3)</sup> | 6.1% |
| **Ratios:** |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets <sup>(4)</sup> | 5.6% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(4)</sup> | 9.7% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(5)</sup> | 11.5% |
| **Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period | $403534 |
| &nbsp;&nbsp;&nbsp;Asset coverage ratio | 205.3% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 6).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any.

(4)For the six months ended September 30, 2025, amounts are annualized except for organizational costs, and excise tax, if any. For the six months ended September 30, 2025, the ratio of total operating expenses to average net assets was 9.8%, on an annualized basis, excluding the effect of expense support/(recoupment).

(5)The Company commenced operations on May 1, 2025. As a result, all investments in the Company's portfolio were purchased during the six months ended September 30, 2025.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**8. FAIR VALUES**

**Assets and Liabilities Carried at Fair Value**

The following table summarizes the fair value hierarchy of the Company's assets and liabilities carried at fair value ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** |
| <u>Assets:</u> |  |  |  |  |
| &nbsp;&nbsp;Investments in loans | $— | $— | $508283 | $508283 |
| &nbsp;&nbsp;Investments in debt securities | *—* | 285070 | *—* | 285070 |
| &nbsp;&nbsp;Derivatives |  | 41 |  | 41 |
| **Total** | $— | $285111 | $508283 | $793394 |
| <u>Liabilities:</u> |  |  |  |  |
| &nbsp;&nbsp;Derivatives | $— | $(1851) | $— | $(1851) |
| **Total** | $— | $(1851) | $— | $(1851) |

---

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value ($ in thousands):

---

| | |
|:---|:---|
| **Investments in Loans** | **Six Months Ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;Fair value, beginning of period | $— |
| &nbsp;&nbsp;&nbsp;Principal fundings of investments in loans | 537133 |
| &nbsp;&nbsp;&nbsp;Origination and other fees received on investments in loans | (2383) |
| &nbsp;&nbsp;&nbsp;Principal collections from investments in loans | (32913) |
| &nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | 1582 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain | 4864 |
| &nbsp;&nbsp;&nbsp;Fair value, end of period | $508283 |

---

The following table presents quantitative information about the significant unobservable inputs used in the valuation of the Company's Level 3 financial instruments ($ in thousands). This table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average Rate**<sup>(1)</sup> | **Impact to Valuation from an Increase in Input** |
| &nbsp;&nbsp;**Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments in loans | $508283 | Yield method | Market yield | 7.5% | Decrease |

---

(1)The significant unobservable input used in the valuation of the Company's investment in loans is the market yield which ranged from 5.4% to 10.0%.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Financial Instruments Not Carried at Fair Value**

The following table presents the fair value measurements and hierarchy of the Company's financial assets and liabilities not recorded at fair value ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** |
| <u>Financial assets:</u> |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $20949 | $— | $— | $20949 |
| &nbsp;&nbsp;Restricted cash | 1735 |  |  | 1735 |
| <u>Financial liabilities:</u> |  |  |  |  |
| &nbsp;&nbsp;Secured debt, net |  | 384696 |  | 384696 |

---

Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. Refer to Note 2 for further discussion regarding fair value measurement of certain of the Company's assets and liabilities.

**9. RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

The Company has entered into an amended and restated investment advisory agreement (the "Investment Advisory Agreement") with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for determining the composition of the Company's portfolio, identifying and performing due diligence on potential investments, making investment decisions for the Company, monitoring the Company's investments on an ongoing basis, and determining and executing the Company's financing and hedging strategies.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to the Company are not impaired. Pursuant to the Investment Advisory Agreement, the Adviser will not charge any advisory fees to the Company.

**Administration Agreement**

The Company has entered into an amended and restated administration agreement (the "Administration Agreement") with Blackstone Real Estate Special Situations Advisors L.L.C. (the "Administrator"). Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring, preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment, and office services.

In consideration for the administrative services provided pursuant to the Administration Agreement, the Administrator will be entitled to receive an administration fee (the "Administration Fee") payable, settled and paid monthly by the Company in an amount equal to the greater of (i) $41,666.67 and (ii) 1/12 of 0.1% of the Company's NAV as of the last day of the applicable month before giving effect to any accruals for the Administration Fee. From time to time, the Administrator on behalf of the Company will engage other parties, to perform certain administrative duties it is obligated to provide. The fees, costs and expenses of any such service providers will be separate and distinct from the Administration Fees payable to the Administrator, and the Administrator will bear any amounts in excess of the Administration Fee. Expenses for services not covered by the Administration Agreement, including administrative expenses incurred in connection with investments, will be borne by the Company over and above the expenses of the Administration Fee.

During the three and six months ended September 30, 2025, the Company incurred administrative services expenses of $0.1 million and $0.2 million, respectively.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**Certain Terms of the Investment Advisory Agreement and Administration Agreement**

Each of the Investment Advisory Agreement and the Administration Agreement have been approved by the Board. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment.

**Expense Support and Conditional Reimbursement Agreement**

The Company has entered into an amended and restated expense support and conditional reimbursement agreement with the Adviser (the "Expense Agreement"). The Adviser may elect to pay certain of the Company's expenses on its behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. The Company shall be obligated to make reimbursement payments to the Adviser, subject to certain limitations described in the Expense Agreement for a period of three years from May 2025, the month in which the Company commenced its investing activities. The Company's obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

The following table presents a summary of the expense payments and related reimbursement payments since the Company's commencement of operations ($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**For the Month Ended** | **Expense Payments by Adviser** | **Reimbursement to Adviser** | **Unreimbursed Expense Payments** |
| &nbsp;&nbsp;May 31, 2025 | $2241 | $— | $2241 |
| &nbsp;&nbsp;June 30, 2025 | 1474 |  | 1474 |
| &nbsp;&nbsp;July 31, 2025 | 482 |  | 482 |
| &nbsp;&nbsp;August 31, 2025 | 1118 |  | 1118 |
| &nbsp;&nbsp;September 30, 2025 | 416 |  | 416 |
| &nbsp;&nbsp;**Total** | $5731 | $— | $5731 |

---

**Controlled/Affiliated Portfolio Companies**

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company's outstanding voting securities as investments in "affiliated" companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company's outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in "controlled" companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company's non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

**Affiliate Services**

The Company has engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide, as applicable, management services and operations services, and corporate support services. The following table details the amounts incurred for affiliate service provides ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **Six Months Ended<br>September 30, 2025** |
| &nbsp;&nbsp;Revantage Corporate Services, LLC <sup>(1)</sup> | $1 | $1 |
| &nbsp;&nbsp;BRIO Real Estate, LLC <sup>(2)</sup> | 151 | 171 |
| &nbsp;&nbsp;**Total** | $152 | $172 |

---

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

(1)Revantage Corporate Services, LLC is a portfolio company owned by Blackstone-advised investment vehicles, that provides, as applicable, corporate support services, operational services, and management services. These services are provided on an allocated cost basis.

(2)BRIO Real Estate, LLC is a portfolio company owned by Blackstone-advised investment vehicles that provides, as applicable, operational services, and management services. These services are provided on an allocated cost basis.

**Other Transactions**

For the six months ended September 30, 2025, the Company closed on $292.6 million of loan commitments for seven 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.

As of September 30, 2025, the Company owned investments in debt securities issued by affiliates of other Blackstone-advised vehicles with a total fair value of $61.5 million, or 22% of total investments of debt securities.

**10. COMMITMENTS AND CONTINGENCIES**

**Unfunded Commitments Under Investments in Loans**

As of September 30, 2025, the Company had aggregate unfunded commitments of $47.3 million across eight loans, and $26.4 million of committed or identified financings for those commitments, resulting in net unfunded commitments of $21.0 million. The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs. The Company's 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 the Company's 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. The Company expects to fund the Company's loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 4.0 years.

**Expense Support and Conditional Reimbursement Agreement**

As of September 30, 2025, pursuant to the Expense Agreement the Adviser paid $5.7 million of the Company's expenses on its behalf. Refer to Note 9 for further discussion of the Expense Agreement.

**11. 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 ("CODM"). The Company's CODM is its Chief Executive Officer, who decides how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. The Company has determined it operates as a single reportable segment that derives revenues primarily from investing in private real estate credit investments.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Blackstone Private Real Estate Credit and Income Fund**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(in thousands, except share amounts, per share data, percentages and as otherwise noted)**

**12. SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of September 30, 2025, except as discussed below.

**October Subscriptions and Distribution Declaration**

The Company received $240.0 million of net proceeds relating to the issuance of Common Shares for subscriptions effective October 1, 2025.

On October 31, 2025, the Company's Board declared net distributions of $0.1718 per Common Share, which is payable on or about November 28, 2025, to shareholders of record as of October 31, 2025.

**November Subscriptions**

The Company received $60.0 million of net proceeds relating to the issuance of the Common Shares for subscriptions effective November 1, 2025.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to "Blackstone Private Real Estate Credit and Income Fund," "Company," "BREC," "we," "us," or "our" refer to Blackstone Private Real Estate Credit and Income Fund and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q for the period ended September 30, 2025. 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 the Company's current views with respect to, among other things, its business, operations and financial performance. These forward-looking statements can be identified 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. The Company's 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 the Company's <u>[Registration Statement](https://www.sec.gov/Archives/edgar/data/0002049733/000119312525158250/d18413d1012ga.htm)</u> on Form 10 dated July 11, 2025, as updated from time to time by the Company's periodic filings with the SEC.* 

*The six months ended September 30, 2025, represent the period from May 1, 2025 (commencement of operations) to September 30, 2025.*

**Overview**

Blackstone Private Real Estate Credit and Income Fund ("BREC" or the "Company") is a Delaware statutory trust formed on October 14, 2024. The Company was formed to originate, acquire, finance and manage a portfolio consisting of a broad range of real estate-related investments in or relating to private and public debt, equity or other interests on a global basis, with a primary focus in the U.S. The Company may invest in, or originate, real estate-related debt and equity securities, including senior loans, mezzanine loans, subordinated debt, mortgage-backed securities ("MBS"), B-Notes, and collateralized loan obligations ("CLOs"). The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company is externally managed by Blackstone Real Estate Special Situations Advisors L.L.C. (the "Adviser"), a subsidiary of Blackstone Inc. ("Blackstone"), and intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The six months ended September 30, 2025 represents the period from May 1, 2025 (commencement of operations) to September 30, 2025.

**Macroeconomic Environment**

During the third quarter, real estate transaction activity continued to strengthen supported by the decline in construction starts and continuing low supply, as well as continuing improvement in the cost and availability of debt. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Continued deceleration in inflation should also encourage further lowering of interest rates, which would be constructive for real estate values. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Tariff announcements in the U.S. and ongoing global trade negotiations have contributed to significant uncertainty and volatility of debt and equity markets. 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. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company and its financial performance.

**Performance** 

The following table details the Company's total return:

---

| | |
|:---|:---|
| | **September 30, 2025** |
| &nbsp;&nbsp;Year-to-date total return<sup>(1)</sup> | 6.1% |

---

(1)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Return is calculated from May 1, 2025 (commencement of operations) through September 30, 2025, and is not annualized.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Portfolio Overview**

During the three months ended September 30, 2025, the Company originated or purchased $217.6 million of loan commitments and acquired $161.1 million of investments in debt securities. The Company generated net investment income of $8.7 million during the three months ended September 30, 2025.

The following table details the composition of the Company's investments ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Outstanding Principal Balance** | **Fair Value** |
| <u>Investments in loans</u> |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans | 21 | 6.5% | 7/6/2030 | $373849 | $368283 |
| &nbsp;&nbsp;Mezzanine loans | 4 | 9.2% | 12/25/2030 | 140000 | 140000 |
| Subtotal | 25 | 7.3% | 8/22/2030 | 513849 | 508283 |
| <u>Investments in debt securities</u> |  |  |  |  |  |
| &nbsp;&nbsp;CMBS | 46 | 6.9% | 1/1/2044 | 326105 | 230352 |
| &nbsp;&nbsp;RMBS | 19 | 7.8% | 1/4/2062 | 49882 | 50103 |
| &nbsp;&nbsp;CLO | 2 | 7.6% | 6/3/2037 | 3326 | 3327 |
| &nbsp;&nbsp;Term loans | 1 | 7.7% | 6/30/2031 | 1284 | 1288 |
| Subtotal | 68 | 7.0% | 1/12/2047 | 380597 | 285070 |
| **Total investments** | 93 | 7.2% | 7/13/2036 | $894446 | $793353 |

---

(1)For variable rate investments, which bear interest at a rate that is determined by reference to a benchmark index rate, primarily one-month term Secured Overnight Financing Rate ("SOFR"), the interest rate includes SOFR and other index rates, as applicable, in effect for each investment as of September 30, 2025. In certain cases, the interest rate is reflective of interest rate floors.

(2)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

The charts below detail the geographic location and types of properties securing the Company's investments in loans and debt securities, as of September 30, 2025:

**<u>Geographic Diversification</u>** <sup>(1)(2)</sup>

![466](brec-20250930_g2.jpg)

**<u>Collateral Diversification</u>** <sup>(1)(2)</sup>

![502](brec-20250930_g3.jpg)

(1)Allocation determined based on the fair market value of the Company's investments in loans in debt securities.

(2)Assets with multiple components are proportioned into the relevant geographic region or collateral type based on the allocated value of each underlying collateral asset.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Portfolio Financing**

The following table details the Company's secured debt ($ in thousands):

---

| | |
|:---|:---|
| | **September 30, 2025** |
| &nbsp;&nbsp;Secured credit facilities | $339093 |
| &nbsp;&nbsp;Asset-specific debt | 45603 |
| &nbsp;&nbsp;Total secured debt | 384696 |
| &nbsp;&nbsp;Deferred financing costs | (1548) |
| &nbsp;&nbsp;Net book value of secured debt | $383148 |

---

(1)Costs incurred in connection with the Company's secured debt are recorded on the Company's consolidated statement of assets and liabilities when incurred and recognized as a component of interest expense over the life of each related facility.

**Secured Credit Facilities**

The Company's secured credit facilities are generally in the form of master repurchase agreements and secured by certain of its investments in loans and debt securities. The following table details the Company's secured credit facilities ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate** | **Borrowings** | **Weighted Average Maturity**<sup>(1)</sup> | **Number of Positions Pledged** | **Collateral**<sup>(2)</sup> | **Weighted Average Maturity**<sup>(3)</sup> |
| <u>Investments in loans</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Bank, N.A. | 5.6% | $114599 | 7/13/2029 | 16 | $154056 | 7/23/2029 |
| &nbsp;&nbsp;Barclays Bank PLC | 5.8% | 97334 | 7/15/2030 | 4 | 153423 | 7/15/2030 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | —% |  | 9/12/2027 |  |  |  |
| Subtotal | 5.6% | 211933 | 12/29/2029 | 20 | 307479 | 1/14/2030 |
| <u>Investments in debt securities</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Société Generale | 5.3% | 57093 | 9/29/2026 | 23 | 93693 | 3/7/2046 |
| &nbsp;&nbsp;Royal Bank of Canada | 5.5% | 44473 | 7/26/2026 | 11 | 64703 | 1/29/2038 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce | 5.3% | 18003 | 9/21/2026 | 8 | 23713 | 11/1/2038 |
| &nbsp;&nbsp;Citigroup Global Markets Inc. | 5.4% | 7591 | 8/6/2026 | 5 | 11583 | 5/14/2049 |
| Subtotal | 5.4% | 127160 | 9/2/2026 | 47 | 193692 | 2/17/2043 |
| **Total** | 5.5% | $339093 | 9/30/2028 | 67 | $501171 | 2/18/2035 |

---

(1)For investments in loans, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.

(2)Represents the fair market value of the collateral pledged.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans or rated final distribution date for investments in debt securities; however, investments may be repaid before such date.

Refer to Note 4 to the Company's consolidated financial statements for additional details of its secured debt agreements.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Asset-Specific Debt**

The Company's asset-specific debt is generally in the form of master loan and security agreements and is secured by certain investments in loans. The following table details the Company's asset-specific debt ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Borrowings** | **Borrowings** | **Borrowings** | **Collateral Pledged** | **Collateral Pledged** | **Collateral Pledged** |
|<br>**Collateral Type** | **Weighted Average Rate** | **Borrowings** | **Weighted Average**<br>**Maturity**<sup>(1)</sup> | **Number of <br>Positions Pledged** | **Collateral**<sup>(2)</sup> | **Weighted Average**<br>**Maturity**<sup>(3)</sup> |
| <u>Investments in loans</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;HSBC | 5.6% | $45603 | 10/9/2030 | 1 | $60804 | 10/9/2030 |
| **Total** | 5.6% | $45603 | 10/9/2030 | 1 | $60804 | 10/9/2030 |

---

(1)For investments in loans, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured credit facility is used.

(2)Represents the fair market value of the collateral pledged.

(3)Weighted average maturity date is based on the fully extended maturity date of the instrument for investments in loans; however, investments may be repaid before such date.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**Results of Operations**

On May 1, 2025, the Company commenced operations and accepted $50.0 million of subscriptions.

The following table presents the Company's consolidated results of operations ($ in thousands):

---

| | |
|:---|:---|
| | **Three Months Ended<br>September 30, 2025** |
| &nbsp;&nbsp;**Investment income:** | |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $14196 |
| &nbsp;&nbsp;**Total investment income** | 14196 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 199 |
| &nbsp;&nbsp;**Total expenses** | 7386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support | (2016) |
| &nbsp;&nbsp;**Net expenses** | 5370 |
| &nbsp;&nbsp;**Net investment income before tax expense** | 8826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 134 |
| &nbsp;&nbsp;**Net investment income after tax expense** | 8692 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;Unrealized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (210) |
| &nbsp;&nbsp;**Net unrealized gain** | 3440 |
| &nbsp;&nbsp;Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 118 |
| &nbsp;&nbsp;**Net realized gain** | 693 |
| &nbsp;&nbsp;**Net realized and unrealized gain** | 4133 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $12825 |

---

*Investment Income*

Total investment income was $14.2 million for the three months ended September 30, 2025, driven by the Company's deployment of capital. The average size of the Company's loan portfolio at fair value was $464.1 million with a weighted average coupon of 7.1% for the three months ended September 30, 2025. The average size of the Company's debt securities portfolio at fair value was $240.9 million with a weighted average coupon of 6.9% for the three months ended September 30, 2025.

*Net Expenses*

Total interest expense of $5.1 million for the three months ended September 30, 2025, was driven by $355.7 million of average borrowings for the three months ended September 30, 2025, with a weighted average cost of 5.6%. Additionally, the Company incurred other general and administrative expenses of $1.4 million, organization costs of $0.7 million, and amortized offering costs of $0.2 million for the three months ended September 30, 2025. These expenses were offset by expense support received under the Expense Agreement with the Adviser of $2.0 million. Refer to Note 9 of the Company's consolidated financial statements for additional details of the Expense Agreement.

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<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

*Net Unrealized Gain/(Loss)*

Net unrealized gain of $3.4 million for the three months ended September 30, 2025 was driven by net unrealized gains on investments in loans of $2.9 million and investments in debt securities of $1.2 million, offset by an unrealized loss on derivative instruments of $0.4 million and an unrealized loss on foreign currency transactions of $0.2 million.

*Net Realized Gains (Losses)*

Net realized gains of $0.7 million were driven by settlements of the Company's derivative instruments of $0.3 million, sales of non-controlled non-affiliated investments of $0.3 million, and foreign currency transactions of $0.1 million for the three months ended September 30, 2025.

The following table presents the Company's consolidated results of operations ($ in thousands):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment income:** | **Six Months Ended September 30, 2025** |
| &nbsp;&nbsp;From non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $16348 |
| &nbsp;&nbsp;**Total investment income** | 16348 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general & administrative | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of continuous offering costs | 304 |
| &nbsp;&nbsp;**Total expenses** | 11677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support | (5731) |
| &nbsp;&nbsp;**Net expenses** | 5946 |
| &nbsp;&nbsp;**Net investment income before tax expense** | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 134 |
| &nbsp;&nbsp;**Net investment income after tax expense** | 10268 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;Unrealized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 6610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | (1810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (210) |
| &nbsp;&nbsp;**Net unrealized gain** | 4590 |
| &nbsp;&nbsp;Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 118 |
| &nbsp;&nbsp;**Net realized gain** | 741 |
| &nbsp;&nbsp;**Net realized and unrealized gain** | 5331 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | $15599 |

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*Investment Income*

Total investment income was $16.3 million for the six months ended September 30, 2025, driven by the Company's deployment of capital. The average size of the Company's loan portfolio at fair value was $359.3 million with a weighted average coupon of 7.1% for the six months ended September 30, 2025. The average size of the Company's debt securities portfolio at fair value was $182.5 million with a weighted average coupon of 7.0% for the six months ended September 30, 2025.

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*Net Expenses*

Total interest expense of $5.6 million for the six months ended September 30, 2025, was driven by $277.4 million of average borrowings for the six months ended September 30, 2025, with a weighted average cost of 5.6%. Additionally, the Company incurred other general and administrative expenses of $3.5 million, organization costs of $2.3 million, and amortized offering costs of $0.3 million for the six months ended September 30, 2025. These expenses were offset by expense support received under the Expense Agreement with the Adviser of $5.7 million. Refer to Note 9 of the Company's consolidated financial statements for additional details of the Expense Agreement.

*Net Unrealized Gain/(Loss)*

Net unrealized gain of $4.6 million for the six months ended September 30, 2025 was driven by net unrealized gains on investments in loans of $4.9 million and investments in debt securities of $1.6 million, offset by an unrealized loss on derivative instruments of $1.8 million and an unrealized loss on foreign currency transactions of $0.2 million.

*Net Realized Gains (Losses)*

Net realized gains of $0.7 million were driven by settlements of the Company's derivative instruments of $0.4 million, sales of non-controlled non-affiliated investments of $0.3 million, and foreign currency transactions of $0.1 million for the six months ended September 30, 2025.

**Income Taxes, Including Excise Tax**

The Company intends to elect to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

For the three and six months ended September 30, 2025, the Company has incurred an excise tax of $0.1 million.

**Liquidity and Capital Resources**

*Capitalization*

The Company has capitalized its business to date primarily through the issuance and sale of its common shares of beneficial interest ("Common Shares"), and secured debt. As of September 30, 2025, the Company's capitalization structure included $403.5 million of net asset value and $384.7 million of secured debt. Refer to Notes 4 and 6 to the Company's consolidated financial statements for additional details regarding its secured debt and net asset value.

The following table presents the Company's debt-to-equity ratio:

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| | |
|:---|:---|
| | **September 30, 2025** |
| &nbsp;&nbsp;Debt-to-equity ratios<sup>(1)</sup> | 0.9x |

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(1)Represents the ratio of (i) total outstanding secured debt, less cash, to (ii) total net asset value. The debt amounts included in the calculation above use gross outstanding principal balances, excluding any unamortized deferred financing costs and discounts.

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In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2025, the Company had an aggregate principal amount of $384.7 million of debt outstanding and its asset coverage ratio was 205%.

*Sources of Liquidity*

The Company's primary sources of liquidity include cash and cash equivalents, available borrowings under its secured debt, and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):

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| | |
|:---|:---|
| | **September 30, 2025** |
| &nbsp;&nbsp;Cash and cash equivalents | $20949 |
| &nbsp;&nbsp;Available borrowings under secured debt | 42200 |
| &nbsp;&nbsp;Loan principal payments held by servicer, net<sup>(1)</sup> | 127 |
| &nbsp;&nbsp;**Total** | $63276 |

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(1)Represents loan principal payments held by third-party servicers as of the consolidated statement of assets and liabilities date that were remitted to the Company during the subsequent remittance cycle, net of the related secured debt balance.

The Company generates cash primarily from the proceeds of its continuous offering of Common Shares, proceeds from net borrowings under secured debt agreements, net income earned, and principal repayments of its investments in loans and debt securities. In addition, the Company held $231.4 million of unencumbered investments that could serve as collateral for additional borrowings as of September 30, 2025, which could represent additional liquidity.

*Uses of Liquidity*

The primary uses of the Company's liquidity are for (i) making investments, (ii) debt service, repayments, and other financing costs, (iii) repurchases of Common Shares, (iv) cash distributions to holders of Common Shares, and (v) general corporate operating costs. The Company's aggregate liquidity of $63.3 million as of September 30, 2025, proceeds from new financing arrangements, and the continuous offering of Common Shares is expected to be sufficient for the Company's investing activities and operations in the near term.

As of September 30, 2025, the Company had unfunded commitments of $47.3 million related to eight loans receivable and $26.4 million of committed or identified financing for those commitments resulting in net unfunded commitments of $21.0 million. The unfunded loan commitments generally 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 the Company's 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. The Company expects to fund its loan commitments over the remaining term of the related loans, which have a weighted-average future funding period of 4.0 years.

**Distributions**

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including, but not limited to, offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares ($ in thousands, except per share amounts):

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| | | |
|:---|:---|:---|
| | **For the Six Months Ended September 30, 2025** | **For the Six Months Ended September 30, 2025** |
|<br>**Source of Distribution** | **Per Share** | **Amount** |
| &nbsp;&nbsp;Net investment income | $0.7328 | $7568 |
| &nbsp;&nbsp;Net realized gains |  |  |
| &nbsp;&nbsp;**Total** | $0.7328 | $7568 |

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**Contractual Obligations and Commitments**

The Company's contractual obligations and commitments as of September 30, 2025 were as follows ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payment Timing** | **Payment Timing** | **Payment Timing** | **Payment Timing** | **Payment Timing** |
| | **Total Obligation** | **Less than 1 Year**<sup>(1)</sup> | **1 to 3 Years** | **3 to 5 Years** | **More than 5 years** |
| Unfunded private loan commitments<sup>(2)</sup> | $47330 | $— | $19136 | $2500 | $25694 |
| Principal repayments under secured debt | 384696 | 132127 | 19699 | 187267 | 45603 |
| Interest payments<sup>(3)(4)</sup> | 64713 | 14657 | 27398 | 22594 | 64 |
| **Total** | $496739 | $146784 | $66234 | $212361 | $71361 |

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(1)Represents known and estimated short-term cash requirements related to the Company's contractual obligations and commitments. Refer to the "Sources of Liquidity" section above for the Company's sources of funds to satisfy its short-term cash requirements.

(2)The allocation of the Company's unfunded loan commitments is based on the earlier of the commitment expiration date or the final loan maturity date; however, the Company may be obligated to fund these commitments earlier than such date.

(3)For investments in loans, the weighted-average maturity of borrowings outstanding is generally calculated based on the maximum maturity date of the collateral pledged, assuming all extension options are exercised by the borrower. In certain instances, the maturity date of the respective secured debt facility is used. For investments in debt securities, the Company's secured debt is generally aligned to a one-year maturity and extended on an as needed basis by the Company.

(4)Represents interest payments on the Company's secured debt. 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.

The Company is also required to settle its interest rate derivatives with its derivative counterparties which, depending on 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 5 to the Company's consolidated financial statements for details regarding its derivative contracts.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

**Cash Flows**

The following table provides a breakdown of the net change in the Company's cash and cash equivalents ($ in thousands):

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| | |
|:---|:---|
| | **For the Six Months Ended September 30, 2025** |
| &nbsp;&nbsp;Cash flows used in operating activities | $(752651) |
| &nbsp;&nbsp;Cash flows provided by financing activities | 775335 |
| &nbsp;&nbsp;**Net increase in cash, cash equivalents and restricted cash** | $22684 |

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The Company experienced an increase in cash and cash equivalents of $22.7 million for the six months ended September 30, 2025. During the six months ended September 30, 2025, the Company (i) borrowed a net $384.7 million under secured debt agreements and (ii) received proceeds of $395.5 million from the sale of Common Shares. Also, during the six months ended September 30, 2025, the Company (i) funded $537.1 million of loans and (ii) acquired $320.4 million of debt securities.

Refer to Note 3 to the Company's consolidated financial statements for further discussion of its investment activity. Refer to Notes 4 and 6 to the Company's consolidated financial statements for additional discussion of its secured debt, and net assets, respectively.

**Critical Accounting Policies and Estimates**

Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the Company.

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The preparation of the consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ.

*Investments*

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized. Such gains and losses include investments charged-off during the period, net of recoveries, and are recorded within net realized gain (loss) on the consolidated statements of operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized gain (loss) on the consolidated statements of operations.

*Valuation of Investments*

The Company is required to report its investments at fair value, including those for which current market values are not readily available.

In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees of the Company (the "Board") designated the Adviser as the "Valuation Designee" to perform fair value determinations related to the Company's investments, subject to the Board's oversight. Any investments and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Designee pursuant to the Company's valuation procedures established by, and under the general supervision and responsibility of the Board.

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurement ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date, and Rule 2a-5 under the 1940 Act. Under ASC 820, fair value is based on observable market prices or parameters or derived from such prices or parameters when such quotations are readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a market participant can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable.

Where prices or inputs are not available or, in the judgment of the Valuation Designee, determined to be not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. These valuation approaches involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. In the absence of observable, reliable market prices, the Company values its investments using various valuation methodologies applied on a consistent basis.

ASC 820 prioritizes the use of observable market prices and prices derived from observable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other-than-active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. These inputs require significant judgment or estimation by the Company and/or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2.

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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs.

The Company evaluates the source of the inputs, including any markets in which its investments are trading, or any markets in which investments with similar attributes are trading, in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services, the Company subjects those prices to certain criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period, and these differences could be material. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments may be generally less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it, and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers, for certain of the Company's investments. Securities that are traded publicly on an exchange or other public market (e.g., stocks, exchange-traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such security in the principal market in which such security trades.

Certain investments, such as mortgages, mezzanine loans, preferred equity or private company investments, are unlikely to have market quotations. For such investments, the Valuation Designee will initially determine if there is adequate collateral real estate value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is generally valued at its par value. If the market yield is not estimated to approximate the investment's yield, the Valuation Designee will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield.

Market yield is estimated as of each valuation date based on a variety of inputs regarding the collateral asset(s) performance, local/macro real estate performance, and capital market conditions, in each case as determined in good faith by the Valuation Designee. These factors may include, but are not limited to: purchase price/par value of such investments; debt yield, capitalization rates, loan-to-value ratio, and replacement cost of the collateral asset(s); borrower financial condition, reputation, and indications of intent (e.g., pending repayments, extensions, defaults, etc.); and known transactions or other price discovery for comparable debt investments.

In the absence of collateral real estate value supporting such investments, the Valuation Designee will consider the residual value to its investments, following repayment of any senior debt or other obligations of the collateral asset(s).

*Income Taxes*

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its tax status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

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To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (determined without regard to the deduction for dividends paid), which is generally its net ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Interest Rate Risk**

*Investment Portfolio Net Interest Income*

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of market interest rates. The Company intends to fund portions of investments with borrowings, and at such time, net investment income will be affected by the difference between the rate at which the Company invests and the rate at which the Company borrows. Accordingly, the Company cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on net investment income.

In a declining interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing net income and potentially adversely affecting operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing net income as indicated per the table below.

As of September 30, 2025, 59% of the Company's aggregate loans and debt securities by principal balance earned a floating rate of interest 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 investments and derivatives used by the Company.

The following table projects the impact on the Company's interest income and expense for the twelve-month period following September 30, 2025, of an increase in the various floating-rate indices referenced by its portfolio inclusive of the impact of derivatives, 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):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Interest Rate Sensitivity as of September 30, 2025** | **Interest Rate Sensitivity as of September 30, 2025** | **Interest Rate Sensitivity as of September 30, 2025** | **Interest Rate Sensitivity as of September 30, 2025** |
| | **Increase in Rates** | **Increase in Rates** | **Decrease in Rates** | **Decrease in Rates** |
|<br>&nbsp;&nbsp;**Collateral Type** | **50 Basis Points** | **100 Basis Points** | **50 Basis Points** | **100 Basis Points** |
| &nbsp;&nbsp;Floating rate assets | $2331 | $4664 | $(2326) | $(4608) |
| &nbsp;&nbsp;Floating rate liabilities | (1923) | (3847) | 1923 | 3847 |
| &nbsp;&nbsp;Derivatives<sup>(1)</sup> | 1003 | 2007 | (1003) | (2007) |
| &nbsp;&nbsp;**Net exposure** | $1411 | $2824 | $(1406) | $(2768) |

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(1)Reflects the incremental amounts of net interest the Company would pay or receive under its outstanding interest rate derivative contracts as of September 30, 2025.

*Investment Portfolio Value*

As of September 30, 2025, 41% of the Company's aggregate loans and debt securities by principal balance earned a fixed rate of interest, so the value of such investments is impacted by changes in market interest rates. In certain cases, the Company has entered into interest rate swaps or other derivative contracts to mitigate the impact of changes in market interest rates on its net asset value.

*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 the Company's loans, which may contribute to non-performance or, in severe cases, default. This risk is partially mitigated by the Company's consideration of rising rate stress-testing during its underwriting process, which generally includes a requirement for borrowers 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.

**Credit Risks**

The Company's loans and debt securities are subject to credit risk, including the risk of default. The performance and value of the Company's investments depend upon the underlying borrowers' ability to operate the properties that serve as its collateral so that they produce cash flows adequate to pay contractual interest and principal. To monitor this risk, the Company's asset management team reviews its investment portfolio and, in certain instances, is in regular contact with its borrowers, monitoring performance of the collateral and enforcing the Company's rights as necessary.

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In addition, the Company is 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 its control. The Company seeks to manage these risks through its underwriting and asset management processes.

The Company maintains a robust asset management relationship with its borrowers and utilizes these relationships to maximize the performance of its portfolio, including during periods of volatility. The Company believes that it benefits from these relationships and from its business model of investing in loans and debt securities collateralized by large assets in major markets with experienced, well-capitalized institutional sponsors. While the Company believes the principal amounts of its investments are generally adequately protected by underlying collateral value, there is a risk that it will not realize the entire principal value of certain investments. The Company's portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information advantages derived from its 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 the Company's credit and underwriting process, and the Company believes gives it the tools to expertly asset manage its portfolio and work with its borrowers throughout periods of economic stress and uncertainty.

**Capital Market Risks**

The Company is exposed to risks related to the debt capital markets, and its related ability to finance its business through borrowings under credit facilities or other debt instruments. As a RIC, the Company is required to distribute a significant portion of its taxable income annually, which constrains its ability to accumulate operating cash flow and therefore requires the Company to utilize debt or equity capital to finance its business. The Company seeks to mitigate these risks by monitoring capital markets to inform its decisions on the amount, timing, and terms of capital raised.

Margin call provisions under the Company's credit facilities secured by investments in loans generally 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. The Company's credit facilities secured by investments in debt securities are subject to valuation adjustments and the Company may be required to post additional collateral with counterparties.

**Counterparty Risk**

The nature of the Company's business requires it to hold cash and cash equivalents with, and obtain financing from, various financial institutions. This exposes the Company to the risk that these financial institutions may not fulfill their obligations to it under these various contractual arrangements. The Company mitigates this exposure by depositing cash and cash equivalents and entering into financing agreements with high credit-quality institutions.

The nature of the Company's loans and debt securities also exposes it to the risk that counterparties do not make required interest and principal payments on scheduled due dates. The Company seeks to manage this risk through a comprehensive credit analysis prior to making an investment and active monitoring of the asset portfolios that serve as its collateral, as further discussed above.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures** 

An evaluation of the effectiveness of the Company's 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 its management, including its Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and procedures are (a) effective to ensure that information required to be disclosed by the Company 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 the Company in reports filed or submitted under the Exchange Act 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 disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

**Changes in Internal Controls over Financial Reporting**

There have been no changes in the Company's internal control over financial reporting that occurred during its most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business including proceedings relating to the enforcement of its rights under contracts with counterparties. The Company's business is also subject to extensive regulation, which may result in regulatory proceedings against it.

**ITEM 1A. RISK FACTORS**

There have been no material changes to the risk factors discussed in Part I, Item 1A. "*Risk Factors"* in the Company's <u>[Registration Statement](https://www.sec.gov/Archives/edgar/data/2049733/000119312525027355/d820675d1012g.htm)</u> on Form 10 dated July 11, 2025, as updated from time to time by the Company's periodic filings with the SEC.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Refer to the Company's Current Reports on Form 8-K filed with SEC on August 22, 2025 and September 22, 2025 for information about unregistered sales of its equity securities during the quarter.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

None.

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**ITEM 6. EXHIBITS**

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|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibits** |
| 3.1 | <u>[Second Amended and Restated Declaration of Trust, dated as of April 30, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10, filed on May 2, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex31.htm)</u> |
| 3.2 | <u>[Amended and Restated By](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)[-](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)[laws, dated as of April 30, 2025 (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10, filed on May 2, 2025).](https://www.sec.gov/Archives/edgar/data/2049733/000119312525111695/d820675dex32.htm)</u> |
| 10.1 | <u>[Master Repurchase Agreement by and between](brec-09302025xexx101.htm)[Canadian Imperial Bank o](brec-09302025xexx101.htm)[f](brec-09302025xexx101.htm)[Commerce](brec-09302025xexx101.htm)[and RE BDC Loans 1, LLC, dated as of](brec-09302025xexx101.htm)[September](brec-09302025xexx101.htm)[12](brec-09302025xexx101.htm)[, 2025](brec-09302025xexx101.htm)[.](brec-09302025xexx101.htm)</u> |
| 10.2 | <u>[Guaranty made by the Company in favor of Canadian Imperial Bank of Commerce, dated as of September 12, 2025.\*](brec-09302025xexx102.htm)</u> |
| 31.1 | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](brec-09302025xexx311.htm)</u> |
| 31.2 | <u>[Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](brec-09302025xexx312.htm)</u> |
| 32.1 | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)](brec-09302025xexx321.htm)</u> |
| 32.2 | <u>[Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)](brec-09302025xexx322.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 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 (embedded within the Inline XBRL document) |

---

\*Filed herewith.

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 the Company 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.

------

<u>[**Table of Contents**](#i673a7713afb64f7db14b2dc89846cbb8_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Blackstone Private Real Estate Credit and Income Fund** |
| Date: | 11/12/2025 | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | 11/12/2025 | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.1

***Execution Version***

MASTER REPURCHASE AGREEMENT AND SECURITIES CONTRACT

Dated as of September 12, 2025

by and among

RE BDC LOANS 3, LLC,

and

ANY ADDITIONAL SELLER JOINED HERETO FROM TIME TO TIME,

as Sellers,

THE FINANCIAL INSTITUTIONS PARTY HERETO,

as Buyers,

and

CANADIAN IMPERIAL BANK OF COMMERCE,

as Administrative Agent

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **PAGE** |
| 1 | APPLICABILITY | 1 |
| 2 | DEFINITIONS | 1 |
| 3 | INITIATION; CONFIRMATION; TERMINATION; FEES; EXTENSIONS | 36 |
| 4 | MARGIN MAINTENANCE | 49 |
| 5 | INCOME PAYMENTS AND PRINCIPAL PAYMENTS | 50 |
| 6 | SECURITY INTEREST | 54 |
| 7 | PAYMENT, TRANSFER AND CUSTODY | 56 |
| 8 | SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS | 58 |
| 9 | RECOURSE | 59 |
| 10 | REPRESENTATIONS AND WARRANTIES OF SELLER | 59 |
| 11 | NEGATIVE COVENANTS OF SELLER | 64 |
| 12 | AFFIRMATIVE COVENANTS OF SELLER | 66 |
| 13 | SPECIAL PURPOSE ENTITY | 71 |
| 14 | EVENTS OF DEFAULT; REMEDIES | 74 |
| 15 | SINGLE AGREEMENT | 79 |
| 16 | CONFIDENTIALITY | 79 |
| 17 | NOTICES AND OTHER COMMUNICATIONS | 80 |
| 18 | ENTIRE AGREEMENT; SEVERABILITY | 81 |
| 19 | SUCCESSORS AND ASSIGNS/VOTING AND CONTROL RIGHTS | 81 |
| 20 | GOVERNING LAW | 82 |
| 21 | NO WAIVERS, ETC. | 82 |
| 22 | USE OF EMPLOYEE PLAN ASSETS | 83 |
| 23 | INTENT | 83 |
| 24 | DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS | 85 |
| 25 | CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL | 85 |
| 26 | NO RELIANCE | 86 |
| 27 | INDEMNITY | 87 |
| 28 | DUE DILIGENCE | 88 |
| 29 | SERVICING | 89 |
| 30 | TAXES | 90 |
| 31 | U.S. TAX TREATMENT | 93 |
| 32 | USA PATRIOT ACT | 93 |
| 33 | SET OFF | 93 |

---

i

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---

| | | |
|:---|:---|:---|
| 34 | RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES | 94 |
| 35 | JOINT AND SEVERAL LIABILITY; ADDITIONAL SELLERS | 94 |
| 36 | MISCELLANEOUS | 96 |
| 37 | ADMINISTRATIVE AGENT. | 97 |

---

ii

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ANNEXES and EXHIBITS

ANNEX I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names and Addresses for Communications between Parties

ANNEX II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted

EXHIBIT A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Transaction Request

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Confirmation

EXHIBIT C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representatives of Seller

EXHIBIT D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriting/Due Diligence Checklist

EXHIBIT E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

EXHIBIT F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Power of Attorney

EXHIBIT G(A)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Whole Loan

EXHIBIT G(B)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Senior Interest

EXHIBIT G(C)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Mezzanine Loan

EXHIBIT G(D)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets Consisting of Foreign Purchased Assets (CAD)

EXHIBIT H&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational Chart

EXHIBIT I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Redirection Letter

EXHIBIT J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Bailee Letter

EXHIBIT K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement

iii

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**MASTER REPURCHASE AGREEMENT AND SECURITIES CONTRACT**, dated as of September 12, 2025, is made by and between **RE BDC LOANS 3, LLC**, a Delaware limited liability company, and any other Additional Seller that is joined hereto from time to time, as Seller, and **CANADIAN IMPERIAL BANK OF COMMERCE**, a financial institution established under the laws of Canada ("<u>CIBC</u>"), as administrative agent (CIBC, in such capacity, together with its permitted successors and assigns, the "<u>Administrative Agent</u>") for CIBC and such other financial institutions from time to time party hereto as buyers (CIBC and such other financial institutions, together with their respective successors and assigns, each a "<u>Buyer</u>" and, collectively, "<u>Buyers</u>"). Seller, Administrative Agent and Buyer (each a "<u>Party</u>") hereby agree as follows.

**1. APPLICABILITY**

Subject to the terms and conditions of the Program Documents, from time to time during the Availability Period and at the request of Seller, the Parties may enter into transactions (each a "<u>Transaction</u>") in which Seller agrees to sell, transfer and assign to Administrative Agent, on behalf of Buyers, certain Eligible Assets and all related rights in and interests related to such Eligible Assets on a servicing released basis, against the transfer of funds (in the Applicable Currency of the related Eligible Asset) by Administrative Agent, on behalf of Buyers, representing the Purchase Price for such Eligible Assets, with a simultaneous agreement by Administrative Agent, on behalf of Buyers, to transfer to Seller and Seller to repurchase such Eligible Assets in a repurchase transaction at a date not later than the applicable Repurchase Date for such Eligible Assets, against the transfer of funds (in the Applicable Currency of the related Eligible Asset) by Seller representing the Repurchase Price for such Eligible Assets.

**2. DEFINITIONS**

"<u>1933 Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>1934 Act</u>" shall have the meaning specified in <u>Section 24(a)</u> of this Agreement.

"<u>Accelerated Repurchase Date</u>" shall have the meaning specified in <u>Section 14(b)(i)</u> of this Agreement.

"<u>Accepted Servicing Practices</u>" shall have the meaning given to such term (or any similar or substitute term) in the related Servicing Agreement.

"<u>Account Bank</u>" shall mean PNC Bank, National Association, or any successor or supplemental Account Bank appointed by Seller with the prior written consent of Administrative Agent, on behalf of Buyers (which consent shall not be unreasonably withheld or delayed).

"<u>Additional Seller</u>" shall mean any entity joined to this Agreement and the other Program Documents from time to time as a Seller in accordance with <u>Section 35(e)</u>.

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"<u>Affiliate</u>" shall mean, when used with respect to any specified Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with, such Person; <u>provided</u>, however, that with respect to Seller, Pledgor and/or Guarantor, the term "Affiliate" shall exclude any Person that is not a Subsidiary of Guarantor which (x) directly or indirectly Controls Seller, (y) is a direct or indirect parent of Seller, or (z) is in common Control with either of Pledgor or Seller.

"<u>Agreement</u>" shall mean this Master Repurchase Agreement and Securities Contract, dated as of September 12, 2025, by and among Seller, Administrative Agent and Buyers, including any applicable annexes, exhibits and schedules hereto, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

"<u>AIC</u>" shall mean the Appraisal Institute of Canada.

"<u>Alternative Rate</u>" shall have the meaning specified in the Fee Letter.

"<u>Alternative Rate Transaction</u>" shall mean, with respect to any Pricing Rate Period, any Transaction with respect to which the Pricing Rate for such Pricing Rate Period is determined with reference to the Alternative Rate.

"<u>Alternative Spread</u>" shall have the meaning assigned to such term in the Fee Letter.

"<u>Anti-Corruption Laws</u>" shall mean all laws, rules, and regulations of any jurisdiction concerning or relating to bribery or corruption, including, but not limited to, the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada) and any other applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.

"<u>Anti-Money Laundering Laws</u>" shall mean any laws or regulations relating to money laundering or terrorist financing in the United States or Canada, including the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq.; the PATRIOT Act; Laundering of Monetary Instruments, 18 U.S.C. section 1956; Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957; the Financial Recordkeeping and Reporting of Currency and Foreign Transaction Regulations, 31 C.F.R. Part 103; the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada); and any similar laws or regulations currently in force or hereafter enacted.

"<u>Applicable Currency</u>" shall mean U.S. Dollars, Canadian Dollars, or such other currency permitted by Administrative Agent, on behalf of Buyers, in its sole discretion, as applicable.

"<u>Applicable Spread</u>" shall have the meaning assigned to such term in the Fee Letter.

"<u>Appraisal</u>" shall mean a FIRREA-compliant (or, with respect to a Foreign Purchased Asset (CAD), a CUSPAP-compliance) appraisal of the related Mortgaged Property from an

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Independent Appraiser addressed to Seller or Administrative Agent, on behalf of Buyers, (and if not addressed to Administrative Agent, on behalf of Buyers, such Appraisal shall include reliance language running to the benefit of the addressee's successors and/or assigns), and reasonably satisfactory to Administrative Agent, on behalf of Buyers.

"<u>Appraised Value</u>" shall mean the as-is value of the underlying Mortgaged Property relating to a Purchased Asset, as determined by Administrative Agent, on behalf of Buyers, based on the most recent Appraisal delivered by Seller or obtained by Administrative Agent, on behalf of Buyers, pursuant to the terms of this Agreement.

"<u>Asset Schedule and Exception Report</u>" shall have the meaning specified in the Custodial Agreement.

"<u>Assignee</u>" shall have the meaning specified in <u>Section 19(c)</u> of this Agreement.

"<u>Assignment of Leases</u>" shall mean, with respect to any Mortgaged Property, an assignment of leases under the related Mortgage, or a separate assignment of leases, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein such Mortgaged Property is located to reflect the assignment of leases.

"<u>Assignment of Mortgage</u>" shall mean, with respect to any Mortgage, an assignment of the mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the assignment and pledge of the Mortgage, subject to the terms, covenants and provisions of this Agreement.

"<u>Authorized Representative of Seller</u>" shall mean each of the natural persons listed on <u>Exhibit C</u>, as such <u>Exhibit C</u> may be updated by Seller by written notice to Administrative Agent.

"<u>Availability Period</u>" shall mean the two year period from the Closing Date to the second anniversary of the Closing Date (as such period may be extended pursuant to <u>Section 3(d)</u> of this Agreement).

"<u>Availability Period Extension Conditions</u>" shall have the meaning specified in <u>Section 3(d)</u> of this Agreement.

"<u>Bailee</u>" shall mean Ropes & Gray LLP, McCarthy Tétrault LLP, or any other law firm reasonably acceptable to Administrative Agent that has delivered at Seller's request a Bailee Letter with respect to any Purchased Asset.

"<u>Bailee Letter</u>" shall mean a letter from Seller and acknowledged by Bailee and Administrative Agent substantially in the form attached hereto as <u>Exhibit J</u>, pursuant to which the Bailee (i) agrees to issue a Bailee Trust Receipt upon taking possession of the Purchased Asset Documents identified in such Bailee Letter, (ii) confirms that it is holding the Purchased

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Asset Documents as bailee for the benefit of Administrative Agent, on behalf of Buyers, under the terms of such Bailee Letter, and (iii) agrees that it shall deliver such Purchased Asset Documents to the Custodian, or as otherwise directed by Administrative Agent, on behalf of Buyers, in writing, by not later than the fifth (5th) Business Day following the Purchase Date for the related Purchased Asset.

"<u>Bailee Trust Receipt</u>" shall mean a trust receipt issued by Bailee to Administrative Agent in accordance with and substantially in the form contained in <u>Exhibit J</u> confirming the Bailee's possession of the Purchased Asset Documents listed thereon.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, entitled "Bankruptcy", as amended from time to time, and any successor statute or statutes.

"<u>Base Currency</u>" shall mean U.S. Dollars.

"<u>Benchmark</u>" shall mean, (a) for any SOFR Based Transaction, initially, Term SOFR, and (b) for any CORRA Based Transaction, initially, the Term CORRA Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the then-current Benchmark or with respect to any Transaction, as applicable, then "<u>Benchmark</u>" shall mean, with respect to such then current Benchmark or with respect to any applicable Transaction, as applicable, the related Benchmark Replacement. Notwithstanding the foregoing, if any setting of any Benchmark as provided above would result in such Benchmark setting being less than the applicable Benchmark Floor, such setting of such Benchmark shall instead be deemed to be such Benchmark Floor.

"<u>Benchmark Floor</u>" shall mean the greater of (a) 0.00% and (b) such higher amount as may be specified with respect to any Transaction in the related Confirmation.

"<u>Benchmark Replacement</u>" shall mean, with respect to any replacement of any then current Benchmark under the terms of this Agreement, the sum of (a) the alternate benchmark rate that has been selected by Administrative Agent, on behalf of Buyers, 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 such Benchmark for commercial mortgage loan repurchase facilities or other similar agreements denominated in the Applicable Currency at such time and (b) the Benchmark Replacement Adjustment; <u>provided</u>, that such Unadjusted Benchmark Replacement is consistent with the benchmark rate selected by Administrative Agent, on behalf of Buyers, in its other commercial mortgage loan repurchase facilities with similarly situated counterparties and wherein Administrative Agent, on behalf of Buyers, has a similar contractual right; <u>provided</u>, <u>further</u> that in connection with the replacement of a Benchmark pursuant to <u>Section 3(f)(i)</u>, (1) with respect to any CORRA Based Transaction, such Unadjusted Benchmark Replacement shall be Daily Compounded CORRA (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), and (2) with respect to any other Transaction, such

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Unadjusted Benchmark Replacement shall be Daily Simple SOFR (so long as no Benchmark Transition Event and Benchmark Replacement Date has occurred with respect to such rate), as determined by Administrative Agent, on behalf of Buyers, in its reasonable discretion. Notwithstanding the foregoing, if any setting of the Benchmark Replacement as provided above would result in such Benchmark Replacement setting being less than the applicable Benchmark Floor, such setting of the Benchmark Replacement shall instead be deemed to be such Benchmark Floor.

"<u>Benchmark Replacement Adjustment</u>" shall mean, with respect to any replacement of any then-current Benchmark under the terms of this Agreement, 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 Administrative Agent, on behalf of Buyers, giving due consideration to, but in no event greater than the spread adjustment or method for calculation in effect under, (a) 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 or (b) 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 U.S. dollar-denominated commercial mortgage loan repurchase facilities at such time; <u>provided</u>, that such Benchmark Replacement Adjustment is consistent with the spread adjustment or method for calculating or determining such spread adjustment selected by Administrative Agent, on behalf of Buyers, for replacement of such Benchmark with the related Unadjusted Benchmark Replacement in its other commercial mortgage loan repurchase facilities denominated in the Applicable Currency with similarly situated counterparties and wherein Administrative Agent, on behalf of Buyers, has a similar contractual right.

