Document:

Continuing Guaranty

 Exhibit 10.2 

CONTINUING GUARANTY 

CONTINUING GUARANTY (as amended, modified, restated and/or supplemented from time to time, this “Guaranty”), dated as of
September 16, 2010 made by and among each of the undersigned guarantors (each, a “Guarantor” and collectively, the “Guarantors”) in favor of BANK OF AMERICA, N.A., as Administrative Agent (in such capacity,
together with any successor administrative agent, the “Administrative Agent”), for the benefit of the Secured Parties. Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as
defined below) shall be used herein as therein defined. 
 W I T N E S S E T H : 

WHEREAS, Colony Financial, Inc., a Maryland corporation (the “REIT”), the Subsidiaries of the REIT from time to time
party thereto as co-borrowers (together with the REIT, each a “Borrower” and collectively the “Borrowers”), the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent
have entered into a Credit Agreement, dated as of the date hereof (as amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”), providing for the making of Loans to the Borrowers, all as
contemplated therein. 
 WHEREAS, each Guarantor is a direct or indirect Subsidiary of the REIT. 

WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the making of Loans to the Borrowers thereunder
that each Guarantor shall have executed and delivered this Guaranty to the Administrative Agent. 
 WHEREAS, each Guarantor will
obtain benefits from the incurrence of Loans by the Borrowers under the Credit Agreement and, accordingly, desires to execute this Guaranty in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make
Loans to the Borrowers. 
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the
receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby makes the following representations and warranties to the Administrative Agent for the benefit of the Secured Parties and hereby covenants and agrees with each other
Guarantor and the Administrative Agent for the benefit of the Secured Parties as follows: 
 1. Guaranty. Each Guarantor,
jointly and severally with the other Guarantors, hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not as a guaranty of collection, prompt payment when due, whether at stated maturity, by required
prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of all of the Obligations, including without limitation (i) the principal of, premium, if any, and interest on the Notes issued by, and the Loans made to, the
Borrowers under the Credit Agreement, (ii) all renewals, extensions, amendments, refinancings and other modifications thereof, (iii) all out-of-pocket expenses incurred by any Secured Party (including the fees, charges and disbursements of
any counsel for any Secured Party) in connection with the collection or enforcement thereof, and whether recovery upon such Obligations may be or hereafter become unenforceable or shall 

 

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be an allowed or disallowed claim under any proceeding or case commenced by or against any Borrower or any other Loan Party under the Bankruptcy Code (Title 11, United States Code), any successor
statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against any Borrower or any other Loan
Party of any proceeding under any Debtor Relief Laws and (iv) all indebtedness, liabilities, duties, indemnities and obligations of any Loan Party owing to Bank of America or any Affiliate of Bank of America in connection with or relating to
any Borrowing Base Account maintained by such Loan Party at Bank of America or such Affiliate, including, without limitation, those arising under all instruments, agreements or other documents executed in connection therewith or relating thereto
(collectively, the “Guaranteed Obligations”). The books and records of the Administrative Agent or the Secured Parties showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and
shall absent manifest error be binding upon the Guarantors and conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the
Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to
the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any
or all of the foregoing. 
 Anything contained in this Guaranty to the contrary notwithstanding, it is the intention of each
Guarantor and the Secured Parties that the obligations of each Guarantor hereunder at any time shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent
transfer or conveyance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any similar federal or state law. To that end, but only in the event and to the extent that after giving effect to
Section 20 of this Guaranty, such Guarantor’s obligations with respect to the Guaranteed Obligations or any payment made pursuant to such Guaranteed Obligations would, but for the operation of the first sentence of this paragraph,
be subject to avoidance or recovery in any such proceeding under applicable Debtor Relief Laws after giving effect to Section 20 of this Guaranty, the amount of such Guarantor’s obligations with respect to the Guaranteed Obligations
shall be limited to the largest amount which, after giving effect thereto, would not, under applicable Debtor Relief Laws, render such Guarantor’s obligations with respect to the Guaranteed Obligations unenforceable or avoidable or otherwise
subject to recovery under applicable Debtor Relief Laws. To the extent any payment actually made pursuant to the Guaranteed Obligations exceeds the limitation of the first sentence of this paragraph and is otherwise subject to avoidance and recovery
in any such proceeding under applicable Debtor Relief Laws, the amount subject to avoidance shall in all events be limited to the amount by which such actual payment exceeds such limitation, and the Guaranteed Obligations as limited by the first
sentence of this paragraph shall in all events remain in full force and effect and be fully enforceable against such Guarantor. The first sentence of this paragraph is intended solely to preserve the rights of the Secured Parties hereunder against
such Guarantor in such proceeding to the maximum extent permitted by applicable Debtor Relief Laws and neither such Guarantor, any Borrower, any other Guarantor nor any other Person shall have any right or claim under such sentence that would not
otherwise be available under applicable Debtor Relief Laws in such proceeding. 
  