"<u>Benchmark Replacement Conforming Changes</u>" shall mean, with respect to any Benchmark or Benchmark Replacement, any technical, administrative or operational changes (including, without limitation, changes to the definitions of "CORRA", "CORRA Based Transaction", "Daily Compounded CORRA", "Pricing Rate Period", "Pricing Rate Determination Date", "Reference Time", "SOFR Based Transaction", "Term CORRA", "Term SOFR" and any similar defined term in this Agreement, provisions with respect to timing and frequency of determining rates and making payments of interest or price differential, timing of transaction requests, future advance requests, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for calculating any benchmark rate (including, without limitation, CORRA, Daily Compounded CORRA, Term CORRA, SOFR and Term SOFR), the formula, methodology or convention for applying the successor Benchmark Floor to any benchmark rate (including, without limitation, CORRA, Daily Compounded CORRA, Term CORRA, SOFR and Term SOFR) and other technical, administrative or operational matters) that Administrative Agent, on behalf of Buyers, decides, after consultation with Seller, may be appropriate to reflect the adoption and implementation of such Benchmark or Benchmark Replacement, as applicable, and to permit the administration thereof by Administrative Agent, on behalf of Buyers, in a manner substantially consistent with

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market practice (or, if Administrative Agent, on behalf of Buyers, decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent, on behalf of Buyers, determines that no market practice for the administration of such Benchmark or Benchmark Replacement, as applicable, exists, in such other manner of administration as Administrative Agent, on behalf of Buyers, decides, after consultation with Seller, is reasonably necessary in connection with the administration of this Agreement and the other Program Documents).

"<u>Benchmark Replacement Date</u>" shall mean a date and time determined by the Administrative Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of <u>clause (1)</u> or <u>(2)</u> 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 such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of <u>clause (3)</u> 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 or to be non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; <u>provided</u>, that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such <u>clause (3)</u> even if such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, 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.

"<u>Benchmark Transition Event</u>" shall mean, with respect to any applicable Benchmark, the occurrence of one or more of the following events with respect to such Benchmark:

&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 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 such Benchmark (or such component thereof);

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&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 of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, 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), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide 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 the Benchmark (or such component thereof); or

&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 such Benchmark (or such component thereof) is not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

"<u>Benchmark Unavailability Period</u>" shall mean, with respect to any Benchmark, the period (if any) (i) during which Administrative Agent, on behalf of Buyers, determines in good faith that (a) adequate and reasonable means do not exist for ascertaining such Benchmark (including, without limitation, if the Benchmark (or the published component used in the calculation thereof) cannot be determined in accordance with the definition thereof) or (b) it is unlawful to accrue Price Differential based on such Benchmark or to otherwise use such Benchmark to determine the applicable Price Differential due for any Pricing Rate Period or (ii) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder.

"<u>Beneficial Ownership Rule</u>" shall mean 31 C.F.R. § 1010.230.

"<u>BHC Act Affiliate</u>" shall mean, with respect to any Person, an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of such Person.

"<u>Business Day</u>" shall mean a day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or the Federal Reserve Bank of New York or banks in the States of New York, Kansas or Minnesota or in Toronto, Canada, are authorized or obligated by law, regulation or executive order to be closed.

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"<u>Buyer</u>" and "<u>Buyers</u>" shall have the meanings specified in the introductory paragraph hereof.

"<u>Canadian Dollars</u>" and "<u>C$</u>" shall mean the lawful money of Canada.

"<u>Capital Stock</u>" shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person that is not a corporation, including, without limitation, any and all member or other equivalent interests in any limited liability company, and any and all warrants or options to purchase any of the foregoing.

"<u>Change in Law</u>" shall have the meaning assigned to such term in <u>Section 3(i)</u> of this Agreement.

"<u>Change of Control</u>" shall mean the occurrence of any of the following events:

&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)Guarantor, without the prior written approval of Administrative Agent, on behalf of Buyers, ceases to own and Control, of record and beneficially, directly or indirectly, 100% of the outstanding Capital Stock of Seller or Pledgor,

&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)Pledgor, without the prior written approval of Administrative Agent, on behalf of Buyers, ceases to own and control, of record and beneficially, directly or indirectly, 100% of the outstanding Capital Stock of Seller,

&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)with respect to Guarantor, a transfer of all or substantially all of Guarantor's assets (other than any securitization transaction or any repurchase or similar transactions in the ordinary course of Guarantor's 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;the consummation of a merger or consolidation of the Guarantor with or into another entity or any other reorganization if more than fifty percent (50%) of the combined voting power of the continuing or surviving entity's Capital Stock outstanding immediately after such merger, consolidation or such other reorganization is not owned directly or indirectly by Persons who were holders of such Capital Stock in the Guarantor immediately prior to such merger, consolidation or other reorganization; 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;(v) &nbsp;&nbsp;&nbsp;&nbsp;any "person" or "group" (within the meaning of Section 13(d) or 14(d) of the 1934 Act) shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the 1934 Act), directly or indirectly, of forty nine percent (49%) or more of the total voting power of all classes of Capital Stock of Guarantor entitled to vote generally in the election of trustees other than Affiliates of Guarantor (disregarding the proviso in the definition of "Affiliate") and an investment vehicle advised by an Affiliate of Blackstone Inc. or to the extent such voting power is obtained through an offering or secondary market transfer.

"<u>CIBC</u>" shall mean Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada.

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"<u>Closing Date</u>" shall mean the date first written above.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean all of the property pledged pursuant to <u>Sections 6(a)</u> and <u>6(d)</u> of this Agreement.

"<u>Confirmation</u>" shall have the meaning specified in <u>Section 3(b)</u> of this Agreement.

"<u>Connection Income Taxes</u>" shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Control</u>" shall mean, with respect to any Person, the direct or indirect power to direct or cause the direction of the management and policies of such Person, including investment decisions, whether through the ability to exercise voting power, by contract or otherwise. "Controlling," "Controlled" and "under common Control" have correlative meanings.

"<u>CORRA</u>" shall mean the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>CORRA Based Pricing Rate Determination Date</u>" shall mean, (a) in the case of the first Pricing Rate Period for any Purchased Asset for which the applicable Benchmark is Term CORRA, two (2) Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) Business Days preceding the first day of such Pricing Rate Period.

"<u>CORRA Based Transaction</u>" shall mean any Transaction for which the Benchmark is designated as Term CORRA in the related Confirmation.

"<u>Credit Risk Asset</u>" shall mean, at any time, any Purchased Asset as to which Administrative Agent, on behalf of Buyers, shall have concluded in its commercially reasonable discretion that a material default under the related Purchased Asset Documents is impending and shall have notified Seller that Administrative Agent, on behalf of Buyers, has arrived at such conclusion; provided, that (x) Administrative Agent, on behalf of Buyers, shall consult with Seller prior to arriving at a conclusion that a material default under the related Purchased Asset Documents is impending and (y) notwithstanding the foregoing, any Non-Performing Asset as to which the Market Value is less than par shall not be eligible to be designated as a Credit Risk Asset.

"<u>CUSPAP</u>" shall mean Canada Uniform Standards of Professional Appraisal Practice, as in effect from time to time in Canada.

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"<u>Custodial Agreement</u>" shall mean the Custodial Agreement, dated as of the Closing Date, by and among Custodian, Seller and Administrative Agent , as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Custodian</u>" shall mean U.S. Bank National Association, or any successor Custodian appointed by Administrative Agent, on behalf of Buyers, with the prior written consent of Seller (which consent shall not be unreasonably withheld or delayed).

"<u>Daily Compounded CORRA</u>" shall mean, for any day, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback period of five (5) Business Days) being established by the Administrative Agent, on behalf of Buyers, in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; <u>provided</u>, that if Administrative Agent, on behalf of Buyers, decides that any such convention is not administratively feasible for Administrative Agent, on behalf of Buyers, then Administrative Agent, on behalf of Buyers may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Replacement Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA. Notwithstanding the foregoing, if any setting of Daily Compounded CORRA as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Daily Compounded CORRA shall instead be deemed to be such Benchmark Floor.

"<u>Daily Simple SOFR</u>" shall mean, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for business loans at such time; <u>provided</u>, that if Administrative Agent decides that any such convention is not administratively feasible, then Administrative Agent may establish another convention in its reasonable discretion; <u>provided</u>, <u>further</u>, that Administrative Agent shall select a convention in a manner which is substantially similar to the manner in which Administrative Agent is contemporaneously exercising similar remedies in repurchase agreements, warehouse facilities, credit facilities or other similar arrangements which finance commercial real estate mortgage loans with similarly situated counterparties and wherein Administrative Agent has a similar contractual right.

"<u>Default</u>" shall mean any event which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

"<u>Default Rate</u>" shall have the meaning assigned to such term in the Fee Letter.

"<u>Default Rights</u>" shall have the meaning assigned to such term in <u>Section 34(b)</u> of this Agreement.

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"<u>Delaware LLC Act</u>" shall mean Chapter 18 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq., as amended.

"<u>Diligence Material</u>" shall mean, collectively, (i) the Underwriting/Due Diligence Package furnished by or on behalf of Seller to Administrative Agent, on behalf of Buyers and (ii) any other diligence materials delivered by or on behalf of Seller to Administrative Agent, on behalf of Buyers, in connection with Administrative Agent's review of any New Asset, whether pursuant to a Supplemental Due Diligence List or otherwise.

"<u>Diversity Threshold Condition</u>" shall mean, on any date of determination commencing immediately following the date that is eighteen (18) months following the Closing Date and thereafter, the condition that shall be deemed to have occurred and be continuing at any time fewer than three (3) Purchased Assets are then subject to Transactions.

"<u>Division/Series Transaction</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, that any such Person (a) divides into two or more Persons (whether or not the original Person or Subsidiary thereof survives such division) or (b) creates, or reorganizes into, one or more series, in each case, as contemplated under the laws of the State of Delaware, including without limitation Section 18-217 of the Delaware LLC Act.

"<u>Due Diligence Representations</u>" shall mean the following representations and warranties set forth on <u>Exhibit G</u>: (A)(13), (A)(14), (A)(16), (A)(17), (A)(27), (A)(28), (A)(36)(f), (A)(37), (A)(38), (A)(40), (A)(43) (with respect to the last sentence only), (B)(7), (B)(9), (C)(8), (C)(9), (C)(11), (C)(12), (C)(20), (C)(21), (C)(27)(f), (C)(28), (C)(29), (C)(31) and (C)(34) (with respect to the last sentence only).

"<u>Early Repurchase Date</u>" shall have the meaning specified in <u>Section 3(c)(ii)</u> of this Agreement.

"<u>Effective Purchase Price Percentage</u>" shall mean, on any date of determination, with respect to each Purchased Asset, the quotient of (x) the outstanding Purchase Price of such Purchased Asset divided by (y) the Market Value of such Purchased Asset.

"<u>Eligibility Requirements</u>" shall mean, with respect to any Person, that such Person (i) has total assets (in name or under management) in excess of $650,000,000 and (except with respect to a pension advisory firm, asset manager or similar fiduciary) capital/statutory surplus or shareholder's equity of $250,000,000 and (ii) is regularly engaged in the business of making or owning (including indirectly through REMIC bonds and/or securitizations) commercial real estate loans or interests therein (including, without limitation, A-notes, B-notes, participations and mezzanine loans with respect to commercial real estate) or owning and operating commercial properties.

"<u>Eligible Asset</u>" shall have the meaning specified in the Fee Letter.

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"<u>Eligible Held Asset</u>" shall have the meaning assigned to such term in <u>Section 13(a)</u> of this Agreement.

"<u>Eligible Participation Interest</u>" shall mean an interest in a performing Whole Loan as identified by Seller to Administrative Agent from time to time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)which, if the majority economic interest in the Whole Loan is a Purchased Asset, represents a controlling position in such Purchased Asset as reasonably determined by Administrative Agent, on behalf of Buyers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as to which the companion participation interest which is not a Purchased Asset is owned by an Affiliate of Guarantor (disregarding the proviso in the definition of "Affiliate") and is serviced by the Servicer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which is senior to or *pari passu* with all other interests in such Purchased Asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)which is issued pursuant to a participation agreement acceptable to Administrative Agent, on behalf of Buyers, in its sole and absolute discretion exercised in good faith and is represented by a physical participation certificate which is held by Custodian pursuant to the Custodial Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)which vests the holders thereof with approval or veto rights over customary major decisions concerning such Whole Loan acceptable to Administrative Agent, on behalf of Buyers;

(f)<u>provided</u>, that notwithstanding the failure of a Purchased Asset to conform to the requirements of this definition, Administrative Agent, on behalf of Buyers, may, subject to such terms, conditions and requirements and Purchase Price adjustments as Administrative Agent, on behalf of Buyers, may require, designate in writing any such non-conforming Purchased Asset as an Eligible Participation Interest, which designation (1) may include a temporary or permanent waiver of one or more Eligible Participation Interest requirements, and (2) shall not be deemed a waiver of the requirement that all other Purchased Assets must be Eligible Assets (including any Purchased Assets that are similar or identical to the Purchased Asset subject to the waiver).

(g)Once an Eligible Participation Interest is proposed by Seller and determined to be acceptable for a Transaction by Administrative Agent, on behalf of Buyers, and becomes a Purchased Asset that is a Senior Interest on a Purchase Date, such Purchased Asset shall be treated as a Purchased Asset for all purposes of this Agreement and shall be subject to all provisions of this Agreement related to Purchased Assets in the same manner as all other Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Eligible Property Type</u>" shall have the meaning specified in the Fee Letter.

"<u>Environmental Condition</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Environmental Law</u>" shall mean, any federal, state, foreign or local statute, law, rule, regulation, ordinance, code, guideline, written policy and rule of common law now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof,

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including any judicial or administrative order, consent decree or judgment, relating to the environment, employee health and safety or Hazardous Materials, including, without limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 <u>et</u> <u>seq.</u>; the Toxic Substances Control Act, 15 U.S.C. § 2601 <u>et</u> <u>seq.</u>; the Clean Air Act, 42 U.S.C. § 7401 <u>et</u> <u>seq.</u>; the Safe Drinking Water Act, 42 U.S.C. § 3803 <u>et</u> <u>seq.</u>; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 <u>et</u> <u>seq.</u>; the Emergency Planning the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 <u>et</u> <u>seq.</u>; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 <u>et</u> <u>seq.</u>; and the Occupational Safety and Health Act, 29 U.S.C. § 651 <u>et</u> <u>seq.</u>; and any state and local or foreign counterparts or equivalents, in each case as amended from time to time.

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

"<u>ERISA Affiliate</u>" shall mean any corporation or trade or business that is a member of any group of organizations (i) described in Section 414(b) or (c) of the Code of which Seller is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member.

"<u>ESA</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Event of Default</u>" shall have the meaning specified in <u>Section 14(a)</u> of this Agreement.

"<u>Excluded Taxes</u>" shall mean any of the following Taxes imposed on or with respect to Buyer or required to be withheld or deducted from a payment to Buyer: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of Buyer being organized under the laws of, or having its principal office or the office from which it books the Transactions located in, the jurisdiction imposing such Taxes (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Buyer with respect to the Transactions pursuant to a law in effect on the date on which Buyer (A) acquires an interest in the Transactions or (B) changes the office from which it books the Transactions, except in each case to the extent that, pursuant to <u>Section 30</u> of this Agreement, amounts with respect to such Taxes were payable either to Buyer's assignor immediately before Buyer became a party hereto or to Buyer immediately before it changed its lending office, (iii) Taxes attributable to Buyer's failure to comply with <u>Section 30(e)</u> of this Agreement, (iv) any U.S. federal withholding Taxes imposed under FATCA and (v) U.S. federal backup withholding Taxes.

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"<u>Facility Amount</u>" shall mean $250,000,000; provided, however, that the Seller may, from time to time, request an increase to a maximum Facility Amount of $500,000,000, with any such increase being subject to the sole and absolute discretion of the Administrative Agent.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

"<u>FDIA</u>" shall have the meaning specified in <u>Section 23(c)</u> of this Agreement.

"<u>FDICIA</u>" shall have the meaning specified in <u>Section 23(d)</u> of this Agreement.

"<u>Fee Letter</u>" shall mean the Fee Letter, dated as of the date hereof, among Administrative Agent, Buyers and Seller, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>FIRREA</u>" shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

"<u>Fitch</u>" shall mean Fitch Ratings, Inc. or its successor in interest.

"<u>Foreign Buyer</u>" shall mean Buyer or any permitted assignee of Buyer that is not a U.S. Buyer.

"<u>Foreign Purchased Asset</u>" shall mean (i) with respect to any Transaction, an Eligible Asset secured by Mortgaged Property located outside the United States of America or any territory thereof and which is sold by Seller to Administrative Agent, on behalf of Buyers, in such Transaction, and (ii) with respect to the Transactions for Foreign Purchased Assets in general, all Eligible Assets secured by Mortgaged Property located outside of the United States of America or any territory thereof and which are sold by the Seller to Administrative Agent, on behalf of Buyers.

"<u>Foreign Purchased Asset (CAD)</u>" shall mean a Foreign Purchased Asset denominated in Canadian Dollars.

"<u>Fundamental Representations</u>" shall mean all representations and warranties set forth on <u>Exhibit G</u> which are not Due Diligence Representations.

"<u>Future Funding</u>" shall mean any additional advance under a Future Funding Eligible Asset that is funded by Seller.

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"<u>Future Funding Advance Draw</u>" shall have the meaning specified in <u>Article 3(e)(i)</u>.

"<u>Future Funding Advance Draw Request</u>" shall have the meaning specified in <u>Article 3(e)(i)</u>.

"<u>Future Funding Eligible Asset</u>" shall mean any Eligible Asset with respect to which less than the full principal amount is funded at origination and Seller is obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances to the Mortgagor and which is identified as a "Future Funding Eligible Asset" in the related Confirmation. For the avoidance of doubt, Seller shall at all times prior to Administrative Agent's exercise of remedies in respect of such Future Funding Eligible Asset pursuant to Section 14(b) remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset vis-à-vis the Mortgagor and Administrative Agent shall be under no obligation vis-à-vis the Mortgagor to make any additional advances under a Future Funding Eligible Asset until such exercise of remedies which results in Administrative Agent or an Affiliate being the record holder of the Purchased Asset.

"<u>GAAP</u>" shall mean United States generally accepted accounting principles consistently applied as in effect from time to time.

"<u>Government Lists</u>" shall mean (a) the list of "Specially Designated Nationals and Blocked Persons" maintained by OFAC, (b) any other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the rules and regulations of OFAC that Buyer notifies Seller in writing is now included in "Government Lists," (c) any similar lists maintained by (i) the United States Department of State, (ii) the United States Department of Commerce, (iii) any other U.S. Governmental Authority, (iv) the European Parliament or the Council of the European Union (to the extent publicly available), or (v) the Canadian government, including the Consolidated Canadian Autonomous Sanctions List (pursuant to the Special Economic Measures Act (SEMA) and the Justice for Victims of Corrupt Foreign Officials Act (JVCFOA)) or (d) any similar lists maintained pursuant to any Executive Order of the President of the United States of America that Buyer notifies Seller in writing is now included in "Government Lists."

"<u>Governmental Authority</u>" shall mean any national or federal government, any state, regional, provincial, territorial, local or other political subdivision thereof with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Ground Lease</u>" shall mean a ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property, together with any estoppels, waivers or other agreements executed and delivered by the ground lessor in favor of the lender under the related Purchased Asset.

"<u>Guarantor</u>" shall mean Blackstone Private Real Estate Credit and Income Fund, a Delaware statutory trust.

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"<u>Guaranty</u>" shall mean the Guaranty, dated as of the date hereof, made by Guarantor in favor of Administrative Agent, on behalf of Buyers, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Hazardous Material</u>" shall mean any substance defined, listed, or regulated as a "hazardous substance," "toxic substance," "hazardous waste," "dangerous preparation" or "dangerous substance" or any other term of similar import under any Environmental Law.

"<u>Income</u>" shall mean with respect to any Purchased Asset, all of the following (in each case to the extent due and payable to Seller under the Purchased Asset Documents and with respect to the entire par amount of the related Whole Loan, Mezzanine Loan or Senior Interest, as applicable, represented by such Purchased Asset and not just with respect to the portion of the par amount represented by the Purchase Price advanced against such Purchased Asset): all Principal Payments, interest payments and all other income, distributions, receipts, payments, collections, prepayments, recoveries, proceeds (including insurance and condemnation or expropriation proceeds) and other payments or amounts of any kind paid, received, collected, recovered or distributed on, in connection with or in respect of such Purchased Asset, including Principal Payments, interest payments, principal and interest payments, prepayment fees, extension fees, exit fees, defeasance fees, transfer fees, make whole fees, late charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance charges, penalties, default interest, dividends, gains, receipts, allocations, rents, interests, profits, payments in kind, returns or repayment of contributions, net sale, foreclosure, liquidation, securitization or other disposition proceeds, insurance payments, settlements and proceeds; <u>provided</u>, that any amounts that under the applicable Purchased Asset Documents are required to be deposited into and held in escrow or reserve to be used for a specific purpose, such as taxes and insurance, shall not be included in the term "Income" unless and until (i) an event of default exists under such Purchased Asset Documents, (ii) the holder of the related Purchased Asset has exercised or is entitled to exercise rights and remedies with respect to such amounts, (iii) such amounts are no longer required to be held for such purpose under such Purchased Asset Documents, or (iv) such amounts may be applied to all or a portion of the outstanding indebtedness under such Purchased Asset Documents.

"<u>Indemnified Amounts</u>" shall have the meaning specified in <u>Section 27</u> of this Agreement.

"<u>Indemnified Parties</u>" shall have the meaning specified in <u>Section 27</u> of this Agreement.

"<u>Indemnified Taxes</u>" shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Seller or Guarantor under any Program Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes.

"<u>Independent Appraiser</u>" shall mean (x) with respect to Purchased Assets denominated in U.S. Dollars, an independent professional real estate appraiser who is a MAI Designated member

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in good standing of the Appraisal Institute, and, if the state in which the related Mortgaged Property is located certifies or licenses appraisers, is certified or licensed in such state, and in each such case, who has a minimum of five years' experience in the subject property type, or (y) with respect to Foreign Purchased Assets (CAD), an independent professional real estate appraiser holding an AIC or the provincial equivalent designation, who is province licensed or province certified if required under the laws of the province in which each applicable Mortgaged Property is located, who meets the requirements of the AIC and who is otherwise reasonably acceptable to Administrative Agent, on behalf of Buyers.

"<u>Independent Manager</u>" shall mean an individual who has prior experience as an independent director, independent manager or independent member with at least three (3) years of employment experience and who is provided by Corporation Service Company, CT Corporation, Lord Securities Corporation, National Registered Agents, Inc., Global Securitization Services LLC, Stewart Management Company, Wilmington Trust Company, or, if none of those companies is then providing professional independent managers, another nationally-recognized company that provides professional independent managers and other corporate services in the ordinary course of its business and which is reasonably approved by Administrative Agent, on behalf of Buyers, is not an Affiliate of Seller, and has never been, and will not while serving as Independent Manager be, any 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)&nbsp;&nbsp;&nbsp;&nbsp;a member (other than an independent, non-economic "springing" member), partner, equityholder, manager, director, officer or employee of Seller or any of Seller's equityholders or Affiliates (other than as an independent manager, director or non-economic "springing" member of an Affiliate of Seller that is not in the direct chain of ownership of Seller and that is required by a creditor to be a special purpose bankruptcy remote entity);

&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;a creditor, supplier or service provider (including provider of professional services) to Seller or any of Seller's equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional independent managers or independent directors and other corporate services and that also provides lien search and other similar services to Seller or any of its equityholders or Affiliates 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; 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)&nbsp;&nbsp;&nbsp;&nbsp;a Person that Controls (whether directly, indirectly or otherwise) any of <u>(i)</u> or <u>(ii)</u> above.

A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (i) by reason of being the independent manager or independent director of a "special purpose entity" affiliated with Seller shall not be disqualified from serving as the Independent Manager of Seller; <u>provided</u> that the fees that such natural person earns from serving as an independent manager or

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independent director of such Affiliates of Seller in any given year constitute, in the aggregate, less than five percent (5%) of such individual's annual income for that year. The same natural persons may not serve as the Independent Manager of Seller and, at the same time, serve as an independent director or independent manager of an equityholder or member of Seller, unless such individual is a professional Independent Manager and such individual otherwise complies with the requirements of the previous sentence.

"<u>Insolvency Event</u>" shall mean, with respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises with respect to such Person or any substantial part of its assets or property in an involuntary case under any applicable Insolvency Law (including any corporate law proceedings that propose or intend to propose the compromise of claims of creditors or any proceedings or actions taken by the administrator or trustees to wind up a trust), now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain undismissed, unstayed and in effect for a period of sixty (60) days, (ii) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, (iii) the consent by such Person to the entry of an order for relief in an involuntary case under any Insolvency Law, (iv) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, (v) the making by such Person of any general assignment for the benefit of creditors, (vi) the admission in a legal proceeding of the inability of such Person to pay its debts generally as they become due, (vii) the failure by such Person generally to pay its debts as they become due, or (viii) the taking of action by such Person in furtherance of any of the foregoing.

"<u>Insolvency Laws</u>" shall mean, the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally.

"<u>Insolvency Proceeding</u>" shall mean any case, action or proceeding before any court or other Governmental Authority relating to any Insolvency Event.

"<u>Insurance Rating Requirements</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Joinder Agreement</u>" shall have the meaning specified in <u>Section 35(e)</u> of this Agreement.

"<u>Knowledge</u>" shall mean, whenever in this Agreement or any of the Program Documents, or in any document or certificate executed on behalf of any Person pursuant to the Program Documents, reference is made to the knowledge of any such Person (whether by use of the words "knowledge" or "know"), as of any date of determination, the then-current actual (as distinguished from imputed or constructive) knowledge of (i) Robert Sitman or Brian Kim, or in

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each case, their respective replacements (written notice of which shall be given by Sellers to Administrative Agent; <u>provided</u>, that Seller shall give prompt notice to Administrative Agent of any replacement and there shall always be at least two (2) individuals named for purposes of clause (i)) or (ii) any asset manager at Blackstone Inc. or any employee with a title equivalent or more senior to that of "principal" within Blackstone Inc., in each case, responsible for the origination or acquisition, as applicable, underwriting, servicing or sale of the relevant Purchased Asset.

"<u>Last Endorsee</u>" shall have the meaning specified in <u>Section 7(b)(i)</u> of this Agreement.

"<u>Lead Participant</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Lien</u>" shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other easement, restriction, covenant, encumbrance, charge or transfer of, on or affecting Seller, any Purchased Asset or any Mortgaged Property or any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement under the UCC or PPSA, and mechanic's, materialman's and other similar liens and encumbrances.

"<u>Manager Affiliate Information</u>" shall mean information that (i) relates to any Purchased Asset with respect to which the related Mortgagor or any of its beneficial owners is an Affiliate (disregarding the proviso in the definition thereof) of Blackstone Real Estate Special Situations Advisors L.L.C., a Delaware limited liability company (or any successor investment manager of Guarantor that is Controlled by Blackstone Inc.), and (ii) Seller or Guarantor obtains as a result of its affiliation with such Mortgagor or beneficial owner prior to the provision thereof to the lenders under the related Purchased Loan Documents in accordance with the terms thereof.

"<u>Margin Excess</u>" shall mean, on any date, with respect to any Purchased Asset (other than a Non-Performing Asset), the positive difference between (a) the product of (i) the Purchase Price Percentage of such Purchased Asset multiplied by (ii) the Market Value of such Purchased Asset, and (b) the outstanding Purchase Price of such Purchased Asset.

"<u>Margin Excess Advance</u>" shall have the meaning specified in <u>Article 3(e)(ii)</u>.

"<u>Margin Excess Request</u>" shall have the meaning specified in <u>Article 3(e)(ii)</u>.

"<u>Market Material Adverse Change</u>" shall mean any of the following: (i) a general suspension of trading on major stock exchanges, (ii) as Administrative Agent, on behalf of Buyers, may determine in its sole and absolute discretion, the effective absence of a "repo market" or related "lending market" for purchasing (subject to repurchase) or financing debt obligations secured by commercial mortgage loans or securities, (iii) a repeal of §§ 362(b) or 555 of the Bankruptcy Code, or (iv) a material adverse modification of (a) the definition of "securities contract" as contemplated by § 741 of the Bankruptcy Code, (b) the "safe harbor" or other provisions of §§ 362(b), 546(e), 555 or 561 of the Bankruptcy Code, or (c) any defined

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terms used in such sections of the Bankruptcy Code that would alter the scope or meaning of such sections.

"<u>Market Value</u>" shall have the meaning specified in the Fee Letter.

"<u>Material Adverse Change</u>" shall mean a material adverse change in or to (i) the property, business, operations or financial condition of Seller, Guarantor and Pledgor, considered as a whole, (ii) the ability of Seller, Guarantor, or Pledgor to perform its obligations under any of the Program Documents to which it is a party, (iii) the validity, legality or enforceability of any Program Document, Purchased Asset Document, Purchased Asset or security interest granted hereunder or thereunder, (iv) the rights and remedies of Administrative Agent, on behalf of Buyers, or any Indemnified Party under any Program Document, Purchased Asset Document or Purchased Asset or (v) the perfection or priority of any Lien granted under any Program Document or Purchased Asset Document.

"<u>Material Modification</u>" shall mean any extension, material amendment, waiver, termination, rescission, cancellation, release, subordination or other material modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any material right or remedy of a holder (including all lending, corporate rights, remedies, consents, approvals and waivers) of, any Purchased Asset or Purchased Asset Document. Notwithstanding the foregoing, so long as no Event of Default has occurred, and so long as the applicable Purchased Asset is not a Credit Risk Asset, Seller (or Servicer, on its behalf) shall have the right without the consent of Administrative Agent, on behalf of Buyers, in each instance to enter into any amendment, deferral, extension, modification, increase, decrease, renewal, replacement, consolidation, supplement or waiver of, or to exercise any rights of a holder under the Purchased Asset Documents and such modification shall not constitute a "Material Modification" provided that the same does not:

&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)reduce the principal amount of the Purchased Asset in question other than (1) with respect to a dollar-for-dollar principal payment or (2) reductions of principal to the extent of deferred, accrued or capitalized interest added to principal which additional amount subsequently reduced was not taken into account by Buyer in determining the related Purchase Price,

&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)increase the principal amount of a Purchased Asset other than (a) increases which are derived from accrual or capitalization of deferred interest which is added to principal or protective advances or (b) increases resulting from future fundings made pursuant to the Purchased Asset 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;(iii) modify the amount or timing of any regularly scheduled payments of principal and non-contingent interest of the Purchased Asset in question, provided, however, that Seller may, without the consent of Buyer change the scheduled payment date of a Purchased Asset within any given calendar month,

&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)change the frequency of scheduled payments of principal and interest in respect of a Purchased Asset,

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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;(v)subordinate the lien priority of the Purchased Asset in question or the payment priority of the Purchased Asset in question other than subordinations required under the then existing terms and conditions of the Purchased Asset in question (provided, however, the foregoing shall not preclude the execution and delivery of subordination, nondisturbance and attornment agreements with tenants, subordination to tenant leases, easements, servitudes, plats of subdivision and condominium declarations, conditions, covenants and restrictions and similar instruments which in the commercially reasonable judgment of Seller do not materially adversely affect the rights and interest of the holder of the Purchased Asset in question,

&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)extend the scheduled maturity date or extended maturity date (except to the extent extended in accordance with the terms and provisions of the Purchased Asset Documents) of the Purchased Asset (except that Seller may permit an underlying obligor to exercise any extension options in accordance with the terms and provisions of the Purchased Asset 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;(vii)forgive any debt of any underlying obligor (other than late charges, costs and expenses or default interest, which, in each case, Seller shall have the right unilaterally to forgive, waive or reduce),

&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)amend, modify or waive the provisions limiting transfers of interests in the underlying obligor or the Mortgaged 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;(ix)amend, modify or waive any default provision, including, the definition of "Default" or "Event of Default" in the Purchased Asset 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;(x)amend, modify or waive any notice or cure periods provided in the Purchased Asset Documents, provided, however, with respect to each Purchased Asset, Seller (or Servicer on its behalf) may waive (but not amend or modify) on a one-time basis during the related loan term (including any extensions thereof) for each Purchased Asset a non-monetary notice and cure period provided that any applicable notice or cure period shall not be extended more than thirty (30) calendar days,

&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)release any collateral for the Purchased Asset in question other than releases required under the then existing Purchased Asset Documents or releases in connection with eminent domain or under threat of eminent domain,

&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)waive, amend or modify any cash management or reserve account requirements of the Purchased Asset other than changes required under the then existing Purchased Asset 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;(xiii)waive any due-on-sale or due-on-encumbrance provisions of the Purchased Asset in question other than waivers required to be given under the then existing Purchased Asset Documents, 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;(xiv)waive, amend or modify the underlying insurance requirements of the Purchased Asset;

provided, however, that this definition of "Material Modification" shall not include any of the foregoing actions: (a) to the extent that the relevant action relates to the amendment or correction of a manifest or typographical error or is of an administrative nature; (b) that is required by law; (c) that the applicable Seller is required to take pursuant to the

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terms of the Purchased Asset Documents or (d) to the extent that such actions are taken by the applicable Seller in connection with a Replenishment.

"<u>Maximum Purchase Price</u>" shall have the meaning specified in the Fee Letter.

"<u>Mezzanine Borrower</u>" shall mean the obligor on any applicable Mezzanine Note.

"<u>Mezzanine Loan</u>" shall mean a mezzanine loan secured by pledges of 100% of the Capital Stock of the Mortgagor under a related Whole Loan which is a Purchased Asset.

"<u>Mezzanine Loan Documents</u>" shall mean, respect to any Purchased Asset that is a Mezzanine Loan, the Mezzanine Note, those documents executed in connection with, evidencing or governing such Mezzanine Loan, including, without limitation, those documents which are required to be delivered to Custodian under the Custodial Agreement.

"<u>Mezzanine Note</u>" shall mean the original executed promissory note or other tangible evidence of the Mezzanine Loan indebtedness.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc., or its successor in interest.

"<u>Mortgage</u>" shall mean the mortgage, deed of trust, deed to secure debt or other similar instrument, creating a valid and enforceable first lien on or a first priority ownership interest in the Mortgaged Property.

"<u>Mortgage Note</u>" shall mean a note or other evidence of indebtedness of a Mortgagor secured by a Mortgage.

"<u>Mortgaged Property</u>" shall mean the real property securing repayment of the debt evidenced by a Mortgage Note.

"<u>Mortgagee</u>" shall mean the record holder of a Mortgage Note secured by a Mortgage.

"<u>Mortgagor</u>" shall mean (x) with respect to a U.S. Purchased Asset, the obligor on a Mortgage Note and/or the grantor of the related Mortgage, and (y) with respect to a Foreign Purchased Asset (CAD), each obligor under the related Purchased Asset Documents.

"<u>Multiemployer Plan</u>" shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been, or were required to have been, made by Seller or any ERISA Affiliate and which is covered by Title IV of ERISA.

"<u>New Asset</u>" shall mean an Eligible Asset that Seller proposes to sell to Administrative Agent, on behalf of Buyers, pursuant to a Transaction.

"<u>Non-Controlling Participation Interest</u>" shall mean an interest in any Whole Loan as proposed by Seller for purchase by Administrative Agent, on behalf of Buyers, in a Transaction

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hereunder from time to time which does not represent an Eligible Participation Interest in such Whole Loan, as reasonably determined by Administrative Agent, on behalf of Buyers.

"<u>Non-Performing Asset</u>" shall mean any Purchased Asset (i) for which a monetary event of default under the related Purchased Asset Documents beyond any applicable notice or cure period (or, in the case of payments due at maturity, one (1) Business Day beyond any applicable notice or cure period) has occurred and is continuing, (ii) for which a material non-monetary event of default under the related Purchased Asset Documents beyond any applicable notice or cure period has occurred and is continuing, or (iii) as to whose Mortgagor or guarantor an Insolvency Event has occurred and is continuing.

"<u>OFAC</u>" shall mean the Office of Foreign Assets Control of the United States Treasury Department.

"<u>OFAC Laws</u>" shall mean any laws, regulations, and Executive Orders relating to the economic sanctions programs administered by OFAC, the International Emergency Economic Powers Act, 50 U.S.C. sections 1701 et seq.; the Trading with the Enemy Act, 50 App. U.S.C. sections 1 et seq.; and the Office of Foreign Assets Control, Department of the Treasury Regulations, 31 C.F.R. Parts 500 et seq. (implementing the economic sanctions programs administered by OFAC) and any similar laws, regulations or orders of the European Union, Her Majesty's Treasury or the Federal Republic of Germany.

"<u>OFAC Regulations</u>" shall have the meaning specified in <u>Exhibit G</u>.

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

"<u>Other Participation Interests</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Other Taxes</u>" shall mean any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Program Document or Purchased Asset Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

"<u>Participant</u>" shall have the meaning specified in <u>Section 19(b)(i)</u> of this Agreement.

"<u>Participant Register</u>" shall have the meaning specified in <u>Section 19(b)(ii)</u> of this Agreement.

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"<u>Participation Agreement</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Party</u>" shall have the meaning assigned to it in the opening paragraph of this Agreement.

"<u>Pass-Through LTV</u>" shall have the meaning specified in the Fee Letter.

"<u>PATRIOT Act</u>" shall mean the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Patriot Act Offense</u>" shall mean any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (i) the criminal laws against terrorism or (ii) the Anti-Money Laundering Laws. "Patriot Act Offense" also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense.

"<u>Permitted Encumbrances</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Permitted Liens</u>" shall mean any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding has been commenced: (i) Liens for state, municipal, local or other local taxes not yet due and payable, not overdue for more than thirty (30) days or being contested in good faith by appropriate proceedings, (ii) Liens imposed by any Requirement of Law, such as materialman's, mechanics', construction, carriers', workman's, repairman's and similar Liens, arising in the ordinary course of business securing obligations that are not overdue for more than, or which have been bonded or otherwise removed of record within, thirty (30) days after Seller receives notice or otherwise obtains Knowledge of the filing of the same, (iii) Liens granted pursuant to or by the Program Documents and (iv) Liens disclosed in any Requested Exceptions Report.

"<u>Person</u>" shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political subdivision thereof.

"<u>Plan</u>" shall mean an employee benefit or other plan established or maintained by Seller or any ERISA Affiliate during the five (5) year period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five (5) year period ended prior to the date of this Agreement, been required to make contributions and that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan.

"<u>Plan Party</u>" shall have the meaning specified in <u>Section 22</u> of this Agreement.

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"<u>Pledge Agreement</u>" shall mean the Pledge and Security Agreement, dated as of the date hereof, by Pledgor for the benefit of Administrative Agent, on behalf of Buyers, as the same may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Pledgor</u>" shall mean RE BDC Loan Holdings, LLC, a Delaware limited liability company, or any other entity owning any direct ownership interest in a Seller that pledges such ownership interest for the benefit of Administrative Agent, on behalf of Buyers, pursuant to a Pledge Agreement.

"<u>PML</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>PPSA</u>" shall mean with respect to any Foreign Purchased Asset (CAD), the *Personal Property Security Act* in effect in the relevant province or territory and/or other jurisdiction where filing of a registration statement is necessary or desirable for perfection of validly created security interests in personal property related to such Purchased Asset in accordance with the terms and requirements of such legislation as is applicable, including the regulations thereto.

"<u>Price Differential</u>" shall mean, with respect to any Transaction as of any date of determination, the aggregate amount obtained by daily application of the Pricing Rate to the outstanding Purchase Price for such Transaction calculated on the basis of, with respect to any Transaction for which the Applicable Currency is U.S. Dollars, a 360-day-per-year basis, or with respect to any Transaction for which the Applicable Currency is Canadian Dollars, a 365-day-per year basis, for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) such date of determination (reduced by any amount of such Price Differential previously paid by Seller to Administrative Agent, on behalf of Buyers, with respect to such Transaction). Price Differential shall be payable in the Applicable Currency of the Purchase Price of the applicable Purchased Asset.

"<u>Pricing Rate</u>" shall mean for each Pricing Rate Period with respect to any Transaction, an annual rate stated in the related Confirmation and equal to the Benchmark <u>plus</u> the Applicable Spread, for such Pricing Rate Period for such Transaction and shall be subject to adjustment and/or conversion as provided in <u>Sections 3(g)</u>, <u>3(i)</u> and <u>3(j)</u> of this Agreement; <u>provided</u>, that while an Event of Default is continuing, the Pricing Rate shall be the Default Rate.

"<u>Pricing Rate Determination Date</u>" shall mean, (a) with respect to any SOFR Based Transaction, the SOFR Based Pricing Rate Determination Date, (b) with respect to any CORRA Based Transaction, the CORRA Based Pricing Rate Determination Date, and (c) with respect to any Transaction that is not a SOFR Based Transaction, the date on which the Pricing Rate is to be set, as determined by Administrative Agent, on behalf of Buyers, in accordance with the Benchmark Replacement Conforming Changes.

"<u>Pricing Rate Period</u>" shall mean, (a) in the case of the first Pricing Rate Period with respect to any Transaction, the period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date and, (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including such Remittance

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Date and ending on and excluding the following Remittance Date; <u>provided</u>, <u>however</u>, that in no event shall any Pricing Rate Period end subsequent to the Repurchase Date.

"<u>Principal Payment</u>" shall mean, with respect to any Purchased Asset, any payment or prepayment of principal received by Account Bank or Administrative Agent, on behalf of Buyers, in respect thereof and applied as principal toward the Purchase Price of such Purchased Asset pursuant to <u>Section 5</u>.

"<u>Program Documents</u>" shall mean, collectively, this Agreement, the Guaranty, the Fee Letter, each Pledge Agreement, each Repo Collection Account Control Agreement, the Custodial Agreement, the Servicing Agreement, the Redirection Letter (if any), and all Confirmations executed pursuant to this Agreement in connection with specific Transactions.

"<u>Purchase Agreement</u>" shall mean each sale and/or contribution agreement pursuant to which the related originator transfers Eligible Assets to the applicable Seller.

"<u>Purchase Date</u>" shall mean, with respect to any Purchased Asset, the date on which such Purchased Asset is to be transferred by the applicable Seller to Administrative Agent, on behalf of Buyers.

"<u>Purchase Date Spot Rate</u>" shall mean, with respect to any Purchased Asset for which the Applicable Currency is not the Base Currency, the Spot Rate as of the related Purchase Date for purchasing the Applicable Currency of such Purchased Asset using the Base Currency (which Purchase Date Spot Rate shall be set forth in the applicable Confirmation).

"<u>Purchase Price</u>" shall mean, with respect to any Purchased 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;as of the Purchase Date for such Purchased Asset, an amount (expressed in the same Applicable Currency as the related Purchased Asset) equal to (A) the lesser of (x) the Market Value for the related Mortgaged Property and (y) the outstanding principal balance of such Purchased Asset *multiplied by* (B) the related Purchase Price Percentage; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;as of any other date, the amount (expressed in the same Applicable Currency as the related Purchased Asset) described in the preceding <u>clause (i)</u> (A) reduced by (x) any amount of Purchase Price Margin Deficit transferred to Administrative Agent, on behalf of Buyers, pursuant to <u>Section 4</u> with respect to such Purchased Asset, (y) other Principal Payments remitted to the Repo Collection Account and applied in reduction of the Purchase Price of such Purchased Asset by Administrative Agent, on behalf of Buyers, pursuant to <u>Section 5</u> and (z) any other payments made by or on behalf of Seller or otherwise applied by Administrative Agent, on behalf of Buyers, in reduction of the outstanding Purchase Price, in each case before or as of such determination date with respect to such Purchased Asset and (B) increased by the amount of any Future Funding Advance Draws made by Seller pursuant to Section 3(e)(i) any

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Margin Excess Advances made by Administrative Agent, on behalf of Buyers, pursuant to Section 3(e)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Price as of the Purchase Date for any Purchased Asset shall be set forth in the Confirmation for the related Transaction (expressed in the same Applicable Currency as the related Purchased Asset) and shall not exceed the Maximum Purchase Price with respect to such Purchased Asset.

&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating the aggregate outstanding Purchase Price for all Purchased Assets in relation to the determination of whether the Facility Amount has been exceeded as of any date of determination or any other test under the Program Documents which includes both U.S. Purchased Assets and Foreign Purchased Assets (e.g., the definition of "Maximum Portfolio Exposure Threshold" and whether the seventy percent (70%) weighted average Effective Purchase Price Percentage of the Purchased Assets has been achieved as set forth in <u>Section 5(e)(vi)</u>), the outstanding Purchase Price of each Purchased Asset for which the Applicable Currency is not the Base Currency as of such date of determination shall be converted to the Base Currency at its respective Purchase Date Spot Rate with respect to the Applicable Currency.

"<u>Purchase Price Margin Call</u>" shall have the meaning specified in <u>Section 4(a)</u> of this Agreement.

"<u>Purchase Price Margin Deficit</u>" shall mean on any Business Day with respect to any Purchased Asset subject to a Transaction then outstanding, an amount equal the positive difference, if any, between (i) the Purchase Price for such Purchased Asset and (ii) the Market Value for such Purchased Asset *multiplied by* the related Purchase Price Percentage.

"<u>Purchase Price Percentage</u>" shall have the meaning specified in the Fee Letter.

"<u>Purchased Asset Documents</u>" shall mean, with respect to a Purchased Asset, the documents comprising the Purchased Asset File for such Purchased Asset.

"<u>Purchased Asset File</u>" shall mean the documents specified as the "Purchased Asset File" with respect to each Purchased Asset in the Custodial Agreement, together with any additional documents and information required to be delivered to Administrative Agent, on behalf of Buyers, or its designee (including the Custodian) for inclusion in the Purchased Asset File for such Purchased Asset pursuant to this Agreement and/or the Custodial Agreement.

"<u>Purchased Asset Schedule</u>" shall have the meaning assigned to such term in the Custodial Agreement.

"<u>Purchased Asset(s)</u>" shall mean (i) with respect to any Transaction, the Eligible Asset or Eligible Assets sold by the applicable Seller to Administrative Agent, on behalf of Buyers, in such Transaction and not repurchased by such Seller and (ii) with respect to the Transactions in general, all Eligible Assets sold by the applicable Seller to Administrative Agent, on behalf of Buyers, and not repurchased by such Seller and any additional collateral delivered by such Seller

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to Administrative Agent, on behalf of Buyers, pursuant to this Agreement, in each case together with all Purchased Asset Documents, Servicing Agreements, Servicing Records, Servicing Rights, insurance relating to any such Eligible Asset, and collection and escrow accounts relating to any such Eligible Asset.

"<u>Qualified Servicing Expenses</u>" shall mean, with respect to any Servicer that is not an Affiliate of Seller, (i) the Servicing Fee and (ii) any expenses payable to such Servicer that are expressly provided for in the related Servicing Agreement, including any such amounts constituting Servicer Income and that are netted by such Servicer out of collections pursuant to such Servicing Agreement.

"<u>Qualified Transferee</u>" shall mean (i) Administrative Agent or any Buyer and any entity Controlled by, Controlling or under common Control with Administrative Agent or any Buyer, or (ii) any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;a real estate investment trust, bank, savings and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan; provided that any such Person satisfies the Eligibility Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;an investment company, money management firm or "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional "accredited investor" within the meaning of Regulation D under the Securities Act of 1933, as amended; provided that any such Person satisfies the Eligibility Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;an institution substantially similar to any of the entities described in clauses (ii)(A), (ii)(B) or (ii)(E) of this definition that satisfies the Eligibility Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;any entity Controlled by, Controlling or under common Control with, any of the entities described in clauses (ii)(A), (ii)(B), (ii)(C) or (ii)(E) of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;an investment fund, limited liability company, limited partnership or general partnership where an entity that is otherwise a Qualified Transferee under clauses (ii)(A), (ii)(B), (ii)(C) or (ii)(D) of this definition, acts as the general partner, managing member or fund manager and at least fifty percent (50%) of the equity interests in such investment fund, limited liability company, limited partnership, general partnership or entity are owned, directly or indirectly, by one or more of the following: a Qualified Transferee, an institutional "accredited investor" within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended, and/or a "qualified institutional buyer" within the meaning of Rule 144A promulgated under the Securities Act of 1933, as amended, provided such institutional "accredited investors" or "qualified institutional buyers" that are used to satisfy the fifty percent (50%) test set

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forth above in this clause (ii)(E) satisfy the financial tests in clause (i) of the definition of Eligibility Requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;any entity that is otherwise a Qualified Transferee under clauses (ii)(A), (ii)(B), (ii)(C), (ii)(D) or (ii)(E) of this definition that is acting in an agency capacity for a syndicate of lenders, provided more than fifty percent (50%) of the committed loan amounts or outstanding loan balance are owned by lenders in the syndicate that are Qualified Transferees.

For purposes of this definition of "Qualified Transferee" only, "<u>Control</u>" shall mean, when used with respect to any specific Person, the ownership, directly or indirectly, in the aggregate of more than twenty percent (20%) of the beneficial ownership interest of such Person and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise, and "Controlled by," "Controlling" and "under common Control with" shall have the respective correlative meaning thereto.

"<u>Rate Election Notice</u>" shall mean the written notice of the election by Administrative Agent, on behalf of Buyers, in its sole discretion, to declare that a "Benchmark Transition Event" shall occur, which Rate Election Notice shall designate the affected Benchmark, the applicable Benchmark Replacement Date and the Benchmark Replacement.

"<u>Redirection Letter</u>" shall mean an irrevocable redirection letter in the form attached as <u>Exhibit I</u> to this Agreement instructing Mortgagor, Servicer or any other Person to pay all amounts payable under the related Purchased Asset to the Repo Collection Account, which Administrative Agent may send to each Mortgagor with respect to each Purchased Asset subject to a Transaction after the occurrence and continuance of an Event of Default.

"<u>Reference Time</u>" shall mean, with respect to any setting of the then-current Benchmark for each Pricing Rate Period, (a) if such Benchmark is Term SOFR, 3:00 p.m. (New York City) time on the SOFR Based Pricing Rate Determination Date, (b) if such Benchmark is Term CORRA, 1:00 p.m. (Toronto time) on the CORRA Based Pricing Rate Determination Date, and (c) if such Benchmark is not Term SOFR or Term CORRA, then the time determined by Administrative Agent, on behalf of Buyers, in accordance with the Benchmark Replacement Conforming Changes.

"<u>Related Purchased Asset</u>" shall mean (i) with respect to any Mezzanine Loan which is a Purchased Asset, the related Whole Loan and (ii) with respect to any Whole Loan which is a Purchased Asset, the related Mezzanine Loan (if any).

"<u>Register</u>" shall have the meaning specified in <u>Section 19(e)</u> of this Agreement.

"<u>Relevant Governmental Body</u>" shall mean (a) the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank

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of New York, or any successor thereto, or (b) with respect to any determination in respect of CORRA, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.

"<u>Release Price</u>" shall mean, with respect to any Purchased Asset as of the related Repurchase Date, an amount equal to the portion of the Repurchase Price calculated pursuant to clause (i) of the definition thereof.

"<u>REMIC</u>" shall mean a real estate mortgage investment conduit, within the meaning of Section 860D(a) of the Code.

"<u>REMIC Provisions</u>" shall mean the provisions of United States federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A through Section 860G of subchapter M of Chapter 1 of the Code, and related provisions and regulations promulgated thereunder, as the foregoing may be in effect from time to time.

"<u>Remittance Date</u>" shall mean:

&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)with respect to each U.S. Purchased Asset, the seventeenth (17th) day of each month (or, if such day is not a Business Day, the immediately succeeding Business Day) or such other day as is mutually agreed to by Seller and 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;(b)with respect to each Foreign Purchased Asset (CAD), either (i) solely to the extent the related Purchased Asset Documents require monthly (as opposed to quarterly) interest payments by the relevant Mortgagor, the seventeenth (17<sup>th</sup>) calendar day of each month (or, if such day is not a Business Day, the immediately succeeding Business Day) or such other day as is mutually agreed to by Seller and Administrative Agent, or (ii) solely to the extent the related Purchased Asset Documents require quarterly (as opposed to monthly) interest payments by the relevant Mortgagor, January 17, April 17, July 17, and October 17 in each calendar year (or, if such day is not a Business Day, the immediately succeeding Business Day) or such other day as is mutually agreed to by Seller and Administrative Agent.

"<u>Replenishment</u>" shall mean any reallocation pursuant to the related securitization documents of all or any portion of the principal balance of a Purchased Asset which is an Eligible Participation Interest to any other senior pari passu participation interest in the Whole Loan related to such Purchased Asset which other participation interest is included in a securitization transaction.

"<u>Repo Collection Account</u>" shall mean, individually or collectively, as the context may require, with respect to each Seller, a segregated non-interest bearing account denominated in an Applicable Currency, in the name of such Seller, for the benefit of Administrative Agent, on behalf of Buyers, established by Administrative Agent at Account Bank.

"<u>Repo Collection Account Control Agreement</u>" shall mean (i) the deposit account control agreement, dated as of the date hereof, among Account Bank, Seller and Administrative Agent

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relating to a Repo Collection Account, as the same may be amended, restated, supplemented or otherwise modified from time to time and (ii) any additional deposit account control agreement or cash management agreement entered into among any Additional Seller, Administrative Agent, and Account Bank and relating to a Repo Collection Account established pursuant to this Agreement by such new Seller, as the same may be amended, modified, and/or restated from time to time.

"<u>Repurchase Date</u>" shall mean, with respect to each Purchased Asset, the earliest to occur of (i) the maturity date (or any comparable term), without giving effect to any acceleration thereof in connection with an event of default, as such term is used and defined in the related Purchased Asset Documents (as the same may be extended from time to time in accordance with the terms of the Purchased Asset Documents and this Agreement), (ii) any Early Repurchase Date or Accelerated Repurchase Date, (iii) the Business Day that is five (5) Business Days following written notice from Administrative Agent requiring the repurchase of a Purchased Asset that is not an Eligible Asset in accordance with Section 3(c)(i) of this Agreement, unless such Purchased Asset is not an Eligible Asset due to the failure to satisfy clause (iii) of the definition of "Eligible Asset", in which case the Repurchase Date shall be ten (10) Business Days following written notice from Administrative Agent and (iv) the date on which Seller is to repurchase such Purchased Asset as specified in the related Confirmation.

"<u>Repurchase Obligations</u>" shall mean all obligations of Seller to pay the Repurchase Price of each Purchased Asset on the Repurchase Date with respect to such Purchased Asset and all other obligations and liabilities of Seller to Administrative Agent, on behalf of Buyers, arising under or in connection with the Program Documents, whether now existing or hereafter arising, and all interest and fees that accrue under the Program Documents after the commencement by or against Seller, Guarantor, Pledgor or any Affiliate of Seller, Guarantor or Pledgor of any Insolvency Proceeding naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding (in each case, whether due or accrued).

"<u>Repurchase Price</u>" shall mean, with respect to any Purchased Asset, as of any date, an amount equal to the sum of (i) the outstanding Purchase Price as of such date, (ii) the accrued and unpaid Price Differential for such Purchased Asset as of such date and (iii) any accrued and unpaid fees and expenses and indemnity amounts and any other amounts then due from Seller to Administrative Agent, on behalf of Buyers, each as of the date of such determination under this Agreement. For the avoidance of doubt, in the event that the Repurchase Price is deposited into the Repo Collection Account, Price Differential shall continue to accrue for purposes of calculating the Repurchase Price up to the date the Administrative Agent receives payment of the Repurchase Price in Administrative Agent's account.

"<u>Requested Exceptions Report</u>" shall mean, with respect to any proposed Purchased Asset, a list delivered to Administrative Agent as part of the Due Diligence Package containing any and all exceptions to the representations and warranties and any other Eligible Asset criteria

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contained in this Agreement applicable to such proposed Purchased Asset (or that will be applicable to such proposed Purchased Asset if it becomes a Purchased Asset).

"<u>Required Insurance Amount</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Requirement of Law</u>" shall mean any law, treaty, ordinance, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect.

"<u>S&P</u>" shall mean Standard & Poor's Financial Services LLC, a division of The McGraw Hill Companies, Inc., a New York corporation, or any successor thereto.

"<u>Sanctioned Country</u>" shall mean, at any time, a country or territory that is, or whose government is, the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" shall mean, at any time, (i) any Person currently the target of any Sanctions, including any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (or any successor thereto) or the U.S. Department of State, the Canadian Government, or as otherwise published from time to time; (ii) that is fifty-percent or more owned, directly or indirectly, in the aggregate by one or more Persons described in <u>clause (i)</u> above; (iii) that is operating, organized or resident in a Sanctioned Country; (iv) with whom engaging in trade, business or other activities is otherwise prohibited or restricted by Sanctions; or (v) (a) an agency of the government of a Sanctioned Country, (b) an organization controlled by a Sanctioned Country, or (c) a Person resident in a Sanctioned Country, to the extent the target of a sanctions program administered by OFAC or the Canadian Government.

"<u>Sanctions</u>" shall have the meaning set forth in Section 10(y).

"<u>SEC</u>" shall have the meaning specified in <u>Section 24(a)</u> of this Agreement.

"<u>SEL</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Seller</u>" shall mean RE BDC Loans 3, LLC a Delaware limited liability company, and any Additional Seller joined hereto from time to time.

"<u>Senior Interest</u>" shall mean (a) a senior or *pari passu* participation interest in a Whole Loan (including Eligible Participation Interests but not including Non-Controlling Participation Interests) (which participation interest shall be paid in the same Applicable Currency as the related Whole Loan) (i) that is evidenced by a Senior Interest Note, (ii) that represents an undivided interest in part of the underlying Whole Loan and its proceeds, (iii) that represents a pass through of a portion of the payments made on the underlying Whole Loan which lasts for the same length of time as such Whole Loan, and (iv) as to which there is no guaranty of payments to the holder of the Senior Interest Note or other form of credit support for such payments, or (b) an "A note" in an "A/B structure" in a Whole Loan.

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"<u>Senior Interest Note</u>" shall mean (a) the original executed promissory note, participation or other certificate or other tangible evidence of a Senior Interest, (b) the related original Mortgage Note (or, if Seller cannot obtain the original, then a certified copy thereof with a lost note affidavit signed by a senior officer of Seller in such form as is acceptable to Administrative Agent, on behalf of Buyers, in its discretion), and (c) the related original participation and/or intercreditor agreement, as applicable (or, if Seller cannot obtain the original, then a certified copy thereof).

"<u>Servicer</u>" shall mean Trimont LLC, or any other Servicer mutually agreed upon by Administrative Agent and Seller.

"<u>Servicer Income</u>" shall mean any Income that a Servicer, under the express terms of the Servicing Agreement to which it is a party, is entitled to receive and retain for its own account and is not required to pay over to Seller or Administrative Agent, on behalf of Buyers, including, without limitation, any accrued fees due and payable to a Servicer.

"<u>Servicer Letter</u>" shall have the meaning set forth in the definition of "<u>Servicing Agreement</u>".

"<u>Servicing Agreement</u>" shall mean, with respect to any Servicer, the Servicing Agreement providing for the servicing of Purchased Assets by and among Administrative Agent, the applicable Seller and such Servicer (or, if Administrative Agent is not a party to the Servicing Agreement, together with any tri-party servicer acknowledgment or similar agreement (each, a "<u>Servicer Letter</u>") entered into by any Seller, Servicer and Administrative Agent), in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time, and/or any replacement servicing agreement and/or Servicer Letter reasonably acceptable to Administrative Agent.

"<u>Servicing Fee</u>" shall have the meaning assigned to such term (or any similar or substitute term) in the applicable Servicing Agreement.

"<u>Servicing Records</u>" shall have the meaning specified in <u>Section 29(b)</u> of this Agreement.

"<u>Servicing Rights</u>" shall mean all of Seller's right, title and interest in and to any and all of the following: (a) any and all rights of Seller to service, collect and or direct Servicer's actions and decisions with respect to, the Purchased Assets or to appoint (or terminate the appointment of) any third party as servicer of the Purchased Assets; (b) any payments to or monies received by or payable to Seller or any other Person as compensation for servicing the Purchased Assets; (c) any late fees, penalties or similar payments with respect to the Purchased Assets; (d) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of Seller (individually or as servicer) thereunder (including all rights to set the compensation of any third-party servicer); (e) the rights to collect and maintain escrow payments or other similar payments with respect to the Purchased Assets and any amounts actually collected by Seller or any third-party servicer

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with respect thereto; (f) the rights, if any, to appoint, designate and retain any other servicers, sub-servicers, special servicers, agents, custodians, trustees and liquidators with respect to the Purchased Assets; and (g) all rights of Seller to give directions with respect to the management and distribution of any collections, escrow accounts, reserve accounts or other similar payments or accounts in connection with the Purchased Assets, and, in each case, all obligations related or incidental thereto, in each case, subject to the requirements and limitations set forth in the related Servicing Agreement.

"<u>Single-Purpose Entity</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>SIPA</u>" shall have the meaning specified in <u>Section 24(a)</u> of this Agreement.

"<u>SOFR</u>" shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website on the immediately succeeding Business Day.

"<u>SOFR Administrator</u>" shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" shall mean the website of the Federal Reserve Bank of New York, 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 Based Pricing Rate Determination Date</u>" shall mean, (a) in the case of the first Pricing Rate Period for any Purchased Asset for which the applicable Benchmark is Term SOFR, two (2) U.S. Government Securities Business Days prior to the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) U.S. Government Securities Business Days preceding the first day of such Pricing Rate Period.

"<u>SOFR Based Transaction</u>" shall mean any Transaction for which the Benchmark (or the published component used in the calculation thereof) designated in the related Transaction (or as a result of the occurrence of a Benchmark Transition Event, and the related Benchmark Replacement Date) is Term SOFR.

"<u>Spot Rate</u>" shall mean, with respect to any Purchased Asset on any date of determination, the rate quoted as the spot rate for the purchase of the Applicable Currency of such Purchased Asset using such other Applicable Currency at or about 11:00 a.m. Toronto time (in the case of each Foreign Purchased Asset (CAD)) on the date that is two (2) Business Days prior to the date as of which the foreign exchange computation is made as obtained from the applicable screen on Bloomberg.

"<u>Sponsor Diligence</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Standard Qualifications</u>" shall have the meaning specified in <u>Exhibit G</u>.

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"<u>Step Down Condition</u>" shall mean, on any date of determination, the condition that shall be deemed to have occurred and be continuing at any time either (i) the Diversity Threshold Condition has occurred and is continuing or (ii) more than thirty percent (30%) of the Maximum Purchase Price of the Purchased Assets is attributable to Credit Risk Assets.

"<u>Subsidiary</u>" shall mean, as to any Person, a corporation, partnership or other entity of which at least a majority of the shares of stock or other ownership interests having by the terms thereof ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer to a Subsidiary or Subsidiaries of Seller.

"<u>Supplemental Due Diligence List</u>" shall mean, with respect to any New Asset, information or deliveries concerning the New Asset that Administrative Agent shall reasonably request in addition to the Underwriting/Due Diligence Package.

"<u>Survey</u>" shall mean a certified ALTA/ACSM (or applicable state or provincial standards for the state or province in which the Collateral is located) survey of a Mortgaged Property prepared by a registered independent surveyor or engineer and in form and content satisfactory to Administrative Agent, on behalf of Buyers, as of the Purchase Date and the company issuing the Title Policy for such Mortgaged Property.

"<u>Taxes</u>" shall mean all present or 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>Term CORRA</u>" shall mean the forward-looking term rate based on CORRA with a tenor of one month or three months, as applicable (the "<u>Term CORRA Reference Rate</u>"), which, with respect to the setting of such rate with respect to each Pricing Rate, shall be the Term CORRA Reference Rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the Term CORRA Administrator as of the related Reference Time; <u>provided</u>, <u>however</u>, that if, as of such Reference Time, the Term CORRA Reference Rate has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to the related Term CORRA Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of Term CORRA as provided above would result in such setting being less than the applicable

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Benchmark Floor, such setting of Term CORRA shall instead be deemed to be such Benchmark Floor.

"<u>Term CORRA Administrator</u>" shall mean Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"<u>Term Out Period</u>" shall mean an extension period, which may be exercised by Seller pursuant to <u>Section 3(l)</u> of this Agreement, commencing following the end of the Availability Period and ending on the Repurchase Date of the last remaining Purchased Asset subject to a Transaction.

"<u>Term SOFR</u>" shall mean, the forward-looking term rate based on SOFR with a tenor of one month (the "<u>Term SOFR Reference Rate</u>") which, with respect to the setting of such rate with respect to each Pricing Rate Period, shall be the Term SOFR Reference Rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) published by the Term SOFR Administrator as of the related Reference Time; <u>provided</u>, <u>however</u>, that if, as of such Reference Time, the Term SOFR Reference Rate has not been published by the Term SOFR Administrator then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the related SOFR Based Pricing Rate Determination Date. Notwithstanding the foregoing, if any setting of Term SOFR as provided above would result in such setting being less than the applicable Benchmark Floor, such setting of Term SOFR shall instead be deemed to be such Benchmark Floor.

"<u>Term SOFR Administrator</u>" shall mean CME Group Benchmark Administration Limited (CBA), or a successor administrator of the Term SOFR Reference Rate selected by Administrative Agent, on behalf of Buyers, in its reasonable discretion.

"<u>Third Party Participant</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Title Exceptions</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Title Policy</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Transaction</u>" shall have the meaning specified in <u>Section 1</u> of this Agreement.

"<u>Transaction Conditions Precedent</u>" shall have the meaning specified in <u>Section 3(b)</u> of this Agreement.

"<u>Transaction Request</u>" shall have the meaning specified in <u>Section 3(a)</u> of this Agreement.

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"<u>Transfer Certificate</u>" shall mean, with respect to any Purchased Asset (other than a U.S. Purchased Asset), any form of transfer or substitution certificate or assignment agreement that is scheduled to the related Purchased Asset Documents or other equivalent agreement for such Purchased Asset and that is used to effect the legal transfer or assignment of such Purchased Asset.

"<u>Treasury Regulations</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>TRIPRA</u>" shall have the meaning specified in <u>Exhibit G</u>.

"<u>Trust Receipt</u>" shall have the meaning specified in the Custodial Agreement.

"<u>UCC</u>" shall have the meaning specified in <u>Section 6(b)</u> of this Agreement.

"<u>Unadjusted Benchmark Replacement</u>" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Underlying Purchased Asset Reserves</u>" shall mean, with respect to any Purchased Asset, the escrows, reserve funds or other similar amounts properly retained in accounts maintained by Servicer of such Purchased Asset unless and until such funds are, pursuant to the terms of the related Purchased Asset Documents, released or otherwise available to Seller (but not if such funds are used for the purpose for which they were maintained, or if such funds are released to the related Mortgagor in accordance with the relevant Purchased Asset Documents).

"<u>Underwriting/Due Diligence Package</u>" shall mean, with respect to any New Asset, all of the information necessary for Administrative Agent, on behalf of Buyers, to perform its underwriting and due diligence with respect to any Eligible Asset in a timely fashion. Such information shall include, without limitation, the materials listed on <u>Exhibit D</u> to the extent such materials are applicable to such New Asset and in Seller's possession or obtainable with de minimis expense.

"<u>U.S. Buyer</u>" shall mean Buyer or any assignee of Buyer that is a "United States person" as defined in Section 7701(a)(30) of the Code.

"<u>U.S. Dollars</u>" and "<u>$</u>" shall mean lawful money of the United States of America.

"<u>U.S. Purchased Asset</u>" shall mean (i) with respect to any Transaction, an Eligible Asset secured by Mortgaged Property located in the United States of America or any territory thereof and which is sold by the applicable Seller to Administrative Agent, on behalf of Buyers, in such Transaction, and (ii) with respect to the Transactions for U.S. Purchased Assets in general, all Eligible Assets secured by Mortgaged Property located in the United States of America or any territory thereof and which are sold by the applicable Seller(s) to Administrative Agent, on behalf of Buyers.

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"<u>U.S. Special Resolution Regime</u>" shall mean each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

"<u>U.S. Tax Compliance Certificate</u>" shall have the meaning specified in <u>Section 30(e)(ii)(B)(III)</u> of this Agreement.

"<u>Whole Loan</u>" shall mean a floating rate whole mortgage loan approved by Administrative Agent, on behalf of Buyers, in its sole and absolute discretion, that requires current monthly payments.

"<u>Zoning Regulations</u>" shall have the meaning specified in <u>Exhibit G</u>.

**3. INITIATION; CONFIRMATION; TERMINATION; FEES; EXTENSIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On any day during the Availability Period and as agreed to by Administrative Agent, on behalf of Buyers, and subject to the terms and conditions set forth in this Agreement (including, without limitation, the Transaction Conditions Precedent), pursuant to a written request in the form of <u>Exhibit A</u> at the initiation of Seller (each, a "<u>Transaction Request</u>"), Administrative Agent, on behalf of Buyers, may agree to enter into Transactions. Administrative Agent, on behalf of Buyers, (as well as its counsel and any third-party due diligence provider) shall have the right to review all Eligible Assets proposed to be sold to Administrative Agent, on behalf of Buyers, in any Transaction and to conduct its own due diligence investigation of such Eligible Assets (including the related Mortgaged Properties and/or with respect to a Senior Interest or Mezzanine Loan, the related Whole Loan) as Administrative Agent, on behalf of Buyers, determines in its sole and absolute discretion, which due diligence investigation Administrative Agent, on behalf of Buyers, shall endeavor to complete within ten (10) Business Days of Administrative Agent's receipt from Seller of all of the following: a Transaction Request, the complete Underwriting/Due Diligence Package, any supplemental information furnished by Seller to Administrative Agent pursuant to any Supplemental Due Diligence List and such other information as may be requested by Administrative Agent, on behalf of Buyers, with respect to any Transaction. Administrative Agent, on behalf of Buyers, shall determine in its sole and absolute discretion whether or not it is willing to purchase any or all of the proposed Eligible Assets, and if so, on what terms and conditions (including, without limitation, whether to accept a proposed Eligible Asset as a Future Funding Asset). It is expressly agreed and acknowledged that Administrative Agent, on behalf of Buyers, is entering into the Transactions on the basis of representations and warranties made by Seller and on the completeness and accuracy of the information contained in the applicable Underwriting/Due Diligence Package and any supplemental information furnished by Seller to Administrative Agent pursuant to any Supplemental Due Diligence List, and any incompleteness or inaccuracies in the related Underwriting/Due Diligence Package or any supplemental information furnished by Seller to Administrative Agent pursuant to any Supplemental Due Diligence List will only be acceptable to Administrative Agent, on behalf of Buyers, if disclosed in writing to Administrative Agent by Seller in advance of the related Purchase Date, and then only if Administrative Agent, on behalf of Buyers, opts to purchase the related Purchased Asset(s) from Seller notwithstanding such incompleteness and inaccuracies. Seller shall at all times prior to Administrative Agent's exercise of remedies in respect of such Future Funding Eligible Asset pursuant to Section 14(b) remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset vis-à-vis the Mortgagor and Administrative Agent, on behalf of Buyers, shall be under no obligation vis-à-vis the Mortgagor to make any additional advances

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under a Future Funding Eligible Asset until such exercise of remedies which results in Administrative Agent or an Affiliate being the record holder of the Purchased Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon agreeing to enter into a Transaction hereunder, Administrative Agent, on behalf of Buyers shall promptly deliver to Seller a written confirmation (in electronic form) in the form of <u>Exhibit B</u> of each Transaction (a "<u>Confirmation</u>"), and provided each of the Transaction Conditions Precedent shall have been satisfied at or prior to the closing of the Transaction as determined by Administrative Agent, on behalf of Buyers, in its sole and absolute discretion (or affirmatively waived in writing by Administrative Agent, on behalf of Buyers, including as set forth in the Confirmation, if any), Administrative Agent, on behalf of Buyers, shall pay the Purchase Price for such Transaction to Seller by wire transfer of immediately available funds in Dollars in accordance with <u>Section 7(a)</u>.

Administrative Agent's approval of the purchase of an Eligible Asset on such terms and conditions as Administrative Agent, on behalf of Buyers, may require shall be evidenced only by its execution and delivery of the related Confirmation. Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction covered thereby, and shall be construed to be cumulative to the extent possible. If terms in a Confirmation are inconsistent with terms in this Agreement with respect to a particular Transaction, the Confirmation shall prevail. The fact that Administrative Agent, on behalf of Buyers, has conducted or has failed to conduct any partial or complete examination or any other due diligence review of any Purchased Asset shall in no way affect any rights Administrative Agent, on behalf of Buyers, may have under the Program Documents or otherwise with respect to any representations or warranties or other rights or remedies thereunder or otherwise, including the right to determine at any time that such Purchased Asset is not an Eligible Asset.

No Transaction shall be entered into if (i) any Default or Event of Default exists or would exist as a result of such Transaction, (ii) the Purchase Date would be after the end of the Availability Period, (iii) after giving effect to such Transaction, the aggregate Purchase Price of all Purchased Assets subject to Transactions then outstanding would exceed the Facility Amount or (iv) any Transaction Conditions Precedent have not been satisfied or waived by Administrative Agent, on behalf of Buyers. If at any time the aggregate outstanding Purchase Price exceeds the Facility Amount, Seller shall within three (3) Business Days following Seller's receipt of written notice from Administrative Agent thereof pay to Administrative Agent, on behalf of Buyers, an amount necessary to reduce such aggregate outstanding Purchase Price to an amount equal to or less than the Facility Amount (it being understood and agreed that no Exit Fee shall be due or payable in connection with any such payment).

With respect to any Transaction, the Pricing Rate shall be determined initially on the Pricing Rate Determination Date applicable to the first Pricing Rate Period for such Transaction, and shall be reset on each Pricing Rate Determination Date for the succeeding Pricing Rate Period for such Transaction. Administrative Agent or its agent shall determine the Pricing Rate in accordance with the terms of this Agreement on each Pricing Rate Determination Date for the related Pricing Rate Period and notify Seller of such rate for such period on such Pricing Rate Determination Date.

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For purposes of this <u>Section 3(b)</u>, the "<u>Transaction Conditions Precedent</u>" shall be deemed to have been satisfied with respect to any proposed Transaction 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Administrative Agent has received all documents, certificates, information, financial statements, reports, approvals and opinions of counsel as Administrative Agent, on behalf of Buyers, may reasonably require (including those listed in the related Confirmation, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)no Default or Event of Default in each case under this Agreement shall have occurred and be continuing as of the Purchase Date for such proposed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Seller shall have delivered to Administrative Agent all information reasonably necessary for Administrative Agent, on behalf of Buyers, to make an informed business decision with respect to the purchase of such Eligible Asset and Seller shall have certified to Administrative Agent Seller has no Knowledge of any material information concerning such Eligible Asset which is not reflected in the related Diligence Material or otherwise disclosed to Administrative Agent in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)other than Due Diligence Representations with respect to Purchased Assets not subject to the proposed Transaction, the representations and warranties made by each of Seller, Guarantor and Pledgor in the Program Documents to which it is a party shall be true and correct in all material respects as of the Purchase Date for such Transaction (except to the extent such representations and warranties are made as of a particular date and as modified by any Requested Exceptions Report);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)with respect to each Eligible Asset proposed to be sold to Administrative Agent, on behalf of Buyers, in such Transaction, Administrative Agent shall have received: (1) a Transaction Request, (2) a Trust Receipt (or a Bailee Trust Receipt, if applicable) and all other items required to be delivered to Administrative Agent under the Custodial Agreement or Bailee Letter (as applicable), (3) if the originator is an Affiliate of Seller which is not a wholly-owned Subsidiary of Guarantor, a true sale opinion from outside counsel in form and substance reasonably acceptable to Administrative Agent with respect to the transfer of such Purchased Asset to Seller from such Affiliate, (4) a copy of the related Purchase Agreement (if applicable), (5) an Appraisal completed no more than three (3) months prior to the related Purchase Date and (6) the Underwriting/Due Diligence Package (including a copy of Seller's internal investment committee memo related to such Eligible Asset and any supplemental information furnished by Seller to Administrative Agent pursuant to any Supplemental Due Diligence 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)Servicer has received copies of the Purchased Asset File and any other documents required to be delivered under the Servicing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)no Market Material Adverse Change shall have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Seller has paid all fees and expenses then due and payable to Administrative Agent, on behalf of Buyers, under the Program 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)Seller shall have provided for all Underlying Purchased Asset Reserves to be held by Servicer and shall have satisfactorily pledged all Underlying Purchased Asset Reserves relating to such Eligible Asset to Administrative Agent, on behalf of Buyers, as determined by Administrative Agent, on behalf of Buyers, in Administrative Agent's sole and absolute discretion;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(J)Administrative Agent shall have satisfactorily completed its "know your customer" and OFAC and other Canadian diligence relating to the requirements under Anti-Money Laundering Laws (as to the related Mortgagor, guarantor and all other related parties, as determined by Administrative Agent, on behalf of Buyers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Administrative Agent, on behalf of Buyers, shall have (1) determined, in its sole and absolute discretion, that the assets proposed to be sold to Administrative Agent, on behalf of Buyers, by Seller in such Transaction are Eligible Assets (or agreed in writing to waive any particular eligibility requirements) and (2) obtained satisfactory results of its underwriting review of such Eligible Asset and the related Mortgaged Property (or Mortgaged Properties) performed by Administrative Agent, on behalf of Buyers, and any third party reviewers engaged by Administrative Agent, on behalf of Buyers, for such review; 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;(L)For any Seller, with respect to the initial Transaction entered into by Administrative Agent, on behalf of Buyers, with such Seller with respect to a Purchased Asset in Canadian Dollars, the following shall have been delivered to Administrative Agent and shall be acceptable to Administrative Agent in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)All such documents and documentation as Administrative Agent, on behalf of Buyers, shall reasonably require for such Seller to grant and perfect in favor of Administrative Agent, on behalf of Buyers, in the relevant jurisdiction a first priority security interest in such Purchased Asset and any future Purchased Assets denominated in the same Applicable Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 applicable Seller shall have delivered a power of attorney substantially in the form of <u>Exhibit F</u> (or such other form applicable for the relevant jurisdiction as is acceptable to Administrative Agent, on behalf of Buyers), <u>provided</u>, that Administrative Agent, on behalf of Buyers, shall not utilize any such power of attorney unless an Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Evidence of the establishment by such Seller of a Repo Collection Account in the Applicable Currency and a Repo Collection Account Control Agreement, duly completed and executed by each of the parties thereto, with respect to such Repo Collection Account; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)All such other and further documents and documentation, including opinions of outside counsel, as Administrative Agent in its discretion shall reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On the Repurchase Date with respect to a Transaction, termination of such Transaction will be effected by transfer to Seller or its agent of the Purchased Assets relating to such Transaction and any Income in respect thereof received by Administrative Agent (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to <u>Section 5</u> of this Agreement) against the simultaneous transfer of the Repurchase Price with respect to such Transaction to an account of Administrative Agent, on behalf of Buyers. In connection with any such termination of a Transaction pursuant to the preceding sentence, upon its receipt of the Repurchase Price as confirmed by Administrative Agent, Administrative Agent, on behalf of Buyers shall be deemed to have simultaneously released its security interest in such Purchased Asset and the related Collateral, shall authorize Custodian to release to Seller the Purchased Asset Documents for such Purchased Asset and, to the extent any UCC or PPSA financing statement filed against Seller specifically identifies such Purchased Asset by name, Seller may file an amendment thereto or termination thereof evidencing the release of such Purchased Asset

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from Administrative Agent's security interest therein, and, if requested by Seller, Administrative Agent shall deliver a Buyer's Release to Seller (or Seller's designee) releasing, its right, title and interest in such Purchase Asset and the related Collateral. Any such transfer or release shall be without recourse to Administrative Agent or Buyers and without representation or warranty by Administrative Agent or Buyers. Any Income with respect to such Purchased Asset received by Administrative Agent, on behalf of Buyers, after payment in full of the Repurchase Price therefor and any other amounts due hereunder with respect to such Purchased Asset, and the release of such Purchased Asset in accordance with the terms of this Agreement, shall be promptly transferred to Seller. Notwithstanding the foregoing, on or before the Repurchase Date for each Purchased Asset, Seller shall repurchase such Purchased Asset by paying to Administrative Agent, on behalf of Buyers, the outstanding Repurchase Price therefor and all other outstanding Repurchase Obligations. In addition to the other rights and remedies of Administrative Agent, on behalf of Buyers, under this Agreement and the other Program Documents, Seller shall repurchase, within five (5) Business Days of its receipt of written notice from Administrative Agent requiring such repurchase, any Purchased Asset that no longer qualifies as an Eligible Asset (unless such Purchased Asset no longer qualifies as an Eligible Asset due to the failure to satisfy clause (iii) of the definition of "Eligible Asset", in which case Seller shall have ten (10) Business Days to repurchase such Purchased Asset) or cure the condition causing the applicable Purchased Asset to not be an Eligible Asset, by not later than the end of such five (5) Business Day or ten (10) Business Day period, 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;(i)Except as expressly provided herein, including, without limitation, upon the occurrence and during the continuance of an Event of Default by Seller, no Transaction shall be terminable on demand by Administrative Agent, on behalf of Buyers. So long as no monetary or material non-monetary Default and no Event of Default has occurred and is continuing and no Purchase Price Margin Call is outstanding, Seller shall be entitled to terminate a Transaction on demand, in whole only, and repurchase any or all Purchased Assets subject to such Transaction on any Business Day prior to the Repurchase Date (each, an "<u>Early Repurchase Date</u>"); <u>provided</u>, <u>however</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)Seller notifies Administrative Agent in writing of its intent to terminate such Transaction and repurchase such Purchased Assets no later than three (3) Business Days prior to such Early Repurchase Date (except if such Early Repurchase Date is in connection with curing a Purchase Price Margin Deficit, Default, breach of any representation or warranty in the Program Documents, or in connection with any of the events in Sections 3(f), 3(g), 3(i) or 3(j) having occurred, in which case Seller may repurchase any such Purchased Asset upon written notice delivered to Administrative Agent on the same Business Day);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)on such Early Repurchase Date, Seller pays to Administrative Agent, on behalf of Buyers, the Repurchase Price for such Transaction(s) against transfer to Seller or its agent of such Purchased Asset, all in accordance with <u>Section 3(c)(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)in the case of the repurchase of a Whole Loan where the Related Purchased Asset is the subject of a Transaction, the Related Purchased Asset shall simultaneously be repurchased by Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if a Step Down Condition is then in effect and would not be cured after giving effect to the applicable repurchase of a Purchased Asset, Seller pays to Administrative Agent, on behalf of Buyers, an amount necessary to reduce the Effective Purchase Price Percentage of the Purchased Assets then subject to Transactions (calculated on a weighted average basis based upon the outstanding Purchase Price of each individual Purchased Asset) to seventy percent (70%).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No new Transactions shall be consummated after the end of the Availability Period. Notwithstanding anything contained in this Agreement to the contrary, provided all of the Availability Period Extension Conditions shall have been satisfied in connection with such extension, Administrative Agent, on behalf of Buyers may, in its sole and absolute discretion, extend the Availability Period, each for a one (1) year period ending on the one-year anniversary date of the end of the then-current Availability Period (or if such day is not a Business Day, the immediately succeeding Business Day). For purposes of the preceding sentence, the "<u>Availability Period Extension Conditions</u>" shall be deemed to have been satisfied 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)Seller shall have given Administrative Agent written notice, not less than sixty (60) days prior to the applicable Availability Period, of Seller's desire to extend the Availability 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;(ii)no Default or Event of Default under this Agreement shall have occurred and be continuing as of the end of the applicable Availability 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;(iii)Seller, Pledgor, and Guarantor are in compliance in all material respects with all covenants and conditions in the Program Documents as of the end of the applicable Availability 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;(iv)Excluding any representations and warranties set forth in <u>Exhibit G</u>, the representations and warranties made by Seller, Guarantor and Pledgor in the Program Documents, shall be true and correct in all material respects as of the end of the applicable Availability Period; 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;(v)no Purchase Price Margin Deficit is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Future Funding Advance Draws; Margin Excess; Voluntary Purchase Price Reduction</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)<u>Future Funding Advance Draws</u>. In the event that (i) Seller is contractually obligated to make a Future Funding of loan proceeds to the Mortgagor under a Purchased Asset pursuant to the related Purchased Asset Documents and (ii) Administrative Agent has agreed, in its sole discretion as of the Purchase Date for such Purchased Asset or at any time thereafter, to make an additional advance with respect to the Purchase Price of such Purchased Asset, as reflected in the Confirmation, then in connection with making such future funding advance to such Mortgagor, Seller may submit to Administrative Agent a written request (a "<u>Future Funding Advance Draw Request</u>") requesting that Administrative Agent, on behalf of Buyers, transfer to Seller cash in an amount that is not less than $250,000 (or, with respect to any Foreign Purchased Asset (CAD), the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable Currency as of the date of determination) (with respect to one or more future funding advances to the applicable Mortgagor, in the aggregate), and Administrative Agent, on behalf of Buyers, shall (x) transfer to Seller the amount of cash so requested (such transfer, a "<u>Future Funding Advance Draw</u>") (which shall increase the Purchase Price for such Purchased Asset) and (y) deliver to Seller a revised Confirmation reflecting the corresponding increase in the Purchase Price of such Purchased Asset and the increased principal amount outstanding under the Purchased Asset and accordingly, the increase in Market Value and such other consequential revisions as may be reasonably necessary to reflect the provisions of this Agreement applicable as of such date, in each case, by no later than 2:00 p.m. (New York City time) on the second (2<sup>nd</sup>) Business Day following the Business Day on which

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Administrative Agent determines in its reasonable discretion that the conditions precedent set forth below are satisfied or will be satisfied contemporaneously with such Future Funding Advance Draw (or, in Administrative Agent's sole discretion, waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)no monetary or material non-monetary Default and no Event of Default shall have occurred and be continuing both as of the date of such request and as of the date of the Future Funding Advance Draw;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)the Future Funding Advance Draw shall not cause the sum of the (A) the aggregate Purchase Price for all Purchased Assets, *plus* (B) the requested Purchase Price for any pending Transaction, *plus* (C) the aggregate amount of any potential Future Funding Advance Draws with respect to all Purchased Assets, *plus* (D) the amount of any Margin Excess (after giving effect to such Future Funding Advance Draw) (in each case of the foregoing clauses (A) through (D), with respect to any Purchased Asset for which the Applicable Currency is not the Base Currency, based on the Purchase Date Spot Rate with respect to the Applicable Currency), in the aggregate, to exceed the Facility 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;&nbsp;&nbsp;&nbsp;&nbsp;(C)the Effective Purchase Price Percentage after giving effect to such Future Funding Advance Draw and the corresponding increase in the outstanding principal balance of the Purchased Asset shall not exceed the Purchase Price Percentage set forth in the related Confirmation for such Purchased 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)there is no Purchase Price Margin Deficit immediately after the Future Funding Advance Draw;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if the Confirmation of the Transaction relating to the applicable Purchased Asset as of the related Purchase Date specifies additional future advance conditions precedent (including, without limitation, debt yield, debt service coverage ratio and loan-to-value ratio tests as determined by Administrative Agent and Seller), such additional conditions precedent shall be satisfied as of the date of the Future Funding Advance Draw;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Seller shall have delivered evidence reasonably satisfactory to Administrative Agent that all conditions precedent to the future funding advance under the related Purchased Asset Documents shall have been satisfied in all material 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)other than representations and warranties set forth in <u>Exhibit G</u> with respect to Purchased Assets not subject to the Future Funding Advance Draw, the representations and warranties made by Seller in <u>Article 9</u> shall be true and correct in all material respects on and as of the date of such Future Funding Advance Draw with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date, and as modified by any Requested Exceptions Report); 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;(H)Administrative Agent shall have received all such other and further documents and documentation as Administrative Agent in its reasonable discretion shall require in connection with such Future Funding Advance Draw, provided that such documents or documentation are in Seller's possession or reasonably obtainable to Seller at de minimis cost or expense to Seller.

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The failure or delay of Seller, on any one or more occasions, to exercise its rights under this <u>Article 3(e)(i)</u> shall not change or alter the terms and conditions of this Agreement or limit or waive the right of Seller to request a Future Funding Advance Draw Request at a later 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;(ii)<u>Margin Excess</u>. With respect to any Purchased Asset, Seller may submit to Administrative Agent a written request, to be delivered no more frequently than five (5) occasions each calendar quarter during the Availability Period (a "<u>Margin Excess Request</u>"), requesting that Administrative Agent, on behalf of Buyers, make an additional advance (a "<u>Margin Excess Advance</u>") with respect to one or more Purchased Assets (it being understood and agreed that Seller shall be permitted to make a Margin Excess Request with respect to more than one Purchased Asset on each such occasion) in the amount and in the Applicable Currency requested by Seller in such Margin Excess Request that is not less than $250,000 (or, with respect to any Foreign Purchased Asset (CAD), the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Asset (CAD) as of the date of determination) (but not to exceed the Margin Excess for such Purchased Asset). Administrative Agent, on behalf of Buyers, shall by no later than 5:00 p.m. (New York City time) on the Business Day following the Business Day of Administrative Agent's receipt of such Margin Excess Request, (x) transfer to Seller the amount of cash in the Applicable Currency with respect to the related Purchased Asset requested by Seller, and (y) deliver to Seller a revised Confirmation reflecting the corresponding increase in the Purchase Price of such Purchased Asset. Administrative Agent's disbursement of any Margin Excess Advance (if any) shall be subject to satisfaction of the following conditions precedent, as determined by Administrative Agent, on behalf of Buyers, in its reasonable discretion (or, in Administrative Agent's sole discretion, waived):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)no monetary or material non-monetary Default and no Event of Default shall have occurred and be continuing both as of the date of such request and as of the date of the Margin Excess Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)the Margin Excess Advance shall not cause (A) the aggregate Purchase Price for all Purchased Assets, *plus* (B) the requested Purchase Price for any pending Transaction, *plus* (C) the aggregate amount of any potential Future Funding Advance Draws with respect to all Purchased Assets, *plus* (D) the amount of any Margin Excess (after giving effect to such Margin Excess Advance) (in each case of the foregoing clauses (A) through (D), with respect to any Purchased Asset for which the Applicable Currency is not the Base Currency, based on the Purchase Date Spot Rate with respect to the Applicable Currency), in the aggregate, to exceed the Facility 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;&nbsp;&nbsp;&nbsp;&nbsp;(C)the Effective Purchase Price Percentage after giving effect to such Margin Excess Advance shall not exceed the Purchase Price Percentage set forth in the related Confirmation for such Purchased 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)there is no Purchase Price Margin Deficit immediately prior to and immediately after the Margin Excess Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)other than representations and warranties set forth in <u>Exhibit G</u> with respect to Purchased Assets not subject to the Margin Excess Advance, the representations and warranties made by Seller in <u>Article 9</u> shall be true and

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correct in all material respects on and as of the date of such Margin Excess Advance with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date, and as modified by an Requested Exceptions Report); 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;(F)No Step Down Condition is continuing.

&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)<u>Voluntary Purchase Price Reduction</u>. Any Seller may from time to time, upon one (1) Business Day's prior written notice to Administrative Agent but no more than five (5) times in any calendar quarter, so long as there is no monetary or material non-monetary Default and no Event of Default then having occurred and continuing, and so long as there is no Purchase Price Margin Deficit outstanding for which a Purchase Price Margin Call has been delivered by Administrative Agent, transfer cash (in the Applicable Currency for the applicable Purchased Asset(s)) to Administrative Agent, on behalf of the Buyers, in an amount not exceeding the outstanding Purchase Price of such Purchased Asset(s) to be applied in reduction of the outstanding Purchase Price with respect to one or more Purchased Assets as such Seller may direct, without payment of any Exit Fee or other penalty or prepayment premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Benchmark Replacement</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)Notwithstanding anything to the contrary in this Agreement or in any other Program Document, if a Benchmark Transition Event, and its related Benchmark Replacement Date have occurred with respect to any Benchmark prior to the Reference Time for any Pricing Rate Determination Date for such Benchmark, the applicable Benchmark Replacement will replace such Benchmark for all purposes under this Agreement or under any other Program Document in respect of such setting and all settings on all subsequent dates (without any amendment to, or further action or consent of any other party to, this Agreement or any other Program Document). Notwithstanding the foregoing, Administrative Agent and Seller may at any time agree to amend and restate any Confirmation with respect to any Transaction to replace the related Benchmark with respect to such Transaction with the applicable Benchmark Replacement.

&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)In connection with the implementation or administration of any Benchmark or Benchmark Replacement, in connection with any Benchmark Replacement Date or as a result of a Benchmark Unavailability Period, 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 Program Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Seller.

&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)During a Benchmark Unavailability Period, the component of the Pricing Rate based on the applicable Benchmark shall, during the continuance of such Benchmark Unavailability Period, be replaced with a Benchmark Replacement reasonably determined by Administrative Agent .

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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;(iv)Administrative Agent will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to the calculation of the Pricing Rate described in <u>Article 3(f)(iii)</u>. For the avoidance of doubt, any notice required to be delivered by Administrative Agent as set forth in this <u>Article 3(f)</u> may be provided, at the option of Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as a part of any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Administrative Agent pursuant to this <u>Article 3(f)</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 Administrative Agent's sole discretion and without consent from Seller.

&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)Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (a) the administration, submission or any other matter related to CORRA, Daily Compounded CORRA, Term CORRA, SOFR or Term SOFR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (b) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to CORRA, Daily Compounded CORRA, Term CORRA, SOFR or Term SOFR (or any other Benchmark) or have the same volume or liquidity as CORRA, Daily Compounded CORRA, Term CORRA, SOFR or Term SOFR (or any other Benchmark), (c) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by <u>Article 3(f)</u> or <u>Article 3(i)</u> including, without limitation, whether or not a Benchmark Transition Event has occurred, whether to declare a Benchmark Transition Event, the removal or lack thereof of unavailable or non-representative tenors of CORRA, Daily Compounded CORRA, Term CORRA, SOFR or Term SOFR (or any other Benchmark), the implementation or lack thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by <u>Article 3(f)(iv)</u> or otherwise in accordance herewith, and (d) the effect of any of the foregoing provisions of <u>Article 3(f)</u> or <u>Article 3(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;(vi)Other than with respect to Administrative Agent's obligations and determination standard expressly set forth herein with respect to Benchmark Replacement, Administrative Agent does not warrant or accept responsibility for, and shall not have any liability to Seller hereunder or otherwise for, any loss, damage or claim arising from or relating to (i) the administration of, submission of, calculation of or any other matter related to the Benchmark, any component definition thereof or rates referred to in the definition thereof or any alternative, comparable or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, comparable or successor rate

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(including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the then-current Benchmark, (ii) the effect, implementation or composition of any Benchmark Replacement Conforming Changes or (iii) any mismatch between the Benchmark or the Benchmark Replacement and any of Seller's other financing instruments (including those that are intended as hedges).

&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)Administrative Agent, on behalf of Buyers, agrees to exercise its rights and remedies under this Section 3(f) in a manner substantially similar to Administrative Agent's exercise of similar remedies in repurchase facility agreements with similarly situated customers where Administrative Agent has a comparable contractual right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Notwithstanding any other provision herein, if after the date of this Agreement the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Administrative Agent to effect or continue Transactions as contemplated by the Program Documents, (i) the ability of Administrative Agent, on behalf of Buyers, to enter into new Transactions hereunder and the commitment of Administrative Agent, on behalf of Buyers, hereunder to continue Transactions shall be canceled, and (ii) the Transactions then outstanding shall be converted automatically to Alternative Rate Transactions on the last day of the then-current Pricing Rate Period or within such earlier period as may be required by law. If any such conversion of a Transaction occurs on a day which is not the last day of the then-current Pricing Rate Period with respect to such Transaction, Seller shall pay to Administrative Agent, on behalf of Buyers, such amounts, if any, as may be required pursuant to <u>Section 3(h)</u> of this Agreement. Administrative Agent agrees to exercise its rights and remedies under this Section 3(g) in a manner substantially similar to Administrative Agent's exercise of similar remedies in repurchase facility agreements with similarly situated customers where Administrative Agent has a comparable contractual right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Upon written demand by Administrative Agent , Seller shall indemnify Administrative Agent and hold Administrative Agent harmless from any net actual, out-of-pocket loss or expense (not to include any indirect or consequential damages or any lost profit or opportunity) (including, without limitation, reasonable actual attorneys' fees and disbursements of outside counsel) which Administrative Agent sustains or incurs as a consequence of (i) default by Seller in terminating any Transaction after Seller has given a notice in accordance with <u>Section 3(c)(ii)</u> of a termination of a Transaction, (ii) any payment of the Repurchase Price with respect to a Purchased Asset on any day other than a Remittance Date or the Repurchase Date (or the Early Repurchase Date) with respect to such Purchased Asset (including, without limitation, any such actual, out-of-pocket loss or expense arising from the reemployment of funds obtained by Administrative Agent to maintain Transactions hereunder or from customary and reasonable fees payable to terminate the deposits from which such funds were obtained), (iii) conversion of any Transaction to an Alternative Rate Transaction pursuant to <u>Section 3(g)</u> of this Agreement on a day which is not the last day of the then-current Pricing Rate Period or (iv) any conversion of the Pricing Rate to the Alternative Rate because the Benchmark is not available for any reason on a day that is not the last day of the then-current Pricing Rate Period. A certificate as to such actual costs, losses, damages and expenses, setting forth the calculations therefor shall be prima facie evidence of the information set forth therein in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If after the date of this Agreement the adoption or taking effect of or any change in any Requirement of Law or in the administration, interpretation, implementation or

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application thereof by any Governmental Authority or compliance by Administrative Agent with any request, rule, guideline or directive (whether or not having the force of law) from any central bank or other Governmental Authority having jurisdiction over Administrative Agent made subsequent to the date hereof (each of the foregoing a "<u>Change in Law</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)shall subject Administrative Agent or any Buyer to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income Taxes) with respect to the Program Documents, any Purchased Asset or any Transaction, or on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable 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;(ii)shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of Administrative Agent or Buyers which is not otherwise included in the determination of the Benchmark hereunder; 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;(iii)shall impose on Administrative Agent or any Buyer (other than Taxes) any other condition;

and the result of any of the foregoing is to increase the cost to Administrative Agent or any Buyer, by an amount which Administrative Agent or any Buyer deems, in its sole and absolute discretion, to be material, of entering into, continuing or maintaining Transactions or to reduce any amount receivable under the Program Documents in respect thereof; then, in any such case, Seller shall, within five (5) Business Days after written notice from Administrative Agent, pay Administrative Agent o any additional amounts necessary to compensate Administrative Agent or such Buyer, as applicable, for such increased cost or reduced amount receivable. If Administrative Agent becomes entitled to claim any additional amounts pursuant to this <u>Section 3(i)</u>, it shall notify Seller in writing of the event by reason of which it has become so entitled. A certificate as to the calculation of any additional amounts payable pursuant to this subsection shall be prima facie evidence of such additional amounts in the absence of manifest error. Failure or delay on the part of Administrative Agent to demand compensation under this <u>Section 3(i)</u> shall not constitute a waiver of Administrative Agent 's right to demand such compensation. This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)If Administrative Agent shall have determined that the adoption of or any change after the date of this Agreement in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Administrative Agent or any entity controlling Administrative Agent with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof does or shall have the effect of increasing the amount of capital to be held by Administrative Agent in respect of any Transaction hereunder or reducing the rate of return on Administrative Agent's or such entity's capital as a consequence of its obligations hereunder to a level below that which Administrative Agent or such entity could have achieved but for such adoption, change or compliance (taking into consideration Administrative Agent's or such entity's policies with respect to capital adequacy) by an amount deemed by Administrative Agent to be material, then from time to time, Seller shall, within five (5) Business Days after written

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notice from Administrative Agent , pay to Administrative Agent such additional amount or amounts as will compensate Administrative Agent for such reduction. In determining any additional amounts due under this <u>Section 3(j)</u>, Administrative Agent shall treat Seller in the same manner it treats other similarly situated sellers in facilities with substantially similar assets. A certificate as to the calculation of any additional amounts payable pursuant to this subsection shall be prima facie evidence of such additional amounts in the absence of manifest error. Failure or delay on the part of Administrative Agent to demand compensation under this <u>Section 3(j)</u> shall not constitute a waiver of Administrative Agent's right to demand such compensation. This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)On any Business Day during the Availability Period, upon one (1) Business Day's prior written notice to Administrative Agent , Seller shall have the right, from time to time, to transfer cash to Administrative Agent, on behalf of Buyers, for the purpose of reducing the Purchase Price of, but not terminating, a Transaction and without the release of any Collateral and without any prepayment fee or penalty; provided, that (x) no such advance notice shall be required with respect to any payment made by Seller to cure a Purchase Price Margin Deficit, Default or Event of Default, (y) each such transfer of cash shall be in a minimum amount equal to $250,000 and (z) Seller shall not be permitted to elect to transfer cash more often than three times in any calendar quarter (it being understood and agreed that Seller shall be permitted to reduce the Purchase Price with respect to more than one Purchased Asset on each such occasion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Term Out Period</u>. Seller shall have the option, exercisable by written notice to Administrative Agent delivered no later than thirty (30) days, but not more than one hundred twenty (120) days, prior to the expiration date of the then-applicable Availability Period, to enter into the Term Out Period, which option may be exercised irrespective of whether or not an extension of the Availability Period pursuant to <u>Section 3(d)</u> has occurred, and which shall be conditioned upon:

&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)no monetary or material non-monetary Default and no Event of Default under this Agreement having occurred and be continuing and no Purchase Price Margin Deficit for which a Purchase Price Margin Call has been delivered shall exist; 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;(ii)at the commencement of such Term Out Period, each Purchased Asset then subject to a Transaction shall satisfy any and all applicable extension debt yield and LTV tests, as applicable, as are stated in the applicable Confirmation for such Purchased Asset(s).

Seller shall not be permitted to enter into any new Transactions during the Term Out Period unless otherwise approved by Administrative Agent in its sole discretion.

**4. MARGIN MAINTENANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, on any Business Day with respect to a Non-Performing Asset, a Purchase Price Margin Deficit is continuing, then the applicable Seller shall, within two (2) Business Days after written notice from Administrative Agent (or, if such written notice is received by Seller after 12:00 p.m. New York City time on any Business Day, within three (3) Business Days after written notice from Administrative Agent) (a "<u>Purchase Price Margin Call</u>"), elect in such Seller's sole discretion to (i) transfer to Administrative Agent, on behalf of Buyers, immediately available funds in the Applicable Currency in an amount sufficient to cure such Purchase Price Margin Deficit or (ii) repurchase the applicable Non-Performing Asset. Any additional cash transferred to Administrative Agent, on behalf of Buyers, pursuant to this <u>Section 4(a)</u> with respect to the Purchased Assets shall be applied by Administrative Agent, on behalf of Buyers,,

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as determined by Administrative Agent in its sole and absolute discretion, to reduce such Purchase Price Margin Deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The failure of Administrative Agent, on any one or more occasions, to exercise its rights under this <u>Section 4</u>, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Administrative Agent to do so at a later date. Seller and Administrative Agent each agree that a failure or delay by Administrative Agent to exercise its rights under this <u>Section 4</u> shall not limit or waive Administrative Agent's rights under this Agreement or otherwise existing by law or in any way create additional rights for Seller. In the event that a Purchase Price Margin Deficit exists, Administrative Agent may retain any funds received by it to which Seller would otherwise be entitled hereunder, which funds shall be applied by Administrative Agent against the Purchase Price of any Purchased Asset(s) for which the related Purchase Price Margin Deficit remains otherwise unsatisfied. Notwithstanding the foregoing, Administrative Agent retains the right, in its sole and absolute discretion, to make a Purchase Price Margin Call in accordance with, and subject to, the provisions of this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt, with respect to this <u>Section 4</u>, any such payments and/or reductions shall be made by the applicable Seller in the Applicable Currency of the related Purchased Asset with respect to which such Purchase Price Margin Deficit exists.

**5. INCOME PAYMENTS AND PRINCIPAL PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to the first Purchase Date for a Purchased Asset in an Applicable Currency, the applicable Seller shall establish the Repo Collection Account at Account Bank. Administrative Agent shall have sole dominion and control over each Repo Collection Account. All Income (other than Servicer Income) in respect of the Purchased Assets shall be deposited directly into the applicable Repo Collection Account within two (2) Business Days of receipt thereof. All such amounts shall be remitted by Account Bank in accordance with the applicable provisions of <u>Sections 5(c)</u> and <u>5(d)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a Mortgagor, servicer, borrower or other obligor forwards any Income (other than Servicer Income) with respect to a Purchased Asset to Seller or any of its Affiliates rather than directly to the applicable Repo Collection Account, Seller shall (i) make commercially reasonable efforts to cause such Mortgagor, servicer, borrower or other obligor to forward such amounts directly to such Repo Collection Account denominated in the Applicable Currency, (ii) hold such amounts in trust for the benefit of Administrative Agent, on behalf of Buyers, and (iii) immediately deposit in the Repo Collection Account denominated in the Applicable Currency any such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Income other than Principal Payments</u>. From the Closing Date, so long as no Event of Default shall have occurred and be continuing, all Income in respect of the Purchased Assets (other than Principal Payments) received by Servicer during each Pricing Rate Period and on deposit in the Repo Collection Account on the Remittance Date shall be applied by Account Bank on the related Remittance Date in the following order of priority:

&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)*first*, to remit to (a) Custodian an amount equal to any accrued and unpaid custodial fees and expenses and (b) Account Bank and Servicer an amount equal to the depository fee and any unpaid Qualified Servicing Expenses (to the extent not retained by Servicer), if any, respectively, due and payable on such Remittance 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;(ii)*second*, to remit to Administrative Agent, on behalf of Buyers, an amount equal to the Price Differential which has accrued and is outstanding in respect of all Purchased

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Assets (first, in respect of Purchased Assets denominated in the same Applicable Currency as the Purchased Asset from which the Income was received as of such Remittance Date, such payment to be allocated among all such Purchased Assets on a pro rata basis based upon the outstanding Purchase Price of each such Purchased Asset, and then in respect of any Purchased Assets denominated in a different Applicable Currency as the Purchased Asset from which the Income was received after conversion of such currency to the Spot Rate, such payment to be allocated among all such Purchased Assets on a pro rata basis based upon the outstanding Purchase Price of each such Purchased 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;(iii)*third*, to remit to Administrative Agent, on behalf of Buyers, an amount equal to any unpaid fees, expenses and indemnity amounts due from Seller under the Program 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;(iv)*fourth*, to make a payment to Administrative Agent, on behalf of Buyers, on account of any uncured Purchase Price Margin Deficit; 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;(v)*fifth*, to remit to Seller the remainder, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Principal Payments</u>. From the Closing Date, so long as no Step Down Condition or Event of Default shall have occurred and be continuing, all Income in respect of the Purchased Assets constituting Principal Payments received by Servicer shall be applied by Account Bank on the first (1<sup>st</sup>) Business Day immediately following the date such Principal Payment was deposited in the Repo Collection Account in the following order of priority:

&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)*first*, to the extent not paid in full pursuant to clause *first* of <u>Section 5(c)</u>, to remit to (a) Custodian an amount equal to any accrued and unpaid custodial fees and expenses and (b) Account Bank and Servicer an amount equal to the depository fee and any unpaid Qualified Servicing Expenses (to the extent not retained by Servicer), if any, respectively, due and payable on such 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;(ii)*second*, to the extent not paid in full pursuant to clause *second* of <u>Section 5(c),</u> to remit to Administrative Agent, on behalf of Buyers, an amount equal to the Price Differential which has accrued and is outstanding as of such date in respect of the applicable Purchased Asset for which a Principal Payment was received;

&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)*third*, to the extent not paid in full pursuant to clause *third* of <u>Section 5(c),</u> to remit to Administrative Agent, on behalf of Buyers, an amount equal to any unpaid fees, expenses and indemnity amounts due from Seller under the Program 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;(iv)*fourth*, to the extent not paid in full pursuant to clause *fourth* of <u>Section 5(c)</u>, to make a payment to Administrative Agent, on behalf of Buyers, on account of any uncured Purchase Price Margin Deficit;

&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)*fifth*, to remit to Administrative Agent, on behalf of Buyers,, with respect to the applicable Purchased Asset for which a Principal Payment was received, an amount equal to the product of (A) the amount of such Principal Payment multiplied by (B) a percentage equal to the quotient of the outstanding Purchase Price of such Purchased Asset divided by the outstanding principal amount of such Purchased Asset, to be applied to reduce the outstanding Purchase Price of such Purchased Asset; 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)*sixth*, to remit to Seller the remainder, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Step Down Condition</u>. From the Closing Date, so long as no Event of Default shall have occurred and be continuing, all Income in respect of the Purchased Assets constituting Principal Payments received by Servicer during the continuance of a Step Down Condition shall be applied by Account Bank on the first (1<sup>st</sup>) Business Day immediately following the date such Principal Payment was deposited in the Repo Collection Account in the following order of priority:

&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)*first*, to the extent not paid in full pursuant to clause *first* of Section 5(c), to remit to (a) Custodian an amount equal to any accrued and unpaid custodial fees and expenses and (b) Account Bank and Servicer an amount equal to the depository fee and any unpaid Qualified Servicing Expenses (to the extent not retained by Servicer), if any, respectively, due and payable on such 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;(ii)*second*, to the extent not paid in full pursuant to clause *second* of Section 5(c), to remit to Administrative Agent, on behalf of Buyers, an amount equal to the Price Differential which has accrued and is outstanding in respect of the Purchase Price being reduced as of such date pursuant to *clause (v)* below (first, in respect of Purchased Assets denominated in the same Applicable Currency as the Purchased Asset from which the Income was received as of such Remittance Date, such payment to be allocated amongst all such Purchased Assets on a pro rata basis based upon the outstanding Purchase Price of each such Purchased Asset, and then in respect of any Purchased Assets denominated in a different Applicable Currency as the Purchased Asset from which the Income was received after conversion of such currency to the Spot Rate, such payment to be allocated among all such Purchased Assets on a pro rata basis based upon the outstanding Purchase Price of each such Purchased 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;(iii)*third*, to the extent not paid in full pursuant to clause *third* of Section 5(c), to remit to Administrative Agent, on behalf of Buyers, an amount equal to any unpaid fees, expenses and indemnity amounts due from Seller under the Program 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;(iv)*fourth*, to the extent not paid in full pursuant to clause *fourth* of Section 5(c), to make a payment to Administrative Agent, on behalf of Buyers, on account of any uncured Purchase Price Margin Deficit;

&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)*fifth*, to remit to Administrative Agent, on behalf of Buyers, with respect to the applicable Purchased Asset for which a Principal Payment was received, an amount equal to the product of (A) the amount of such Principal Payment multiplied by (B) a percentage equal to the quotient of the outstanding Purchase Price of such Purchased Asset divided by the outstanding principal amount of such Purchased Asset, to be applied to reduce the outstanding Purchase Price of such Purchased 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;(vi)*sixth*, to remit to Administrative Agent, on behalf of Buyers, the remainder, such amount to be applied on a pari passu and pro rata basis to reduce the outstanding Purchase Price of the Credit Risk Assets then subject to Transactions (first, in respect of Credit Risk Assets denominated in the same Applicable Currency as the Purchased Asset from which the Income was received as of such Remittance Date, such payment to be allocated amongst all such Credit Risk Asset on a pro rata basis based upon the outstanding Purchase Price of each such Credit Risk Asset, and then in respect of any Credit Risk Assets denominated in a different Applicable Currency as the Purchased Asset from which the Income was received after conversion of such currency to the Spot Rate, such payment to be allocated among all such Credit Risk Assets on a pro rata basis based upon the outstanding Purchase Price of each such Credit Risk Asset) until the Effective Purchase Price Percentage of the Purchased Assets then

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subject to Transactions (calculated on a weighted average basis based upon the outstanding Purchase Price of each individual Purchased Asset) is equal to seventy percent (70%); 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;(vii)*seventh*, to remit to Seller the remainder, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)At any time that an Event of Default shall have occurred and be continuing, all Income in respect of the Purchased Assets received by Servicer during each Pricing Rate Period and on deposit in the applicable Repo Collection Account on the Remittance Date shall be applied by Account Bank on the related Remittance Date in the following order of priority:

&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)*first*, to remit to (a) Custodian an amount equal to any accrued and unpaid custodial fees and expenses and (b) Account Bank and Servicer an amount equal to the depository fee and any unpaid Qualified Servicing Expenses (to the extent not retained by such Servicer), if any, respectively, due and payable as of such Remittance 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;(ii)*second*, to remit to Administrative Agent, on behalf of Buyers, an amount equal to the Price Differential which has accrued and is outstanding in respect of all Purchased Assets as of such Remittance 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;(iii)*third*, to remit to Administrative Agent, on behalf of Buyers, an amount equal to any unpaid fees, expenses and indemnity amounts due from Seller under the Program 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;(iv)*fourth*, to make a payment to Administrative Agent, on behalf of Buyers, on account of any uncured Purchase Price Margin Deficit;

&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)*fifth*, to make a payment to Administrative Agent, on behalf of Buyers, on account of the Repurchase Price of the Purchased Assets until the Repurchase Price for all Purchased Assets has been reduced to zero; 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)*sixth*, to remit to Seller the remainder, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All Underlying Purchased Asset Reserves must be held and applied by Servicer in accordance with <u>Section 29</u> hereof, the Servicing Agreement and the applicable Purchased Asset Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, unless otherwise expressly provided herein or mutually agreed in writing by Administrative Agent and the applicable Seller, all transfers of funds to be made by any Seller hereunder shall be made in the Applicable Currency with respect to each related Purchased Asset, in immediately available funds, without deduction, set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, Administrative Agent shall be entitled to convert monies received from or on behalf of one or more Sellers from one Applicable Currency to another Applicable Currency (or direct any Account Bank to do so) in connection with any application thereof by it pursuant to the Program Documents to the extent that any Repurchase Obligation is in an Applicable Currency other than the Applicable Currency of the monies received from or on behalf of Sellers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section 5, Income derived from Foreign Purchased Assets (CAD) which require quarterly (as opposed to monthly) interest payments by the relevant Mortgagor, which Income is credited to the applicable Seller's Repo Collection Account, shall only be distributed pursuant to this Section 5 on the Remittance Dates specified in clause (b)(ii) of the definition of "Remittance Date", and shall remain in such Repo Collection Account and shall not be applied to any payments pursuant to this Section 5 on any Remittance Date specified in clause (b)(i) of the definition thereof.

**6. SECURITY INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Other than for U.S. tax purposes, Buyers and Seller intend that all Transactions hereunder be sales to Buyers of the Purchased Assets and not loans from Buyers to Seller secured by the Purchased Assets. However, in the event any such Transaction is deemed to be a loan, Seller hereby pledges all of its right, title, and interest in, to and under and grants a first priority lien on, and security interest in, all of its right, title, and interest in the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located to Administrative Agent, on behalf of Buyers, to secure the payment and performance of all amounts or obligations owing by Seller to Administrative Agent, on behalf of Buyers, pursuant to this Agreement and the other Program 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;(i)the Purchased Assets, Servicing Agreements, Servicing Records, Servicing Rights, all insurance relating to the Purchased Assets, Underlying Purchased Asset Reserves, any interest rate protection agreements entered into by a Mortgagor in connection with any Purchased Asset, and collection and escrow accounts relating to the Purchased Assets;

&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)all "general intangibles," "accounts," "instruments" and "chattel paper" as defined in the UCC relating to or constituting any and all of the foregoing; 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;(iii)all replacements, substitutions or distributions on or proceeds, payments, Income (other than Servicer Income) and profits of, and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of the grant of the security interest pursuant to <u>Section 6</u> of this Agreement, this Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial Code (the "<u>UCC</u>") and, in relation to each Foreign Purchased Asset (CAD), under the applicable PPSA. Administrative Agent, on behalf of Buyers, shall have all of the rights and may exercise all of the remedies of a secured creditor under applicable Requirements of Law in the relevant jurisdiction (including, with respect to Purchased Assets for which the Applicable Currency is U.S. Dollars, the UCC and the other laws of the State of New York). In furtherance of the foregoing, (a) Administrative Agent, on behalf of Buyers,, at Seller's sole cost and expense, shall cause to be filed in such locations as may be necessary to perfect and maintain perfection and priority of the security interest granted hereby, UCC financing statements and continuation statements or their equivalent under applicable Requirements of Law in the relevant non-U.S. jurisdiction, including any registrations on any applicable personal property registry(ies) in Canada (with respect to Foreign Purchased Assets (CAD)) under the PPSA, and (b) Seller shall from time to time take such further actions as may be requested by Administrative Agent to maintain and continue the perfection and priority of the security interest granted hereby. Seller hereby irrevocably authorizes Administrative Agent at any time and from time to time to file in any filing office in any jurisdiction any initial financing statements and amendments thereto naming Seller as debtor and Administrative Agent, on behalf of Buyers, as secured party that (1) indicate the Collateral (i) as "all assets of the debtor whether

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now owned or existing or hereafter acquired or arising and wheresoever located, including all accessions thereto and products and proceeds thereof", regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or the PPSA, as applicable, in such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (2) contain any other information required by part 5 of Article 9 of the UCC or by the applicable PPSA for the sufficiency or filing office acceptance of any financing statement or amendment, including, with respect to Article 9 of the UCC, whether Seller is an organization, the type of organization and any organization identification number issued to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Administrative Agent's security interest in a Purchased Asset, or the Collateral as a whole, shall terminate only upon (i) in the case of an individual Purchased Asset, the repurchase thereof in accordance with the terms of this Agreement and (ii) in the case of the Collateral as a whole, the repayment in full of all Repurchase Obligations (other than any obligations that expressly survive termination of this Agreement and that are not then due and payable) and the termination of this Agreement and the other Program Documents. Upon any such termination, Administrative Agent shall release its security interest in the Collateral, deliver to Seller such UCC termination statements (or the equivalent under applicable Requirements of Law in the relevant non-U.S. jurisdiction) and other release documents as may be commercially reasonable and return the Purchased Assets and all Purchased Asset Documents (or approve the return by the Custodian, as applicable) to Seller or Seller's designee, and in the case of each Foreign Purchased Asset (CAD), Administrative Agent shall promptly register an amendment or discharge, as applicable, in the relevant personal property registry with respect to any then existing PPSA registrations, amending or removing any registration in such registry relating to such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Seller hereby pledges to Administrative Agent, on behalf of Buyers, as security for the performance by Seller of its obligations under the Transactions and the Program Documents and hereby grants to Administrative Agent, on behalf of Buyers, a first priority security interest in all of Seller's right, title and interest in and to the Repo Collection Account and all amounts and property from time to time on deposit therein and all replacements, substitutions or distributions on or proceeds, payments and profits of, and records and files relating to the Repo Collection Account.

**7. PAYMENT, TRANSFER AND CUSTODY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Purchase Date for each Transaction, ownership of the related Purchased Assets shall be transferred to Administrative Agent, on behalf of Buyers, or its designee (including Custodian) against the simultaneous transfer of the Purchase Price (in the Applicable Currency of the relevant Purchased Asset) to an account of Seller specified in the Confirmation relating to such Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On or before such Purchase Date, Seller shall deliver or cause to be delivered to Administrative Agent or its designee the Purchased Asset Schedule. In connection with each sale, transfer, conveyance and assignment of a Purchased Asset, on or prior to each Purchase Date with respect to such Purchased Asset, Seller shall deliver or cause to be delivered and released to Custodian the documents consisting of the Purchased Asset File and pertaining to each of the Purchased Assets identified in the Purchased Asset Schedule delivered therewith; provided, however, that Seller shall be permitted to cause a Bailee to execute and deliver to Administrative Agent a Bailee Letter and Bailee Trust Receipt in connection with such Purchased Asset, and Seller shall deliver such Bailee Letter and Bailee Trust Receipt to Administrative Agent on or before such Purchase Date and deliver (or cause to be delivered) such Purchased Asset File to Custodian by the fifth (5th) Business Day after the related Purchase

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Date; <u>provided</u>, further, that Seller shall deliver a certificate of an Authorized Representative of Seller certifying that any copies of documents delivered represent true and correct copies of the originals of such documents and, if applicable, that the originals of such documents have been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located). The Purchased Asset Files shall be maintained in accordance with the Custodial Agreement. If a Purchased Asset File is not delivered to Administrative Agent or its designee (including the Custodian), such Purchased Asset File shall be held in trust by Seller or its designee for the benefit of Administrative Agent as the owner thereof. Seller or its designee shall maintain a copy of the Purchased Asset File and the originals of the Purchased Asset File not delivered to Administrative Agent or its designee (including the Custodian). The possession of the Purchased Asset File by Seller or its designee is for the sole purpose of servicing the related Purchased Asset in accordance with the Program Documents, and such retention and possession by Seller or its designee is in trust only for the benefit of Administrative Agent, on behalf of Buyers, as the owner thereof. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the related Purchased Asset to Administrative Agent, on behalf of Buyers. Seller or its designee (including the Custodian) shall release its custody of the Purchased Asset File only in accordance with the Custodial Agreement. In addition, Seller shall deliver an instruction letter from Seller to Servicer with respect to each Purchased Asset, instructing Servicer to remit all Income to the Repo Collection Account as set forth in Section 5 hereof or as otherwise directed in a written notice signed by Seller and Administrative Agent. Notwithstanding the foregoing, if the Mortgagor under each Purchased Asset or Servicer with respect to each Purchased Asset, as applicable, remits any sums required to be remitted to the holder of each Purchased Asset under the loan documents to Seller or any of its Affiliates, Seller or its Affiliate shall hold such sums in trust for the benefit of Administrative Agent and remit such sums, within two (2) Business Days of receipt, to Servicer for transfer to the Account Bank for deposit in the Repo Collection Account as set forth in Section 5 or as otherwise directed in the written notice signed by Seller and Administrative Agent .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)From time to time, Seller shall forward or cause Servicer to forward to Custodian additional original documents or additional documents evidencing any assumption, modification, consolidation or extension of a Purchased Asset approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, Custodian shall hold such other documents as Custodian shall request pursuant to the Custodial Agreement. For the avoidance of doubt, with respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall deliver to Custodian a true copy thereof with an officer's certificate certifying that such copy is a true, correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver such original documents to Custodian promptly when they are received. With respect to all Purchased Assets delivered by Seller to Custodian on behalf of Administrative Agent , Seller shall execute an omnibus power of attorney substantially in the form of <u>Exhibit F</u> attached hereto irrevocably appointing Administrative Agent, on behalf of Buyers, its attorney-in-fact with full power following the occurrence and during the continuance of an Event of Default and, subject to the following sentence, during the occurrence and continuance of a monetary Default or material non-monetary Default, to (i) record the Assignment of Mortgage and assignment of assignment of leases and rents and (ii) take such other steps as may be reasonably necessary or desirable to enforce Administrative Agent's rights against such Purchased Assets and the related Purchased Asset Files and the Servicing Records. If a monetary Default or a material non-monetary Default has occurred and is continuing and Administrative Agent has requested in writing that Seller take or cause to be taken any action that Administrative Agent, on behalf of Buyers, deems reasonably necessary to preserve

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Administrative Agent's or its designee's ability to enforce upon the Purchased Assets as and when permitted pursuant to Section 14(b) hereof (which writing shall include a statement that Administrative Agent, on behalf of Buyers, will exercise its power of attorney if Seller fails to take or cause to be taken such action requested by Administrative Agent), and Seller has not complied with any such request promptly following receipt thereof, then Administrative Agent, on behalf of Buyers, (or its designee) may exercise its power of attorney during the existence and continuation of any such monetary Default or material non-monetary Default, as the case may be, as Administrative Agent deems reasonably necessary to preserve Administrative Agent's or its designee's ability to enforce upon the Purchased Assets as and when permitted pursuant to Section 14(b) hereof. Administrative Agent, on behalf of Buyers, shall deposit the Purchased Asset Files representing the Purchased Assets, or direct that the Purchased Asset Files be deposited directly, with Custodian. The Purchased Asset Files shall be maintained in accordance with the Custodial Agreement. During the continuance of an Event of Default, Administrative Agent, on behalf of Buyers, may at any time in its sole and absolute discretion record any Assignment of Mortgage and assignment of assignment of leases and rents. Any Purchased Asset Files not delivered to Administrative Agent or its designee (including Custodian) are and shall be held in trust by Seller or its designee for the benefit of Administrative Agent, on behalf of Buyers, as the owner thereof. Seller or its designee shall maintain a copy of the Purchased Asset File. The possession of the Purchased Asset File by Seller or its designee is at the will of Administrative Agent, on behalf of Buyers, for the sole purpose of servicing the related Purchased Asset, and such retention and possession by Seller or its designee is in a custodial capacity only. The books and records (including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the sale of the related Purchased Asset to Administrative Agent, on behalf of Buyers. Seller or its designee (including Custodian) shall release its custody of the Purchased Asset Files only in accordance with written instructions from Administrative Agent , unless such release is required as incidental to the servicing of the Purchased Assets, is in connection with a repurchase of any Purchased Asset by Seller or as otherwise required by law.

**8. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS**

Other than for U.S. tax purposes, title to all Purchased Assets shall pass to and vest in Administrative Agent, on behalf of Buyers, on the applicable Purchase Dates and, subject to the terms of the Program Documents, Administrative Agent on behalf of Buyers or its designee shall have free and unrestricted use of all Purchased Assets and be entitled to exercise all rights, privileges and options relating to the Purchased Assets as the owner thereof, including rights of subscription, conversion, exchange, substitution, voting, consent and approval, and to direct any servicer or trustee, subject, however, to the terms of this Agreement and the Purchased Asset Documents. Administrative Agent or its designee may engage in repurchase transactions with the Purchased Assets or otherwise sell, pledge, repledge, transfer, hypothecate, or rehypothecate the Purchased Assets to any Person which is an Affiliate of CIBC, all on terms that Administrative Agent, on behalf of Buyers may determine; <u>provided</u>, that (i) no such transaction shall affect the obligations of Administrative Agent, on behalf of Buyers, to transfer the Purchased Assets to Seller on each applicable Repurchase Date; (ii) that Seller shall not be liable for any costs incurred by Administrative Agent in connection with such hypothecation, and (iii) if no Event of Default has occurred and is continuing (x) Administrative Agent's entry into in repurchase transactions with the Purchased Assets with, or other sale, pledge, repledge, transfer, hypothecation, or rehypothecation of the Purchased Assets to any Person which is not an

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Affiliate of CIBC shall require the prior consent of Sellers, and (y) Sellers shall only be required to interface with CIBC or an Affiliate thereof with respect to this Agreement and the Transactions hereunder and CIBC or an Affiliate thereof shall retain all authority to enforce remedies and provide consents, waivers or approvals (including, without limitation, approving any Eligible Asset as a Purchased Asset or any extension of the Availability Period) under this Agreement and to determine the Market Value for any Purchased Asset under this Agreement. In the event Administrative Agent engages in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets as permitted hereunder, Administrative Agent shall have the right to assign to Administrative Agent's counterparty any of the applicable representations or warranties herein and the remedies for breach thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction.

**9. RECOURSE**

The obligations of Seller from time to time to pay the Repurchase Price, the Price Differential, and all other amounts due and obligations owing under this Agreement are full recourse obligations of Seller.

**10. REPRESENTATIONS AND WARRANTIES OF SELLER**

Each Seller represents and warrants to Administrative Agent that as of the Closing Date, as of each Purchase Date for the purchase of any Purchased Assets by Administrative Agent, on behalf of Buyers, from a Seller and as of each date any Transaction is outstanding hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Organization</u>. Each Seller is duly formed, validly existing and in good standing under the laws and regulations of the state of such Seller's formation and is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the transaction of such Seller's business. Each Seller has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted and proposed to be conducted. Each Seller is duly authorized and has the power to execute and deliver this Agreement, to enter into the Transactions contemplated hereunder and to perform its obligations under this Agreement and the other Program Documents, and it has taken all necessary action to authorize such execution, delivery and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Due Execution; Enforceability; Transactions</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)The Program Documents have been duly executed and delivered by each Seller for good and valuable consideration. The Program Documents constitute the legal, valid and binding obligations of each Seller, enforceable against such Seller in accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors' rights generally and to equitable principles.

&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)Each Seller will engage in the Transactions contemplated hereunder as principal (or, if agreed in writing, in the form of an annex, exhibit or schedule hereto or otherwise, in advance of any Transactions by the other party hereto, as agent for a disclosed principal), and the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Non-Contravention</u>; <u>Consents</u>. None of the execution, delivery and performance of the Program Documents, the consummation by each Seller of the transactions contemplated by the Program Documents, including the Transactions contemplated hereunder (or any of them), nor compliance by each Seller with the terms, conditions and provisions of the Program Documents (or any of them) will conflict with or result in a breach of any of the terms, conditions or provisions of (i) the organizational documents of such Seller, (ii) any contractual obligation by which such Seller is bound or the rights related to which have been assigned to such Seller or the obligations under which have been assumed by such Seller or to which the assets of such Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of the assets of such Seller, other than pursuant to the Program Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to such Seller, or (iv) any applicable Requirement of Law, in the case of the foregoing clauses (ii)-(iv), to the extent that such conflict or breach would have a material adverse effect on such Seller's ability to perform its obligations hereunder. Each Seller has obtained all necessary authorizations, licenses, permits and other consents from Governmental Authorities required in connection with this Agreement and the Transactions contemplated hereunder, to acquire, own and sell the Purchased Assets and for the performance of its obligations under the Program Documents, and such authorizations, licenses, permits and other consents are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Litigation; Requirements of Law</u>. Except as otherwise disclosed by any Seller to Administrative Agent in writing from time to time, there is no action, suit, proceeding, investigation, or arbitration pending or, to the Knowledge of any Seller, threatened against a Seller, Guarantor, Pledgor or any of their respective assets which could reasonably be expected to result in any Material Adverse Change or have an adverse effect on the validity of the Program Documents or the Purchased Assets. Each Seller is in compliance in all material respects with all Requirements of Law. None of any Seller, Guarantor or Pledgor is in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Broker</u>. No Seller has dealt with any broker, investment banker, agent, or other Person (other than Administrative Agent or an Affiliate of Administrative Agent) who may be entitled to any commission or compensation in connection with the sale of Purchased Assets pursuant to any of the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Good Title to Purchased Assets</u>. Immediately prior to the purchase of any Purchased Asset by Administrative Agent, on behalf of Buyers, from a Seller, the applicable Seller owned such Purchased Asset free and clear of any lien, encumbrance or impediment to transfer (including any "adverse claim" as defined in Section 8-102(a)(1) of the UCC) other than any Permitted Lien, and such Seller is the record and beneficial owner of and has good and marketable title to and the right to sell and transfer such Purchased Asset to Administrative Agent, on behalf of Buyers, and, upon transfer of such Purchased Asset to Administrative Agent, on behalf of Buyers, Administrative Agent, on behalf of Buyers shall be the owner of such Purchased Asset free of any adverse claim, subject to the rights of the applicable Seller pursuant to the terms of this Agreement. If contrary to the intention of the parties hereto, any Transaction is characterized as a secured financing of the related Purchased Assets, the provisions of this Agreement are effective to create in favor of Administrative Agent, on behalf of Buyers, a valid security interest in all rights, title and interest of the applicable Seller in, to and under the Collateral related to such Purchased Assets to the extent such security interest can be perfected by filing or by delivery to and possession by Custodian, and Administrative Agent, on behalf of Buyers, shall have a valid, perfected first priority security interest in such Purchased Assets, subject to Permitted Liens.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>No Default</u>. No Event of Default or, to each Seller's Knowledge, Default has occurred and is continuing under or with respect to the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Representations and Warranties Regarding the Purchased Assets; Delivery of Purchased Asset File</u>. With respect to any Purchased Asset, as of the related Purchase Date, date of any Future Funding Advance Draw with respect to such Purchased Asset and date of any Margin Excess Advance with respect to such Purchased Asset, the applicable Seller represents and warrants to Administrative Agent that such Purchased Asset conforms to the applicable representations and warranties set forth in <u>Exhibit G</u>, except as disclosed to Administrative Agent in a Requested Exceptions Report. It is understood and agreed that the representations and warranties set forth in <u>Exhibit G</u> as modified by such Requested Exceptions Report, if any, shall survive delivery of the respective Purchased Asset File to Administrative Agent or its designee (including Custodian) to the extent permitted by applicable law. With respect to each Purchased Asset, the Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Asset have been delivered to Administrative Agent or Custodian or Bailee on its behalf. The applicable Seller or its designee is in possession of a complete, true and accurate Purchased Asset File with respect to each Purchased Asset, except for such documents the originals of which have been delivered to Custodian and except as disclosed to and approved by Administrative Agent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Adequate Capitalization; No Fraudulent Transfer</u>. Each Seller has, as of the Purchase Date, adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Each Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. Each Seller is not insolvent nor will such Seller be made insolvent by virtue of such Seller's execution of or performance under any of the Program Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction relevant to any such determination in respect of such Seller. No Seller has entered into any Program Document or any Transaction pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Consents</u>. No consent, approval or other action of, or filing by any Seller with, any Governmental Authority or any other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of any of the Program Documents (other than consents, approvals, filings and other actions that have been obtained or made, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Ownership</u>. The direct, and to the extent depicted, the indirect, ownership interests in each Seller and Pledgor are as set forth on the organizational chart attached hereto as <u>Exhibit H.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Organizational Documents</u>. Each Seller has delivered to Administrative Agent certified copies of its organizational documents, together with all amendments thereto, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>No Encumbrances</u>. Subject to the terms of this Agreement and except for Permitted Liens and Title Exceptions, there are (i) no outstanding rights, options, warrants or agreements on the part of any Seller for a purchase, sale or issuance, in connection with the Purchased Assets, and (ii) no agreements on the part of Seller to issue, sell or distribute the Purchased Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Investment Company</u>. No Seller or Pledgor is required to register as an "investment company" or a company controlled by an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Taxes</u>. Each Seller has filed or caused to be filed all required U.S. federal, state and other material Tax returns that would be delinquent if they had not been filed on or before the date hereof and has paid all Taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it and any of its assets by any Governmental Authority, except for any such Taxes that are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP; no Tax liens have been filed against any of any Seller's assets and, to any Seller's Knowledge, no claims are being asserted with respect to any such Taxes, fees or other charges, except for liens with respect to Taxes not yet due and payable or for liens or claims with respect to Taxes that are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>ERISA</u>. No Seller has any Plans or any ERISA Affiliates and no Seller makes contributions to any Plans or any Multiemployer Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Judgments/Bankruptcy</u>. Except as disclosed in writing to Administrative Agent , there are no judgments against any Seller or, to any Seller's Knowledge, Guarantor or Pledgor unsatisfied of record or docketed in any court located in the United States of America and no Insolvency Event has ever occurred with respect to any Seller, Guarantor or Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Full and Accurate Disclosure</u>. No information contained in the Program Documents executed and delivered by any Seller, Guarantor or Pledgor, or any written statement furnished by or on behalf of any Seller pursuant to the terms of the Program Documents, contains any untrue statement of a material fact or, to any Seller's Knowledge, omits to state a material fact necessary to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>Financial Information</u>. All financial data concerning each Seller and Guarantor that has been delivered by or on behalf of each Seller and Guarantor to Administrative Agent is true, complete and correct in all material respects and has been prepared in accordance with GAAP to the extent applicable. Since the delivery of such data, except as otherwise disclosed in writing to Administrative Agent , there has been no change in the financial position of any Seller and Guarantor, or in the results of operations of any Seller and Guarantor, which change is reasonably likely to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Payment Instructions</u>. On or before the Purchase Date for each Purchased Asset, the applicable Seller has instructed the related Mortgagor, borrower or other obligor, as applicable, in writing to pay all amounts due under such Purchased Asset to Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>Notice Address; Jurisdiction of Organization</u>. On the date of this Agreement, each Seller's address for notices is specified in <u>Annex I</u> hereto. Each Seller's jurisdiction of formation is Delaware. The location where each Seller keeps its books and records, including all computer tapes and records relating to the Collateral, is such Seller's address for notices specified in <u>Annex I</u> hereto; <u>provided</u>, <u>however</u>, any Seller may change the location of its books and records in accordance with <u>Section 12(l)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>[intentionally omitted]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>Sanctions Policies and Procedures</u>. Policies and procedures have been implemented and maintained that are designed to achieve compliance by each Seller, Guarantor, Guarantor's Subsidiaries, and, to each Seller's Knowledge, its and their Affiliates, and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions, and each Seller, Guarantor, Guarantor's Subsidiaries and, to each Seller's Knowledge, its and their Affiliates and their respective officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the facility established hereby, are in compliance with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions</u>. (i) None of any Seller, Guarantor or any of its Subsidiaries, nor, to each Seller's Knowledge, its and their Affiliates, directors, officers, employees or agents that will act in any capacity in connection with or directly benefit from the facility established hereby is a Sanctioned Person, (ii) none of any Seller or any of its Subsidiaries is organized or resident in a Sanctioned Country, and (iii) no Seller has violated, been found in violation of or, to such Seller's Knowledge, is under investigation by any Governmental Authority for possible violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. Each of each Seller, Guarantor, Guarantor's Subsidiaries and, to each Seller's Knowledge, its and their Affiliates and respective directors, managers (including any managing member), officers and employees and agents are in compliance with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>Sanctions</u>. None of any Seller, Guarantor, Guarantor's Subsidiaries, nor, to each Seller's Knowledge, its and their respective directors, managers (including any managing member), officers, employees, agents, or Affiliates of Guarantor, is an individual or entity that is, or is owned or Controlled by, or acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind for Persons that are: (i) the subject/target of any sanctions administered or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury, the Canadian government, or other relevant sanctions authority of any jurisdiction in which any Seller, Pledgor or Guarantor are located or doing business (collectively, "<u>Sanctions</u>"), or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)<u>Government Lists</u>. Neither any Seller nor, to each Seller's Knowledge, any Person who (together with, in the case of a natural person, such person's family members or trusts) holds any legal or beneficial interest in any Seller, whether directly or indirectly:

&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)appears on any Government 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;(ii)to each Seller's Knowledge, has conducted business with or engaged in any transaction with any Person named on any Government List or any Person included in, owned by, Controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind to any of the Persons referred to or described in any Government List in contravention of applicable Laws;

&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)is a Person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof;

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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;(iv)with respect to any Seller, Pledgor and Guarantor only, has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or a Patriot Act Offense; 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;(v)with respect to any Seller, Pledgor and Guarantor only, is currently under investigation by any Governmental Authority for alleged criminal activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>Proceeds</u>. No proceeds received by any Seller or, to each Seller's Knowledge, any of its Affiliates in connection with any Program Document will be used in any manner that will violate Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)<u>Tax Status</u>. For U.S. federal income tax purposes, Seller is a "disregarded entity" (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)) as to Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ac)<u>Tax Status of Guarantor</u>. For U.S. federal income tax purposes, Guarantor is a "regulated investment company" under Sections 851 through 855 of the Code.

**11. NEGATIVE COVENANTS OF SELLER**

On and as of the date hereof and each Purchase Date and until this Agreement is no longer in force with respect to any Transaction, no Seller shall, without the prior written consent of Administrative Agent, on behalf of Buyers (to be withheld in Administrative Agent's sole and absolute discretion, except as provided in <u>Section 11(g)</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)engage in any action or inaction which would directly or indirectly impair or adversely affect Administrative Agent's title to the Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or indirectly, any interest in any Purchased Asset to any Person other than Administrative Agent, or engage in repurchase transactions or similar transactions with respect to any Purchased Asset with any Person other than Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)change its name or its jurisdiction of organization from the jurisdiction referred to in <u>Section 10(u)</u> unless it shall have provided Administrative Agent thirty (30) days' prior written notice of such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)create, incur or permit to exist any Lien in or on any Purchased Asset, except for any (i) Liens created in favor of Administrative Agent, on behalf of Buyers, under this Agreement, (ii) Permitted Liens and (iii) Title Exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)create, incur or permit to exist any Lien in or on any of the other Collateral subject to the security interest granted by such Seller pursuant to <u>Section 6</u> of this Agreement, except for any (i) Liens created in favor of Administrative Agent, on behalf of Buyers, under this Agreement, (ii) Permitted Liens and (iii) Title Exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)modify in any material respect or terminate any of the organizational documents of such Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)consent or assent to or otherwise allow any Material Modification to any Purchased Asset; provided, that (x) Administrative Agent shall not unreasonably withhold, delay

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or condition its consent to any proposed Material Modification, (y) Administrative Agent shall use commercially reasonable efforts to respond within five (5) Business Days of receipt from the applicable Seller of a written request for consent to a proposed Material Modification and (z) to the extent Administrative Agent does not respond within five (5) Business Days of receipt from the applicable Seller of a written request for consent to a proposed Material Modification, then Administrative Agent's consent shall be deemed to have been given to such Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)admit any additional members in such Seller, or permit the sole member of such Seller to assign or transfer all or any portion of its membership interests in such Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)after the occurrence and during the continuation of Event of Default, monetary Default or material non-monetary Default, make any distribution, payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any Capital Stock of such Seller, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of such Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)send a Redirection Letter or otherwise instruct any Mortgagor or servicer, as applicable, to make any payment due on such Purchased Asset to any account other than the applicable Repo Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)use, or permit Guarantor, Guarantor's Subsidiaries, Pledgor or its or their respective directors, officers, employees or agents to use, any Purchase Price paid by Administrative Agent, on behalf of Buyers (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (B) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any Person under any applicable Sanctions or result in the violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)engage in, or permit Guarantor, Guarantor's Subsidiaries, Pledgor or, to such Seller's Knowledge, any of its or their directors, officers, employees or agent in connection with or directly benefitting from this Agreement to engage in, or to conspire to engage in, any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)acquire or maintain any right or interest in any Purchased Asset or Mortgaged Property relating to any Purchased Asset that is senior to or pari passu with the rights and interests of Administrative Agent, on behalf of Buyers, therein under the Program Documents other than in connection with the addition of such other rights or interests as Collateral hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)use any part of the proceeds of any Transaction hereunder for any purpose which violates, or would be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)directly, or through a Subsidiary, acquire or hold title to any real property.

**12. AFFIRMATIVE COVENANTS OF SELLER**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Seller shall promptly (and in any event within two (2) Business Days of obtaining Knowledge thereof) notify Administrative Agent of any Material Adverse Change that has occurred in such Seller's commercially reasonable judgment; <u>provided</u>, <u>however</u>, that such notice shall not relieve such Seller of its other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Seller shall provide Administrative Agent with copies of such documents as Administrative Agent may reasonably request evidencing the truthfulness of the representations set forth in <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Seller (i) shall defend the right, title and interest of Administrative Agent, on behalf of Buyers, in and to the Collateral against, and take such other action as is necessary to remove, all Liens, security interests, claims and demands of all Persons (other than security interests by or through Administrative Agent , Permitted Liens and Title Exceptions) against the Purchased Assets or Collateral and (ii) shall, at Administrative Agent's request, take all action necessary to ensure that Administrative Agent will have a first priority security interest in the Purchased Assets in the event such Transactions are recharacterized as secured financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Seller shall notify Administrative Agent of the occurrence of any Default or Event of Default in each case of which such Seller has Knowledge (and the steps, if any, being taken to remedy it) within two (2) Business Days after obtaining Knowledge of such event. Promptly upon a request by Administrative Agent, if Administrative Agent believes (acting in good faith) that a Default or Event of Default may have occurred and is continuing, the applicable Seller shall supply to Administrative Agent a certificate signed by a director or a manager on its behalf certifying that to the best of such Seller's Knowledge no Default or Event of Default is continuing (or if a Default or Event of Default is continuing, specifying the Default or Event of Default, as applicable, and the steps, if any, being taken to remedy it). In determining whether a Default or Event of Default is continuing, Administrative Agent may, without any further investigation or enquiry, rely on a certificate issued by Seller as determinative, in the absence of express knowledge to the contrary, of the absence of any Default or Event of Default, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Seller shall promptly (and in any event not later than three (3) Business Days following receipt) deliver or cause Servicer to deliver to Administrative Agent (i) any notice of the occurrence of an event of default under any Purchased Asset Document (it being understood that each Seller shall consult with Administrative Agent with respect to any remedies such Seller intends to pursue in connection with any such event of default prior to or concurrently with pursuing such remedies), (ii) notice of the occurrence of any event that results in a Purchased Asset becoming a Non-Performing Asset, (iii) notice of the occurrence of any event that results in a Purchased Asset no longer being an Eligible Asset, (iv) notice of any Purchased Asset as to which a Due Diligence Representation is not true and correct as of any Future Funding Advance or Margin Excess Advance with respect to such Purchased Asset, and (iv) any other information with respect to any Purchased Asset as may be reasonably requested by Administrative Agent from time to time and within Seller's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Seller will permit Administrative Agent or its designated representative to inspect such Seller's records with respect to the Collateral and the conduct and operation of its business related thereto upon reasonable prior written notice from Administrative Agent or its designated representative, at such reasonable times and with reasonable frequency (not to exceed twice per calendar year absent the continuance of an Event of Default), and to make copies of extracts of any and all thereof, subject to the terms of <u>Section 16</u>, any confidentiality agreement between Administrative Agent and any Seller and Requirements of Law, and if no such confidentiality agreement then exists between Administrative Agent and a Seller, Administrative

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Agent and such Seller shall act in accordance with customary market standards regarding confidentiality and Requirements of Law. Administrative Agent shall act in a commercially reasonable manner in requesting and conducting any inspection relating to the conduct and operation of any Seller's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)At any time upon the reasonable request of Administrative Agent , at the sole expense of the applicable Seller, each Seller will promptly and duly execute and deliver to Administrative Agent such further instruments and documents and take such further actions as Administrative Agent may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including the first priority security interest granted hereunder and of the rights and powers herein granted (including, among other things, filing such UCC or PPSA financing statements as Administrative Agent may request). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be immediately delivered to Administrative Agent , duly endorsed in a manner satisfactory to Administrative Agent on behalf of Buyers, to be held as Collateral pursuant to this Agreement, and the documents delivered in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Each Seller (or Servicer on its behalf) shall provide Administrative Agent with the following financial and reporting information:

&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)Within sixty (60) days after the last day of each of the first three (3) calendar quarters in any fiscal year of Guarantor, the unaudited, consolidated balance sheet of Guarantor as at the end of such period and the related unaudited, consolidated statements of income, net assets and cash flows for Guarantor for such period and the portion of the fiscal year through the end of such period (and in each case with comparisons to applicable information in the financial statements from the same quarter of the previous year), accompanied by a compliance certificate in the form of <u>Exhibit E</u> hereto; provided, however, that such quarterly reports shall be deemed to have been delivered on the date such items are made publicly available on the Securities and Exchange Commission website;

&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)Within one hundred and twenty (120) days after the last day of its fiscal year, Guarantor's audited consolidated balance sheet as at the end of such fiscal year, accompanied by an opinion thereon of an independent certified public accounting firm of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern and shall state that said consolidated financial statements fairly and accurately present the consolidated financial condition and results of operations of Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year, and accompanied by a compliance certificate in the form of <u>Exhibit E</u> hereto; provided, however, that such annual reports shall be deemed to have been delivered on the date such items are made publicly available on the Securities and Exchange Commission website;

&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)With respect to the Purchased Assets and related Mortgaged Properties, no later than thirty (30) days after the last day of each calendar quarter in any fiscal year, any and all property level financial information that is in the possession of Seller or any Affiliate of Seller (including without limitation operating statements, occupancy reports, sponsor's business plan, any waiver request and any capex plan), together with a cover sheet by Sellers or Servicer summarizing the property performance made available to the applicable Seller with respect to each Purchased Asset (or, with respect to a portfolio of Purchased Assets, a consolidated summary of performance of the entire portfolio), which cover sheet shall set forth the valuation of such Purchased Asset (to be updated annually upon Administrative Agent's request), and, to the extent applicable and provided to the applicable Seller by the related Mortgagor, net

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operating income, debt yield calculation, debt service coverage ratio, occupancy, revenue per available room (for Hotel Purchased Assets) and sales/square footage (for retail properties) with respect to each Purchased Asset, and a loan status report containing a summary of all material changes to the property (including without limitation lease renewals/lapses, property improvements and reserve balances); provided, however, that if any such property-level financial information is not delivered to Seller within thirty (30) days after the last day of any calendar quarter, each Seller shall deliver such information to Administrative Agent within seven (7) Business Days following such Seller's receipt 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;(iv) [intentionally omitted];

&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)(A) Within thirty (30) days after the last day of each calendar month, each Seller's monthly operations report covering occupancy, collections, delinquencies, losses, recoveries, cash flows and such other property level information as may reasonably be requested by Administrative Agent and (B) within thirty (30) days after the last day of each calendar quarter in any fiscal year, an asset management report prepared by such Seller or 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;(vi)No later than three (3) Business Days prior to each Remittance Date, written instructions proposed by the applicable Seller in writing (which may be in the form of e-mail) for Administrative Agent approval regarding the distributions to be made by Account Bank in accordance with <u>Sections 5(c)</u> and <u>5(d)</u> of this Agreement; 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;(vii)Any other report reasonably requested by Administrative Agent to the extent such information is reasonably available to the applicable Seller (excluding, for the avoidance of doubt, any information which such Seller is not permitted to obtain from the obligors under the Purchased Asset Documents without cost or expense to Seller (other than *de minimis* cost or expense)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Seller shall at all times comply in all material respects with all laws, ordinances, rules and regulations of any federal, state, municipal or other public authority having jurisdiction over Seller or any of its assets, and each Seller shall do or cause to be done all things reasonably necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Each Seller shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Each Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all out-of-pocket costs, fees and expenses required to be paid by it, under the Program Documents. Each Seller shall timely file all income, franchise and other Tax returns required to be filed by it and shall timely pay and discharge all Taxes, levies, liens and other charges imposed on its, on its income or profits, on any of its assets or on the Collateral, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP and excluding other Permitted Liens and Title Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Each Seller shall advise Administrative Agent in writing of any change in such Seller's name or organizational structure or the places where the books and records pertaining to

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the Purchased Assets are held not less than fifteen (15) Business Days prior to taking any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Each Seller will maintain records with respect to the Collateral and the conduct and operation of its business with no less a degree of prudence than if the Collateral were held by such Seller for its own account and will furnish Administrative Agent, upon reasonable request by Administrative Agent or its designated representative, with information reasonably obtainable by such Seller with respect to the Collateral and the conduct and operation of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Each Seller shall provide Administrative Agent with reasonable access to any operating statements, any occupancy status and any other property level information, with respect to the Mortgaged Properties, plus any such additional reports, in each case in such Seller's possession or control as Administrative Agent may reasonably request with respect to the Mortgaged Properties (excluding, for the avoidance of doubt, any information which such Seller is not permitted to obtain from the obligors under the Purchased Asset Documents without cost or expense to Seller (other than *de minimis* cost or expense)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Each Seller shall ensure that policies and procedures are maintained and enforced by or on behalf of Seller to promote and achieve compliance by such Seller, Guarantor, Guarantor's Subsidiaries, Pledgor and each of their respective directors, officers, employees, and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. Each Seller further covenants and agrees to deliver (from time to time) to Administrative Agent any such certification or other evidence as may be reasonably requested by Administrative Agent , confirming that none of each Seller, Guarantor or Pledgor has to its knowledge engaged in any business, transaction or dealings with a Sanctioned Person, including, but not limited to, the making or receiving of any contribution of funds, goods, or services, to or for the benefit of a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Each Seller 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;(i)comply at all times with the requirements of all Anti-Money Laundering Laws applicable to such Seller;

&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)promptly upon the request of Administrative Agent, provide Administrative Agent with any information regarding Seller, Guarantor and Guarantor's Subsidiaries, reasonably necessary for Administrative Agent to comply with all Anti-Money Laundering Laws;

&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)comply at all times with the requirements of all OFAC Laws in all material 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;(iv)as to itself and Guarantor, Pledgor and any Subsidiaries of Guarantor, not conduct business with or engage in any transaction with any Person named in any Government List or any Person included in, owned by, Controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind to any of the Persons referred to or described in any Government List in material violation of applicable Laws;

&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)if it obtains Knowledge or receives any written notice that such Seller, Guarantor, Pledgor or any Subsidiary of Guarantor or any Person holding any legal or beneficial interest whatsoever therein (whether directly or indirectly) is named on any Government List (such occurrence, an "<u>OFAC Violation</u>"), such Seller shall promptly (i) give written notice to

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Administrative Agent of such OFAC Violation and (ii) comply in all material respects with all applicable Laws with respect to such OFAC Violation (regardless of whether the party included on the list of "Specially Designated Nationals and Blocked Persons" maintained by OFAC is located within the jurisdiction of the United States of America), including the OFAC Laws; 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)upon Administrative Agent's request from time to time (to be made not more frequently than once in any twelve (12) calendar month period), deliver a certification confirming its compliance with the covenants set forth in this <u>clause (p)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Each Seller shall promptly notify Administrative Agent upon obtaining Knowledge of the commencement of any action, suit, proceeding, investigation, or arbitration pending or, to the Knowledge of such Seller, threatened against Seller, Guarantor, Pledgor or any of their respective assets which could reasonably be expected to result in any Material Adverse Change, or which could reasonably be expected to have an adverse effect on the validity of the Program Documents or the Purchased Assets or any action taken or to be taken in connection with the obligations of Seller under any Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Promptly following a request by Administrative Agent therefore (but not more frequently than quarterly), each Seller shall execute and deliver to Administrative Agent a Certification of Beneficial Owner(s) complying with the Beneficial Ownership Rule, in form and substance reasonably acceptable to Administrative Agent .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Notwithstanding anything to the contrary contained in this Agreement, in no event shall any Seller be deemed to (x) have made any representation or warranty pursuant to this Agreement or any other Program Document with respect to, (y) have any obligation under this Agreement or any other Program Document to deliver to or notify Administrative Agent of, or (z) possess Knowledge of, any Manager Affiliate Information (or event dependent on Manager Affiliate Information), in each case unless and until such time as such Manager Affiliate Information (or applicable event) is provided to the lenders under the related Purchased Asset Documents in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)For U.S. federal income tax purposes, each Seller shall at all times remain a "disregarded entity" (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)) as to Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)For U.S. federal income tax purposes, Guarantor shall remain a "regulated investment company" under Sections 851 through 855 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If there is a change in facts or circumstances occurring following the Purchase Date for any Purchased Asset that would render any Due Diligence Representation to be incorrect or untrue in any material respect if such Due Diligence Representation were to be remade at such time (except to the extent disclosed in a Requested Exceptions Report approved by Administrative Agent in writing in accordance with the terms hereof), then Seller shall pursue a reasonable remedy or cure for such Due Diligence Representation in a manner consistent with that of a prudent commercial real estate lender under the circumstances.

**13. SPECIAL PURPOSE ENTITY**

Each Seller hereby represents and warrants to Administrative Agent , and covenants with Administrative Agent, that as of the date hereof and so long as any of the Program Documents shall remain in effect:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It was formed solely for the purpose of (i) originating, acquiring, holding, administering, financing, servicing, managing, enforcing and disposing, directly and subject to this Agreement, the Purchased Assets, assets being offered as Eligible Assets pursuant to this Agreement, assets that are Eligible Assets other than with respect to clause (i) of the definition thereof due to Administrative Agent's failure to approve such Eligible Asset as a Purchased Asset in its sole and absolute discretion and notwithstanding any criteria that are tested solely as of the related Purchase Date (any such asset, an "<u>Eligible Held Asset</u>") and any incidental property relating to the foregoing, (ii) engaging in the Transactions and (iii) performing its obligations under the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is and intends to remain solvent and it has paid and will pay its debts and liabilities (including employment and overhead expenses) from its own assets (or the assets of another Seller) as the same shall become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)It has complied and will comply with the provisions of its certificate of formation and its limited liability company agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)It has done or caused to be done and will, to the extent under its control, do all things necessary to observe all limited liability company formalities and to preserve its existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)It has maintained and will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates (other than another Seller), its members and any other Person, and it will file its own Tax returns, if any, which are required by law (except to the extent consolidation is required or permitted under GAAP (in the case of financial statements) or has been elected or is mandatory under the Code or the Tax law of any State (in the case of Tax returns) or is required as a matter of law), provided, however, that Seller's assets may be included in a consolidated financial statements and Tax returns of Guarantor; <u>provided</u>, <u>further</u>, that, (i) an appropriate notation shall be made on such consolidated financial statement to indicate the separateness of such Seller from Guarantor and to indicate that Seller's assets and liabilities are not available to satisfy the debts and other obligations of Guarantor or any other Person (other than another Seller) and (ii) such assets shall also be listed on Seller's own separate balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) It has been, is and will be and at all times will hold itself out to the public as a legal entity separate and distinct from any other Person (including any Affiliate), (ii) shall correct any known misunderstanding regarding its status as a separate entity, (iii) shall conduct business (A) in a reasonable and prudent manner and in accordance with its organizational documents and in a manner which is in compliance with the Program Documents, (B) in its own name, (iv) shall not identify itself as a division or part of any of its Affiliates, (v) shall maintain and utilize separate stationery, invoices and checks, and (vi) shall pay to any Affiliate that incurs costs for office space and administrative services that it uses, the amount of such costs allocable to its use of such office space and administrative services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)It has not owned and will not own any property or any other assets other than the Collateral and cash and interests in hedges and Eligible Assets that are to be offered as Purchased Assets or which have been repurchased and Eligible Held Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)It has not engaged and will not engage in any business other than the origination, acquisition, ownership, hedging, administering, financing, servicing, management, enforcement and disposition of the Collateral and any asset being offered as an Eligible Asset and any Eligible Held Asset, all in accordance with the applicable provisions of the Program Documents and Seller's organizational documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)It has not entered into, and will not enter into, any contract or agreement with any of its Affiliates, except upon terms and conditions that are substantially similar to those that would be available on an arm's-length basis with Persons other than an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)It has not incurred and will not incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (i) obligations under the Program Documents; (ii) obligations under the Purchased Asset Documents; and (iii) unsecured trade payables and other liabilities, contingent or otherwise, which are normal and incidental to the origination, acquisition, ownership, hedging, administering, financing, servicing, management, enforcement and disposition of the Purchased Assets (including, without limitation, unsecured trade payables in the ordinary course of its business which are either (x) no more than ninety (90) days past due or (y) to the extent that any trade payables are more than ninety (90) days past due, such trade payables do not exceed $250,000 and are being contested in good faith and for which adequate reserves are maintained) (it being understood that the amount of any trade payables denominated in an Applicable Currency other than the Base Currency shall be calculated under this clause (j) based on the then-current equivalent of such amount based on the Spot Rate with respect to such Applicable Currency as of the date of determination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)It has not made and will not make any loans or advances (other than Eligible Assets) to any other Person, and shall not acquire obligations or securities of any member or any Affiliate of any member or any other Person (other than another Seller) (other than in connection with the acquisition of the Eligible Assets) or expressly permitted by the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)It will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; <u>provided</u>, that the foregoing shall not require any member, partner or shareholder of Seller to make any additional capital contributions to Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)It shall not seek its dissolution, liquidation or winding up, in whole or in part, or suffer any Change of Control, consolidation or merger with respect to itself, or enter into (or agree to enter into) any Division/Series Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)It will not commingle its funds and other assets with those of any of its Affiliates (other than another Seller) or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)It has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any of its Affiliates or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)It has not held and will not hold itself out to be responsible for the debts or obligations of any other Person (other than another Seller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)It shall not take any of the following actions without the affirmative vote of the Independent Manager: (i) permit its members to dissolve or liquidate Seller, in whole or in part; (ii) consolidate or merge with or into any other entity or convey or transfer all or substantially all of its properties and assets to any entity; or (iii) institute any proceeding to be adjudicated as bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code, or effect any similar procedure under any similar law, or consent to the filing of any such petition or to the appointment of a receiver, rehabilitator, conservator, liquidator, assignee, trustee or sequestrator (or other similar official) of Seller or of any substantial part of

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its property, or order the winding up or liquidation of its affairs, or make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)It has no liabilities, contingent or otherwise, other than those normal and incidental to the origination, acquisition, ownership, hedging, financing and disposition of the Purchased Assets, except as contemplated by the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)It has not maintained and shall not maintain any employees but shall be permitted to utilize employees of its Affiliates pursuant to arm's length terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)It shall at all times maintain at least one Independent Manager whose identity has been made known to Administrative Agent and shall give prior written notice to Administrative Agent of any resignation, withdrawal, discharge or replacement of such Independent Manager. For so long as any of Seller's Repurchase Obligations under this Agreement and the other Program Documents are outstanding, Seller shall not take any of the actions contemplated by <u>Section 13(q)</u> above without the affirmative vote of such Independent Manager. Seller shall not terminate, replace or otherwise remove any Independent Manager without the written consent of Administrative Agent .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)It shall at all times discharge all obligations and liabilities due and owing by it from its own funds.

**14. EVENTS OF DEFAULT; REMEDIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The occurrence of any of the following events shall be an Event of Default hereunder (each, an "<u>Event of Default</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)failure of Administrative Agent to receive within one (1) Business Day of any Remittance Date the accrued and unpaid Price Differential (including, without limitation, in the event the Income paid or distributed on or in respect of the Purchased Assets is insufficient to make such payment and Seller does not make such payment or cause such payment to be 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;(ii)the applicable Seller fails to repurchase any Purchased Asset upon the related Repurchase 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;(iii)any Seller fails to comply with <u>Section 4</u> hereof;

&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)an Insolvency Event occurs with respect to any Seller, Guarantor or Pledgor;

&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)a Person described in the definition of Knowledge admits, in writing (other than to Administrative Agent), that a Seller or Guarantor is not solvent or is generally not able or not willing to perform any of its obligations pursuant to any of the Program 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;(vi)either (A) the Program Documents shall for any reason not cause, or shall cease to cause, Administrative Agent, on behalf of Buyers, to be the owner free of any adverse claim (other than the rights of Sellers pursuant to this Agreement) of any of the Purchased Assets, or (B) if a Transaction is recharacterized as a secured financing, the Program Documents with respect to any Transaction shall for any reason cease to create a valid first priority security interest in favor of Administrative Agent, on behalf of Buyers, in any of the Purchased Assets,

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and in any case, such condition is not cured within three (3) Business Days following notice thereof to the applicable Seller;

&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)failure of a Seller to make any other payment owing to Administrative Agent, on behalf of Buyers, which has become due, whether by acceleration or otherwise under the terms of this Agreement which failure is not remedied within the applicable period (in the case of a failure pursuant to <u>Section 4</u>) or three (3) Business Days (in the case of any other such failure);

&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)any governmental, regulatory, or self-regulatory authority shall have taken any action to remove, limit, restrict, suspend or terminate the rights, privileges, or operations of Seller, which suspension results in a Material Adverse 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;(ix)a Change of Control shall have occurred;

&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)any representation (other than any Due Diligence Representation, unless such Due Diligence Representation was Knowingly and intentionally false or misleading when made by the applicable Seller) made by the applicable Seller, Guarantor or Pledgor shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated which incorrect or untrue representation is not cured within ten (10) Business Days (including by the applicable Seller repurchasing the applicable Purchased Asset) of the earlier of (i) the receipt of written notice by the applicable Seller and (ii) Knowledge of the applicable Seller;

&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)(i) Guarantor breaches any of the payment obligations set forth in the Guaranty or (ii) Guarantor shall fail to observe any of the financial covenants set forth in the Guaranty or (iii) Guarantor shall have defaulted or failed to perform any of the other obligations under the Guaranty in any material respect and such default or failure referred to in this clause (iii) remains uncured for a period of seven (7) Business Days after the earlier of receipt of notice thereof from Administrative Agent or a Seller's acquiring Knowledge of such default or failure by 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;(xii)a final non-appealable judgment (other than a judgment to the extent covered by insurance or for which adequate reserves are held) by any competent court in the United States of America or Canada for the payment of money in an amount greater than (x) $250,000 (in the case of a Seller), (y) $1,000,000 (in the case of Pledgor), or (z) $50,000,000 (in the case of Guarantor) shall have been rendered against a Seller, Guarantor or Pledgor, and remained undischarged or unpaid for a period of forty-five (45) days after the date on which payment is due and payable, during which period execution of such judgment is not effectively stayed by bonding over or other means acceptable to 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;(xiii)Guarantor or Pledgor shall have defaulted or failed to perform (after the expiration of any applicable notice and grace period) under any note, indenture, loan agreement, guaranty, repurchase agreement, swap agreement or any other contract, agreement or transaction to which it is a party, which default (A) involves the failure to pay a monetary obligation in excess of $250,000 (in the case of Pledgor) or $50,000,000 (in the case of Guarantor), or (B) permits the acceleration of the maturity of obligations in excess of $250,000 (in the case of Pledgor) or $50,000,000 (in the case of Guarantor), by any other party to or beneficiary of such note, indenture, loan agreement, guaranty, repurchase agreement, swap agreement or other contract agreement or transaction due to the failure to observe the financial covenant, if any, set forth therein;

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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;(xiv)If a Seller, Guarantor or Pledgor shall breach or fail to perform any of the terms, covenants, obligations or conditions of this Agreement or any other Program Document, other than as specifically otherwise referred to in this definition of "Event of Default," and such breach or failure to perform is not remedied within fifteen (15) Business Days after notice thereof to Seller by Administrative Agent (including by Seller repurchasing the applicable Purchased Asset); 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;(xv)Any Seller consents or assents to or otherwise allows any Material Modification without the prior written consent of Administrative Agent in accordance with Section 11(g); <u>provided</u> that such Seller's failure to comply with <u>Section 11(g)</u> of this Agreement with respect to any Purchased Asset shall not be considered an Event of Default if such Seller repurchases the related Purchased Asset within ten (10) Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If an Event of Default shall occur and be continuing, the following rights and remedies shall be available to Administrative Agent, on behalf of Buyers:

&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)At the option of Administrative Agent, on behalf of Buyers, exercised by written notice to Sellers (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Insolvency Event with respect to a Seller, Guarantor or Pledgor), the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (the date on which such option is exercised or deemed to have been exercised being referred to hereinafter as the "<u>Accelerated Repurchase Date</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;(ii)If Administrative Agent, on behalf of Buyers, exercises or is deemed to have exercised the option referred to in <u>Section 14(b)(i)</u> of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Each Seller's obligations hereunder to repurchase all Purchased Assets shall become immediately due and payable on and as of the Accelerated Repurchase 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;&nbsp;&nbsp;&nbsp;&nbsp;(B)to the extent permitted by applicable law, the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis (or, with respect to a Foreign Purchased Asset (CAD), a 365 day per year basis) for the actual number of days during the period from and including the Accelerated Repurchase Date to but excluding the date of payment of the Repurchase Price (as so increased), (x) the Pricing Rate for such Transaction *times* (y) the Repurchase Price for such Transaction; 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)Custodian shall, upon the request of Administrative Agent, on behalf of Buyers, deliver to Administrative Agent, on behalf of Buyers, all instruments, certificates and other documents then held by Custodian relating to the Purchased Assets.

&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)Administrative Agent, on behalf of Buyers, may in accordance with Requirements of Law (A) immediately sell, at a public or private sale in a commercially reasonable manner and at such price or prices as Administrative Agent, on behalf of Buyers, may reasonably deem satisfactory any or all Purchased Assets or (B) in its sole and absolute discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give the applicable Seller credit for such Purchased Assets in an amount equal to the market value of such Purchased Assets as determined by Administrative Agent, on behalf of Buyers, in good faith consistent with its and its Affiliates' methods for determining the market value for similar commercial real estate portfolios against the aggregate unpaid Repurchase Price for such Purchased Assets and any

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other amounts owing by the applicable Seller under the Program Documents. The proceeds of any disposition of Purchased Assets effected pursuant to this <u>Section 14(b)(iii)</u> shall be applied in accordance with <u>Section 5(d)</u>, with any amounts remaining after the payment of all Repurchase Obligations in full and the termination of this Agreement to be paid to the applicable Seller.

&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)The parties acknowledge and agree that (A) the Purchased Assets subject to the Transactions hereunder are not instruments traded in a recognized market, and, in the absence of a generally recognized source for prices or bid or offer quotations for any Purchased Assets, Administrative Agent, on behalf of Buyers, may establish the source therefor in its sole and good faith discretion and (B) all prices, bids and offers shall be determined together with accrued Income (except to the extent contrary to market practice with respect to the relevant Purchased Assets). The parties recognize that it may not be possible to purchase or sell all Purchased Assets on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid at such time. In view of the nature of the Purchased Assets, the parties agree that liquidation of a Transaction or the Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Administrative Agent, on behalf of Buyers, may elect, in its sole and absolute discretion, the time and manner of liquidating any Purchased Assets, and nothing contained herein shall (1) obligate Administrative Agent, on behalf of Buyers, to liquidate any Purchased Assets on the occurrence and during the continuance of an Event of Default or to liquidate all Purchased Assets in the same manner or on the same Business Day or (2) constitute a waiver of any right or remedy of Administrative Agent, on behalf of Buyers, under the Program 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;(v)Sellers shall be liable to Administrative Agent for (A) the amount of all expenses, including legal fees and expenses, actually incurred by Administrative Agent, on behalf of Buyers, in connection with or as a consequence of an Event of Default, (B) all costs incurred in connection with covering transactions of the type described in <u>Section 3(i)</u>, and (C) any other actual out-of-pocket loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default.

&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)Administrative Agent, on behalf of Buyers, shall have, in addition to its rights and remedies under the Program Documents, all of the rights and remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are characterized as secured financings, the rights and remedies of a secured party under the UCC of the State of New York or the applicable PPSA, to the extent that the UCC or PPSA is applicable, and the right to offset any mutual debt and claim), in equity, and under any of the Program Documents. Without limiting the generality of the foregoing, Administrative Agent, on behalf of Buyers, shall be entitled to set-off the proceeds of the liquidation of the Purchased Assets against all of each Seller's obligations to Administrative Agent, on behalf of Buyers, under this Agreement, whether or not such obligations are then due, without prejudice to Administrative Agent's right to recover any deficiency.

&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)Subject to the notice and grace periods set forth herein, Administrative Agent, on behalf of Buyers, may exercise any or all of the remedies available to Administrative Agent, on behalf of Buyers, immediately upon the occurrence of an Event of Default and at any time during the continuance thereof. All rights and remedies arising under the Program Documents, as amended from time to time, are cumulative and not exclusive of any other rights or remedies which Administrative Agent, on behalf of Buyers, may have.

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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;(viii)Administrative Agent, on behalf of Buyers, may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives any defenses Sellers might otherwise have to require Administrative Agent, on behalf of Buyers, to enforce its rights by judicial process. Sellers also waive any defense Sellers might otherwise have arising from the use of nonjudicial process, disposition of any or all Purchased Assets, or from any other election of remedies. Sellers recognize that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm's length.

&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)Administrative Agent, on behalf of Buyers, may, without prior notice to Sellers, set off any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by any Seller to Administrative Agent, on behalf of Buyers, or any Affiliate of Administrative Agent or any Buyers against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Administrative Agent or any Affiliate of Administrative Agent or any Buyers to a Seller. Administrative Agent on behalf of Buyers will give notice to the other party of any set-off effected under this <u>Section 14(b)(ix)</u>. If a sum or obligation is unascertained, Administrative Agent on behalf of Buyers may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this <u>Section 14(b)(ix)</u> shall be effective to create a charge or other security interest. This <u>Section 14(b)(ix)</u> shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).

&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)Each Seller shall, within two (2) Business Days following Administrative Agent's written request, execute and deliver to Administrative Agent such documents, instruments, certificates (including, without limitation, any Transfer Certificate), assignments and other writings, and do such other acts as Administrative Agent, on behalf of Buyers, may reasonably request for the purposes of assuring, perfecting and evidencing Administrative Agent's ownership of the Purchased Assets on behalf of Buyers, including, without limitation: (A) forwarding to buyer or Administrative Agent's designee (including, if applicable, Custodian), any payments such Seller or any of its Affiliates receives on account of the Purchased Assets, in each case promptly upon receipt thereof; (B) to the extent not already contained in the Purchased Asset File, delivering to Administrative Agent or such designee any certificates, instruments, documents, notices or files evidencing or relating to the Purchased Assets which are in such Seller's possession or under its control; (C) to the extent not already contained in the Purchased Asset File, delivering to Administrative Agent underwriting summaries, credit memos, asset summaries, status reports or similar documents relating to the Purchased Assets and in Seller's possession or under its 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;(xi)Each Seller hereby appoints Administrative Agent, on behalf of Buyers, as attorney-in-fact of such Seller for the purpose of carrying out the provisions of this Agreement and taking any action and executing or endorsing any instruments that Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest and shall terminate upon payment and satisfaction in full of the Repurchase Obligations and the termination of this Agreement.

**15. SINGLE AGREEMENT**

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Administrative Agent, Buyer and each Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Administrative Agent, Buyer and each Seller agrees (a) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (b) that each of them shall be entitled to set-off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (c) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted.

**16. CONFIDENTIALITY**

All information regarding the terms set forth in any of the Program Documents and/or the Transactions, provided pursuant to any Underwriting/Due Diligence Package and/or Supplemental Due Diligence List or otherwise provided in connection with, or related to, any proposed Eligible Asset, Purchased Asset and/or Transaction or proposed Transaction shall be used by Administrative Agent and Buyers solely for purposes of evaluating Transactions hereunder, shall be kept confidential and shall not be disclosed by either party to any Person except (a) to the Affiliates of such Party or its or their respective directors, officers, employees, agents, advisors, attorneys, accountants, insurance providers and other representatives who are informed of the confidential nature of such information and instructed to keep it confidential, including any advisor engaged by such party in connection with portfolio management, monitoring and reporting solutions with respect to the transactions and Purchased Assets contemplated herein and the agents of such Persons, (b) to the extent ordinarily disclosed by Seller and/or Guarantor by virtue of Guarantor being a publicly traded company, or to the extent requested by any regulatory authority or required by Requirements of Law, (c) to the extent required to be included in the financial statements or reporting of either party or an Affiliate thereof, (d) to the extent required to exercise any rights or remedies under the Program Documents, Purchased Assets, the Purchased Asset Documents or Mortgaged Properties, (e) to the extent required to consummate and administer a Transaction, (f) to any actual or prospective participant or assignee which agrees to comply with this <u>Section 16</u>, (g) to the extent required in connection with any litigation between the parties in connection with any Program Document or (h) by Seller or Guarantor to potential or existing investors in or financing parties to Guarantor or its Affiliates and Subsidiaries who are informed of the confidential nature of such information and instructed to keep it confidential; <u>provided</u>, that no such disclosure made with respect to any Program Documents shall include a copy of such Program Document to the extent that a summary would suffice, but if it is necessary for a copy of any Program Document to be disclosed, all pricing and other economic terms set forth therein shall be redacted before disclosure to the extent such disclosure can be satisfied by a redacted copy of such Program Document. Notwithstanding anything contained herein to the contrary, any press communication

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or other media announcement relating to the Program Documents and/or the Transactions (other than such communications or announcements required by law as a result of Guarantor being a publicly traded company) must be mutually consented to in advance by Administrative Agent on behalf of Buyers and Seller in writing.

**17. NOTICES AND OTHER COMMUNICATIONS**

Unless otherwise expressly provided in this Agreement, all notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) provided that such telecopied notice must also be delivered by one of the means set forth in (a), (b) or (c) above, or (e) by email with confirmation of delivery, in each case, to the address specified in <u>Annex I</u> hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this <u>Section 17</u>. A notice shall be deemed to have been given: (v) in the case of hand delivery, at the time of delivery, (w) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (x) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, (y) in the case of telecopier, upon receipt of answerback confirmation, provided that such telecopied notice was also delivered as required in this <u>Section 17</u> or (z) in the case of email, upon receipt by the recipient thereof. A party receiving a notice which does not comply with the technical requirements for notice under this <u>Section 17</u> may elect to waive any deficiencies and treat the notice as having been properly given.

**18. ENTIRE AGREEMENT; SEVERABILITY**

This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

**19. SUCCESSORS AND ASSIGNS/VOTING AND CONTROL RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that none of any Seller, Pledgor or Guarantor may assign or otherwise transfer any of its rights or obligations under this Agreement or the other Program Documents and under any Transaction without the prior written consent of Administrative Agent .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Buyer may at any time grant to one or more Persons which are Affiliates of CIBC (each, a "<u>Participant</u>") participating interests in the Program Documents and/or any or all of the Transactions without the consent of, or prior notice to, Sellers; provided, that so long as an Event of Default has not occurred and is not continuing, any such grant of such Buyer of a participation interest to any other Person which is not an Affiliate of CIBC shall require the prior consent of Sellers. In the event of any such grant by such Buyer of a participation interest to a

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Participant, such Buyer shall remain responsible for the performance of its obligations under this Agreement, and Sellers shall continue to deal solely and directly with such Buyer in connection with such Buyer's rights and obligations under this Agreement. Any agreement pursuant to which a Buyer may grant such a participation interest shall provide that such Buyer shall retain the sole right and responsibility to enforce the obligations of Seller hereunder and to approve any amendment, modification or waiver of any provision of 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;(xii)(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Seller agrees that each Participant shall be entitled to the benefits of <u>Section 3(i)</u> and <u>Section 30</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 30(e)</u> (it being understood that the documentation required under <u>Section 30(e)</u> shall be delivered to the participating Buyer)) to the same extent as if it were a Buyer and had acquired its interest by assignment pursuant to paragraph (c) of this <u>Section 19</u>; provided that such Participant shall not be entitled to receive any greater payment under <u>Section 3(i)</u> and <u>Section 30</u> with respect to any participation than its participating Buyer would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in any Requirement of Law or other Change in Law that occurs after the Participant acquired the applicable participation. In the event that any Buyer grants participations in the Program Documents or any or all of the Transactions hereunder, such Buyer shall, acting solely for this purpose as a non-fiduciary agent of Sellers, maintain a register on which it enters the names and addresses of all Participants in the Program Documents and/or Transactions held by it and the principal amount (and stated interest thereon) of the portion thereof which is the subject of the participation (the "<u>Participant Register</u>"). Any participation of the Program Documents or Transactions may be effected only by the registration of such participation on the Participant Register. No Buyer shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in the Program Documents or the Transactions) to any Person except to the extent that such disclosure is necessary to establish that the Program Documents or the Transactions are in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and each Buyer and Seller shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of the Program Documents notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Buyer may at any time assign to one or more Persons which are Affiliates of CIBC (each, an "<u>Assignee</u>") all or any portion of its rights and obligations under this Agreement, the Transactions and the other Program Documents and such Assignee shall assume such rights and obligations, pursuant to an assignment and assumption agreement executed by such Assignee and such Buyer; provided, that so long as an Event of Default has not occurred and is not continuing, any such assignment by a Buyer to any other Person which is not an Affiliate of CIBC shall require the prior consent of Sellers. Upon execution and delivery of such instrument and payment by such Assignee to such Buyer of an amount equal to the purchase price agreed between such Buyer and such Assignee, such Assignee shall be a party to this Agreement and shall have all the rights, protections and obligations of such Buyer shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Administrative Agent, acting solely for this purpose as a non-fiduciary agent of Sellers, shall maintain a copy of each assignment and a register for the recordation of the names and addresses of the Assignees and the amount of each Assignee's interest in the Program Documents and/or Transactions held by it and the principal amount (and stated interest thereon) of the portion thereof which is the subject of the assignment (the "<u>Register</u>"). Any assignment of the Program Documents or Transactions may be effected only by the registration of such assignment on the Register. The entries in the Register shall be conclusive absent manifest error, and Administrative Agent and Seller shall treat each Person whose name is recorded in the Register as the owner of such assignment for all purposes of the Program Documents notwithstanding any notice to the contrary. The Register shall be available for inspection by Seller at any reasonable time and from time to time upon reasonable prior request.

**20. GOVERNING LAW**

This Agreement shall be construed in accordance with, and governed by, the internal laws of the State of New York, without giving effect to any laws, rules or provisions of the State of New York that would cause the application of the laws, rules or provisions of any jurisdiction other than the State of New York.

**21. NO WAIVERS, ETC.**

No express or implied waiver of any Event of Default by Administrative Agent, on behalf of Buyers, shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by Administrative Agent, on behalf of Buyers, shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such modification, waiver or consent shall be in writing and duly executed by both of the parties hereto and accompanied by (i) a duly executed and delivered reaffirmation by Guarantor of the Guaranty and (ii) a duly executed and delivered reaffirmation by Pledgor of the Pledge Agreement.

**22. USE OF EMPLOYEE PLAN ASSETS**

If assets of an employee benefit plan subject to Title I of ERISA or Section 4975 of the Code are intended to be used by either party hereto (the "<u>Plan Party</u>") in the Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or Section 4975 of the Code or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed.

**23. INTENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The parties intend (i) for this Agreement and each Transaction hereunder to qualify for the safe harbor treatment provided by the Bankruptcy Code and for Administrative Agent, on behalf of Buyers, to be entitled to all of the rights, benefits and protections afforded to Persons under the Bankruptcy Code with respect to a "securities contract" as defined in Section 741(7) of the Bankruptcy Code, a "repurchase agreement" as defined in Section 101(47) of the Bankruptcy Code, and a "master netting agreement" as defined in Section 101(38A) of the

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Bankruptcy Code, (ii) that payments and all transfers of property made under this Agreement are deemed "margin payments" or "settlement payments," as defined in Sections 101 and 741(5) of the Bankruptcy Code, or otherwise constitute transfers by or to or for the benefit of a financial institution, financial participant, master netting agreement participant, and/or a repo participant in connection with a securities contract, master netting agreement, and/or a repurchase agreement as such terms are used in Bankruptcy Code sections 548(e), 548(f), and 548(j), (iii) for the grant of a security interest set forth in Section 6 to also be a "securities contract" as defined in Section 741(7)(A)(xi) of the Bankruptcy Code, a "repurchase agreement" as defined in Section 101(47) of the Bankruptcy Code and a "master netting agreement" as defined in Section 101(38A) of the Bankruptcy Code, (iv) for the grant of a security interest/pledges of collateral in the Pledge Agreement to also be a "securities contract" as defined in Section 741(7)(A)(xi) of the Bankruptcy Code, a "repurchase agreement" as defined in Section 101(47) of the Bankruptcy Code and a "master netting agreement" as defined in Section 101(38A) of the Bankruptcy Code; (v) for the Guaranty to constitute "a security agreement or other arrangement or other credit enhancement" that is "related to" the Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(a)(v) and 741(7)(A)(xi) of the Bankruptcy Code; and (vi) that Administrative Agent, on behalf of Buyers, (as a "financial institution," "financial participant" or other entity listed in Sections 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code) shall be entitled to the "safe harbor" benefits and protections afforded under the Bankruptcy Code with respect to a "securities contract" and a "repurchase agreement" and a "master netting agreement" including (x) the rights, set forth in Section 14 and in Sections 555, 559 and 561 of the Bankruptcy Code, to liquidate the Purchased Assets and terminate this Agreement, (y) the right to offset or net out as set forth in Section 23 and in Sections 362(b)(6), 362(b)(7), or 362(b)(27) of the Bankruptcy Code and (z) the non-avoidability of transfers made in connection with this Agreement as set forth in Sections 546(e), 546(f) and 546(j) of the Bankruptcy Code. Each Party further agrees that it shall not challenge, and hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of any Transaction under this Agreement or this Agreement as a "securities contract" and/or "master netting agreement" within the meaning of the Bankruptcy Code. Each Party further agrees that each Purchased Asset constitutes either a "mortgage loan" or "an interest in a mortgage" or otherwise constitutes a "security" as such terms are used in the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is understood that (i) the right of Administrative Agent, on behalf of Buyers, to liquidate the Purchased Assets and other Repurchase Assets delivered to it in connection with the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies pursuant to Section 14 hereof is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555, 559 and 561; (ii) the right of Administrative Agent, on behalf of Buyers, to set-off claims and appropriate and apply any and all deposits of money or property or any other indebtedness at any time held or owing by Administrative Agent, on behalf of Buyers, to or for the credit of the account of any Affiliate against and on account of the obligations and liabilities of Seller pursuant to Section 33 hereof is a contractual right as described in Bankruptcy Code Section 561; and (iii) any payments or transfers of property made with respect to this Agreement or any Transaction to satisfy a Purchase Price Margin Deficit shall be considered a "margin payment" or "settlement payment" as such terms are defined in Bankruptcy Code Sections 101(38), (51A), 741(5) and 741(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The parties agree and acknowledge that if a party hereto is an "insured depository institution," as such term is defined in the Federal Deposit Insurance Act, as amended ("FDIA"), then each Transaction hereunder is a "qualified financial contract," as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)It is understood that this Agreement constitutes a "netting contract" as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 ("<u>FDICIA</u>") and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a "covered contractual payment entitlement" or "covered contractual payment obligation," respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a "financial institution" as that term is defined in FDICIA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In light of the intent set forth above in this Section 23, Seller agrees that, from time to time upon the written request of Administrative Agent , each Seller will execute and deliver any supplements, modifications, addendums or other documents as may be necessary or desirable, in Administrative Agent's reasonable discretion, in order to cause this Agreement and the Transactions contemplated hereby to qualify for, comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for safe harbor treatment under the Bankruptcy Code for "securities contracts," "master netting agreements" and "repurchase agreements"; provided, however, that Administrative Agent's failure to request, or Administrative Agent's or Seller's failure to execute, such supplements, modifications, addendums or other documents does not in any way alter or otherwise change the intention of the parties hereto that this Agreement and the Transactions hereunder constitute "securities contracts" and/or a "master netting agreement" as such terms are defined in the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The parties hereto acknowledge and agree that all Transactions entered into hereunder constitute, to the extent applicable, "eligible financial contracts" as defined in section 2 of the *Bankruptcy and Insolvency Act* (Canada), section 2(1) of the *Companies' Creditors Arrangement Act* (Canada) and section 22.1(2) of the *Winding-up and Restructuring Act* (Canada), and the regulations made thereunder, that the rights of the parties under Section 14 of this Agreement will constitute rights to set off or net mutual obligations and that, to the extent applicable, the parties are entitled to the protections of sections 65.1(7), (9), and (10) of the *Bankruptcy and Insolvency Act* (Canada), sections 34(7), (8), (9) and (10) of the *Companies' Creditors Arrangement Act* (Canada), and section 22.1 of the *Winding-up and Restructuring Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The parties agree and acknowledge that (i) the security interests granted to Administrative Agent, on behalf of Buyers, in the Pledge Agreement are each granted to Administrative Agent, on behalf of Buyers, to induce Administrative Agent and Buyers to enter into this Agreement and (ii) such security interests and the Guaranty relate to the Transactions as part of an integrated, simultaneously-closing suite of secured financial contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Each party agrees that this Agreement and each Transaction hereunder is intended to create a mutuality of obligations among the parties, and as such, the Agreement and each Transaction constitutes a contract that (i) is between all of the parties and (ii) places each party in the same right and capacity.

**24. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS**

The parties acknowledge that they have been advised that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission ("<u>SEC</u>") under Section 15 of the 1934 Act, the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 ("<u>SIPA</u>") do not protect the other party with respect to any Transaction hereunder;

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

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

**25. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The parties hereby irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at their respective address specified herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this <u>Section 25</u> shall affect the right of Administrative Agent, on behalf of Buyers, to serve legal process in any other manner permitted by law or affect the right of Administrative Agent or Buyers to bring any action or proceeding against Seller or its property in the courts of other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER PROGRAM DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

**26. NO RELIANCE**

Each of Administrative Agent, each Buyer and each Seller hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into and the performance under the Program Documents and each Transaction thereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the

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Program Documents, other than the representations expressly set forth in the Program Documents;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)It is entering into the Program Documents and each Transaction thereunder for the purposes of managing its borrowings or investments or hedging its underlying assets or liabilities and not for purposes of speculation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)It is not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Program Documents or any Transaction thereunder.

**27. INDEMNITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Seller hereby agrees to indemnify Administrative Agent each Buyer, each of Administrative Agent and Buyers' Affiliates and each of its officers, directors, employees and agents ("<u>Indemnified Parties</u>") from and against any and all actual out-of-pocket liabilities, obligations, actual out-of-pocket losses, actual out-of-pocket damages, actual out-of-pocket penalties, actions, judgments, suits, actual out-of-pocket fees, actual out-of-pocket costs, actual out-of-pocket expenses (including, without limitation, reasonable attorneys' fees and disbursements of outside counsel) or disbursements (all of the foregoing, collectively "<u>Indemnified Amounts</u>") which may at any time (including, without limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any Transactions hereunder or any action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing; <u>provided</u>, that no Seller shall be liable for Indemnified Amounts resulting from the gross negligence, willful misconduct, bad faith or fraud of any Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to hold Administrative Agent and each Buyer harmless from and indemnify Administrative Agent and each Buyer against all Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any violation or alleged violation of any Environmental Law unless resulting from any Indemnified Party's gross negligence, willful misconduct, bad faith or fraud. In any suit, proceeding or action brought by Administrative Agent or any Buyer in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset, Seller will save, indemnify and hold Administrative Agent and each Buyer harmless from and against all actual out-of-pocket expenses (including, without limitation, reasonable attorneys' fees of outside counsel), damage suffered by any Indemnified Party by reason of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by a Seller of any obligation thereunder or arising out of any

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other agreement, indebtedness or liability at any time owing to or in favor of such account debtor or obligor or its successors from Sellers. Each Seller agrees to reimburse Administrative Agent and each Buyer as and when billed by Administrative Agent or any Buyer for all of Administrative Agent or such Buyer's reasonable out-of-pocket costs and expenses incurred in connection with the enforcement or the preservation of Administrative Agent and each Buyer's rights under this Agreement or any Transaction contemplated hereby, including, without limitation, the reasonable out-of-pocket fees and disbursements of its outside counsel. This <u>Section 27</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Seller hereby agrees to save, indemnify and hold each Indemnified Party harmless from and against any civil penalty or fine assessed by OFAC or any other Governmental Authority administering any Anti-Terrorism Law, Anti-Corruption Law or Sanctions, and all reasonable costs and expenses (including reasonable documented legal fees and disbursements) incurred in connection with defense thereof, by any Indemnified Party in connection with the Program Documents as a result of any action of Seller, Guarantor, Pledgor or any of Guarantor's Subsidiaries.

**28. DUE DILIGENCE**

Each Seller acknowledges that, at reasonable times and upon reasonable notice to Sellers, Administrative Agent has the right to perform continuing due diligence reviews with respect to the Purchased Assets, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and each Seller agrees that upon reasonable prior written notice to Sellers, Administrative Agent or its authorized representatives will be permitted during normal business hours to examine, inspect and make copies and extracts of the Purchased Asset Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession or under the control of Sellers, Servicer or subservicer and/or Custodian. Sellers also shall make available to Administrative Agent upon reasonable advance notice a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Purchased Asset Files and the Purchased Assets, and at least once annually, Administrative Agent shall be permitted to visit Guarantor and/or Sellers' offices at a mutually agreeable time to meet with the investment and management teams regarding their investment and management strategies. Without limiting the generality of the foregoing, each Seller acknowledges that Administrative Agent may enter into Transactions with a Seller based solely upon the information provided by such Seller to Administrative Agent and the representations, warranties and covenants contained herein, and that Administrative Agent , at its option, has the right at any time to conduct a partial or complete due diligence review on some or all Purchased Assets. Administrative Agent may underwrite such Purchased Assets itself or engage a third-party underwriter to perform such underwriting. Each Seller agrees to reasonably cooperate with Administrative Agent and any third-party underwriter reasonably acceptable to Sellers in connection with such underwriting, including, but not limited to, providing Administrative Agent and any third-party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession, or under the control, of Sellers (excluding, for the avoidance of doubt, any information which a Seller is not permitted to obtain from the obligors under the Purchased Asset Documents without cost or expense to such Seller (other than *de minimis* cost or

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expense)). Sellers shall reimburse Administrative Agent for all actual out-of-pocket due diligence costs reasonably incurred by Administrative Agent relating to Administrative Agent's review of any Purchased Asset (including, without limitation, reasonable and actual out-of-pocket outside legal costs, custodial fees and third-party due diligence costs and fees). Sellers shall pay for all of Administrative Agent's actual out-of-pocket costs and expenses reasonably incurred in connection with on-site diligence visits. Upon the request of Administrative Agent, upon the occurrence and during the continuance of an Event of Default, at Sellers' sole cost and expense, with respect to any individual Purchased Asset, Sellers shall obtain updated Appraisals of the Mortgaged Properties relating to such Purchased Asset.

**29. SERVICING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Seller and Administrative Agent agree that all Servicing Rights with respect to the Purchased Assets are being transferred hereunder to Administrative Agent, on behalf of Buyers, on the applicable Purchase Date and such Servicing Rights shall be transferred by Administrative Agent, on behalf of Buyers, to the applicable Seller upon such Seller's payment of the Repurchase Price for the Purchased Assets, and any servicing provisions of this Agreement or any other Program Document constitute (i) "related terms" under this Agreement within the meaning of Section 101(47)(A)(i) of the Bankruptcy Code and/or (ii) a security agreement or other arrangement or other credit enhancement related to the Program Documents. Notwithstanding the transfer of Servicing Rights to Administrative Agent, on behalf of Buyers, Administrative Agent on behalf of Buyers hereby agrees that Servicer may continue to service the Purchased Assets (excluding the Servicing Rights) for the benefit of Administrative Agent, on behalf of Buyers, and Administrative Agent's successors or assigns; <u>provided</u>, <u>however</u>, that such Servicer shall have entered into documentation satisfactory to Administrative Agent acknowledging Administrative Agent's interest in the related Purchased Assets and its rights to sell such Purchased Assets on a servicing-released basis and to terminate the term of such Servicer with respect to any Purchased Assets sold by Administrative Agent, on behalf of Buyers, upon the occurrence and during the continuance of an Event of Default. Each Seller shall cause the Purchased Assets to be serviced in accordance with Accepted Servicing Practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Seller agrees that Administrative Agent, on behalf of Buyers, is the owner of all servicing records, including but not limited to the Servicing Agreement any and all other servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of Purchased Assets (collectively, the "<u>Servicing Records</u>") so long as the Purchased Assets are subject to this Agreement. Seller covenants to safeguard such Servicing Records (if any are in the applicable Seller's possession) and to deliver them promptly to Administrative Agent or its designee (including Custodian) at Administrative Agent's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the occurrence and during the continuance of an Event of Default, Administrative Agent, on behalf of Buyers, may, in its sole and absolute discretion, (i) <u>subject to Sections 14 and 19</u>, sell its rights to the Purchased Assets on a servicing-released basis and/or (ii) terminate any Servicer or any sub-servicer of the Purchased Assets with or without cause, in each case without payment of any termination fee. Each Seller shall cause Servicer to cooperate with Administrative Agent, on behalf of Buyers, in effecting such termination and transferring all authority to service such Purchased Asset to the successor servicer, including requiring Servicer to (i) promptly transfer all data in its possession relating to the Purchased Assets to the successor servicer in such electronic format as the successor servicer may reasonably request, (ii) promptly

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transfer to the successor servicer, Administrative Agent or Administrative Agent's designee, the Purchased Asset File and all other files, records, correspondence and documents in its possession relating to the Purchased Assets and (iii) use commercially reasonable efforts to cooperate and coordinate with the successor servicer and/or Administrative Agent to comply with any legal or regulatory requirement associated with the transfer of the servicing of the applicable Purchased Assets. Each Seller agrees that if any Seller or any Servicer fails to cooperate with Administrative Agent or any successor servicer in effecting the termination of such Servicer as servicer of any Purchased Asset or the transfer of all authority to service such Purchased Asset to such successor servicer in accordance with the terms hereof and the Servicing Agreement, Administrative Agent and Buyers will be irreparably harmed and entitled to injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Seller shall employ any Servicer rated below "above average" by S&P, unless such Servicer is otherwise approved by Administrative Agent , in its sole and absolute discretion, to service the Purchased Assets (excluding the Servicing Rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If Servicer is an Affiliate of any Seller, Pledgor or Guarantor, the payment of servicing fees shall be subordinate to payment of amounts outstanding under any Transaction and this Agreement.

**30. TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any and all payments by or on account of any obligation of a Seller under this Agreement or any other Program Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then the applicable Seller shall make (or cause to be made) such deduction or withholding and shall timely pay (or cause to be timely paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable shall be increased by the applicable Seller as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section 30</u>) Administrative Agent, on behalf of Buyers, receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without duplication of other amounts payable by any Seller under this <u>Section 30</u>, each Seller shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Seller shall indemnify each Buyer, within ten (10) Business Days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 30</u>) payable or paid by any Buyer or required to be withheld or deducted from a payment to Administrative Agent, on behalf of Buyers, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Seller by Administrative Agent, on behalf of Buyers, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As soon as practicable after any payment of Taxes by any Seller to a Governmental Authority pursuant to this <u>Section 30</u>, such Seller shall deliver to Administrative Agent, on behalf of Buyers, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment

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or other evidence of such payment reasonably satisfactory to Administrative Agent, on behalf of Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)(i) If any Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Program Document, Administrative Agent, on behalf of Buyers, shall deliver to the applicable Seller, at the time or times reasonably requested by such Seller, such properly completed and executed documentation reasonably requested by such Seller as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Administrative Agent, on behalf of Buyers, if reasonably requested by a Seller, shall deliver such other documentation prescribed by applicable law or reasonably requested by a Seller as will enable such Seller to determine whether or not any Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 30(e)(ii)(A)</u>, <u>Section 30(e)(ii)(B)</u> and <u>Section 30(e)(ii)(D)</u> below) shall not be required if in Administrative Agent's reasonable judgment such completion, execution or submission would subject Administrative Agent to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Administrative Agent or any Buyer.

&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)Without limiting the generality of the foregoing, in the event that a Seller is a "United States person" within the meaning of Section 7701(a)(30) of the Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if any Buyer is a U.S. Buyer, it shall deliver to each Seller on or about the date on which such Buyer becomes a Party under this Agreement (and from time to time thereafter upon the reasonable request of a Seller), an executed copy of IRS Form W-9 certifying that such Buyer is exempt from U.S. federal backup 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;(B)if any Buyer is a Foreign Buyer, it shall, to the extent it is legally entitled to do so, deliver to each Seller on or about the date on which such Buyer becomes a Party under this Agreement (and from time to time thereafter upon the reasonable request of a Seller), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)in the case of a Foreign Buyer claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Program Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Program Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)in the case of a Foreign Buyer claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Buyer is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of Seller within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if any Buyer is a Foreign Buyer, it shall, to the extent it is legally entitled to do so, deliver to each Seller (in such number of copies as shall be requested by a Seller) on or prior to the date on which such Buyer becomes a Party under this Agreement (and from time to time thereafter upon the reasonable request of a Seller), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)if a payment made to Administrative Agent, on behalf of Buyers, under any Program Document would be subject to U.S. federal withholding Tax imposed by FATCA if a Buyer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Administrative Agent shall deliver to each Seller at the time or times prescribed by law and at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by a Seller as may be necessary for such Seller to comply with its obligations under FATCA and to determine that each Buyer has complied with such Buyer's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of 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;(xiv)Each Buyer agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify each Seller in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If any Party determines, in its sole and absolute discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section 30</u> (including by the payment of additional amounts pursuant to this <u>Section 30</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this <u>Section 30</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>Section 30(f)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>Section 30(f)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>Section 30(f)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This <u>Section 30(f)</u> shall not be construed to require any indemnified party to make available its Tax

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returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Each party's obligations under this <u>Section 3</u>0 shall survive any assignment of rights by any Buyer, the termination of this Agreement and the repayment, satisfaction or discharge of all obligations under any Program Document.

**31. U.S. TAX TREATMENT**

Notwithstanding anything to the contrary in the Program Documents, it is the intention of the parties that under current law, for U.S. federal and state income tax purposes, (i) the Transactions constitute a debt financing and (ii) each Seller (or such Seller's regarded owner if such Seller is a disregarded entity for U.S. federal income tax purposes) will be treated as the beneficial owner of the Purchased Assets so long as no Event of Default shall have occurred and be continuing. Each Seller (or such Seller's regarded owner if such Seller is a disregarded entity for U.S. federal income tax purposes) and Buyers agree to treat and report the Transactions as described in the preceding sentence on and in any and all filings with any U.S. federal or state income taxing authority and agree not to take any action inconsistent with such treatment, unless, in each case, prohibited by applicable law or required pursuant to a final determination as set forth in Code Section 1313.

**32. USA PATRIOT ACT** 

Administrative Agent hereby notifies each Seller that pursuant to the requirements of the PATRIOT Act, Administrative Agent may be required to obtain, verify and record information that identifies any Seller, Pledgor and Guarantor, which information includes the name, address, tax identification number and other information regarding any Seller, Pledgor and Guarantor that will allow Administrative Agent to identify any Seller, Pledgor and Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act. Each Seller agrees to provide Administrative Agent , from time to time and upon the reasonable request of Administrative Agent , all documentation and other information required by bank regulatory authorities under "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act.

**33. SET OFF**

In addition to any rights and remedies of Administrative Agent, on behalf of Buyers, hereunder and by law, Administrative Agent, on behalf of Buyers, shall have the right at any time following the occurrence and during the continuance of an Event of Default or when any amount is not paid when due and payable, without prior notice to each Seller, any such notice being expressly waived by such Seller to the extent permitted by applicable law to set-off and appropriate and apply against any obligation from any Seller to Administrative Agent, on behalf of Buyers, or any of its Affiliates any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other obligation (including to return excess margin), credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from Administrative

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Agent, on behalf of a Buyer, or any Affiliate thereof to or for the credit or the account of any Seller. All such set-offs shall be subject to the priorities set forth in <u>Section 5</u>. Administrative Agent agrees promptly to notify each Seller after any such set off and application made; <u>provided,</u> <u>that</u> neither the inability (upon any Seller's intervening bankruptcy or insolvency) nor failure of Administrative Agent to give such notice shall not affect the validity of such set off and application.

**34. RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement and any other Program Document (and any interest and obligation in or under, and any property securing, this Agreement or any other Program Document) from such Buyer will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime (and such provisions shall be applicable notwithstanding that this Agreement and each other Program Document is in fact governed by the laws of the United States or a state of the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that any Buyer or a BHC Act Affiliate of such Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, any rights under this Agreement or any other Program Document that may be exercised against such Buyer from and after a default by such Buyer beyond all applicable notice and cure periods ("<u>Default Rights</u>") are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime (and such provisions shall be applicable notwithstanding that this Agreement and each other Program Document is in fact governed by the laws of the United States or a state of the United States).

**35. JOINT AND SEVERAL LIABILITY; ADDITIONAL SELLERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Seller hereby acknowledges and agrees that (i) each Seller shall be jointly and severally liable to Administrative Agent and Buyers to the maximum extent permitted by Requirements of Law for all Repurchase Obligations; (ii) the liability of each Seller with respect to the Repurchase Obligations (A) shall be absolute and unconditional to the extent set forth in this Agreement and the other Program Documents and shall remain in full force and effect, and be reinstated, until all Repurchase Obligations shall have been paid, performed and/or satisfied, as applicable, in full, and (B) until such payment, performance, and/or satisfaction, as applicable, has occurred, shall not be discharged, affected, modified or impaired on the occurrence from time to time of any event, including any of the following, whether or not with notice to or the consent of any Seller, (1) the waiver, compromise, settlement, release, termination or amendment (including any extension or postponement of the time for payment, performance, satisfaction, renewal or refinancing) of any of the Repurchase Obligations (other than a waiver, compromise, settlement, release or termination in full of the Repurchase Obligations), (2) the failure to give notice to any Seller of the occurrence of any nonpayment or other default, (3) the failure to make any demand for payment of any amounts owing to Administrative Agent or any Buyer by any other Seller, (4) the release, substitution or exchange by Administrative Agent, on behalf of Buyers, of any Purchased Asset (whether with or without consideration) or the acceptance by Administrative Agent, on behalf of Buyers, of any additional collateral or the availability or claimed availability of any other collateral or source of repayment or any non-perfection or other impairment of collateral, (5) the release of any Person primarily or secondarily liable for all or any part of the Repurchase Obligations, whether by Administrative Agent, on behalf of Buyers, or in connection with any Act of Insolvency affecting any Seller or any other Person who, or any of whose property, shall at the time in question be obligated in respect of the Repurchase

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Obligations or any part thereof, or (6) to the extent permitted by Requirements of Law, any other event, occurrence, action or circumstance that would, in the absence of this <u>Section 35</u>, result in the release or discharge of any or all Sellers from the performance or observance of any Repurchase Obligation; (iii) None of Administrative Agent or any Buyer shall be required first to initiate any suit or to exhaust its remedies any Seller or any other Person to become liable, or against any of the Purchased Assets, in order to enforce the Program Documents and each Seller expressly agrees that, notwithstanding the occurrence of any of the foregoing, each Seller shall be and remain directly and primarily liable for all sums due under any of the Program Documents; (iv) when making any demand hereunder against any Seller, Administrative Agent and each Buyer may, but shall be under no obligation to, make a similar demand on any other Seller, and any failure by Administrative Agent or any Buyer to make any such demand or to collect any payments from any other Seller, or any release of any such other Seller shall not relieve any Seller in respect of which a demand or collection is not made or Sellers not so released of their obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of Administrative Agent or any Buyer against Sellers; and (v) on disposition by Administrative Agent, on behalf of Buyers, of any Purchased Asset, each Seller shall be and shall remain jointly and severally liable for any deficiency to the extent set forth in this Agreement and the other Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In furtherance of the foregoing, each Seller waives (i) any and all notices of the creation, renewal, extension or accrual of any amounts at any time owing to Administrative Agent on behalf of Buyers by any other Seller under the Program Documents, (ii) any and all notices of or proof of reliance by Administrative Agent on behalf of Buyers upon any Seller or acceptance of the obligations of any Seller under this <u>Section 35</u>, and all such amounts, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the obligations of Sellers under this <u>Section 35</u>, (iii) diligence, presentment, protest, demand for payment and notice of nonpayment or other default to or upon any Seller with respect to any amounts at any time owing to Administrative Agent on behalf of Buyers by any Seller under the Program Documents, other than such notices as are expressly required to be given under this Agreement or any of the other Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent any Seller (a "<u>Paying Seller</u>") shall have paid more than its proportionate share of any payment made hereunder, such Paying Seller hereby waives (i) any right to subrogation or set-off that it may acquire on account of such payment against any other Seller or any collateral security or guarantee and (ii) the right to seek contribution or reimbursement from any other Seller in respect such payment, in each case, until all Repurchase Obligations are paid in full. If any amount shall be paid to any Paying Seller on account of such subrogation rights at any time when any Repurchase Obligations are outstanding, amount shall be held by Paying Seller in trust for Administrative Agent, on behalf of Buyers, segregated from other funds of Paying Seller, or where the trust is not recognized, such amount shall be held by Paying Seller on behalf of Administrative Agent, on behalf of Buyers, and shall, forthwith upon receipt by Paying Seller, be turned over to Administrative Agent, on behalf of Buyers, in the exact form received by Paying Seller (duly indorsed by the Paying Seller to Administrative Agent, on behalf of Buyers, if required), to be applied against amounts owing to Administrative Agent, on behalf of Buyers, by Sellers under the Program Documents, whether matured or unmatured, in such order as Administrative Agent, on behalf of Buyers, may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)With respect to any matter under the Program Documents for which (i) any consent or approval of a Seller is required, (ii) any notice to, or from, a Seller is required or (iii) any other undertaking is made by a Seller, unless otherwise specified with respect to such

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consent, approval, notice or undertaking, such action by (or notice to) any one or more Sellers shall be sufficient for all such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Subject to the approval of Administrative Agent in its sole and absolute discretion, Seller may join Additional Sellers as a party to this Agreement and the other Program Documents. In connection with any joinder of an Additional Seller, Seller shall deliver a joinder agreement substantially in the form of <u>Exhibit K</u> attached hereto (a "<u>Joinder Agreement</u>") and such other agreements, amendments, certificates, opinions and other documentation as are required by Administrative Agent in its sole and absolute discretion (including, without limitation, a Pledge Agreement).

**36. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All rights, remedies and powers of Administrative Agent and Buyers hereunder and in connection herewith are irrevocable and cumulative, and not alternative or exclusive, and shall be in addition to all other rights, remedies and powers of Administrative Agent and Buyers whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement, to the extent applicable, Administrative Agent and each Buyer shall have all rights and remedies of a secured party under the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Program Documents may be executed in counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The headings in the Program Documents are for convenience of reference only and shall not affect the interpretation or construction of the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Without limiting the rights and remedies of Administrative Agent or any Buyers under the Program Documents, Seller shall pay Administrative Agent and each Buyer's reasonable actual out-of-pocket costs and expenses, including reasonable fees and expenses of outside accountants, attorneys and advisors, incurred in connection with the preparation, negotiation, execution and consummation of and any amendment, supplement or modification to, the Program Documents and the Transactions thereunder. Each Seller agrees to pay Administrative Agent within ten (10) Business Days of demand all costs and expenses (including reasonable attorney's fees of outside counsel) of any subsequent enforcement of any of the provisions hereof, or of the performance by Administrative Agent of any obligations of any Seller in respect of the Purchased Assets, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of the Collateral and for the custody, care or preservation of the Collateral (including insurance costs) and defending or asserting rights and claims of Administrative Agent, on behalf of Buyers, in respect thereof, by litigation or otherwise. In addition, each Seller agrees to pay Administrative Agent on demand all reasonable costs and expenses (including reasonable expenses of outside counsel) incurred in connection with the maintenance of the Repo Collection Account and registering the Collateral in the name of Administrative Agent or its nominee. All such expenses shall be recourse obligations of Sellers to Buyers under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Seller hereby covenants to file all UCC and PPSA financing statements required by Administrative Agent in order to perfect its security interest created hereby in such rights and obligations granted above, it being agreed that the applicable Seller shall pay any and all fees required to file such financing statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement, the Fee Letter and each Confirmation contains a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The parties understand that this Agreement is a legally binding agreement that may affect such party's rights. Each party represents to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Administrative Agent, each Buyer and each Seller agree that neither party shall assert any claims against the other or against any of their respective Affiliates for special, indirect, consequential or punitive damages under this Agreement, any Program Document or any Transaction, all such damages and claims being hereby irrevocably waived.

**37. ADMINISTRATIVE AGENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Agent for Buyers</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)Each of each Seller and each Buyer hereby acknowledges and agrees that Administrative Agent has been appointed the Administrative Agent for the Transactions, and each Buyer hereby irrevocably authorizes and directs Administrative Agent to act as agent for and in the best interest of Buyers and to take such actions as Buyers are obligated or entitled to take under the provisions of this Agreement and the other Program Documents and to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto. This Agreement is not intended to be, and shall not be construed to be, the formation of a partnership or joint venture between Administrative Agent and any Buyer. In performing its functions and duties under the Program Documents, Administrative Agent shall act solely as agent of Buyers and does not assume, and shall not be deemed to have assumed, any obligations toward or relationship of agency or trust with or for any Seller.

&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 agency created pursuant hereto shall in no way impair or affect any of the rights and powers of, or impose any additional duties or obligations upon, any Buyer that becomes Administrative Agent in accordance with the provisions of this Agreement in its individual capacity as a Buyer. With respect to its interest in the Transactions, except as specifically provided in this Agreement, Administrative Agent shall have the same rights and powers hereunder as a Buyer and may exercise the same as though it were not performing the duties and functions delegated to it, as Administrative Agent, hereunder. The term "Buyers" or "Buyer" or any similar term shall, unless the context

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clearly otherwise indicates, include any Buyer that becomes Administrative Agent in accordance with the provisions of this Agreement in its individual capacity as a Buyer and not as Administrative Agent. Administrative Agent, Buyers and each of their respective Affiliates may accept deposits from, lend money to and generally engage in any kind of banking, trust, financial advisory or other business with Sellers or any of their Affiliates (in each case not related to the Transactions) as if it were not performing its duties as Administrative Agent or Buyer (as applicable) specified herein, and may accept fees and other consideration from Sellers or their Affiliates for services in connection therewith and otherwise without having to account for the same to Administrative Agent or the other Buyers, 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;(iii)In furtherance of the authorizations set forth in this <u>Article 37</u>, each Buyer hereby irrevocably appoints Administrative Agent as its attorney-in-fact, with full power of substitution, for and on behalf of and in the name of each such Buyer (i) to enter into Program Documents and any amendments or modifications thereof, (ii) to take action with respect to the Transactions and Program Documents to create, perfect, maintain, and preserve Administrative Agent's, on behalf Buyers, Liens therein, (iii) to take action with respect to the Transactions and the Program Documents to transfer the Purchased Assets to Administrative Agent, on behalf of Buyers, and (iv) to execute instruments of release and terminations or to take other action necessary to release liens upon any Purchased Asset. This power of attorney shall be liberally, not restrictively, construed so as to give the greatest latitude to Administrative Agent's power, as attorney, under this Agreement and the Program Documents. The powers and authorities herein conferred on Administrative Agent may be exercised by Administrative Agent through any Person who, at the time of the execution of a particular instrument, is an officer of Administrative Agent (or any Person acting on behalf of Administrative Agent pursuant to a valid power of attorney). The power of attorney conferred by this <u>Article 37(a)(iii)</u> to Administrative Agent is granted for valuable consideration and is coupled with an interest and is irrevocable so long as the Program Documents remain in 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;(iv)Each Buyer acknowledges and agrees that so long as no Event of Default has occurred and is continuing, notwithstanding anything to the contrary contained in any Co-Buyer Agreement, Sellers shall be entitled to deal with Administrative Agent as the exclusive representative of Buyers on all matters relating to the Transactions, this Agreement and each of the other Program Documents, and, subject to the terms hereof and the terms of the Co-Buyer Agreement, each Buyer shall be bound by the acts of Administrative Agent with respect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Administrative Agent Standard of Care</u>. Administrative Agent shall administer and service its obligations under this Agreement and the other Program Documents, and shall make such decisions and take such actions as it shall in its reasonable judgment deem necessary, desirable or appropriate in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Return of Certain Payments</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)Each Buyer (and each Participant of any of the foregoing, by its acceptance of a participation) hereby acknowledges and agrees that if the Administrative Agent notifies such Buyer that the Administrative Agent has determined in its sole discretion that any funds (or any portion thereof) received by such Buyer (any of the foregoing, a "<u>Erroneous Payment Recipient</u>") from the Administrative Agent (or any of its Affiliates) were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Erroneous Payment Recipient (whether or not known to such

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Erroneous Payment Recipient) (whether as a payment, prepayment or repayment of any Repurchase Price, Purchase Price Differential, Principal Payment, Income, fees or otherwise; individually and collectively, a "<u>Payment</u>") and demands the return of such Payment, such Erroneous Payment Recipient shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment as to which such a demand was made. A notice of the Administrative Agent to any Erroneous Payment Recipient under this <u>Article 37(c)</u> shall be conclusive, absent manifest error.

&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)Without limitation of <u>clause (i)</u> above, each Erroneous Payment Recipient further acknowledges and agrees that if such Erroneous Payment Recipient receives a Payment from the Administrative Agent (or any of its Affiliates) (x) that is in an amount, or on a date different from the amount and/or date specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>"), (y) that was not preceded or accompanied by a Payment Notice, or (z) that such Erroneous Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, it understands and agrees at the time of receipt of such Payment that an error has been made (and that it is deemed to have knowledge of such error) with respect to such Payment. Each Erroneous Payment Recipient agrees that, in each such case, it shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand 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;(iii)Any Payment required to be returned by an Erroneous Payment Recipient under this <u>Article 37(c)</u> shall be made in immediately available funds in the currency so received, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Erroneous Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Prime Index Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. Each Erroneous Payment Recipient hereby agrees that it shall not assert and, to the fullest extent permitted by applicable law, hereby waives, any right to retain such Payment, and any claim, counterclaim, defense or right of set-off or recoupment or similar right to any demand by the Administrative Agent for the return of any Payment received, including without limitation any defense based on "discharge for value" or any similar doctrine.

&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)Each of Sellers, Guarantor and Pledgor hereby agrees that (x) in the event any Payment (or portion thereof) is not recovered from any Buyer that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Buyer with respect to such amount and (y) the receipt by any Erroneous Payment Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Repurchase Obligations owed to such Buyer by any Seller, Guarantor or Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Ratable Share</u>. The liabilities of each Buyer under this Agreement and the other Program Documents shall be several and not joint, no Buyer shall be responsible for the obligations of any other Buyer, and each Buyer shall be liable to the applicable Seller only for its respective pro rata share of the Transactions. Notwithstanding anything to the contrary herein, all indemnities by Sellers and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Buyer in accordance with its share of the Transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Co-Buyer Agreement</u>. Each Seller hereby acknowledges and agrees that Buyer and Administrative Agent may at any time and from time to time enter into one or more Co-Buyer Agreements governing the relationship among the parties thereto, provided that any such Co-Buyer Agreements shall each be subject to the terms and conditions set forth in this Agreement (including, without limitation, Sections 8 and 19 of this Agreement). Each Seller acknowledges and agrees that Administrative Agent's discretion under this Agreement or the other Program Documents shall be subject to the limitations in any such Co-Buyer Agreements, including the requirement that Administrative Agent obtain approval of Buyer prior to granting certain consents or approvals or taking certain actions under this Agreement and under the other Program Documents. Any Co-Buyer Agreements are intended and will be solely for the benefit of Administrative Agent and the applicable parties thereto, and each Seller acknowledges and agrees that none of Sellers, Guarantor or Pledgor nor any Affiliate of Sellers, Guarantor or Pledgor shall be a third-party beneficiary (intended or otherwise) of any of the provisions therein, or have any rights thereunder or be entitled to rely on any of the provisions contained therein. Neither Administrative Agent nor Buyer shall have any obligation to provide a copy of any Co-Buyer Agreement to any Seller, Guarantor, Pledgor or any Affiliate thereof or to disclose to any Seller, Guarantor, Pledgor or any Affiliate thereof the contents of any Co-Buyer Agreement. Administrative Agent and Buyers acknowledge and agree that none of Sellers, Guarantor or Pledgor nor any Affiliate of Sellers, Guarantor or Pledgor shall have any liabilities, obligations or duties of any kind with respect to any Co-Buyer Agreement, nor any of the provisions contained therein. The obligations of Sellers, Guarantor and Pledgor under the Program Documents are and will be independent of any Co-Buyer Agreement and shall remain unmodified by the provisions thereof (although each Seller acknowledges that with respect to certain approvals, calculations and other decisions hereunder and subject to the Fee Letter, any Co-Buyer Agreement may require Administrative Agent to consult with or receive the approval of Buyer prior to providing its own approval or determination regarding the same; provided that to the extent this Agreement, the Fee Letter or any other Program Documents sets forth a particular standard for making or granting, as applicable, such approvals, calculations or other decisions, the rights granted to any Buyer under any such Co-Buyer Agreement with respect to such approvals, calculations or other decisions shall be subject to the same applicable standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Successor Administrative Agents</u>. Administrative Agent may resign as Administrative Agent under the Program Documents upon notice to Buyers and Sellers. If Administrative Agent shall resign or be removed by Buyers, then Buyers shall appoint a successor Administrative Agent; provided that such successor Administrative Agent (x) is acceptable to Sellers in their sole discretion, exercised in good faith (provided that no such consent of Sellers shall be required following the occurrence and during the continuance of an Event of Default) and (y) meets the applicable "know your customer" requirements of the Servicer, Account Bank and Custodian. The term "Administrative Agent" shall mean each such successor Administrative Agent, effective upon its appointment, and the former Administrative Agent's rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Program Documents or successors thereto. After any retiring Administrative Agent's resignation or removal hereunder as Administrative Agent, the provisions of the Program Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Administrative Agent under the Program Documents. In no event shall there be more than one Administrative Agent hereunder.

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**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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IN WITNESS WHEREOF, the Seller, the Buyers, and the Administrative Agent have executed this Agreement as of the date first written above.

**SELLER:**

**RE BDC LOANS 3, LLC**, <br>a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ana Gonzalez-Iglesias&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Ana Gonzalez-Iglesias<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Signatory

[Signature Page to Master Repurchase Agreement]

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**ADMINISTRATIVE AGENT:**

**CANADIAN IMPERIAL BANK OF COMMERCE**, <br>a financial institution established under the laws of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ilir Telegrafi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Ilir Telegrafi<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Director

**BUYER:**

**CANADIAN IMPERIAL BANK OF COMMERCE**, <br>a financial institution established under the laws of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ilir Telegrafi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name: Ilir Telegrafi<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Director

[Signature Page to Master Repurchase Agreement]

160686890_13

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**<u>ANNEXES AND EXHIBITS</u>**

ANNEX I&nbsp;&nbsp;&nbsp;&nbsp;Names and Addresses for Communications between Parties

ANNEX II&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted

EXHIBIT A &nbsp;&nbsp;&nbsp;&nbsp;Form of Transaction Request

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;Form of Confirmation

EXHIBIT C&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representatives of Seller

EXHIBIT D&nbsp;&nbsp;&nbsp;&nbsp;Underwriting/Due Diligence Checklist

EXHIBIT E&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

EXHIBIT F(A)&nbsp;&nbsp;&nbsp;&nbsp;Form of Power of Attorney (For Purchased Assets Secured by Mortgaged Properties Located in the U.S.)

EXHIBIT F(B)&nbsp;&nbsp;&nbsp;&nbsp;Form of Power of Attorney (For Purchased Assets Secured by Mortgaged Properties Located in Canada)

EXHIBIT G(A)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Whole Loan

EXHIBIT G(B)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Senior Interest

EXHIBIT G(C)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consisting of a Mezzanine Loan

EXHIBIT G(D)&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties Regarding Individual Purchased Assets Consisting of Foreign Purchased Assets (CAD)

EXHIBIT H&nbsp;&nbsp;&nbsp;&nbsp;Organizational Chart

EXHIBIT I&nbsp;&nbsp;&nbsp;&nbsp;Form of Redirection Letter

EXHIBIT J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Bailee Letter

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**ANNEX I**

[Redacted]

Annex I-1

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**ANNEX II**

**INTENTIONALLY OMITTED**

Annex II-1

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**EXHIBIT A**

**TRANSACTION REQUEST**

Ladies and Gentlemen:

Pursuant to <u>Section 3(a)</u> of that certain Master Repurchase Agreement and Securities Contract, dated as of September 12, 2025 (as the same may have been and may hereafter be amended, restated, supplemented or otherwise modified, the "<u>Agreement</u>"), by and among RE BDC Loans 3, LLC, a Delaware limited liability company ("<u>Seller</u>"), any Additional Seller joined thereto from time to time, the buyers from time to time party thereto (collectively, "<u>Buyers</u>"), and Canadian Imperial Bank of Commerce, as administrative agent on behalf of Buyers (in such capacity, "<u>Administrative Agent</u>"), Seller hereby requests that Administrative Agent, on behalf of Buyers, enter into a Transaction with respect to the Eligible Assets set forth on <u>Schedule 1</u> attached hereto, upon the proposed terms set forth below. Capitalized terms used herein without definition have the meanings given in the Agreement.

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| | |
|:---|:---|
| Proposed Purchase Date: | [___________________] |
| Proposed Eligible Assets: | As identified on attached <u>Schedule 1</u> |
| Principal Amount of Proposed Eligible Assets | As identified on attached <u>Schedule 1</u> |
| Proposed Purchase Price Percentage: | [_____]% |
| Proposed Purchase Price: | [___________________] |
| Future Funding Eligible Asset: | [Y/N] |
| Applicable Currency: | [$] / [C$] |
| Benchmark: | [Term SOFR] / [Term CORRA] |
| Pricing Rate: | For [_____] Transactions: [________] plus [___]% <br>For Transactions during the continuation of an Event of Default: the Pricing Rate otherwise in effect plus [____]% |
| Seller's Account: | [___________________] |

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Exhibit A-1

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| | |
|:---|:---|
| Name and address for communications: | <u>Buyer</u>:<br>[●]<br><u>With a copy to</u>:<br>Sidley Austin LLP<br>787 Seventh Avenue<br>New York, New York 10019<br>[Redacted]<br>[Redacted]<br>[Redacted]<br><u>Seller</u>:<br>RE BDC LOANS 3, LLC<br>c/o Blackstone Private Real Estate Credit and Income Fund<br>345 Park Avenue, 24<sup>th</sup> Floor<br>New York, NY 10154<br>[Redacted]<br>[Redacted]<br>[Redacted]<br><u>With a copy to</u>:<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036<br>[Redacted]<br>[Redacted]<br>[Redacted] |

---

**SELLER:**

RE BDC LOANS 3, LLC,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Exhibit A-2

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**Schedule 1 to Transaction Request**

Eligible Assets:

Principal Amount of Eligible Assets: **$[______________]**

Future Funding Availability of Eligible Assets: **$[______________]**

Exhibit A-3

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**EXHIBIT B**

**CONFIRMATION**

Ladies and Gentlemen:

Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada ("Administrative Agent"), is pleased to deliver our written **CONFIRMATION** of our agreement to enter into the Transaction pursuant to which Administrative Agent, on behalf of Buyers, shall purchase from you the Purchased Assets identified on <u>Schedule 1</u> attached hereto, upon satisfaction of all Transaction Conditions Precedent and pursuant to the terms of that certain Master Repurchase Agreement and Securities Contract, dated as of September 12, 2025 (as the same may have been and may hereafter be amended, restated, supplemented or otherwise modified, the "<u>Agreement</u>"), by and among RE BDC Loans 3, LLC, a Delaware limited liability company ("<u>Seller</u>"), the buyers from time to time party thereto (collectively, "<u>Buyers</u>"), and Canadian Imperial Bank of Commerce, as administrative agent on behalf of Buyers (in such capacity, "<u>Administrative Agent</u>"). Capitalized terms used herein without definition have the meanings given in the Agreement.

---

| | |
|:---|:---|
| Purchase Date: | [___________________] |
| Purchased Assets: | As identified on attached <u>Schedule 1</u> |
| Principal Amount of Purchased Assets | As identified on attached <u>Schedule 1</u> |
| Repurchase Date: | [___________________] |
| Purchase Price Percentage: | [______]% |
| Purchase Price: | [___________________] |
| Applicable Currency: | [$] / [C$] |
| Future Funding Eligible Asset: | [Y/N] |
| Purchased Asset Appraised Value: | As identified on attached <u>Schedule 2</u> |
| Pass-Through LTV: | As identified on attached <u>Schedule 2</u> |
| Property Value: | As identified on attached <u>Schedule 2</u> |
| Benchmark: | [Term SOFR] / [Term CORRA] |
| Pricing Rate: | For [_____] Transactions: [_______] plus [___]%<br>For Transactions during the continuation of an Event of Default: the Pricing Rate otherwise in effect plus [___]% |

---

Exhibit B-1

------

---

| | |
|:---|:---|
| Seller's Account: | [____________________] |
| Name and address for communications: | <u>Buyer</u>:<br>[●]<br><u>With a copy to</u>:<br>Sidley Austin LLP<br>787 Seventh Avenue<br>New York, New York 10019<br>[Redacted]<br>[Redacted]<br>[Redacted]<br><u>Seller</u>:<br>RE BDC LOANS 3, LLC<br>c/o Blackstone Private Real Estate Credit and Income Fund<br>345 Park Avenue, 24<sup>th</sup> Floor<br>New York, NY 10154<br>[Redacted]<br>[Redacted]<br>[Redacted]<br><u>With a copy to:<br></u><br> Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036<br>[Redacted]<br>[Redacted]<br>[Redacted] |

---

Exhibit B-2

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**CANADIAN IMPERIAL BANK OF COMMERCE**, <br>a financial institution established under the laws of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

AGREED AND ACKNOWLEDGED:

**SELLER:**

**RE BDC LOANS 3, LLC**,

a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Exhibit B-3

------

**Schedule 1 to Confirmation**

Purchased Assets:&nbsp;&nbsp;&nbsp;&nbsp;**[______________]**

Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;**$[______________]**

Future Funding Availability: **$[______________]**

Exhibit B-4

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**Schedule 2 to Confirmation**

Purchased Asset Acquisition Cost: **[______________]**

Purchased Asset Appraised Value: **[______________]**

Purchased Asset Principal Balance: **[______________]**

Purchased Asset Future Funding Availability: **$[______________]**

Exhibit B-5

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**EXHIBIT C**

<u>AUTHORIZED REPRESENTATIVES OF SELLER</u>

[Redacted]<br>

Exhibit D-1

------

**EXHIBIT D**

<u>UNDERWRITING/DUE DILIGENCE CHECKLIST</u>

Exhibit D-1

------

<u>General Information</u>

Asset Summary Report, including without limitation, material issues summary (credit and/or underwriting) and market analysis

Site Inspection Report

Maps and Photos

Summary of Qualified Transferee Requirements

Investment Committee Memorandum and Underwriting

<u>Borrower/Sponsor Information</u>

Credit Reports

Financial Statements

Tax Returns (to the extent obtained by Seller or required by the loan documents)

Borrower Structure or Org Chart

Bankruptcy and Foreclosure History

<u>Property Information</u>

Historical Operating Statements

Rent Rolls

Budget

Retail Sales Figures (to the extent obtained by Seller or required by the loan documents)

<u>Leasing Information</u>

Stacking Plan

Major Leases and Abstracts (to the extent abstracts are prepared or available)

Tenant Estoppels

Standard Lease Forms

SNDA's

<u>Third Party Reports</u><sup>1</sup> <u>and Internal Reviews</u>

Appraisals

Engineering Reports

Environmental Reports (Phase I and, if recommended, Phase II)

Insurance Review (including Evidence of Insurance\* if not otherwise included in Legal Binder)

Seismic Reports

Title Policy or final Pro Forma or binding "marked commitment"

Survey

Zoning Report

Flood Zone Certificates

<u>For Hotel Assets</u>

Hotel Franchise Compliance Reports

Hotel Franchise Agreement and Abstract

Hotel Franchise Comfort Letters\*

<u>Documentation</u>

Purchase and Sale Agreement

Closing Statement

Complete Legal Binder\*

Blacklines of Final Loan Documents to Form Loan Documents

Ground Lease and Abstract (to the extent abstracts are prepared or available)

Management Contract and Abstract (to the extent abstracts are prepared or available)

Significant Easements, Declarations of Covenants, Conditions, and Restrictions, Planned Development Declarations, and similar documents of record and Abstracts (to the extent abstracts are prepared or available)

Condominium Declaration, By-laws, and related documents and Abstract (to the extent abstracts are prepared or available)

<sup>1</sup> All third party reports must be (1) satisfactory to Buyer in accordance with its underwriting policies then in effect and (2) sufficient to cause Buyer to be in compliance with all applicable regulatory requirements.

\* For an Eligible Asset that is being originated on the related Purchase Date and for which the Purchased

Exhibit D-1

------

Asset File is being delivered after the related Purchase Date, this document may not be available at the time of delivery of the related Due Diligence Package. Seller shall instead deliver current unexecuted versions of the documents constituting the Purchased Asset File at the time of delivery of the Due Diligence Package. Seller shall provide to Buyer blacklines showing any changes between the documents delivered as part of the Due Diligence Package against final versions of such documents when such blacklines are available, and in any case, prior to Buyer's purchase of the Eligible Asset from Seller.

Exhibit D-2

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**EXHIBIT E**

<u>FORM OF COMPLIANCE CERTIFICATE</u>

Canadian Imperial Bank of Commerce<br>[●]<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;[●]

Re:&nbsp;&nbsp;&nbsp;&nbsp;Master Repurchase Agreement and Securities Contract (as the same may have been and may hereafter be amended, restated, supplemented or otherwise modified, the "<u>Agreement</u>"), dated as of September 12, 2025, by and among RE BDC Loans 3, LLC ("<u>Seller</u>") the buyers from time to time party thereto (collectively, "<u>Buyers</u>"), and Canadian Imperial Bank of Commerce, as administrative agent on behalf of Buyers (in such capacity, "<u>Administrative Agent</u>"). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement.

Ladies and Gentlemen:

In accordance with the Agreement, the undersigned authorized officer of Guarantor (in his capacity as such and not in any personal capacity) hereby certifies to Administrative Agent and each Buyer as follows as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned is a [ TITLE ] of Blackstone Private Real Estate Credit and Income Fund ("<u>Guarantor</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The information and calculations furnished in the attached <u>Schedule 1</u> are true, correct and complete in all material respects as of the last day of the fiscal periods subject to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Guarantor is in full compliance with the financial covenants set forth in Section 9 of the Guaranty as evidenced by the calculations attached hereto as <u>Schedule 2</u>, which calculations and schedule are true, correct and complete with respect to such fiscal period in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The financial statements, updates, reports and other materials referred to in Section 12(h)(i)-(ii) of the Agreement, as applicable which are delivered concurrently with the delivery of this Compliance Certificate, if any, and otherwise those most recently delivered pursuant to Section 12(h)(i)-(ii) of the Agreement, if any, to my knowledge after due inquiry, fairly and accurately present in all material respects, the consolidated financial condition and operations of Guarantor and the consolidated results of their operations as of the date or with respect to the period therein specified, in accordance with GAAP applied consistently throughout such period and with prior periods (subject to absence of footnotes and normal year-end adjustments in the case of unaudited statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the terms of the Agreement and have made, or have caused to be made under my supervision, a detailed review of the transactions and financial condition of each

Exhibit E-1

------

Seller, Guarantor and Pledgor during the accounting period covered by the financial statements delivered concurrently with the delivery of this Compliance Certificate as set forth in <u>paragraph (d)</u> (or most recently delivered to Administrative Agent, on behalf of Buyers, if none are delivered concurrently herewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;To my knowledge, all representations and warranties contained in the Agreement are true and correct in all material respects on and as of the date of this Compliance Certificate as though made on and as of such day and shall be deemed to be made on such day (or, if any such representation or warranty is expressly stated to have been made only as of a specific date, as of such specific date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;To my knowledge, after due inquiry, each Seller and Guarantor have observed or performed all of their respective covenants, duties and other agreements in all material respects, and satisfied every condition, contained in the Agreement and the Program Documents to be observed, performed or satisfied by them in all material respects during the period since the delivery of the immediately preceding Compliance Certificate, and I have no knowledge of the occurrence during such period, or present existence, of any Default or Event of Default, except as follows:

<u>&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Executed the ___ day of _____________, 20__ in the undersigned's capacity as an officer of Seller and not in an individual capacity.

Very truly yours,

BLACKSTONE PRIVATE REAL ESTATE CREDIT AND INCOME FUND

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Exhibit E-2

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**<u>SCHEDULE 1 TO COMPLIANCE CERTIFICATE</u>**<sup>1</sup>

[TO BE ATTACHED BY SELLER]

<sup>1</sup> Include as many calculations as there are Purchased Assets.

Exhibit E-3

------

**<u>SCHEDULE 2 TO COMPLIANCE CERTIFICATE</u>**

[TO BE ATTACHED BY SELLER]

Exhibit E-4

------

**EXHIBIT F (A)**

<u>FORM OF POWER OF ATTORNEY (FOR PURCHASED ASSETS SECURED BY MORTGAGE PROPERTIES LOCATED IN THE UNITED STATES)</u>

Know All Men by These Presents, that RE BDC LOANS 3, LLC ("<u>Seller</u>"), does hereby appoint Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada ("Administrative Agent ") its attorney-in-fact upon the occurrence and continuance of an Event of Default and, subject to the following sentence, during the occurrence and continuance of a monetary Default or material non-monetary Default, to act in Seller's name, place and stead in any way that Seller could do with respect to the enforcement of Seller's rights under the Purchased Assets purchased by Administrative Agent, on behalf of Buyers, pursuant to the Master Repurchase Agreement and Securities Contract dated as of September 12, 2025 (as the same may have been and may hereafter be amended, restated, supplemented or otherwise modified, the "<u>Repurchase Agreement</u>"), among Seller, the buyers from time to time party thereto (collectively, "<u>Buyers</u>"), Administrative Agent, and to take such other actions as may be necessary or desirable to enforce Administrative Agent's rights in such Purchased Assets on behalf of Buyers, the related Purchased Asset Files and the Servicing Records to the extent that Seller is permitted by law to act through an agent. If a monetary Default or a material non-monetary Default has occurred and is continuing and Administrative Agent has requested in writing that Seller take or cause to be taken any action that Administrative Agent, on behalf of Buyers, deems reasonably necessary to preserve Administrative Agent's or its designee's ability to enforce upon the Purchased Assets as and when permitted pursuant to Section 14(b) of the Repurchase Agreement (which writing shall include a statement that Administrative Agent, on behalf of Buyers, will exercise its power of attorney if Seller fails to take or cause to be taken such action requested by Administrative Agent), and Seller has not complied with any such request promptly following receipt thereof, then Administrative Agent, on behalf of Buyers, (or its designee) may exercise its power of attorney during the existence and continuation of any such monetary Default or material non-monetary Default, as the case may be, as Administrative Agent, on behalf of Buyers, deems reasonably necessary to preserve Administrative Agent's or its designee's ability to enforce upon the Purchased Assets as and when permitted pursuant to Section 14(b) of the Repurchase Agreement. This Power of Attorney is a power coupled with an interest and shall be irrevocable except as expressly set forth below. The Power of Attorney shall terminate upon the payment and satisfaction in full of the Repurchase Obligations. Capitalized terms used herein without definition shall have the meanings given in the Repurchase Agreement.

TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY FROM BUYER, AND SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER'S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY

Exhibit F (A)-1

------

SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT EXCEPT TO THE EXTENT THAT ANY SUCH CLAIMS ARISE AS A RESULT OF SUCH THIRD PARTY'S BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

IN WITNESS WHEREOF Seller has caused this Power of Attorney to be executed as of this ___ day of [____________], 20__.

RE BDC LOANS 3, LLC, <br>as Seller

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Exhibit F (A)-2

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT F (B)**

**<u>FORM OF POWER OF ATTORNEY (FOR PURCHASED ASSETS SECURED BY MORTGAGED PROPERTIES LOCATED IN CANADA)</u>**

THIS POWER OF ATTORNEY is made and given on [_____] [__], 20[__], by [______], a [_____] whose registered office is at [_____] ("<u>Seller</u>") in favor of Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada (including any successor thereto, "Administrative Agent" and, as the context may require, "<u>Attorney</u>"), for the purposes and on the terms hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)By a Master Repurchase Agreement and Securities Contract, dated as of September 12, 2025 (as amended, restated, supplemented, or otherwise modified and in effect from time to time, the "<u>Repurchase Agreement</u>"), Seller agreed to sell, and Administrative Agent, on behalf of Buyers, agreed to purchase, the Purchased Assets on terms requiring Seller to repurchase the same on the terms set out therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)In connection with the agreement of Administrative Agent, on behalf of Buyers, to purchase the Purchased Assets, Seller has agreed to enter into these presents for the purposes hereinafter appearing.

NOW THIS DEED WITNESSETH and SELLER HEREBY APPOINTS Attorney to be its true and lawful attorney in the name of Seller or otherwise, for and on behalf of Seller to do any of the following acts, deeds and things or any of them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;amend, substitute pages (where applicable), complete, date and deliver to the facility agent for execution any Transfer Certificate executed by Seller,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;take any action (including exercising voting and/or consent rights) with respect to any participation interest,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;complete the preparation and filing, in form and substance satisfactory to Purchaser, of such financing statements, continuation statements, and other UCC, PPSA or other forms, as Purchaser may from time to time, reasonably consider necessary to create, perfect, and preserve Purchaser's security interest in the Purchased Assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;enforce Seller's rights under the Purchased Assets purchased by Administrative Agent, on behalf of Buyers, pursuant to the Repurchase Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to take such other steps as may be necessary or desirable to fully and effectively transfer Seller's rights, title and interests in the Purchased Assets to Administrative Agent, on behalf of Buyers, or to enforce Administrative Agent's rights against, under or with respect to such Purchased Assets and the related Purchased Asset Files and the Servicing Records or to enforce Seller's rights under the Purchased Assets purchased by Administrative Agent, on behalf of Buyers, pursuant to the Repurchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Ex. F (B)-1&nbsp;&nbsp;&nbsp;&nbsp;

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Attorney shall have the power in writing under seal by an officer of Attorney from time to time to appoint a substitute (each, a "<u>Substitute Attorney</u>") who shall have the power to act on behalf of Seller (whether concurrently with or independently of Attorney) as if that Substitute Attorney shall have been originally appointed as Attorney by this Deed and/or to revoke any such appointment at any time without assigning any reason therefor provided Attorney shall continue to be liable for the negligence, willful misconduct or bad faith of any such Substitute Attorney appointed by it.

SELLER DECLARES THAT:

This Power of Attorney shall be irrevocable and is given as security for the interests of Attorney under the Repurchase Agreement and will survive and not be affected by the subsequent bankruptcy or insolvency or dissolution of Seller.

Seller hereby agrees at all times hereafter to ratify and confirm whatever Attorney or any Substitute Attorney lawfully does or purports to do in the exercise of any power conferred by this Power of Attorney.

Words and expressions defined in the Repurchase Agreement shall have the same meanings in this Power of Attorney except so far as the context otherwise requires.

This Power of Attorney is governed by and shall be construed in accordance with the laws of the Province of [●] and the federal laws of Canada applicable therein.

[SIGNATURE PAGE FOLLOWS]

Ex. F (B)-2

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Ex. F (B)-3

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

**[SELLER ENTITY]**

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Name:<br>Title:

&nbsp;&nbsp;&nbsp;&nbsp;Ex. F (B)-3&nbsp;&nbsp;&nbsp;&nbsp;

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EXHIBIT G

<u>REPRESENTATIONS AND WARRANTIES REGARDING INDIVIDUAL PURCHASED ASSETS</u>

Capitalized terms used but not defined in this <u>Exhibit G</u> shall have the respective meanings given them in the Master Repurchase Agreement and Securities Contract (the "<u>Agreement</u>") to which this <u>Exhibit G</u> is attached.

For purposes of the representations and warranties on this Exhibit G, references to "Seller" shall be deemed to be references to the applicable Seller for the Purchased Asset with respect to which such representations and warranties are made.

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)**A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Whole Loans</u>.** With respect to each Whole Loan that is a Purchased 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;(1)<u>Type of Purchased Asset; Ownership of Purchased Assets</u>. At the time of the sale, transfer and assignment to Administrative Agent, on behalf of Buyers, no Purchased Asset was subject to any assignment (other than assignments to the Seller), participation or pledge, and Seller had good title to, and was the sole owner of, each Purchased Asset free and clear of any and all liens, charges, pledges, encumbrances, participations and any other ownership interests on, in or to such Purchased Asset other than (a) any servicing rights appointment or similar agreement and (b) the rights of the holder of a related Junior Interest. Seller has full right and authority to sell, assign and transfer each Purchased Asset, and the assignment to Administrative Agent, on behalf of Buyers, constitutes a legal, valid and binding assignment of such Purchased Asset free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Purchased Asset except as described in the immediately preceding sentence.

&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)<u>Whole Loans</u>. Such Purchased Asset is a Whole Loan and not a Senior Interest or other partial interest in a Whole Loan.

&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)<u>Loan Document Status</u>. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Purchased Asset is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state or provincial anti-deficiency, one-action or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (a) as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, dissolution, winding-up, rearrangement or other similar laws affecting the enforcement of creditors' rights generally and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (b) that certain provisions in such Purchased Asset Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance or prepayment fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth in clause (a) above)

Exhibit G-1

------

such limitations or unenforceability will not render such Purchased Asset Documents invalid as a whole or materially interfere with the Mortgagee's realization of the principal benefits and/or security provided thereby (clauses (a) and (b) collectively, the "<u>Standard Qualifications</u>"). Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mortgagor with respect to any of the related Mortgage Notes, Mortgages or other Purchased Asset Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Purchased Asset, that would deny the Mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Purchased Asset Documents.

&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)<u>Mortgage Provisions</u>. Subject to the Standard Qualifications, the Purchased Asset Documents for each Purchased Asset contain enforceable provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure.

&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)<u>Hotel Provisions</u>. The Purchased Asset Documents for each Purchased Asset that is secured by a hotel property operated pursuant to a franchise agreement or license agreement include an executed copy of such franchise agreement or license agreement as well as a comfort letter or similar agreement signed by the Mortgagor and franchisor or licensor of such property enforceable by Administrative Agent, on behalf of Buyers, or any subsequent holder of such Purchased Asset (including a securitization trustee) following Administrative Agent, on behalf of Buyers, or such holder acquiring record title to the Purchased Asset against such franchisor, either directly or as an assignee of the originator, or pursuant to a replacement comfort letter or similar agreement with Administrative Agent, on behalf of Buyers. Subject to the Standard Qualifications, the Mortgage or related security agreement for each Purchased Asset secured by a hospitality property creates a valid and enforceable security interest in the revenues of such property for which a UCC or PPSA financing statement has been filed in the appropriate filing office.

&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)<u>Mortgage Status; Waivers and Modifications</u>. Since origination and except by written instruments set forth in the related Purchased Asset File or as otherwise provided in the related Purchased Asset Documents, (a) the material terms of each Mortgage, Mortgage Note, guaranty and related Purchased Asset Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect that could have a material adverse effect on the Purchased Asset; (b) no related Mortgaged Property or any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property; and (c) neither the Mortgagor nor the related guarantor has been released from its material obligations under the related Purchased Asset 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;(7)<u>Lien; Valid Assignment</u>. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases from Seller is in recordable or registrable form (but for the insertion of the name of the assignee and any related recording or registration information) and constitutes a legal, valid and binding assignment from Seller. Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor. Each related Mortgage and Assignment of Leases is a legal, valid and enforceable first lien on the related

Exhibit G-2

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Mortgagor's fee (or if identified on the related Underwriting/Due Diligence Package, leasehold) interest in the Mortgaged Property in the principal amount of such Purchased Asset or, in the case of a Purchased Asset secured by multiple Mortgaged Properties, allocated loan amount (subject only to (i) Permitted Encumbrances (as defined below) or (ii) with respect to any U.S. Purchased Asset, any exceptions to Paragraph 8 below identified to Administrative Agent in a Requested Exceptions Report (each such exception in the foregoing clauses (i) and (ii), "<u>Title Exceptions</u>")), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions), to Seller's Knowledge, as of origination was, and as of the related Purchase Date, is free and clear of any recorded mechanics' liens, recorded materialmen's liens and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage except those which are bonded over, escrowed for or insured against by a lender's title insurance policy, and, subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and Title Exceptions) no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Purchased Asset establishes and creates a valid and enforceable lien on property described therein subject to Permitted Encumbrances and Title Exceptions, except as such enforcement may be limited by Standard Qualifications subject to the limitations described in <u>Paragraph (8)</u> below. Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC or PPSA financing statements is required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)<u>Permitted Liens; Title Insurance</u>. With respect to any U.S. Purchased Asset, each Mortgaged Property securing such Purchased Asset is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment, in each case binding on the title insurer) (the "<u>Title Policy</u>") in the original principal amount of such Purchased Asset (or with respect to a Purchased Asset secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; and (f) if the related Purchased Asset is cross-collateralized with any other Purchased Asset (each a "<u>Crossed Mortgage Loan</u>"), the lien of the Mortgage for another Purchased Asset contained in the same cross-collateralized group, provided that none of which items (a) through (f), individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Mortgagor's ability to pay its obligations when they become due (collectively, the "<u>Permitted Encumbrances</u>"). Except as contemplated by clause (f) of the preceding sentence, none

Exhibit G-3

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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;(9)<u>Junior Liens</u>. It being understood that B notes secured by the same Mortgage as a Purchased Asset are not subordinate mortgages or junior liens, except for any Junior Interests and Purchased Assets that are cross-collateralized and/or cross defaulted with a Purchased Asset, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics and materialmens liens (which are the subject of the representation in paragraph (7) above) and equipment and other personal property financing). Except as set forth on the related Underwriting/Due Diligence Package, to Seller's Knowledge there is no mezzanine debt secured directly by interests in the related Mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)<u>Assignment of Leases</u>. There exists as part of the related Purchased Asset File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to Permitted Encumbrances and Title Exceptions, each related Assignment of Leases is in recordable or registrable form and creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. No Person other than the related Mortgagor owns any interest in any payments due under such lease or leases that is superior to or of equal priority with the lender's interest therein. The related Mortgage or related Assignment of Leases, subject to applicable law and the Standard Qualifications, provides that, upon an event of default under the Purchased Asset, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)<u>UCC Filings</u>. Subject to the Standard Qualifications, Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, has submitted in proper form for filing and/or recording), UCC financing statements in the

Exhibit G-4

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appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Asset Documents or any other personal property leases applicable to such personal property), to the extent a security interest may be perfected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)<u>PPSA Filings</u>. Subject to the Standard Qualifications, Seller has filed and/or recorded or caused to be filed (or, if not filed, has submitted in proper form for filing), PPSA financing statements in the appropriate personal property registries necessary at the time of the origination of the Mortgage Loan to evidence a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Asset Documents or any other personal property leases applicable to such personal property), to the extent a security interest may be perfected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personal property described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of PPSA financing statements are required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)<u>Condition of Property</u>. Seller or the originator of the Purchased Asset inspected or caused to be inspected each related Mortgaged Property no more than six (6) months prior to the origination of such Purchased Asset and no more than twelve (12) months prior to the related Purchase Date. An engineering report or property condition assessment was prepared in connection with the origination of such Purchased Asset no more than twelve (12) months prior to the related Purchase Date. To Seller's Knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, and except as disclosed on any engineering report or property condition assessment delivered to Administrative Agent , as of the Purchase Date, the related Mortgaged Property is free of any material damage, except to the extent that such material damage (i) would not have a material adverse effect on the use, operation or value of such Mortgaged Property as security for the related Purchased Asset, (ii) is fully covered by insurance or (iii) has not yet been repaired but escrows of funds have been established in an aggregate amount consistent with the standards utilized by Seller with respect to similar loans it holds for its own account, which escrows will in all events be in an aggregate amount not less than the estimated cost of the necessary repairs. Seller has no Knowledge of any material issues with the physical condition of the Mortgaged Property that Seller believes would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the

Exhibit G-5

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engineering report or property condition assessment and those addressed in sub-clauses (i), (ii) and (iii) of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)<u>Taxes and Assessments</u>. All real estate taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which is or could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that have become delinquent in respect of each related Mortgaged Property and that became due and owing prior to the Purchase Date have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes, governmental assessments and other outstanding governmental charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)<u>Condemnation</u>. As of the date of origination and as of the related Purchase Date, Seller has not received written notice from any governmental agency or body of any proceeding pending, and, to Seller's Knowledge as of the date of origination and as of the related Purchase Date, there is no proceeding threatened, for the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)<u>Actions Concerning Purchased Asset</u>. As of the date of origination and, to Seller's Knowledge, as of the related Purchase Date, there was no pending or filed action, suit, proceeding, arbitration or governmental investigation involving any Mortgagor, guarantor, or Mortgagor's interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor's title to the Mortgaged Property or the validity or enforceability of the Mortgage, (b) such Mortgagor's ability to pay its obligations under or perform under the related Purchased Asset Documents, (c) such guarantor's ability to perform under the related guaranty, (d) the principal benefit of the security intended to be provided by the Purchased Asset Documents or (e) the current principal use of the Mortgaged 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;(17)<u>Escrow Deposits</u>. All escrow deposits and payments required to be escrowed with lender pursuant to the Purchased Asset Documents are in the possession, or under the control, of Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and the right to all such escrows and deposits that are required to be escrowed with lender under the related Purchased Asset Documents are being conveyed by Seller to Administrative Agent, on behalf of Buyers, or its servicer. Any and all requirements under the Purchased Asset Documents as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have not been released unless such release was consistent with Seller's practices with respect to escrow releases or such released funds were otherwise used for their intended purpose. No other escrow amounts have been released except in accordance with the terms and conditions of the Purchased Asset 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;(18)<u>No Holdbacks</u>. The principal amount of the Purchased Asset stated on the related Transaction Request has been fully disbursed as of the Purchase Date and there is no requirement for Future Fundings thereunder (except in the case of any Future Funding

Exhibit G-6

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Eligible Asset and in those cases where the full amount of the Purchased Asset has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback). Any requirements or conditions to disbursements of any loan proceeds held in escrow have been or are being satisfied with respect to any disbursements of any such escrow fund made on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)<u>Insurance</u>. Each related Mortgaged Property is, and is required pursuant to the related Purchased Asset Documents to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a "special cause of loss form" or "all risk form" that includes replacement cost valuation issued by an insurer meeting the requirements of the related Purchased Asset Documents and having a claims-paying or financial strength rating of at least "A-:VIII" from A.M. Best Company, Inc., "A3" (or the equivalent) from Moody's or "A-" from S&P (collectively, the "<u>Insurance Rating Requirements</u>"), in an amount (subject to customary deductibles) not less than the "<u>Required Insurance Amount</u>" which is defined as the lesser of (x) the original principal balance of the Purchased Asset and (y) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the Mortgagor and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event, not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions with respect to the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Purchased Asset Documents, by business interruption or rental loss insurance which (subject to customary deductibles) covers a period of not less than twelve (12) months (or with respect to each Purchased Asset with a maximum principal balance of $50 million or more, eighteen (18) months).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)With respect to a U.S. Purchased Asset, if any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, such Mortgaged Property is insured by windstorm insurance issued by an insurer meeting the Insurance Rating Requirements covering damage from windstorm and/or windstorm related perils and/or named storms in an amount not less than such amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)The Mortgaged Property is covered, and required to be covered pursuant to the related Purchased Asset Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional

Exhibit G-7

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commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)With respect to a U.S. Purchased Asset, an architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property for the sole purpose of assessing either the scenario expected limit ("<u>SEL</u>") or the probable maximum loss ("<u>PML</u>") for the Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer meeting the Insurance Rating Requirements in an amount not less than 100% of the SEL or PML, 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;(25)The related Purchased Asset Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Purchased Asset, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of such Purchased Asset together with any accrued interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)All premiums on all insurance policies referred to in this section required to be paid as of the related Purchase Date have been paid, and such insurance policies name the lender under the Purchased Asset and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of Administrative Agent, on behalf of Buyers. Each related Purchased Asset obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor's failure to do so, authorizes the lender to maintain such insurance at the Mortgagor's cost and expense and to charge such Mortgagor for related premiums. All such insurance policies (other than commercial liability policies) require at least ten (10) days' prior notice to the lender of termination or cancellation arising because of nonpayment of a premium and at least thirty (30) days prior notice to the lender of termination or cancellation (or such lesser period, not less than ten (10) days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)<u>Access; Utilities; Separate Tax Lots</u>. To Seller's Knowledge, based solely upon Seller's review of the related Title Policy and current surveys, to the extent obtained in connection with origination, each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use

Exhibit G-8

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of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Purchased Asset Documents require the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)<u>No Encroachments</u>. To Seller's Knowledge based solely on surveys, to the extent obtained in connection with origination and, with respect to a U.S. Purchased Asset, the lender's Title Policy (or, if such policy is not yet issued, a *pro forma* title policy, a preliminary title policy with escrow instructions or a "marked up" commitment) obtained in connection with the origination of such Purchased Asset, all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Purchased Asset are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or, with respect to a U.S. Purchased Asset, for which insurance or endorsements were obtained under the Title Policy and violations of building restriction lines that are covered by law and ordinance coverage in amounts customarily required by prudent commercial mortgage lenders. No material improvements encroach upon any easements except for encroachments that do not violate the terms of the easement or the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or, with respect to a U.S. Purchased Asset, for which insurance or endorsements were obtained under the Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)<u>No Contingent Interest or Equity Participation</u>. No Purchased Asset has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)<u>REMIC</u>. In respect of each U.S. Purchased Asset, to the extent such Purchased Asset is identified as being REMIC eligible, the Purchased Asset is a "qualified mortgage" within the meaning of Code Section 860G(a)(3) (but determined without regard to the rule in the U.S. Department of Treasury Regulations (the "Treasury Regulations") Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly either: (a) such Purchased Asset is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property) having a fair market value (i) at the date such Purchased Asset was originated at least equal to 80% of the adjusted issue price of such Purchased Asset on such date or (ii) at the related Purchase Date at least equal to 80% of the adjusted issue price of such Purchased Asset on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to such Purchased Asset and (B) a proportionate amount of any lien that is in parity with such Purchased Asset; or (b) substantially all of the proceeds of such Purchased Asset were used to acquire, improve or protect the real property which served as the only security for such Purchased Asset (other than a recourse feature or other third-party credit enhancement within the meaning of Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). If any U.S. Purchased Asset was "significantly modified" prior to the related Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Purchased Asset or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date such Purchased Asset was originated) or sub-clause (B)(a)(ii),

Exhibit G-9

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including the proviso thereto. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)<u>Compliance with Usury Laws</u>. The interest rate of such Purchased Asset (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) complied in all material respects as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)<u>Authorized to do Business</u>. To the extent required under applicable law, as of the Purchase Date and as of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, except where the failure to be so authorized does not materially and adversely affect the enforceability of such Purchased Asset by any holder 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;(33)<u>Trustee under Deed of Trust</u>. With respect to each Mortgage which is a deed of trust, as of the date of origination and, to Seller's Knowledge, as of the related Purchase Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related mortgagee, and except in connection with a trustee's sale after a default by the related Mortgagor or in connection with any full or partial release of the related Mortgaged Property or related security for such Purchased Asset, no fees are payable to such trustee except for *de minimis* fees paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34)<u>Local Law Compliance</u>. To Seller's Knowledge, based solely upon any of a letter from any Governmental Authorities, a legal opinion, an architect's letter, a zoning consultant's report, an endorsement to the related Title Policy, a survey or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar commercial and multifamily mortgage loans, with respect to the improvements located on or forming part of each Mortgaged Property securing a Purchased Asset, there are no material violations of applicable zoning ordinances, rules or covenants, building codes or restrictions and land laws (collectively, "<u>Zoning Regulations</u>") as of the date of origination of such Purchased Asset and as of the Purchase Date, other than those which (i) constitute a legal non-conforming use or structure, as to which, in the event of casualty or destruction, the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by Seller for similar mortgage loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations, (iv) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property, or (v) are adequately reserved for in accordance with the related Purchased Asset Documents. The terms of the Purchased Asset Documents require the Mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35)<u>Licenses and Permits</u>. Each Mortgagor covenants in the Purchased Asset Documents that it shall keep all material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental approvals necessary for the operation

Exhibit G-10

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of the Mortgaged Property in full force and effect, and, to Seller's Knowledge based upon any of a letter from any Government Authorities, a zoning consultant's report or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar commercial and multifamily mortgage loans, all such material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental approvals are in effect or the failure to obtain or maintain such material licenses, permits, franchises or certificates of occupancy and applicable governmental approvals does not materially and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the Purchase Date or the rights of a holder of the Purchased Asset. The Purchased Asset Documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located and for the Mortgagor and the Mortgaged Property to be in compliance in all material respects with all regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36)<u>Recourse Obligations</u>. The Purchased Asset Documents for each U.S. Purchased Asset provide that such Purchased Asset (a) becomes full recourse to the related Mortgagor and guarantor (which is a natural person or persons, or an entity or entities distinct from the Mortgagor (but may be affiliated with the Mortgagor) that collectively as of the date of origination have assets other than equity in the related Mortgaged Property that are not *de minimis*) upon any of the following events (or events of substantially similar effect): (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented to or acquiesced in by the Mortgagor; (ii) Mortgagor and/or guarantor shall have colluded with (or alternatively solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or controlling equity interests in Mortgagor made in violation of the Purchased Asset Documents; and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity or entities distinct from the Mortgagor (but may be affiliated with the Mortgagor) that collectively as of the date of origination have assets other than equity in the related Mortgaged Property that are not *de minimis*), for losses, liabilities, costs and damages sustained by reason of (or of provisions of substantially similar effect) Mortgagor's and/or its principals' (i) misappropriation of rents after the occurrence of an event of default under the Purchased Asset, (ii) misappropriation of security deposits, insurance proceeds, or condemnation awards; (iii) fraud, willful misconduct or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Purchased Asset Documents; or (v) commission of intentional material physical waste at the related Mortgaged 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;(37)<u>Mortgage Releases</u>. The terms of the related Mortgage or related Purchased Asset Documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment of not less than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Purchased Asset, (b) upon payment in full of such Purchased Asset, (c) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Purchased Asset and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (d) as required pursuant to an order of condemnation. With respect to any partial release under the preceding clause (a) or (c), either: (x) such release of collateral (i) would not constitute a "significant modification" of the subject Purchased

Exhibit G-11

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Asset within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Purchased Asset to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the Mortgagee or Servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related Mortgagor's delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Purchased Asset outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the provisions governing a "real estate mortgage investment conduit" within the meaning of the REMIC Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)With respect to any U.S. Purchased Asset that is identified as REMIC eligible, with respect to any partial release under the preceding clause (d), the Mortgagor can be required to pay down the principal balance of the Purchased Asset in an amount not less than the amount required by the REMIC Provisions and, to such extent, condemnation proceeds are not required to be applied to the restoration of the Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Purchased Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39)With respect to any U.S. Purchased Asset that is identified as REMIC eligible, no such Purchased Asset that is secured by more than one Mortgaged Property or that is cross-collateralized with another Purchased Asset permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40)<u>Financial Reporting and Rent Rolls</u>. The Purchased Asset Documents for each Purchased Asset require the Mortgagor to provide the Mortgagee or holder of the Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) rent rolls for properties that have any individual leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Purchased Asset with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members' capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41)<u>Acts of Terrorism Exclusion</u>. With respect to each U.S. Purchased Asset with a maximum principal balance over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 and the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as "<u>TRIPRA</u>"), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other U.S. Purchased Asset, the related special-form all-risk

Exhibit G-12

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insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) as of origination, did not and to Seller's Knowledge as of the Purchase Date, does not specifically exclude Acts of Terrorism, as defined in TRIPRA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each U.S. Purchased Asset, the related Purchased Asset Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIPRA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms; provided, however, that if TRIPRA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each U.S. Purchased Asset is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Purchased Asset Documents (without giving effect to the cost of terrorism, flood, windstorm and earthquake components of such casualty and business interruption/rental loss insurance) at the time of the origination of the Purchased Asset, and if the cost of terrorism insurance exceeds such amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to such 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;(42)<u>Due-on-Sale or Encumbrance</u>. Subject to certain exceptions set forth below, each U.S. Purchased Asset contains a "due on sale" or other such provision for the acceleration of the payment of the unpaid principal balance of such Purchased Asset if, without the consent of the Mortgagee or holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Purchased Asset Documents (which provide for transfers without the consent of the lender which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Purchased Asset Documents), (a) the related Mortgaged Property, or any controlling equity interest in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Purchased Asset Documents, (iii) transfers of less than a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Purchased Asset Documents or a Person satisfying specific criteria identified in the related Purchased Asset Documents (such as a qualified equityholder), (v) transfers of stock or similar equity units in publicly traded companies, (vi) release of collateral within the parameters of paragraph 29 ("<u>Mortgage Releases</u>") herein or (vii) any mezzanine debt that existed at the origination of the related Purchased Asset, or future permitted mezzanine debt or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any companion loan or any subordinate debt that existed at origination and is permitted under the related Purchased Asset Documents, (ii) purchase money security interests, (iii) any Crossed Mortgage Loan or (iv) any Permitted Encumbrances. The Mortgage or other Purchased Asset Documents provide that to the extent any rating agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable fees and expenses incurred by the mortgagee relative to such transfer or encumbrance.

Exhibit G-13

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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;(43)<u>Single-Purpose Entity</u>. Each U.S. Purchased Asset requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Purchased Asset is outstanding. Both the Purchased Asset Documents and the organizational documents of the Mortgagor with respect to each Purchased Asset with a maximum principal balance in excess of $5 million provide that the Mortgagor is a Single-Purpose Entity, and each Purchased Asset with a maximum principal balance of $50 million or more has a counsel's opinion regarding non-consolidation of the Mortgagor. For purposes of this paragraph (33), a "<u>Single-Purpose Entity</u>" shall mean an entity, other than an individual, whose organizational documents (or if the Purchased Asset has a maximum principal balance equal to $5 million or less as of the related Purchase Date, its organizational documents or the related Purchased Asset Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Purchased Asset and prohibit it from engaging in any business unrelated to such Mortgaged Property or Mortgaged Properties, and whose organizational documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the effect that it does not have any significant assets other than those related to its interest in and operation of such Mortgaged Property or Mortgaged Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Asset Documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Crossed Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity and, with respect to each Purchased Asset with a maximum principal balance of $50 million or more, that it (or its general partner) has at least one independent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44)<u>Interest Rates</u>. Each Purchased Asset bears interest at a floating rate of interest plus a margin (which interest rate may be subject to a minimum or "floor" rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45)<u>Ground Leases</u>. With respect to any Purchased Asset where the Purchased Asset is secured by a ground leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor's fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of the Seller, its successors and assigns, Seller represents and warrants 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)The Ground Lease or a memorandum or notice regarding such Ground Lease has been duly recorded or registered or submitted for recording or registration in a form that is acceptable for recording or registration in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage. No material change in the terms of the Ground Lease has occurred since its recordation or registration, except by a written instrument which has been included in the Purchased Asset File.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The lessor under such Ground Lease has agreed in a writing included in the related Purchased Asset File (or in such Ground Lease) that the Ground Lease may not be amended, modified, cancelled or terminated by agreement of lessor and lessee without the prior written consent of the lender and that any such action without such consent is not binding on the lender, its successors or assigns, provided that lender has provided lessor with notice of its

Exhibit G-14

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lien in accordance with the terms of the Ground Lease and no such consent has been granted since the origination of the Purchased Asset, except as reflected in any written instruments included in the related Purchased Asset File.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The Ground Lease does not place, in Seller's reasonable judgment, commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Purchased Asset and its successors and assigns without the consent of the lessor thereunder provided that proper notice is delivered to the extent required in accordance with the Ground Lease (or if such consent is necessary it has been obtained), and in the event it is so assigned, it is further assignable by the holder of the Purchased Asset and its successors and assigns without the consent of (but with proper notice to) the lessor.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The Ground Lease does not impose any restrictions on subletting that would be viewed, in Seller's reasonable judgment, as commercially unreasonable by a prudent commercial 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;(j)Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken

Exhibit G-15

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together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee's interest (other than (i) *de minimis* amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Purchased Asset Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Purchased Asset, together with any accrued interest.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46)<u>Servicing</u>. The servicing and collection practices used by Seller and, to Seller's Knowledge, any prior holder with respect to the Purchased Asset complied in all material respects with all applicable laws and regulations and have been, in all material respects, legal and have met Accepted Servicing Practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47)<u>Origination and Underwriting</u>. The origination practices of Seller (or, to Seller's Knowledge, the related originator if Seller was not the originator), with respect to each Purchased Asset have been, in all material respects, legal and as of the date of its origination, such Purchased Asset and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Purchased Asset; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this <u>Exhibit G</u>. At the time of origination of such Purchased Asset, the origination, due diligence and underwriting performed by or on behalf of Seller in connection with each Purchased Asset complied in all material respects with the terms, conditions and requirements of Seller's origination, due diligence and underwriting procedures, guidelines and standards for similar commercial and multifamily 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;(48)<u>Rent Rolls; Operating Histories</u>. Seller has obtained a rent roll (the "Certified Rent Roll(s)") other than with respect to hospitality or single tenant properties certified by the Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Purchased Asset. Seller has obtained operating histories (the "Certified Operating Histories") with respect to each Mortgaged Property certified by the Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Purchased Asset. The Certified Operating Histories collectively report on operations for a period equal to (a) at least a continuous 3-year period or (b) in the event the Mortgaged Property was owned, operated

Exhibit G-16

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or constructed by the borrower or an affiliate for less than 3 years then for such shorter period of time, it being understood that for Mortgaged Properties acquired with the proceeds of a Purchased Asset, Certified Operating Histories may not have been available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49)<u>No Material Default; Payment Record</u>. No Purchased Asset has been more than thirty (30) days delinquent, without giving effect to any grace or cure period, in making required payments since origination, and as of its Purchase Date, no Purchased Asset is more than thirty (30) days delinquent (beyond any applicable grace or cure period) in making required payments. To Seller's Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Purchased Asset Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or (b), materially and adversely affects the value of the Purchased Asset or the value, use or operation of the related Mortgaged Property, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in any Requested Exceptions Report. No person other than the holder of such Purchased Asset may declare any event of default under the Purchased Asset or accelerate any indebtedness under the Purchased Asset Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50)<u>Bankruptcy</u>. As of the date of origination of such Purchased Asset and, to Seller's Knowledge, as of the Purchase Date, neither the Mortgaged Property, nor any portion thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a state or federal bankruptcy, insolvency or 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;(51)<u>Organization of Mortgagor</u>. Seller has as of the date of the origination of the Purchased Asset, obtained an organizational chart or other description of the Mortgagor which identifies all beneficial controlling owners of the Mortgagor (i.e. managing members, general partners or similar controlling person for the Mortgagor) (the "Controlling Owner"). Seller (1) required questionnaires to be completed by each Controlling Owner and guarantor or performed other processes designed to elicit information from each Controlling Owner and guarantor regarding such Controlling Owner's or guarantor's prior history regarding any bankruptcies or other insolvencies or any felony convictions in accordance with the standards utilized by Seller in connection with the origination of similar commercial and multifamily loans, and (2) performed or caused to be performed searches of the public records or services such as Lexis/Nexis or NCO, or a similar service designed to elicit information about each Controlling Owner and guarantor regarding such Controlling Owner's or guarantor's prior history regarding any bankruptcies or other insolvencies or any felony convictions, in accordance with the standards utilized by Seller in connection with the origination of similar commercial and multifamily loans. ((1) and (2) collectively, the "<u>Sponsor Diligence</u>"). With respect to each U.S. Purchased Asset, based solely on the Sponsor Diligence dated as of the date of origination of the Purchased Asset, to the Knowledge of Seller, no Controlling Owner or guarantor (i) was in a state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state or federal bankruptcy or insolvency, or (iii) had been convicted of a felony. With respect to each Purchased Asset, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the related Mortgagor in connection with the origination of such Purchased Asset, the Mortgagor is an entity organized under the laws of a state of the United States of America, the District

Exhibit G-17

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of Columbia or the Commonwealth of Puerto Rico, the laws of a province of Canada or the federal laws of Canada. Except with respect to any Crossed Mortgage Loan, no Purchased Asset has a Mortgagor that is an Affiliate of another Mortgagor under another Purchased 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;(52)<u>Environmental Conditions</u>. At origination of such Purchased Asset, each Mortgagor represented and warranted that to its knowledge no hazardous materials or any other substances or materials which are included under or regulated by Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged from the Mortgaged Property, except as disclosed by a Phase I environmental assessment (or a Phase II environmental assessment, if applicable) delivered in connection with the origination of the Purchased Asset or except for those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner that does not result in contamination of the Mortgaged Property or in a material adverse effect on the value, use or operations of the Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53)A Phase I environmental site assessment and, with respect to certain Purchased Assets, a Phase II environmental site assessment (or an update of a previous Phase I and or Phase II site assessment) (collectively, an "<u>ESA</u>") meeting ASTM requirements was conducted by a reputable (as determined by Seller, acting reasonably) environmental consultant in connection with such Purchased Asset within twelve (12) months prior to its origination date, and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter "<u>Environmental Condition</u>") at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable (as determined by Seller, acting reasonably) environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, and the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as "closed" or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender's pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified Environmental Condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody's, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental

Exhibit G-18

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Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To Seller's Knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54)<u>Lease Estoppels</u>. With respect to each Purchased Asset secured by retail, office or industrial properties, Seller requested the related Mortgagor to obtain estoppels from each commercial tenant with respect to the Certified Rent Roll (except for tenants for whom the related lease income was excluded from Seller's underwriting). With respect to each Purchased Asset predominantly secured by a retail, office or industrial property leased to a single tenant, Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the related Purchased Asset (or such longer period as Seller may deem reasonable and appropriate based on Seller's practices in connection with the origination of similar commercial and multifamily loans), and to Seller's Knowledge, based solely on the related estoppel as of the date of such estoppel, (x) the related lease is in full force and effect and (y) there exists no material default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant's rights, such as with respect to common area maintenance (CAM) and pass-through audits and verification of landlord's compliance with co-tenancy provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55)<u>Appraisal</u>. The Purchased Asset File contains an Appraisal of the related Mortgaged Property with an appraisal date within six (6) months of the Purchased Asset origination date and within twelve (12) months of the Purchase Date. The Appraisal is signed by an appraiser who is a member of the Appraisal Institute (or, with respect to any Foreign Purchased Asset (CAD), a member of the AIC) and who, to Seller's Knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Purchased Asset. Each appraiser has represented in such Appraisal or in a supplemental letter that the Appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Institute (or, with respect to each Foreign Purchased Asset (CAD), as adopted by the AIC). Each Appraisal contains a statement, or is accompanied by a letter from the appraiser, to the effect that the Appraisal was performed in accordance with the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Purchased Asset was originated (or, with respect to each Foreign Purchased Asset (CAD), the requirements of any applicable and analogous legislation in the jurisdiction of the related Mortgaged 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;(56)<u>Transaction Request</u>. To Seller's Knowledge, as of the related Purchase Date, the information pertaining to each Purchased Asset which is set forth in the related Transaction Request delivered to Administrative Agent, on behalf of Buyers is true and correct in all material respects as of the Purchase Date and contains all information required by the Agreement to be contained 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;(57)<u>Cross-Collateralization</u>. No Purchased Asset is cross-collateralized or cross-defaulted with any other mortgage loan, except as set forth in the Requested Exception Report.

Exhibit G-19

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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;(58)<u>Advance of Funds by Seller</u>. After origination of such Purchased Asset, no advance of funds has been made by Seller to the related Mortgagor other than in accordance with the Purchased Asset Documents, and, to Seller's Knowledge, no funds have been received from any Person other than the related Mortgagor or an Affiliate for, or on account of, payments due on the Purchased Asset (other than as contemplated by the Purchased Asset Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the related lease or Purchased Asset Documents). Neither Seller nor any Affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Purchased Asset, other than contributions made on or prior to the Purchase 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;(59)<u>Compliance with Anti-Money Laundering Laws</u>. Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Purchased 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;(60)<u>Affiliates</u>. The related Mortgagor is not an Affiliate of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61)<u>OFAC</u>. (a) No Purchased Asset is (i) subject to nullification pursuant to Executive Order 13224 or the regulations promulgated by OFAC (the "<u>OFAC Regulations</u>") or (ii) in violation of Executive Order 13224 or the OFAC Regulations, and (b) no Mortgagor is (i) subject to the provisions of Executive Order 13224 or the OFAC Regulations or (ii) listed as a "blocked person" for purposes of the OFAC Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62)**B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Interests</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)With respect to each Purchased Asset that is a Senior Interest (other than a senior or *pari passu* participation interest in a Whole Loan):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63)(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>Whole Loan</u>. The related Whole Loan complies with all of the representations set forth in <u>Exhibit G(A)</u> to the Agreement (except to the extent disclosed in a Requested Exceptions Report and/or approved by Administrative Agent in writing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)With respect to each Purchased Asset that is a Senior Interest in the form of a senior or *pari passu* participation interest in a Whole Loan (a "<u>Participation Interest</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;(1)<u>Whole Loan</u>. The related Whole Loan complies with all of the representations set forth in <u>Exhibit G(A)</u> to the Agreement (except to the extent disclosed in a Requested Exceptions Report and/or approved by Administrative Agent, on behalf of Buyers, in writing).

&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)<u>Participation</u>. Such Participation Interest is evidenced by a physical participation certificate.

&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)<u>Lead Participant; Status of Participation Agreement</u>. Such Participation Interest is a senior or *pari passu* participation interest (in each case, with no existing more senior participation interest) in a Whole Loan. Seller is the record mortgagee of the related Whole Loan ("<u>Lead Participant</u>") pursuant to a participation agreement (a

Exhibit G-20

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"<u>Participation Agreement</u>") that is legal, valid and enforceable as between its parties. If such Participation Interest is (i) a *pari passu* participation interest or (ii) a senior participation interest with respect to which no related junior participation interest accounts for more than ten (10) percent of the maximum principal balance of the related Whole Loan, the related participation agreement provides that the Lead Participant has full power, authority and discretion to service the related Whole Loan, modify and amend the terms thereof and pursue remedies and enforcement actions, including foreclosure or other legal action, without consent or approval of any participant (each, a "<u>Third Party Participant</u>") holding any related participation (the "<u>Other Participation Interests</u>"). If such Participation Interest is a senior participation interest with respect to which the related junior participation interest accounts for more than ten (10) percent of the maximum principal balance of the related Whole Loan, the control rights granted to the holder of such junior participation pursuant to the related participation agreement are customary for holders of junior participations in commercial mortgage 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;(4)<u>Costs and Expenses</u>. If the Participation Interest is *pari passu* with any Other Participation Interests, the holder of such Other Participation Interest is required to pay its pro rata share of any expenses, costs and fees associated with servicing and enforcing rights and remedies under the related Whole Loan upon request therefor by the Lead Participant. If the Participation Interest is senior to any Other Participation Interests, the holder of such Other Participation Interest is required to bear any expenses, costs and fees associated with servicing and enforcing rights and remedies under the related Whole Loan prior to the holder of such Participation Interest.

&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)<u>Third Party Participants</u>. Each Participation Agreement is effective to convey the related Other Participation Interests to the related Third Party Participants and is not intended to be or effective as a loan or other financing secured by the related Mortgaged Property. The Lead Participant owes no fiduciary duty or obligation to any Third Party Participant pursuant to the Participation 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;(6)<u>Purchased Asset File</u>. The terms of the documents in the Purchased Asset File with respect to such Participation Interest have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any material respect except as set forth in the documents contained in the Purchased Asset File.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)<u>No Defaults or Waivers Under Participation Documents</u>. All amounts due and owing to any Third Party Participant pursuant to the related Participation Agreement or related documents have been duly and timely paid. (a) There is (i) no material default, breach or violation existing under any Participation Agreement or related document, and (ii) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, or violation under any Participation Agreement or related document, and (b) no material default, breach or violation under any Participation Agreement or related document has been waived, that, in the case of either (a) or (b), materially and adversely affects the value of the Participation Interest; provided, however, that this representation and warranty does not cover any default, breach or violation that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in this <u>Exhibit G</u>. No person other than the holder of such Participation Interest or the related Other Participation Interests (or, in each case, a pledgee of any such Participation Interests) may declare any default, breach or violation under the applicable Participation Agreement or related documents.

Exhibit G-21

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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;(8)<u>Bankruptcy</u>. To Seller's Knowledge, if Seller or an Affiliate was not the originator, no issuer of such Participation Interest or Third Party Participant is a debtor in any outstanding state or federal bankruptcy or insolvency 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;(9)<u>No Known Liabilities</u>. Except as disclosed to Administrative Agent, Seller has not received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Participation Interest is or may become obligated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)<u>Transfer</u>. The Lead Participant's role, rights and responsibilities are assignable by Seller without consent or approval other than those that have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)<u>No Repurchase</u>. The terms of the Participation Agreement do not require or obligate the Lead Participant or its successor or assigns to repurchase any Other Participation Interest under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)<u>No Misrepresentations</u>. To Seller's Knowledge, Seller, in selling any Other Participation Interest to a Third Party Participant made no misrepresentation, fraud or omission of information which was in Seller's possession and required to be delivered to such Third Party Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.**<u>Mezzanine Loans</u>.** With respect to each Purchased Asset that is a Mezzanine Loan:

&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)<u>Type of Mezzanine Loan</u>. The Mezzanine Loan is a senior mezzanine whole loan secured by a first priority pledge of one hundred percent (100%) of the Capital Stock of the Mortgagor of the related Whole Loan or Senior Interest that is a Purchased Asset. At the time of the pledge and grant of the security interest in the Mezzanine Loan to Administrative Agent, on behalf of Buyers, the Mezzanine Loan was not subject to any assignment (other than assignments to Seller), participation or pledge, and Seller had good title to, and was the sole owner of, such Mezzanine Loan free and clear of any and all liens, charges, pledges, encumbrances, participations and any other ownership interests on, in or to such Mezzanine Loan. Seller has full right and authority to pledge and grant a security interest in and to each Mezzanine Loan, and such pledge and grant of a security interest to Administrative Agent, on behalf of Buyers, constitutes a legal, valid and binding pledge of such Mezzanine Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mezzanine Loan but subject to the rights of the holder of the related Whole Loan or Senior Interest that is a Purchased Asset pursuant to an 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;(2)<u>Purchased Asset</u>. The related Whole Loan or Senior Interest that is a Purchased Asset complies with all of the representations set forth in Section A (except to the extent disclosed in a Requested Exceptions Report and/or approved by Administrative Agent, on behalf of Buyers, in writing).

&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)<u>Mezzanine Loan Document Status</u>. Each related Mezzanine Note and other agreement executed by or on behalf of the related Mezzanine Borrower, guarantor or other obligor in connection with such Mezzanine Loan is the legal, valid and binding obligation of the related Mezzanine Borrower, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state or provincial anti-deficiency, one-action or market value limit deficiency

Exhibit G-22

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legislation), as applicable, and is enforceable in accordance with its terms, subject to the Standard Qualifications.

&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)Except as set forth in the immediately preceding sentence, there is no valid offset, defense, counterclaim or right of rescission available to the related Mezzanine Borrower with respect to any of the related Mezzanine Notes or other Mezzanine Loan Documents, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of such Mezzanine Loan, that would deny the lender the principal benefits intended to be provided by the Mezzanine Note or other Mezzanine 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;(5)<u>Mezzanine Note Provisions</u>. Subject to the Standard Qualifications, the Mezzanine Loan Documents for each Mezzanine Loan contain enforceable provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Capital Stock of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure.

&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)<u>Waivers and Modifications; Lien</u>. Since origination and except by written instruments set forth in the related Purchased Asset File or as otherwise provided in the related Mezzanine Loan Documents, (a) the material terms of the related pledge agreement, Mezzanine Note, guaranty, and related Mezzanine Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect that could have a material adverse effect on the Mezzanine Loan; (b) no related Capital Stock or any portion thereof has been released from the lien of the related pledge or other security agreement in any manner which materially interferes with the security intended to be provided by such agreement; and (c) neither the Mezzanine Borrower nor the related guarantor has been released from its material obligations under the related Mezzanine Loan Documents. Any security agreement, pledge agreement or equivalent document related to and delivered in connection with the Purchased Asset establishes and creates a valid and enforceable lien on property described therein, except as such enforcement may be limited by Standard Qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)<u>Title Insurance</u>. Seller's security interest in the Capital Stock of the Mortgagor is covered by a UCC 9 insurance policy and (i) such policy is in full force and effect, (ii) all premiums thereunder have been paid, (iii) no claims have been made by or on behalf of Seller thereunder, and (iv) no claims have been paid thereunder. Seller obtained a mezzanine endorsement to the Mortgagor's "owner's" title policy and an assignment of title proceeds in connection 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;(8)<u>Junior Liens</u>. Except as set forth in the related Transaction Request, there are no subordinate junior liens securing the payment of money encumbering the related pledged Capital Stock. Except as set forth in the related Transaction Request, to Seller's Knowledge, there is no subordinate mezzanine debt secured directly or indirectly by interests in the related Mezzanine 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;(9)<u>Condition of Property</u>. Seller or the originator of the Mezzanine Loan inspected or caused to be inspected each related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest that is a Purchased Asset) no more than six (6) months prior to the origination of such Mezzanine Loan and no more than twelve (12) months prior to the related Purchase Date.

Exhibit G-23

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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;(10)An engineering report or property condition assessment was prepared in connection with the origination of such Mezzanine Loan (or related Whole Loan or Senior Interest, as applicable) no more than twelve (12) months prior to the related Purchase Date. To Seller's Knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mezzanine loans, and except as disclosed on any engineering report or property condition assessment delivered to Administrative Agent, on behalf of Buyers, as of the Purchase Date, the related Mortgaged Property is free of any material damage, except to the extent that such material damage (i) would not have a material adverse effect on the use, operation or value of such Mortgaged Property as security for the related Whole Loan or Senior Interest, (ii) is fully covered by insurance or (iii) has not yet been repaired but escrows of funds have been established in an aggregate amount consistent with the standards utilized by Seller with respect to similar loans it holds for its own account, which escrows will in all events be in an aggregate amount not less than the estimated cost of the necessary repairs. Seller has no Knowledge of any material issues with the physical condition of the Mortgaged Property that Seller believes would have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the engineering report or property condition assessment and those addressed in sub-clauses (i), (ii) and (iii) of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)<u>Taxes and Assessments</u>. All real estate taxes, governmental assessments and other outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which is or could be a lien on the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) that would be of equal or superior priority to the lien of the related Mortgage and that have become delinquent in respect of each related Mortgaged Property and that became due and owing prior to the Purchase Date have been paid, or an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes, governmental assessments and other outstanding governmental charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)<u>Condemnation</u>. As of the date of origination and as of the related Purchase Date, Seller has not received written notice from any governmental agency or body of any proceeding pending and, to Seller's Knowledge, as of the date of origination and as of the related Purchase Date, there is no proceeding threatened, for the total or partial condemnation of the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) that would have a material adverse effect on the value, use or operation of such Mortgaged 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;(13)<u>Actions Concerning Mezzanine Loan</u>. As of the date of origination and, to Seller's Knowledge, as of the related Purchase Date, there was no pending or filed action, suit, proceeding, arbitration or governmental investigation involving any Mezzanine Borrower or guarantor, the related Capital Stock, the related Mortgagor (under the related Whole Loan or Senior Interest) or the related Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such

Exhibit G-24

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Mezzanine Borrower's title to such Capital Stock, (b) the related Mortgagor's title to the related Mortgaged Property or the validity or enforceability of the related Mezzanine Loan Documents, (c) such Mezzanine Borrower's ability to pay its obligations under or perform under the related Mezzanine Loan Documents, (d) such guarantor's ability to perform under the related guaranty, (e) the principal benefit of the security intended to be provided by the Mezzanine Loan Documents or (f) the current principal use of such related Mortgaged 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;(14)<u>Escrow Deposits</u>. All escrow deposits and payments required to be escrowed with lender pursuant to the Mezzanine Loan Documents are in the possession, or under the control, of Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all of Seller's rights under the Mezzanine Loan Documents in and to all such escrows and deposits (or the right thereto) that are required to be escrowed with lender under the related Mezzanine Loan Documents are being conveyed by Seller to Administrative Agent, on behalf of Buyers, or its servicer. Any and all requirements under the Mezzanine Loan Documents as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have not been released unless such release was consistent with Seller's practices with respect to escrow releases or such released funds were otherwise used for their intended purpose. No other escrow amounts have been released except in accordance with the terms and conditions of the Mezzanine 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;(15)<u>No Holdbacks</u>. The principal amount of the Mezzanine Loan stated on the related Transaction Request has been fully disbursed as of the Purchase Date and there is no requirement for Future Fundings thereunder (except in the case of any Future Funding Eligible Asset and in those cases where the full amount of the Mezzanine Loan has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to matters with respect to the related Capital Stock or underlying Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest)). Any requirements or conditions to disbursements of any loan proceeds held in escrow have been or are being satisfied with respect to any disbursements of any such escrow fund made on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)<u>Insurance</u>. Each related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) is, and is required pursuant to the related Mezzanine Loan Documents to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a "special cause of loss form" or "all risk form" that includes replacement cost valuation issued by an insurer meeting the requirements of the related Mezzanine Loan Documents and meeting the Insurance Rating Requirements, in an amount (subject to customary deductibles) not less than the Required Insurance 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;(17)Each related Mortgaged Property is also covered, and required to be covered pursuant to the related Mezzanine Loan Documents, by business interruption or rental loss insurance which (subject to customary deductibles) covers a period of not less than twelve (12) months (or with respect to each Mezzanine Loan and its related Purchased Asset with an aggregate maximum principal balance of $50 million or more, eighteen (18) months).

Exhibit G-25

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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;(18)With respect to a U.S. Purchased Asset, if any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, the related Mezzanine Borrower is required to be covered pursuant to the related Mezzanine Loan Documents, by flood insurance in the maximum amount available under the National Flood Insurance Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)If the Mortgaged Property is located within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, such Mortgaged Property is insured by windstorm insurance issued by an insurer meeting the Insurance Rating Requirements covering damage from windstorm and/or windstorm related perils and/or named storms in an amount not less than such amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)Each related Mortgaged Property is covered, and required to be covered pursuant to the related Mezzanine Loan Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage and mezzanine lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)An architectural or engineering consultant has performed an analysis of the related Mortgaged Property located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property for the sole purpose of assessing either the SEL or the PML for the related Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer meeting the Insurance Rating Requirements in an amount not less than 100% of the SEL or PML, 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;(22)The related Mezzanine Loan Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of such related Mortgaged Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Whole Loan, the lender (or the related mortgage lender or trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or (b) to the payment of the outstanding principal balance of the related Whole Loan together with any accrued interest thereon, with any excess applied to the existing outstanding principal balance of the Mezzanine Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)All premiums on all insurance policies referred to in this section required to be paid as of the related Purchase Date have been paid, and such insurance policies

Exhibit G-26

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name the lender under the Mezzanine Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of Administrative Agent, on behalf of Buyers. Each related Mezzanine Loan obligates the related underlying Mortgagor to maintain all such insurance and, at such underlying Mortgagor's failure to do so, authorizes the lender to maintain such insurance at the Mezzanine Borrower's cost and expense and to charge such Mezzanine Borrower for related premiums. All such insurance policies (other than commercial liability policies) require at least ten (10) days' prior notice to the lender of termination or cancellation arising because of nonpayment of a premium and at least thirty (30) days' prior notice to the lender of termination or cancellation (or such lesser period, but not less than ten (10) days, as may be required by applicable law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)Notwithstanding anything to the contrary contained above, the insurance coverages required above may be maintained by the related Mortgagor under the related Purchased Asset Documents and/or by the Mezzanine Borrower under the Mezzanine 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;(25)<u>Access; Utilities; Separate Tax Lots</u>. To Seller's Knowledge, based solely upon Seller's review of the related Title Policy for the Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) and current surveys, to the extent obtained in connection with origination, such Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of such Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of such Mortgaged Property or is subject to an endorsement under the related Title Policy insuring such Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Mezzanine Loan requires the Mezzanine Borrower to (or cause the related Mortgagor to) escrow an amount sufficient to pay taxes for the existing tax parcel of which such Mortgaged Property is a part until the separate tax lots are created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)<u>No Encroachments</u>. To Seller's Knowledge based solely on surveys, to the extent obtained in connection with the origination of the Mezzanine Loan (or related Whole Loan or Senior Interest), all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) at the time of the origination of such Mezzanine Loan are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the applicable owner's title policy and violations of building restriction lines that are covered by law and ordinance coverage in amounts customarily required by prudent commercial mortgage lenders. No material improvements encroach upon any easements except for encroachments that do not violate the terms of the easement or the removal of which would not materially and adversely

Exhibit G-27

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affect the value or current use of such Mortgaged Property or for which insurance or endorsements under the applicable owner's title policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)<u>No Contingent Interest or Equity Participation</u>. No Mezzanine Loan has a shared appreciation feature, any other contingent interest feature or a negative amortization feature or an equity participation by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)<u>Compliance with Usury Laws</u>. The interest rate of the Mezzanine Loan (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) complied in all material respects as of the date of origination with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)<u>Authorized to do Business</u>. To the extent required under applicable law, as of the Purchase Date and as of the date that such entity held the related Mezzanine Note, each holder of the Mezzanine Note was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) is located, except where the failure to be so authorized does not materially and adversely affect the enforceability of the related Mezzanine Loan by Administrative Agent, on behalf of Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)<u>Local Law Compliance</u>. To Seller's Knowledge, based solely upon any of a letter from any Governmental Authorities, a legal opinion, an architect's letter, a zoning consultant's report, an endorsement to the related Title Policy (for the related Whole Loan or Senior Interest), a survey, or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar related commercial and multifamily mortgage loans, with respect to the improvements located on or forming part of each Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) there are no material violations of applicable Zoning Regulations as of the date of origination of such Mezzanine Loan and as of the Purchase Date, other than those which (i) constitute a legal non-conforming use or structure, as to which, in the event of casualty or destruction, such Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty or the inability to restore or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of such Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by Seller for similar mortgage loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current Zoning Regulations, (iv) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property, or (v) are adequately reserved for in accordance with the related Purchased Asset Documents. The Mezzanine Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law relating to such Mezzanine Loan. The terms of the related Mezzanine Loan Documents require the related Mezzanine Borrower to cause the Mortgagor to comply in all material respects with all applicable governmental regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)<u>Licenses and Permits</u>. Each related Mezzanine Borrower covenants in the related Mezzanine Loan Documents that it shall keep (and shall cause the related Mortgagor to keep) all material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental approvals necessary for the operation of the related

Exhibit G-28

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Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) in full force and effect, and to Seller's Knowledge based upon any of a letter from any Government Authorities, a zoning consultant's report or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar related commercial and multifamily mortgage loans, all such material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental approvals are in effect or the failure to obtain or maintain such material licenses, permits, franchises or certificates of occupancy and applicable governmental approvals does not materially and adversely affect the use and/or operation of the Mortgaged Property as it was used and operated as of the Purchase Date or the rights of a holder of the Mezzanine Loan. The Mezzanine Loan Documents for each Mezzanine Loan (or related Whole Loan or Senior Interest, as applicable) require the related Mortgagor to be qualified to do business in each jurisdiction in which such related Mortgaged Property is located and for the Mortgagor and the Mortgaged Property to be in compliance in all material respects with all regulations, zoning and building laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)<u>Recourse Obligations</u>. The Mezzanine Loan Documents for each Mezzanine Loan provide that such Mezzanine Loan (a) becomes full recourse to the related Mezzanine Borrower and guarantor (which is a natural person or persons, or an entity or entities distinct from the related Mezzanine Borrower (but may be affiliated with such Mezzanine Borrower) that collectively as of the date of origination have assets other than the Capital Stock in the underlying Mortgagor that are not *de minimis*) upon any of the following events (or events of substantially similar effect): (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by consented to or acquiesced in by the related Mortgagor or Mezzanine Borrower; (ii) if the related Mortgagor or Mezzanine Borrower and/or guarantor shall have colluded with (or alternatively solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or the Mezzanine Borrower; or (iii) voluntary transfers of either the related Mortgaged Property, Capital Stock, or controlling equity interests in the related Mezzanine Borrower made in violation of the related Mezzanine Loan Documents; and (b) contains provisions providing for recourse against the Mezzanine Borrower and guarantor (which is a natural person or persons, or an entity or entities distinct from the related Mezzanine Borrower (but may be affiliated with such Mezzanine Borrower) that collectively as of the date of origination have assets other than the Capital Stock in the underlying Mortgagor that are not *de minimis*), for losses, liabilities, costs and damages sustained by reason of the related (or of provisions of substantially similar effect) Mortgagor's or Mezzanine Borrower's and/or its principals' (i) misappropriation of rents after the occurrence of an event of default under the related Mezzanine Loan; (ii) misappropriation of security deposits, insurance proceeds, or condemnation awards; (iii) fraud, willful misconduct or intentional material misrepresentation; (iv) breach of the environmental covenants in the related Mezzanine Loan Documents; or (v) commission of intentional material physical waste at the related Mortgaged 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;(33)<u>Financial Reporting and Rent Rolls</u>. The Mezzanine Loan Documents require the related Mezzanine Borrower to provide Seller with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) and annual rent rolls for properties that have any individual leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements with respect to each Mezzanine Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements

Exhibit G-29

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of operations, members' capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined 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;(34)<u>Acts of Terrorism Exclusion</u>. With respect to each Mezzanine Loan with a maximum principal balance of over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in TRIPRA, from coverage, or if such coverage is excluded, the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) is covered by a separate terrorism insurance policy. With respect to each other Mezzanine Loan, the related special form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) as of origination did not and to Seller's Knowledge as of the Purchase Date does not specifically exclude Acts of Terrorism, as defined in TRIPRA, from coverage, or if such coverage is excluded, the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) is covered by a separate terrorism insurance policy. With respect to each Mezzanine Loan, the related Mezzanine Loan Documents do not expressly waive or prohibit the lender from requiring coverage for Acts of Terrorism, as defined in TRIPRA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms; provided, however, that if TRIPRA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially available, the underlying Mortgagor is required to carry terrorism insurance, but in such event the underlying Mortgagor shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Purchased Asset Documents (without giving effect to the cost of terrorism, flood, windstorm and earthquake components of such casualty and business interruption/rental loss insurance) at the time of the origination of the related Whole Loan, and if the cost of terrorism insurance exceeds such amount, the underlying Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal to such 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;(35)Notwithstanding anything to the contrary contained above, the insurance coverages required above may be maintained by the related Mortgagor under the related Purchased Asset Documents and/or by the Mezzanine Borrower under the Mezzanine 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;(36)<u>Due on Sale or Encumbrance</u>. Subject to certain exceptions set forth below, each Mezzanine Loan contains a "due on sale" or other such provision for the acceleration of the payment of the unpaid principal balance of such Mezzanine Loan if, without the consent of the holder of the Mezzanine Loan (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Mezzanine Loan Documents (which provide for transfers without the consent of the lender which are customarily acceptable to prudent mezzanine lending institutions lending on the security of property comparable to the related Capital Stock, (a) the related Mortgaged Property, or any controlling equity interest in the related Mortgagor or Mezzanine Borrower, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Mezzanine Loan Documents, (iii) transfers of less than a controlling interest in the related Mortgagor or Mezzanine Borrower, (iv) transfers to another holder of direct or indirect equity in the

Exhibit G-30

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related Mortgagor or Mezzanine Borrower, a specific Person designated in the related Mezzanine Loan Documents or a Person satisfying specific criteria identified in the related Mezzanine Loan Documents (such as a qualified equityholder), (v) transfers of stock or similar equity units in publicly traded companies or (vi) a release of collateral within the parameters of the Mezzanine Loan Documents in a manner consistent with paragraph 29 in the foregoing Section A, or (vii) any mezzanine debt that existed at the origination of the related Mezzanine Loan (or related Whole Loan or Senior Interest, as applicable) or that was permitted after origination pursuant to the related Mezzanine Loan Documents or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than any Permitted Encumbrances, or the collateral for the Mezzanine Loan is encumbered with a subordinate lien or security interest against such collateral, other than any liens granted pursuant to the Mezzanine Loan Documents. The related Mezzanine Loan Documents provide that to the extent any rating agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the related Mezzanine Borrower is responsible for such payment along with all other reasonable fees and expenses incurred by the mortgagee relative to such transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37)<u>Single-Purpose Entity</u>. Each Mezzanine Loan requires the related Mezzanine Borrower to be a Single-Purpose Entity (as defined below) for at least as long as such Mezzanine Loan is outstanding. Both the Mezzanine Loan Documents and the organizational documents of the Mezzanine Borrower with respect to each Mezzanine Loan with a maximum principal balance in excess of $5 million provide that the Mezzanine Borrower is a Single-Purpose Entity, and each Mezzanine Loan with a maximum principal balance of $20 million or more has a counsel's opinion regarding non-consolidation of the Mezzanine Borrower. For purposes of this <u>Paragraph (26)</u>, a "<u>Single-Purpose Entity</u>" shall mean an entity, other than an individual, whose organizational documents provide substantially to the effect that it was formed or organized solely for the purpose of owning the Capital Stock of the underlying Mortgagor securing the related Whole Loan or Senior Interest and prohibit it from engaging in any business unrelated to owning such Capital Stock, and whose organizational documents further provide, or which entity represented in the related Mezzanine Loan Documents, substantially to the effect that it does not have any assets other than those related to its interest in the underlying Mortgagor, or any indebtedness other than as permitted by the related pledge agreement or the other related Mezzanine Loan Documents, that it has its own books and records and accounts separate and apart from those of any other person, and that it holds itself out as a legal entity, separate and apart from any other person or entity and, with respect to each Mezzanine Loan with a maximum principal balance of $20 million or more, that it (or its general partner) has at least one independent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)<u>Ground Leases</u>. With respect to any Mezzanine Loan where the related Senior Interest or Whole Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage (for such Senior Interest or Whole Loan) does not also encumber the related lessor's fee interest in such related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Senior Interest or Whole Loan), based upon the terms of such Ground Lease, the related Senior Interest or Whole Loan, the Mezzanine Loan and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Such Ground Lease or a memorandum or notice regarding such Ground Lease has been duly recorded or registered or submitted for recordation or registration in a form that is acceptable for recording or registration in the

Exhibit G-31

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applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage. No material change in the terms of the Ground Lease has occurred since its recordation or registration, except by a written instrument which has been included in the Purchased Asset File.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The lessor under such Ground Lease has agreed in a writing included in the related Purchased Asset File (or in such Ground Lease) that such Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor and lessee, without the prior written consent of the lender and that any such action without such consent is not binding on the lender, its successors or assigns, provided that lender has provided lessor with notice of its lien in accordance with the terms of the Ground Lease and no such consent has been granted since the origination of the Purchased Asset, except as reflected in any written instruments included in the related Purchased Asset File.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Such Ground Lease is assignable to the holder of the related Purchased Asset and its successors and assigns without the consent of the lessor thereunder provided that proper notice is delivered to the extent required in accordance with the Ground Lease (or if such consent is necessary, it has been obtained), and in the event it is so assigned, it is further assignable by the holder of the Purchased Asset and its successors and assigns without the consent of (but with proper notice to) the lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Seller has not received any written notice of material default under or notice of termination of such Ground Lease. To Seller's Knowledge, there is no material default under such Ground Lease and no condition that, but for the

Exhibit G-32

------

passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to Seller's Knowledge, such Ground Lease is in full force and effect.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)The Ground Lease does not impose any restrictions on subletting that would be viewed, in Seller's reasonable judgment, as commercially unreasonable by a prudent commercial 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;(j)Under the terms of such Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to the ground lessee's interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mezzanine Loan Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mezzanine Loan, together with any accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)In the case of a total or substantially total taking or loss, under the terms of such Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee's interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the related Whole Loan or Senior Interest and then to the Mezzanine Loan, together with any accrued interest.

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

Exhibit G-33

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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;(39)If applicable, the ground lessor consented to and acknowledged that (i) the Mezzanine Loan is permitted / approved, (ii) any foreclosure of the Mezzanine Loan and related change in ownership of the ground lessee will not require the consent of the ground lessor or constitute a default under the ground lease, (iii) copies of default notices would be sent to mezzanine lender (or, in the alternative, mortgage lender has agreed to send such notices to mezzanine lender pursuant to the related intercreditor agreement) and (iv) it would accept cure from mezzanine lender on behalf of the ground lessee (or, in the alternative, mortgage lender has agreed to tender such cure on behalf of mezzanine lender pursuant to the related 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;(40)<u>Servicing</u>. The servicing and collection practices used by Seller and, to Seller's Knowledge, any prior holder with respect to the Mezzanine Loan complied in all material respects with all applicable laws and regulations and have been, in all material respects, legal and have met customary industry standards for servicing of commercial mezzanine 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;(41)<u>Origination and Underwriting</u>. The origination practices of Seller (or, to Seller's Knowledge, the related originator if Seller was not the originator) with respect to each Mezzanine Loan have been, in all material respects, legal and as of the date of its origination, such Mezzanine Loan and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mezzanine Loan; provided that such representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this <u>Exhibit G</u>. At the time of origination of such Mezzanine Loan, the origination, due diligence and underwriting performed by or on behalf of Seller in connection with such Mezzanine Loan complied in all material respects with the terms, conditions and requirements of Seller's origination, due diligence and underwriting procedures, guidelines and standards for similar commercial and multifamily 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;(42)<u>Rent Rolls; Operating Histories</u>. Seller has obtained a rent roll (the "Certified Rent Roll(s)") other than with respect to hospitality or single tenant properties certified by the related borrower or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mezzanine Loan. Seller has obtained operating histories (the "Certified Operating Histories") with respect to each Mortgaged Property certified by the related borrower or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mezzanine Loan. The Certified Operating Histories collectively report on operations for a period equal to (a) at least a continuous 3-year period or (b) in the event the Mortgaged Property was owned, operated or constructed by the borrower or an affiliate for less than 3 years then for such shorter period of time, it being understood that for Mortgaged Properties acquired with the proceeds of a Mezzanine Loan, Certified Operating Histories may not have been available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43)<u>No Material Default; Payment Record</u>. Such Mezzanine Loan has not been more than thirty (30) days delinquent, without giving effect to any grace or cure period, in making required payments since origination, and as of the Purchase Date for the related Whole Loan or Senior Interest, no Mezzanine Loan is more than thirty (30) days delinquent (beyond any applicable grace or cure period) in making required

Exhibit G-34

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payments. To Seller's Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mezzanine Loan Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or (b), materially and adversely affects the value of the Mezzanine Loan or the value, use or operation of the related Mortgaged Property or Capital Stock, provided, however, that this representation and warranty does not cover any default, breach, violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in any Requested Exceptions Report. No person other than the holder of such Mezzanine Loan may declare any event of default under the Mezzanine Loan or accelerate any indebtedness under the Mezzanine 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;(44)<u>Bankruptcy</u>. As of the date of origination of such Mezzanine Loan and, to Seller's Knowledge, as of the Purchase Date for the related Purchased Asset, neither the related Mortgaged Property nor any portion thereof, nor the Capital Stock, is the subject of, and no related Mortgagor, Mezzanine Borrower, guarantor or tenant occupying a single-tenant property is a debtor in a state or federal bankruptcy, insolvency or 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;(45)<u>Organization of Mezzanine Borrower</u>. (i) Seller has as of the date of origination of the Mezzanine Loan, obtained an organizational chart or other description of each borrower which identifies all beneficial controlling owners of the borrower (i.e. managing members, general partners or similar controlling person for such borrower) (the "Controlling Owner"). Seller (1) required questionnaires to be completed by each Controlling Owner and guarantor or performed other processes designed to elicit information from each Controlling Owner and guarantor regarding such Controlling Owner's or guarantor's prior history regarding any bankruptcies or other insolvencies or any felony convictions in accordance with the standards utilized by Seller in connection with the origination of similar mezzanine loans, and (2) performed or caused to be performed searches of the public records or services such as Lexis/Nexis or NCO, or a similar service designed to elicit information about each Controlling Owner and guarantor regarding such Controlling Owner's or guarantor's prior history regarding any bankruptcies or other insolvencies or any felony convictions, in accordance with the standards utilized by Seller in connection with the origination of similar mezzanine loans. ((1) and (2) collectively, the "Sponsor Diligence"). Based solely on the Sponsor Diligence dated as of the date of origination of the Mezzanine Loan, to the Knowledge of Seller, no Controlling Owner or guarantor (i) was in a state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state or federal bankruptcy or insolvency, or (iii) had been convicted of a felony. With respect to each Mezzanine Loan, in reliance on certified copies of the organizational documents of the related Mezzanine Borrower delivered by such Mezzanine Borrower in connection with the origination of such Mezzanine Loan, such Mezzanine Borrower is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico, the laws of a province of Canada or the federal laws of Canada. Except with respect to any Mezzanine Loan that is cross-collateralized or cross-defaulted with another Mezzanine Loan, no Mezzanine Loan has a Mezzanine Borrower that is an affiliate of a Mezzanine Borrower with respect to another Mezzanine Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46)<u>Environmental Conditions</u>. An ESA meeting ASTM requirements was conducted by a reputable (as determined by Seller, acting reasonably) environmental consultant in connection with the origination of such Mezzanine Loan within twelve (12)

Exhibit G-35

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months prior to its origination date, and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter "Environmental Condition") at the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable (as determined by Seller, acting reasonably) environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the Mezzanine Borrower (or by the related Mortgagor under the related Whole Loan or Senior Interest) that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting such related Mortgaged Property was otherwise listed by such governmental authority as "closed" or a reputable (as determined by Seller, acting reasonably) environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender's pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified Environmental Condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody's, S&P and/or Fitch; (E) a party not related to the Mortgagor and Mezzanine Borrower was identified as the responsible party for such Environmental Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor and Mezzanine Borrower having financial resources reasonably estimated to be adequate to address the situation is required to take action. To Seller's Knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at any related Mortgaged 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;(47)<u>Lease Estoppels</u>. With respect to each Mezzanine Loan secured indirectly by retail, office or industrial properties, Seller requested the related borrower to obtain estoppels from each commercial tenant with respect to the Certified Rent Roll (except for tenants for whom the related lease income was excluded from Seller's underwriting). With respect to each Mezzanine Loan predominantly secured indirectly by a retail, office or industrial property leased to a single tenant, Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the related Mezzanine Loan (or such longer period as Seller may deem reasonable and appropriate based on Seller's practices in connection with the origination of similar mezzanine loans), and to Seller's Knowledge, based solely on the related estoppel as of the date of such estoppel, (x) the related lease is in full force and effect and (y) there exists no material default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant's rights, such as with respect to common area maintenance (CAM) and pass-through audits and verification of landlord's compliance with co-tenancy provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48)<u>Appraisal</u>. The Purchased Asset File contains an Appraisal of the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) with an appraisal date within six (6) months of the

Exhibit G-36

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Mezzanine Loan origination date and within twelve (12) months of the Purchase Date. The Appraisal is signed by an appraiser who is a member of the Appraisal Institute and who, to Seller's Knowledge, had no interest, direct or indirect, in the related Mortgaged Property or the Capital Stock or the related Mortgagor or Mezzanine Borrower or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mezzanine Loan. Each Appraiser has represented in such Appraisal or in a supplemental letter that the Appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Institute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49)<u>Transaction Request</u>. To Seller's Knowledge, as of the related Purchase Date, the information pertaining to each Mezzanine Loan which is set forth in the related Transaction Request delivered to Administrative Agent, on behalf of Buyers, is true and correct in all material respects as of the Purchase Date and contains all information required by the Agreement to be contained 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;(50)<u>Cross-Collateralization</u>. No Mezzanine Loan is cross-collateralized or cross-defaulted with any other loan (other than the related Whole Loan or Senior Interest), except as set forth in the Requested Exception Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51)<u>Advance of Funds by Seller</u>. After origination of each Mezzanine Loan, no advance of funds has been made by Seller to the related Mezzanine Borrower other than in accordance with the related Mezzanine Loan Documents, and, to Seller's Knowledge, no funds have been received from any Person other than the related Mezzanine Borrower or an Affiliate of the related Mezzanine Borrower for, or on account of, payments due on such Mezzanine Loan (other than as contemplated by the related Mezzanine Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the related lease or the related Mezzanine Loan Documents). Neither Seller nor any Affiliate thereof has any obligation to make any capital contribution to any Mezzanine Borrower under a Mezzanine Loan, other than contributions made on or prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52)<u>Compliance with Anti-Money Laundering Laws</u>. Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the Patriot Act with respect to the origination of such Mezzanine Loan (or related Whole Loan or Senior Interest that is a Purchased 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;(53)<u>Affiliates</u>. The related Mezzanine Borrower is not an Affiliate of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54)<u>Mezzanine Loan Provisions</u>. No consent or approval by any Person is required in connection with Seller's sale and/or Administrative Agent's acquisition of such Mezzanine Loan, for Administrative Agent's exercise of any rights or remedies in respect of such Mezzanine Loan or for Administrative Agent's sale, pledge or other disposition of such Mezzanine Loan. No third party holds any "right of first refusal", "right of first negotiation", "right of first offer", purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55)<u>Article 8 Opt-In</u>. The limited liability company certificate of the issuer of the Capital Stock securing the Mezzanine Loan constitutes a "security" within the meaning of Article 8 of the UCC, and no amendment of the issuer's operating agreement

Exhibit G-37

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that amends the opt-in may be effected without the consent of the holder of the Mezzanine Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Foreign Purchased Assets (CAD) (Whole Loans)</u>**. With respect to each Whole Loan that is a Foreign Purchased Asset (CAD):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56)<u>Lien; Valid Assignment</u>. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases from Seller is in registrable form (but for the insertion of the name of the assignee and any related registration information) and constitutes a legal, valid and binding assignment from Seller. Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor. Each related Mortgage and Assignment of Leases is a legal, valid and enforceable first lien on the related Mortgagor's fee (or if identified on the related Underwriting/Due Diligence Package, leasehold) interest in the Mortgaged Property in the principal amount of such Foreign Purchased Asset (CAD) or, in the case of a Foreign Purchased Asset (CAD) secured by multiple Mortgaged Properties, allocated loan amount (subject only to Permitted Encumbrances (as defined below), except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions), to Seller's Knowledge, as of origination was, and as of the related Purchase Date, is free and clear of any recorded mechanics' liens, recorded materialmen's liens, recorded construction liens, and other recorded encumbrances which are prior to or equal with the lien of the related Mortgage except those which are bonded over, escrowed for or insured against by a lender's title insurance policy, and, subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Encumbrances and Title Exceptions) no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender's title insurance policy (as described below). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Foreign Purchased Asset (CAD) establishes and creates a valid and enforceable lien on property described therein subject to Permitted Encumbrances and Title Exceptions, except as such enforcement may be limited by Standard Qualifications subject to the limitations described in <u>Paragraph (2)</u> below. Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC or PPSA financing statements is required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57)<u>Permitted Liens; Title Insurance</u>. Each Mortgage and Mortgaged Property securing such Foreign Purchased Asset (CAD) is covered by a loan title insurance policy which is customary for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a "marked up" commitment, in each case binding on the title insurer) (the "<u>Title Policy</u>") in the original principal amount of such Foreign Purchased Asset (CAD) (or with respect to a Foreign Purchased Asset (CAD) secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of

Exhibit G-38

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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;(58)<u>Junior Liens</u>. It being understood that B notes secured by the same Mortgage as a Foreign Purchased Asset (CAD) are not subordinate mortgages or junior liens, except for any Junior Interests and Foreign Purchased Assets (CAD) that are cross-collateralized and/or cross defaulted with a Foreign Purchased Asset (CAD), there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics, construction and materialmens liens (which are the subject of the representation in paragraph (7) above) and equipment and other personal property financing). Except as set forth on the related Underwriting/Due Diligence Package, to Seller's Knowledge there is no mezzanine debt secured directly by interests in the related Mortgagor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59)<u>Assignment of Leases</u>. There exists as part of the related Purchased Asset File for the Foreign Purchased Asset (CAD) an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to Permitted Encumbrances and Title Exceptions, each related Assignment of Leases which constitutes a separate instrument is in registrable form and creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights

Exhibit G-39

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under the related lease or leases, subject only to rights granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. To Seller's Knowledge, no Person other than the related Mortgagor owns any interest in any payments due under such lease or leases that is superior to or of equal priority with the lender's interest therein. The related Mortgage or related Assignment of Leases, subject to applicable law and the Standard Qualifications, provides that, upon an event of default under the Foreign Purchased Asset (CAD), a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60)<u>UCC and PPSA Filings</u>. Subject to the Standard Qualifications, Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, has submitted in proper form for filing and/or recording), UCC and PPSA financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property which are, to Seller's Knowledge, reasonably necessary to operate such Mortgaged Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted under the terms of the related Purchased Asset Documents for the Foreign Purchased Asset (CAD) or any other personal property leases applicable to such personal property), to the extent a security interest may be perfected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard Qualifications, each related Mortgage or security agreement (or equivalent document) creates a valid and enforceable lien and security interest on the items of personal property described above. No representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC or PPSA financing statements are required in order to effect such perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61)<u>Condemnation</u>. As of the date of origination and as of the related Purchase Date, Seller has not received written notice from any governmental agency or body of any proceeding pending, and, to Seller's Knowledge as of the date of origination and as of the related Purchase Date, there is no proceeding threatened, for the total or partial condemnation or expropriation of such Mortgaged Property that would have a material adverse effect on the value, use or operation of the Mortgaged 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;(62)<u>No Encroachments</u>. To Seller's Knowledge based solely on surveys obtained in connection with origination and, with respect to a Foreign Purchased Asset (CAD), the lender's Title Policy (or, if such policy is not yet issued, a *pro forma* title policy, a preliminary title policy with escrow instructions or a "marked up" commitment) obtained in connection with the origination of such Foreign Purchased Asset (CAD), all material improvements that were included for the purpose of determining the appraised value of the related Mortgaged Property at the time of the origination of such Foreign Purchased Asset (CAD) are within the boundaries of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of such Mortgaged Property or, with respect to a Foreign Purchased Asset (CAD), for which insurance or endorsements were obtained under the Title Policy and violations of building restriction lines that are covered by law and ordinance coverage in amounts customarily required by prudent commercial mortgage lenders with respect to properties similar to the related Mortgaged Property. No material improvements encroach upon any

Exhibit G-40

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easements except for encroachments that do not violate the terms of the easement or the removal of which would not materially and adversely affect the value or current use of such Mortgaged Property or, with respect to a Foreign Purchased Asset (CAD), for which insurance or endorsements were obtained under the Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63)<u>Compliance with Usury Laws</u>. The interest rate of such Foreign Purchased Asset (CAD) (exclusive of any default interest, late charges, yield maintenance charge, or prepayment premiums) complied in all material respects as of the date of origination with, or was exempt from, applicable state, provincial or federal laws, regulations and other requirements pertaining to usury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64)<u>Authorized to do Business</u>. To the extent required under applicable law, as of the Purchase Date and as of the date that each applicable entity held registered or legal title to any Purchased Asset Documents for a Foreign Purchased Asset (CAD), each such entity was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located, except where the failure to be so authorized does not materially and adversely affect the enforceability of such Foreign Purchased Asset (CAD) by any holder 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;(65)<u>Recourse Obligations</u>. The Purchased Asset Documents for Foreign Purchased Asset (CAD) provide that such Foreign Purchased Asset (CAD) (a) becomes full recourse to the related Mortgagor and guarantor (which is a natural person or persons, or an entity or entities distinct from the Mortgagor (but may be affiliated with the Mortgagor) that collectively as of the date of origination have assets other than equity in the related Mortgaged Property that are not *de minimis*) upon any of the following events (or events of substantially similar effect): (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented to or acquiesced in by the Mortgagor; (ii) Mortgagor and/or guarantor shall have colluded with (or alternatively solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or controlling equity interests in Mortgagor made in violation of the Purchased Asset Documents for the Foreign Purchased Asset (CAD); and (b) contains provisions providing for recourse against the Mortgagor and guarantor (which is a natural person or persons, or an entity or entities distinct from the Mortgagor (but may be affiliated with the Mortgagor) that collectively as of the date of origination have assets other than equity in the related Mortgaged Property that are not *de minimis*), for losses, liabilities, costs and damages sustained by reason of (or of provisions of substantially similar effect) Mortgagor's and/or its principals' (i) misappropriation of rents after the occurrence of an event of default under the Foreign Purchased Asset (CAD), (ii) misappropriation of security deposits, insurance proceeds, or condemnation/expropriation awards; (iii) fraud, willful misconduct or intentional material misrepresentation; (iv) breaches of the environmental covenants in the Purchased Asset Documents; or (v) commission of intentional material physical waste at the related Mortgaged 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;(66)<u>Due-on-Sale or Encumbrance</u>. Subject to certain exceptions set forth below, each Foreign Purchased Asset (CAD) contains a "due on sale" or other such provision for the acceleration of the payment of the unpaid principal balance of such Purchased Asset if, without the consent of the Mortgagee or holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Purchased Asset Documents (which provide for transfers without the consent of the lender which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of

Exhibit G-41

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property comparable to the related Mortgaged Property, including, without limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Purchased Asset Documents), (a) the related Mortgaged Property, or any controlling equity interest in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Purchased Asset Documents, (iii) transfers of less than a controlling interest in the related Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Purchased Asset Documents or a Person satisfying specific criteria identified in the related Purchased Asset Documents (such as a qualified equityholder), (v) transfers of stock or similar equity units in publicly traded companies, (vi) release of collateral within the parameters of paragraph 29 ("<u>Mortgage Releases</u>") herein or (vii) any mezzanine debt that existed at the origination of the related Foreign Purchased Asset (CAD), or future permitted mezzanine debt or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any companion loan or any subordinate debt that existed at origination and is permitted under the related Purchased Asset Documents, (ii) purchase money security interests, (iii) any Crossed Mortgage Loan or (iv) any Permitted Encumbrances. The Mortgage or other Purchased Asset Documents provide that to the extent any rating agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable fees and expenses incurred by the mortgagee relative to such transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67)<u>Ground Leases</u>. With respect to any Foreign Purchased Asset (CAD) where the Foreign Purchased Asset (CAD) is secured by a ground leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor's fee interest in such Mortgaged Property, based upon the terms of the Ground Lease or any estoppel or other agreement received from the ground lessor in favor of the Seller, its successors and assigns, Seller represents and warrants 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)Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation/expropriation award allocable to the ground lessee's interest (other than (i) *de minimis* amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Purchased Asset Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Foreign Purchased Asset (CAD), together with any accrued interest.

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

Exhibit G-42

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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;(68)<u>Bankruptcy</u>. As of the date of origination of such Foreign Purchased Asset (CAD) and, to Seller's Knowledge, as of the Purchase Date, neither the Mortgaged Property, nor any portion thereof, is the subject of, and no Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in a state, provincial or federal bankruptcy, insolvency or 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;(69)<u>Organization of Mortgagor</u>. With respect to each Foreign Purchased Asset (CAD) where the applicable Mortgage Property is located in Canada, to Seller's Knowledge, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the related Mortgagor in connection with the origination of such Foreign Purchased Asset (CAD), the Mortgagor is an entity organized under the federal laws of Canada or the laws of any province in Canada. Except with respect to any Crossed Mortgage Loan, no Foreign Purchased Asset (CAD) has a Mortgagor that is an Affiliate of another Mortgagor under another Foreign Purchased Asset (CAD).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70)<u>Environmental Conditions</u>. At origination of such Foreign Purchased Asset (CAD), each Mortgagor represented and warranted that to its knowledge no hazardous materials or any other substances or materials which are included under or regulated by Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged from the Mortgaged Property, except as disclosed by a Phase I environmental assessment (or a Phase II environmental assessment, if applicable) delivered in connection with the origination of the Foreign Purchased Asset (CAD) or except for those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner that does not result in contamination of the Mortgaged Property or in a material adverse effect on the value, use or operations of the Mortgaged Property.

A Phase I environmental site assessment and, with respect to certain Foreign Purchased Assets (CAD), a Phase II environmental site assessment (or an update of a previous Phase I and or Phase II site assessment) (collectively, an "<u>ESA</u>") meeting ASTM or Canadian Standards Association requirements was conducted by a reputable environmental consultant in connection with such Purchased Asset within twelve (12) months prior to its origination date, and such ESA (i) did not identify the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor) or actual or potential site contamination (as such term is described in CSA z768-01 or its successor), hereinafter "<u>Environmental Condition</u>") at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, and the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material

Exhibit G-43

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respects, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as "closed" or a reputable environmental consultant has concluded that no further action is required); (D) an environmental policy or a lender's pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified Environmental Condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody's, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To Seller's Knowledge, except as set forth in the ESA, there is no Environmental Condition at the related Mortgaged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Foreign Purchased Assets (CAD) (Mezzanine Loans)</u>**. With respect to each Foreign Purchased Asset (CAD) that is a Mezzanine Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71)<u>Condemnation</u>. As of the date of origination and as of the related Purchase Date, Seller has not received written notice from any governmental agency or body of any proceeding pending and, to Seller's Knowledge, as of the date of origination and as of the related Purchase Date, there is no proceeding threatened, for the total or partial condemnation or expropriation of the related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Whole Loan or Senior Interest) that would have a material adverse effect on the value, use or operation of such Mortgaged 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;(72)<u>Recourse Obligations</u>. The Mezzanine Loan Documents for each Mezzanine Loan provide that such Mezzanine Loan (a) becomes full recourse to the related Mezzanine Borrower and guarantor (which is a natural person or persons, or an entity or entities distinct from the related Mezzanine Borrower (but may be affiliated with such Mezzanine Borrower) that collectively as of the date of origination have assets other than the Capital Stock in the underlying Mortgagor that are not *de minimis*) upon any of the following events (or events of substantially similar effect): (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by consented to or acquiesced in by the related Mortgagor or Mezzanine Borrower; (ii) if the related Mortgagor or Mezzanine Borrower and/or guarantor shall have colluded with (or alternatively solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or the Mezzanine Borrower; or (iii) voluntary transfers of either the related Mortgaged Property, Capital Stock, or controlling equity interests in the related Mezzanine Borrower made in violation of the related Mezzanine Loan Documents; and (b) contains provisions providing for recourse against the Mezzanine Borrower and guarantor (which is a natural person or persons, or an entity or entities distinct from the related Mezzanine Borrower (but may be affiliated with such Mezzanine Borrower) that collectively as of the date of origination have assets other than the Capital Stock in the underlying Mortgagor that are not *de minimis*), for losses, liabilities, costs and damages sustained by reason of the related (or of provisions of

Exhibit G-44

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substantially similar effect) Mortgagor's or Mezzanine Borrower's and/or its principals' (i) misappropriation of rents after the occurrence of an event of default under the related Mezzanine Loan; (ii) misappropriation of security deposits, insurance proceeds, or condemnation/expropriation awards; (iii) fraud, willful misconduct or intentional material misrepresentation; (iv) breach of the environmental covenants in the related Mezzanine Loan Documents; or (v) commission of intentional material physical waste at the related Mortgaged 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;(73)<u>Ground Leases</u>. With respect to any Mezzanine Loan where the related Senior Interest or Whole Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage (for such Senior Interest or Whole Loan) does not also encumber the related lessor's fee interest in such related Mortgaged Property (indirectly securing the Mezzanine Loan and securing the related Senior Interest or Whole Loan), based upon the terms of such Ground Lease, the related Senior Interest or Whole Loan, the Mezzanine Loan and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Under the terms of such Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation/expropriation award allocable to the ground lessee's interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in subpart (k) below) will be applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Mezzanine Loan Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Mezzanine Loan, together with any accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)In the case of a total or substantially total taking or loss, under the terms of such Ground Lease, an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation/expropriation award allocable to ground lessee's interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the related Whole Loan or Senior Interest and then to the Mezzanine Loan, together with any accrued interest.

Exhibit G-45

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EXHIBIT H

<u>ORGANIZATIONAL CHART</u>

![orgcharta.jpg](orgcharta.jpg)

Exhibit H-1

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**EXHIBIT I**

<u>FORM OF REDIRECTION LETTER</u>

**RE BDC LOANS 3, LLC**<br>c/o Blackstone Private Real Estate Credit and Income Fund<br>345 Park Avenue, 24th Floor<br>New York, New York 10154

REDIRECTION LETTER

AS OF [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[ ]

Ladies and Gentlemen:

Please refer to: (a) that certain [Loan Agreement], dated [_________], 20[ ], by and between [____________] (the "<u>Borrower</u>"), as borrower, and RE BDC LOANS 3, LLC, a Delaware limited liability company (the "<u>Lender</u>"), as lender; and (b) all documents securing or relating to that certain $[__________] loan made by the Lender to the Borrower on [___________], 20[ ] (the "<u>Loan</u>").

You are advised as follows, effective as of the date of this letter.

*<u>Assignment of the Loan</u>*. The Lender has entered into a Master Repurchase Agreement and Securities Contract, dated as of September 12, 2025 (as the same may have been and may hereafter be amended, restated, supplemented or otherwise modified, the "<u>Repurchase Agreement</u>"), with Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada ("<u>CIBC</u>"), and has assigned its rights and interests in the Loan (and all of its rights and remedies in respect of the Loan) to CIBC subject to the terms of the Repurchase Agreement. This assignment shall remain in effect unless and until CIBC has notified you otherwise in writing.

*<u>Direction of Funds</u>*. In connection with Lender's obligations under the Repurchase Agreement, Lender hereby directs you to disburse, by wire transfer, any and all payments to be made under or in respect of the Loan as and when due and payable to Lender to the following account at PNC Bank, National Association, for the benefit of CIBC:

PNC Bank, National Association

ABA&nbsp;&nbsp;&nbsp;&nbsp;[_____________]

Account # [___________]

Attn:&nbsp;&nbsp;&nbsp;&nbsp;[________________]

Attn:&nbsp;&nbsp;&nbsp;&nbsp;[________________]

This direction shall remain in effect unless and until CIBC has notified you otherwise in writing.

Exhibit I-1

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*<u>Modifications, Waivers, Etc.</u>* No modification, waiver, deferral, or release (in whole or in part) of any party's obligations in respect of the Loan, or of any collateral for any obligations in respect of the Loan, in each case which constitutes a Material Modification (as defined in the Repurchase Agreement), shall be effective without the prior written consent of CIBC.

Please acknowledge your acceptance of the terms and directions contained in this correspondence by executing a counterpart of this correspondence and returning it to the undersigned.

[Signature Page Follows]

Exhibit I-2

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Very truly yours,

**RE BDC LOANS 3, LLC,**<br> a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Agreed and accepted this [____]<br>day of [____________], 20[__]<br>[____________________]

By&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>&nbsp;&nbsp;&nbsp;&nbsp;Title:

Exhibit I-3

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**EXHIBIT J**

<u>FORM OF BAILEE LETTER</u>

**<u>BAILEE LETTER</u>**

RE BDC LOANS 3, LLC

345 Park Avenue, 24<sup>th</sup> Floor

New York, NY 10154

[_______], 20[__]

Canadian Imperial Bank of Commerce<br>[●]

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036-8704

[Redacted]

Ladies and Gentlemen:

Reference is made to that certain Master Repurchase and Securities Agreement, dated as of September 12, 2025 (as the same may have been, and may hereafter be, amended, restated, extended, or otherwise modified from time to time, the "**<u>Repurchase Agreement</u>**") between RE BDC LOANS 3, LLC ("**<u>Seller</u>**") and Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada ("Administrative Agent"). In consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Administrative Agent and Ropes & Gray LLP (the "<u>Bailee</u>") hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Seller shall deliver to the Bailee in connection with any Purchased Assets delivered to the Bailee hereunder, the custodial delivery certificate (the "**<u>Custodial Delivery Certificate</u>**") attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)On or prior to the date indicated on the Custodial Delivery Certificate delivered by Seller (the "<u>Funding Date</u>"), Seller shall have delivered to the Bailee, as bailee for hire, the documents set forth on Exhibit B to Attachment 1 attached thereto (collectively, the "<u>Purchased Asset File</u>") for each of the Purchased Assets (each a "<u>Purchased Asset</u>" and collectively, the "<u>Purchased Assets</u>") listed in Exhibit A to Attachment 1 attached thereto. Bailee is not obligated to review and has not reviewed the accuracy of the Purchased Asset File, other than to take an inventory of such Purchased Asset File.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Bailee shall issue and deliver to Administrative Agent, on behalf of Buyers, and U.S. Bank National Association (the "**<u>Custodian</u>**") on or prior to the Funding Date by electronic mail (a) in the name of Administrative Agent, on behalf of Buyers, an initial trust receipt and certification in the form of Attachment 2 attached hereto (the "<u>Bailee's Trust Receipt and Certification</u>") which Bailee's Trust Receipt and Certification shall state that the Bailee has received the documents comprising the Purchased Asset File as set forth in the Custodial Delivery Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)On the applicable Funding Date, in the event that Administrative Agent, on behalf of Buyers, fails to purchase from Seller the Purchased Assets identified in the related Custodial Delivery Certificate, Administrative Agent, on behalf of Buyers shall deliver by electronic mail to the Bailee to the attention of [Redacted], an authorization (the "<u>Electronic Authorization</u>") to release the Purchased Asset Files with respect to the Purchased Assets identified therein to Seller. Upon receipt of such Electronic Authorization, the Bailee shall release the Purchased Asset Files to Seller in accordance with Seller's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Following the Funding Date and the funding of the Purchase Price, the Bailee shall forward the Purchased Asset Files to the Custodian at 1133 Rankin Street, Suite 100, St. Paul, Minnesota 55116, Attention: Commercial Review Team, by insured overnight courier for receipt by the Custodian no later than 1:00 p.m. on the fifth (5<sup>th</sup>) Business Day following the applicable Funding Date (the "<u>Delivery Date</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;(6)From and after the applicable Funding Date until the time of receipt of the Electronic Authorization or the Delivery Date, as applicable, the Bailee (a) shall maintain continuous custody (and will forward in accordance with clause (e) above) and control of the related Purchased Asset Files as bailee for Administrative Agent, on behalf of Buyers, (excluding any period when the same are under the delivery process described in clause (e) above) and (b) is holding the related Purchased Assets as sole and exclusive bailee for Administrative Agent, on behalf of Buyers, unless and until otherwise instructed in writing by Administrative Agent, on behalf of Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Seller agrees to indemnify and hold the Bailee and its partners, directors, officers, agents and employees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorneys fees, that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of this Bailee Letter or any action taken or not taken by it or them hereunder unless such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements (other than special, indirect, punitive or consequential damages, which shall in no event be paid by the Bailee) were imposed on, incurred by or asserted against the Bailee

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because of the breach by the Bailee of its obligations hereunder, which breach was caused by gross negligence or willful misconduct on the part of the Bailee or any of its partners, directors, officers, agents or employees. The foregoing indemnification shall survive any resignation or removal of the Bailee or the termination or assignment of this Bailee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Seller agrees to indemnify and hold Administrative Agent, each Buyer and each of their respective affiliates and designees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorneys fees, that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of any breach by Bailee of its obligations under this Bailee Letter or the Bailee's negligence, lack of good faith or willful misconduct. The foregoing indemnification shall survive any termination or assignment of this Bailee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Seller hereby represents, warrants and covenants that the Bailee is not an affiliate of or otherwise controlled by Seller. Notwithstanding the foregoing, the parties hereby acknowledge that the Bailee hereunder may act as counsel to Seller in connection with a proposed transaction and Ropes & Gray LLP, has represented Seller in connection with negotiation, execution and delivery of the Repurchase 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)The agreement set forth in this Bailee Letter may not be modified, amended or altered, except by written instrument, executed by all of the parties 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)This Bailee Letter may not be assigned by Seller or the Bailee without the prior written consent of Administrative Agent, on behalf of Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)For the purpose of facilitating the execution of this Bailee Letter as herein provided and for other purposes, this Bailee Letter may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute and be one and the same instrument. Electronically transmitted signature pages shall be binding to the same extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)This Bailee Letter shall be construed in accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Capitalized terms used herein and defined herein shall have the meanings ascribed to them in the Repurchase Agreement.

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

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Very truly yours,

RE BDC LOANS 3, LLC, Seller

By:&nbsp;&nbsp;&nbsp;&nbsp;_________________________________<br>Name: &nbsp;&nbsp;&nbsp;&nbsp;<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;

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ACCEPTED AND AGREED:<br>ROPES & GRAY LLP, as Bailee

By:&nbsp;&nbsp;&nbsp;&nbsp;_____________________________<br>Name: <br>Title: &nbsp;&nbsp;&nbsp;&nbsp;

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ACCEPTED AND AGREED:

CANADIAN IMPERIAL BANK OF COMMERCE,<br>a financial institution established under the laws of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Title: &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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Attachment 1

<u>CUSTODIAL DELIVERY CERTIFICATE</u>

[See attached]

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Attachment 2

<u>FORM OF BAILEE'S TRUST RECEIPT AND CERTIFICATION</u>

[●], 20[●]

Canadian Imperial Bank of Commerce <br>[●]

Re:&nbsp;&nbsp;&nbsp;&nbsp;Bailee Letter, dated as of [●], 20[●] (the "<u>Bailee Letter</u>") among RE BDC Loans 3, LLC ("<u>Seller</u>"), Canadian Imperial Bank of Commerce, a financial institution established under the laws of Canada ("<u>Administrative Agent</u>") and Ropes & Gray LLP ("<u>Bailee</u>")

Ladies and Gentlemen:

In accordance with the provisions of Paragraph (c) of the Bailee Letter, the undersigned, as Bailee, hereby certifies that as to each Purchased Asset described in the Purchased Asset Schedule (<u>Exhibit A</u> to Attachment 1 to the Bailee Letter), a copy of which is attached hereto, it has reviewed the Purchased Asset File (<u>Exhibit B</u> to Attachment 1 to the Bailee Letter), and has determined that all documents listed in the Purchased Asset File are in its possession.

Bailee hereby confirms that it is holding each such Purchased Asset File as agent and bailee for the exclusive use and benefit of Administrative Agent, on behalf of Buyers, pursuant to the terms of the Bailee Letter.

All initially capitalized terms used herein shall have the meanings ascribed to them in the Bailee Letter.

ROPES & GRAY LLP, BAILEE

By:&nbsp;&nbsp;&nbsp;&nbsp; ______________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT K**

**FORM OF JOINDER AGREEMENT**

This JOINDER AGREEMENT (this "<u>Joinder Agreement</u>"), dated as of [___], [___] among RE BDC LOANS 3, LLC, a Delaware limited liability company ("<u>Existing Seller</u>"), [______], a [Delaware limited liability company] (the "<u>Joining Seller</u>"), and CANADIAN IMPERIAL BANK OF COMMERCE, a financial institution established under the laws of Canada ("<u>Administrative Agent</u>"), as administrative agent for the benefit of the Buyers (as defined in the Repurchase Agreement, as defined below).

**<u>BACKGROUND</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;Existing Seller and Administrative Agent entered into that certain Master Repurchase Agreement and Securities Contract dated as of September 12, 2025 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Repurchase Agreement</u>"), pursuant to which Existing Seller agreed to sell to Administrative Agent for the benefit of the Buyers certain Eligible Assets upon the terms and subject to the conditions set forth therein (each such transaction, a "<u>Transaction</u>"). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to such terms in the Repurchase Agreement.

**<u>AGREEMENT</u>**

NOW, THEREFORE, in order to induce Administrative Agent, on behalf of the Buyers, to enter into a Transaction with Joining Seller[s], and in consideration of the substantial benefit [each] Joining Seller will derive from Administrative Agent, on behalf of the Buyers, entering into such Transaction, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, [each] Joining Seller hereby agrees as follows:

&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 consideration of [each] Joining Seller becoming a Seller entitled to enter into a Transaction with Administrative Agent, on behalf of the Buyers, under and subject to the terms and conditions of the Repurchase Agreement, [each] Joining Seller hereby agrees that, effective as of the date hereof, [such] Joining Seller is, and shall be deemed to be, a "Seller" under the Repurchase Agreement and each of the other Program Documents to which the Seller is a party, and agrees that from the date hereof and so long as the Repurchase Obligations remain outstanding, [such] Joining Seller hereby assumes the obligations of a "Seller" under, and [such] Joining Seller shall perform, comply with and be subject to and bound by each of the terms, covenants and conditions of the Repurchase Agreement and each of the other Program Documents which are stated to apply to or are made by a Seller. Without limiting the generality of the foregoing, [each] Joining Seller hereby represents and warrants that (i) each of the representations and warranties set forth in Section 10 of the Repurchase Agreement are true and correct as to [such] Joining Seller on and as of the date hereof and (ii) [such] Joining Seller has

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heretofore received true and correct copies of the Repurchase Agreement and each of the other Program Documents as in effect on the date hereof.

&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;Without limiting the foregoing, [each] Joining Seller agrees that it is and shall be obligated to pay the Repurchase Price applicable to its Purchased Asset(s) on the Repurchase Date therefor and perform and pay all of the other Repurchase Obligations applicable to such Joining Seller and such Purchased Asset(s) as if it were an original party to the Repurchase Agreement and agrees to execute and deliver such documents, agreements and other instruments as Administrative Agent may reasonably request in connection with confirming such Joining Seller's obligations hereunder and under the Repurchase Agreement and the other Program 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;3.&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of the foregoing, [each] Joining Seller shall execute and deliver or cause to be executed and delivered, at any time and from time to time, such further instruments and documents, and shall do or cause to be done such further acts, as may be reasonably necessary or proper in the reasonable opinion of Administrative Agent to carry out more effectively the provisions and purposes of this Joinder Agreement and the Repurchase 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;4.&nbsp;&nbsp;&nbsp;&nbsp;The Existing Seller and [each] Joining Seller acknowledge and agree that, except as modified by this Joinder Agreement, the Repurchase Agreement and each of the other Program Documents remains unmodified and in full force and effect and all of the terms, covenants and conditions thereof are hereby ratified and confirmed 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;5.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision, covenant, agreement or requirement to the contrary contained in this Joinder Agreement, the Repurchase Agreement or any other Transaction Document, the Seller shall make commercially reasonable efforts to amend, restate, or otherwise modify the Fee Letter and the Custodial Agreement in order to join the Joining Seller[s] thereto, and for the Joining Seller to enter into (a)(i) a new servicing agreement with Servicer in substantially the same form as the Servicing Agreement or (ii) a joinder to the servicing agreement with Servicer in substantially the same form as any joinder in place between Servicer and Existing Seller and (b) a deposit account control agreement with Account Bank in substantially the same form as the Repo Collection Account Control Agreement establishing a Repo Collection Account with Account Bank in the manner required pursuant to Section 5(a) of the Repurchase 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;6.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision, covenant, agreement or requirement to the contrary contained in this Joinder Agreement, the Repurchase Agreement or any other Transaction Document, Joining Seller[s] shall, within thirty (30) days following date hereof, amend [its]/[their] organizational documents to comply with Section 13 of the Repurchase 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;7.&nbsp;&nbsp;&nbsp;&nbsp;Notice information for [each] Joining Seller for purposes of Section 17 and Annex I of the Repurchase Agreement and each other applicable Transaction Document shall be as specified in the signature pages hereto for [each such] Joinder Seller, or at such other

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address and person as shall be designated from time to time in a written notice to the other parties hereto in the manner provided for in Section 17 of the Repurchase 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;7.&nbsp;&nbsp;&nbsp;&nbsp;THIS JOINDER AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

[SIGNATURES ON FOLLOWING PAGES]

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IN WITNESS WHEREOF, each Joining Seller, Exiting Seller and Administrative Agent has duly executed and delivered this Joinder Agreement as of the date and year first above written.

**<u>JOINING SELLER[S]</u>:**

[____________]

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Name: <br>Title:

Address for notices:

[____]

**<u>EXISTING SELLER</u>:**

RE BDC LOANS 3, LLC,<br>a Delaware limited liability company

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Name: <br>Title:

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**<u>ADMINISTRATIVE AGENT</u>:**

CANADIAN IMPERIAL BANK OF COMMERCE,<br>a financial institution established under the laws of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp; _________________________________________&nbsp;&nbsp;&nbsp;&nbsp;<br>Name: <br>Title:**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

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## Exhibit 10.2

*Execution Version*

**GUARANTY**

GUARANTY, dated as of September 12, 2025 (as amended, restated, supplemented, or otherwise modified from time to time, this "<u>Guaranty</u>"), made by BLACKSTONE PRIVATE REAL ESTATE CREDIT AND INCOME FUND, a Delaware statutory trust, having its principal place of business at 345 Park Avenue, New York, NY 10154 ("<u>Guarantor</u>"), in favor of CANADIAN IMPERIAL BANK OF COMMERCE, a Canadian chartered bank ("<u>CIBC</u>"), as administrative agent (CIBC, in such capacity, together with its permitted successors and assigns, "<u>Administrative Agent</u>") on behalf of CIBC and the other financial institutions from time to time party to the Repurchase Agreement (as defined below) as buyers (CIBC, together with its successors and assigns, and together with such other financial institutions from time to time party to the Repurchase Agreement and their respective successors and assigns, each a "<u>Buyer</u>" and, collectively "<u>Buyers</u>").

<u>RECITALS</u>

Pursuant to that certain Master Repurchase Agreement and Securities Contract, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Repurchase Agreement</u>"), by and among RE BDC LOANS 3, LLC, a Delaware limited liability company, and any Additional Seller joined thereto from time to time ("<u>Seller</u>"), Administrative Agent and Buyer, Administrative Agent, on behalf Buyers, has agreed, from time to time, to enter into Transactions with Seller, upon the terms and subject to the conditions set forth therein.

It is a condition precedent to Administrative Agent entering into Transactions, on behalf of Buyers, with Seller that Guarantor shall have executed and delivered this Guaranty with respect to the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following: (a) all payment obligations owing by Seller to Administrative Agent, on behalf of Buyers, under or in connection with the Repurchase Agreement and any other Program Documents; (b) all actual out-of-pocket expenses, including, without limitation, reasonable attorneys' fees and disbursements of outside counsel, that are reasonably incurred by Administrative Agent, on behalf of Buyers, in the enforcement of any of the foregoing or any obligation of Guarantor under this Guaranty; and (c) any other Repurchase Obligations of Seller (collectively, the "<u>Guaranteed Obligations</u>").

NOW, THEREFORE, in consideration of the foregoing premises, to induce Administrative Agent, on behalf of Buyers to enter into the Repurchase Agreement and the other Program Documents and to enter into the transactions contemplated thereunder, Guarantor hereby agrees with Administrative Agent, on behalf of Buyers, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Defined Terms</u>. Unless otherwise defined herein, capitalized terms which are defined in the Repurchase Agreement and used herein are so used as so defined.

&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)"<u>Guaranteed Obligations</u>" has the meaning assigned to such term in the Recitals.

161028130_10

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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)"<u>Guarantor's Knowledge</u>" means the then current actual knowledge of Robert Sitman or Brian Kim without further inquiry or investigation.

&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)"<u>Insolvency Proceeding</u>" means any case under Title 11 of the United States Code or any successor statute or any other insolvency, bankruptcy, reorganization, liquidation, or like proceeding, or other statute or body of law relating to creditors' rights, whether brought under state, federal, or foreign law.

"<u>NAV Floor</u>" means an amount equal to (x) twenty-five million dollars ($25,000,000) plus (y) twenty-five percent (25%) of the dollar value of all purchases of common shares in Guarantor occurring after June 30, 2025 minus (z) the dollar amount paid or distributed to repurchase common shares in Guarantor in connection with a tender offer or any other repurchases after June 30, 2025; provided, however, that the NAV Floor shall never be less than zero dollars ($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;(d)"<u>Net Asset Value</u>" means the sum of investments, cash, accrued interest receivable and any other category of asset, less liabilities, including any obligations (whether present or future, contingent or otherwise, as principal or surety or otherwise) reflected on the balance sheet of Guarantor for the most recent quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Guaranty</u>. (a) Subject to <u>Sections 2(b)</u>, <u>2(c)</u> and <u>2(d)</u> below, Guarantor hereby unconditionally and irrevocably, guarantees to Administrative Agent, on behalf of Buyers, the prompt and complete payment and performance by Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Guaranteed Obligations.

&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)Notwithstanding anything herein or in any other Program Document express or implied to the contrary, but subject to <u>clauses (c)</u> and <u>(d)</u> below, the maximum liability of Guarantor hereunder shall in no event exceed an amount equal to the Recourse Percentage (as defined in the Fee Letter) *multiplied by* the aggregate Purchase Price of the Transactions then outstanding at the time of the applicable Event of Default in respect of which Administrative Agent, on behalf of Buyers, is demanding payment under this <u>Section 2(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;(b)Notwithstanding the foregoing, the limitation on recourse liability as set forth in <u>clause (b)</u> above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Guaranteed Obligations immediately shall become full recourse to Guarantor in the event of any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a voluntary Insolvency Proceeding is commenced by any Seller, Pledgor or Guarantor under any bankruptcy law; 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;(ii)an involuntary Insolvency Proceeding is commenced under any bankruptcy law against any Seller, Pledgor or Guarantor in connection with which such Seller, Pledgor, Guarantor, or any Affiliate of any of the foregoing has or have colluded in any way with the creditors commencing or filing such 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;(c)In addition to the foregoing, Guarantor shall be liable for any and all actual out-of-pocket losses, costs, claims, expenses or other liabilities incurred by

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Administrative Agent, on behalf of Buyers, arising out of or attributable to the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)fraud or intentional misrepresentation by or on behalf of any Seller, Pledgor or Guarantor in connection with the execution and the delivery of this Guaranty, the Repurchase Agreement or any of the other Program Documents, or any certificate, report, financial statement or other instrument or document furnished by a Seller, Pledgor or Guarantor to Administrative Agent, on behalf of Buyers, in connection with any Program Document at the time of the closing of the Repurchase Agreement or during the term of the Repurchase 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any material breach by a Seller of the single-purpose entity covenants set forth in Section 13 of the Repurchase Agreement which results in the substantive consolidation of such Seller in any Insolvency Proceeding of 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;(iii)the misappropriation or misapplication by any Seller or Guarantor of any Income received with respect to the Purchased Assets in violation of the Program 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any material breach of any representations and warranties made by Guarantor, any Seller or Pledgor contained in any Program Document relating to Environmental Laws, or any indemnity for costs incurred in connection with the violation of any Environmental Law, the correction of any environmental condition, or the removal of any substances, materials, wastes, pollutants or contaminants defined as hazardous or toxic or regulated under any applicable Environmental Law, in each case in any way affecting any Mortgaged Property or any of the Purchased Assets; *provided*, that the guarantee set forth in this <u>Section 2(d)(iv)</u> shall terminate upon foreclosure and transfer or assumption of the Purchased Asset following an Event of Default under the Repurchase Agreement pursuant to a public or private sale or strict foreclosure, or other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Guarantor, Pledgor, any Seller, or any Affiliate of any of the foregoing seeks to contest, challenge, deny or repudiate (other than with respect to any defense made in good faith): (a) the validity of any provision of the Program Documents, (b) any right or remedy of Administrative Agent, on behalf of Buyers, under any of the Program Documents, (c) any obligation, covenant, agreement or duty of Guarantor, Pledgor, any Seller or any Affiliate of any of the foregoing under any of the Program Documents or (d) any Lien, security interest or control granted under or in connection with the Program Documents, Collateral or any Purchased 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any Change of Control which Administrative Agent, on behalf of Buyers, does not consent to in writing; 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;(vii)a Seller's failure to obtain Administrative Agent's prior written consent to any subordinate financing or voluntary liens in each case that encumber any or all of the Purchased Assets that are not permitted under the Program 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;(d)Nothing herein shall be deemed to be a waiver of any right which Administrative Agent, on behalf of Buyers, may have under Section 506(a), 506(b),

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1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Repurchase Agreement or to require that all collateral shall continue to secure all of the indebtedness owing to Administrative Agent, on behalf of Buyers, in accordance with the Repurchase Agreement or any other Program 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;(e)Notwithstanding the limitation on recourse liability set forth in <u>clause (b)</u> above, Guarantor further agrees to pay any and all actual out-of-pocket expenses (including, without limitation, all reasonable fees and disbursements of outside counsel) which are reasonably paid or incurred by Administrative Agent, on behalf of Buyers, in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Guaranteed Obligations and/or enforcing any rights with respect to, or collecting against, Guarantor under this Guaranty.

&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)No payment or payments made by any Seller or any other Person or received or collected by Administrative Agent, on behalf of Buyers, from a Seller or any other Person by virtue of any action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Guaranteed Obligations (subject to the limitations set forth in <u>Section 2(b)</u> hereof) until the Guaranteed Obligations are paid in full; *provided*, that this provision is not intended to allow Administrative Agent, on behalf of Buyers, to recover an amount greater than the amount of the Guaranteed Obligations (subject to the limitations set forth in <u>Section 2(b)</u> hereof).

&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)Guarantor agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to Administrative Agent, on behalf of Buyers, on account of Guarantor's liability hereunder, Guarantor will notify Administrative Agent in writing that such payment is made under this Guaranty for such purpose.

&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)In the event that Guarantor should breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, within fifteen (15) Business Days after demand by Administrative Agent, pay Administrative Agent, on behalf of Buyers, all actual out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses of outside counsel) actually incurred by Administrative Agent, on behalf of Buyers, in the enforcement hereof or the preservation of Administrative Agent's rights hereunder. The covenant contained in this <u>Section 2(i)</u> shall survive the payment and performance of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Subrogation</u>. Upon making any payment hereunder, Guarantor shall be subrogated to the rights of Administrative Agent, on behalf of Buyers, against Sellers and any collateral for any Guaranteed Obligations with respect to such payment; *provided* that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation until all amounts due and payable by a Seller to Administrative Agent, on behalf of Buyers, under the Program Documents or any related documents have been paid in full; *provided*, *further*, that such subrogation rights shall be subordinate in all respects to all amounts owing to Administrative Agent, on behalf of Buyers, under the Program Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Amendments, etc. with Respect to the Guaranteed Obligations</u>. Until the Guaranteed Obligations have been discharged, satisfied or paid in full, Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Guaranteed Obligations made by Administrative Agent, on behalf of Buyers, may be rescinded

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by Administrative Agent and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Administrative Agent, on behalf of Buyers,, and any Program Document and any other document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as Administrative Agent may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Administrative Agent, on behalf of Buyers, for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released in accordance with the Program Documents. Administrative Agent, on behalf of Buyers, shall have no obligation to protect, secure, perfect or insure any lien at any time held by it as security for the Guaranteed Obligations or for this Guaranty or any property subject thereto. When making any demand hereunder against Guarantor, Administrative Agent may, but shall be under no obligation to, make a similar demand on any Seller or any other guarantor, and any failure by Administrative Agent, on behalf of Buyers, to make any such demand or to collect any payments from any such Seller or any such other guarantor or any release of such Seller or such other guarantor shall not relieve Guarantor of its Guaranteed Obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of Administrative Agent against Guarantor. For the purposes hereof "demand" shall include the commencement and continuance of any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Guaranty Absolute and Unconditional</u>. (a) Guarantor hereby agrees that its obligations under this Guaranty constitute a guarantee of payment when due and not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by Administrative Agent upon this Guaranty or acceptance of this Guaranty; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guaranty; and all dealings between a Seller or Guarantor, on the one hand, and Administrative Agent, on behalf of Buyers,, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor waives promptness, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon a Seller or Guarantor with respect to the Guaranteed Obligations. This Guaranty shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity, regularity or enforceability of any Program Document, any of the Guaranteed Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by Administrative Agent, on behalf of Buyers,, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by a Seller against Administrative Agent, on behalf of Buyers, (iii) any requirement that Administrative Agent, on behalf of Buyers, exhaust any right to take any action against a Seller or any other Person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this Guaranty or (iv) any other circumstance whatsoever (with or without notice to or knowledge of any Seller or Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of a Seller for the Guaranteed Obligations or of Guarantor under this Guaranty, in bankruptcy or in any other instance, other than a defense of payment or performance. When pursuing its rights and remedies hereunder against Guarantor, Administrative Agent may, but shall be under no obligation, to pursue such rights and remedies that Administrative Agent, on behalf of Buyers, may have against any Seller or any other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by Administrative Agent, on behalf of Buyers, to pursue such other rights or remedies or to collect any payments from a Seller or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any such Seller or any such other Person or any such collateral security, guarantee or right of offset, shall not

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relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Administrative Agent, on behalf of Buyers, against Guarantor. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns, and shall inure to the benefit of Administrative Agent, on behalf of Buyers, and its permitted successors, endorsees, transferees and assigns, until all the Guaranteed Obligations and the obligations of Guarantor under this Guaranty shall have been terminated, discharged or satisfied by payment in full, notwithstanding that from time to time during the term of the Program Documents Seller may be free from any obligations under the Repurchase 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;(a)Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Administrative Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Guarantor hereby waives any defense arising by reason of, and any and all right to assert against Administrative Agent or Buyers any claim or defense based upon, an election of remedies by Administrative Agent, on behalf of Buyers, which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes Guarantor's subrogation rights, rights to proceed against any Seller, or any other guarantor for reimbursement or contribution, and/or any other rights of Guarantor to proceed against any Seller or against any other guarantor, or against any other Person or security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Guarantor is presently informed of the financial condition of each Seller and of all other circumstances which diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Guarantor hereby covenants that it will make its own investigation and will continue to keep itself informed about each Seller's financial condition, the status of other guarantors, if any, of circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Administrative Agent for such information and will not rely upon Administrative Agent for any such information. Absent a written request for such information by Guarantor to Administrative Agent, Guarantor hereby waives the right, if any, to require Administrative Agent to disclose to Guarantor any information which Administrative Agent may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other 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;(iii)Guarantor has independently reviewed the Program Documents and related agreements and has made an independent determination as to the validity and enforceability thereof, and in executing and delivering this Guaranty to Administrative Agent, on behalf of Buyers, Guarantor is not in any manner relying upon any other Person's determination of the validity, and/or enforceability, and/or attachment, and/or perfection of any liens or security interests of any kind or nature granted by Seller or any other guarantor to Administrative Agent or Buyers, now or at any time and from time to time in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Reinstatement</u>. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by Administrative Agent or Buyers upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Seller or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any of Seller or any substantial part of Seller's property, or otherwise, all as though such payments had not been made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Payments</u>. Guarantor hereby agrees that the Guaranteed Obligations will be paid to Buyer without set-off or counterclaim in Dollars at the address specified in writing by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Representations and Warranties</u>. Guarantor represents and warrants 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;(a)Guarantor has the legal capacity and the legal right to execute and deliver this Guaranty and to perform Guarantor's obligations 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;(b)no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person (including, without limitation, any creditor of Guarantor) is required in connection with the execution, delivery, performance, validity or enforceability of this Guaranty other than consents which have been obtained and which are in full force and effect, and subject to ongoing reporting obligations under the 1940 Act, 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;(c)this Guaranty has been duly authorized, executed and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity (whether enforcement is sought in proceedings in equity or at law);

&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)the execution, delivery and performance of this Guaranty by Guarantor will not violate any Requirement of Law or any provision of any security issued by Guarantor or of any agreement, instrument or other undertaking to which Guarantor is a party or by which it or any of its property is bound ("<u>Contractual Obligation</u>"), and will not result in or require the creation or imposition of any lien on any of the properties or revenues of Guarantor pursuant to any Requirement of Law or Contractual Obligation of Guarantor;

&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)except as disclosed in writing to Administrative Agent from time to time, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the Knowledge of Guarantor, threatened in writing by or against Guarantor or against any of Guarantor's properties or revenues with respect to this Guaranty or any of the transactions contemplated 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;(f)Guarantor has filed or caused to be filed all required U.S. federal and other material Tax returns which would be delinquent if they had not been filed on or before the date hereof and has paid all Taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it and any of its assets by any Governmental Authority except for any such Taxes that (i) are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP or (ii) are de minimis in amount; no Tax liens have been filed against any of Guarantor's assets and, to Guarantor's Knowledge, no claims are being asserted with respect to any such Taxes, fees or other charges, except for liens with respect to Taxes not yet due and payable or for liens or claims with respect to Taxes that are being contested in good faith as provided above; 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;(g)the execution, delivery and performance of this Guaranty by the Guarantor will not result in a Material Adverse Change to Guarantor.

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Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on the date hereof, on each Purchase Date, date of any Future Funding Advance Draw and date of any Margin Excess Advance, as though made hereunder on and as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Covenants</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)Guarantor shall not at any time until the Guaranteed Obligations (other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by their express terms, survive termination of the Program Documents) have been paid in full permit the Net Asset Value to be less than the NAV Floor (as determined quarterly on a consolidated basis in accordance with GAAP, consistently applied).

&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)After the occurrence and during the continuation of any Event of Default, Guarantor shall not, without the prior written consent of Administrative Agent, on behalf of Buyers make any distribution, payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any Capital Stock of Guarantor (each, a "<u>Distribution</u>"), whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Guarantor unless, either (i) before and immediately after giving effect to such Distribution, Guarantor shall be in compliance with the covenant set forth in <u>Section 9(a)</u>, or (ii) Guarantor has satisfied any Guaranteed Obligations then due and payable under this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Severability</u>. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Section Headings</u>. The section headings used in this Guaranty are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>No Waiver; Cumulative Remedies</u>. Administrative Agent, on behalf of Buyers, shall not by any act (except by a written instrument pursuant to <u>Section 14</u> hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or event of default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Administrative Agent, on behalf of Buyers,, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Administrative Agent, on behalf of Buyers, of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Administrative Agent, on behalf of Buyers, would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Waivers and Amendments; Successors and Assigns; Governing Law</u>. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Administrative Agent; *provided* that, subject to any limitations set forth in the Repurchase Agreement, any provision of

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this Guaranty may be waived by Administrative Agent, on behalf of Buyers, in a letter or agreement executed by Administrative Agent or by email or facsimile transmission from Administrative Agent. This Guaranty shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit of Administrative Agent and its permitted successors and assigns. **THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY LAWS, RULES OR PROVISIONS OF THE STATE OF NEW YORK THAT WOULD CAUSE THE APPLICATION OF THE LAWS, RULES OR PROVISIONS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>. Unless otherwise provided in this Guaranty, all notices, consents, approvals and requests required or permitted to be given to Guarantor hereunder shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged); *provided* that such telecopied notice must also be delivered by one of the means set forth in (a), (b) or (c) above, or (e) by email with confirmation of delivery, in each case, to the address specified under its signature below or at such other address and Person as shall be designated from time to time by Guarantor, in a written notice to Administrative Agent in the manner provided for in Section 17 of the Repurchase Agreement. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail, when delivered or first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, (d) in the case of telecopier, upon receipt of answerback confirmation; *provided* that such telecopied notice was also delivered as required in this <u>Section 14</u>, or (e) in the case of email, upon confirmation of delivery. A party receiving a notice which does not comply with the technical requirements for notice under this <u>Section 14</u> may elect to waive any deficiencies and treat the notice as having been properly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>SUBMISSION TO JURISDICTION; WAIVERS</u>. EACH OF GUARANTOR AND, BY ITS ACCEPTANCE OF THIS GUARANTY, ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY:

&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)SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND THE OTHER PROGRAM DOCUMENTS TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS WITHIN THE STATE OF NEW YORK;

&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)CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

&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)AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR

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FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH A PARTY SHALL HAVE BEEN NOTIFIED; 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)AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Integration</u>. This Guaranty represents the entire agreement of Guarantor with respect to the subject matter hereof and there are no promises or representations by Administrative Agent relative to the subject matter hereof not reflected herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Acknowledgments</u>. Guarantor hereby acknowledges 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;(a)Guarantor has been advised by counsel in the negotiation, execution and delivery of this Guaranty and the related 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)Administrative Agent has no fiduciary relationship to Guarantor, and the relationship between Administrative Agent and Guarantor is solely that of surety and creditor; 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)no joint venture exists between or among any of Administrative Agent, Buyer, Guarantor and Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**<u>WAIVERS OF JURY TRIAL</u>. EACH OF GUARANTOR AND, BY ITS ACCEPTANCE OF THIS GUARANTY, ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Intent</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)The Guarantor intends that (i) the guaranty provided Administrative Agent in this Guaranty has been provided to induce the Administrative Agent and Buyers to enter into the Repurchase Agreement, (ii) the security interest granted to Administrative Agent in the Pledge and Security Agreement is granted to Administrative Agent to induce Administrative Agent and Buyers to enter into the Repurchase Agreement and (iii) this Guaranty and such security interest relate to the Transactions as part of an integrated, simultaneously-closing suite of secured financial contracts.

&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)Guarantor further intends and agrees that (i) this Guaranty is "a security agreement or arrangement or other credit enhancement" that is "related to" and provided "in connection with" the Repurchase Agreement and each Transaction is within the meaning of Sections 101(38A)(A), 101(47), 741(7)(A)(xi) of Title 11 of the United States Code (the "<u>Bankruptcy Code</u>") and is, therefore, (A) a "repurchase agreement" as defined in Section 101(47) of the Bankruptcy Code, (B) a "securities contract" as that term is defined in Section 741 (7)(A)(xi) of the Bankruptcy Code and (C) a "master netting agreement" as that term is defined in Section 101 of the Bankruptcy Code, (ii) any party's right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with the Repurchase Agreement and this Guaranty is in each case a contractual right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with this Guaranty as described in Sections 555, 559, and 561 of the Bankruptcy Code, (iii) any

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payments or transfers of property made with respect to this Guaranty shall be considered a "settlement payment" as such term is defined in Bankruptcy Code Sections 101(51A) and 741(8) or otherwise constitute transfers by or to or for the benefit of a financial institution, financial participant, master netting agreement participant, and/or a repo participant in connection with a securities contract, master netting agreement, and/or a repurchase agreement as such terms are used in Bankruptcy Code Sections 548(e), 548(f), and 548(j) and (iv) damages hereunder shall be measured in accordance with Section 562 of the Bankruptcy Code. Guarantor agrees that it shall not challenge, and hereby waives to the fullest extent available under applicable law its right to challenge, the characterization of this Guaranty, the Repurchase Agreement or any Transaction thereunder as a "securities contract," "repurchase agreement" or a "master netting agreement" within the meaning of the Bankruptcy Code.

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]

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

BLACKSTONE PRIVATE REAL ESTATE CREDIT AND INCOME FUND,<br>a Delaware statutory trust

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ana Gonzalez-Iglesias&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Name: Ana Gonzalez-Iglesias<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Signatory

<u>Address for Notices</u>:<br>Blackstone Private Real Estate Credit and Income Fund<br>345 Park Avenue, 24<sup>th</sup> Floor<br>New York, New York 10154<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;Global BREDS Capital Markets<br>Telephone:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

<u>With a copy to</u>:<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;Daniel L. Stanco<br>Telephone:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian Kim, Chief Executive Officer of Blackstone Private Real Estate Credit and Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Real Estate Credit and Income Fund (the "registrant");

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;

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;

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;(a)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;(b)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;(c)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;(d)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

5. 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 trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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;(b)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.

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| | | |
|:---|:---|:---|
| Date: November 12, 2025 |  |  |
|  | By: | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Rosen, Chief Financial Officer of Blackstone Private Real Estate Credit and Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Blackstone Private Real Estate Credit and Income Fund (the "registrant");

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;

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;

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;(a)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;(b)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;(c)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;(d)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

5. 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 trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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;(b)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: November 12, 2025 |  |  |
|  | By: | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blackstone Private Real Estate Credit and Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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;(2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 |  |  |
|  | By: | /s/ Brian Kim |
|  |  | Brian Kim |
|  |  | Chief Executive Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blackstone Private Real Estate Credit and Income Fund (the "Company"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Form 10-Q for the quarter ended September 30, 2025 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;(2)the information contained in the Company's Form 10-Q for the quarter ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 |  |  |
|  | By: | /s/ David Rosen |
|  |  | David Rosen |
|  |  | Chief Financial Officer |

---

\*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

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