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 2. No Setoff or Deductions; Taxes; Payments. Each Guarantor shall make all payments
hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed
or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless such Guarantor is compelled by law to make such deduction or withholding. If any such obligation (other than one arising with respect to
Excluded Taxes) is imposed upon a Guarantor with respect to any amount payable by it hereunder, such Guarantor will pay to the Administrative Agent for the benefit of the Secured Parties for application to the Guaranteed Obligations in accordance
with the terms of the Loan Documents or, if the Loan Documents do not provide for the application of such amount, to be held by the Administrative Agent as collateral security for any Guaranteed Obligations thereafter existing, on the date on which
such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Secured Parties to receive the same net amount which the Secured Parties would have received on such due date had no such obligation
been imposed upon such Guarantor. Each Guarantor will deliver promptly to the Secured Parties certificates or other valid vouchers for all taxes or other charges deducted from or paid with respect to payments made by such Guarantor hereunder. The
obligations of the Guarantors under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. The obligations hereunder shall not be affected by any acts of any Governmental Authority affecting
any Guarantor or any other Loan Party, including but not limited to, any restrictions on the conversion of currency or repatriation or control of funds or any total or partial expropriation of any Guarantor’s or any other Loan Party’s
property, or by economic, political, regulatory or other events in the countries where any Guarantor or any other Loan Party is located. 

3. Rights of Secured Parties. Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to time,
without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the times for payment or the terms of the Guaranteed
Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and
direct the order or manner of sale thereof as the Secured Parties in its sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the
generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantors under this Guaranty or which, but for this provision, might operate as
a discharge of one or more of the Guarantors. 
  

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 4. Certain Waivers. Each Guarantor waives (a) any defense arising by reason of
any disability or other defense of a Borrower, any other Loan Party or any other guarantor of the Guaranteed Obligations or any part thereof, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the
liability of the Borrowers; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrowers; (c) the benefit of any statute of limitations affecting such Guarantor’s
liability hereunder; (d) any right to require any Secured Party to proceed against a Borrower or any other Loan Party, proceed against or exhaust any security for any of the Guaranteed Obligations, or pursue any other remedy in the power of any
Secured Party; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the full extent permitted by law, any and all other defenses or benefits that may be derived from or
afforded by applicable law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or
nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence,
creation or incurrence of new or additional Guaranteed Obligations. 
 5. Obligations Independent. The obligations of
each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor of the Guaranteed Obligations or any part thereof, and a separate action
may be brought against any Guarantor to enforce this Guaranty whether or not a Borrower or any other Person is joined as a party. For the avoidance of doubt, all obligations of each Guarantor under this Guaranty are joint and several obligations of
all the Guarantors. 
 6. Subrogation. No Guarantor shall exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in immediately available
funds and all Commitments are terminated. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust by such Guarantor for the benefit of the Secured Parties and shall forthwith be
paid to the Administrative Agent for the benefit of the Secured Parties for application to the Guaranteed Obligations in accordance with the terms of the Loan Documents or, if the Loan Documents do not provide for the application of such amount, to
be held by the Administrative Agent as collateral security for any Guaranteed Obligations thereafter existing, whether matured or unmatured. 

7. Termination; Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or
hereafter existing and shall remain in full force and effect until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in immediately available funds and all Commitments are
terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of a Borrower or a Guarantor is made, or a Secured Party exercises its right of
setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required

  

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(including pursuant to any settlement entered into by a Secured Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission,
termination or reduction. The obligations of the Guarantors under this paragraph shall survive termination of this Guaranty. 

8. Release of Liability of Guarantor Upon Sale or Dissolution. In the event that all of the capital stock or other Equity
Interests of any Guarantor is sold or otherwise disposed of (including by way of the merger or consolidation of such Guarantor with or into another Person) or liquidated, in any such case in compliance with the requirements of Section 7.05 of
the Credit Agreement (or such sale, other disposition or liquidation has been approved in writing by the Required Lenders (or all the Lenders if required by Section 10.01 of the Credit Agreement)) and the proceeds of such sale, disposition or
liquidation are applied in accordance with the provisions of the Credit Agreement, to the extent applicable, such Guarantor shall, upon consummation of such sale or other disposition (except to the extent that such sale or disposition is to a
Borrower or a Subsidiary thereof), be released from this Guaranty automatically and without further action and this Guaranty shall, as to such Guarantor, terminate, and have no further force or effect (it being understood and agreed that the sale of
one or more Persons that own, directly or indirectly, all of the capital stock or other Equity Interests of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this Section 8). 

9. Stay of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in
connection with any case commenced by or against a Borrower or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantors who are not subject to such automatic stay immediately
upon demand by the Administrative Agent. 
 10. Expenses. The Guarantors shall pay on demand all reasonable out-of-pocket
expenses incurred by any Secured Party (including the fees, charges and disbursements of any counsel for any Secured Party), and shall pay on demand all fees and time charges for attorneys who may be employees of any Secured Party, in any way
relating to the enforcement or protection of the rights of the Secured Parties (or any of them) under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the
Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any rights of any Secured Party in any proceeding any Debtor Relief Laws. The obligations of the Guarantors under this paragraph shall survive the payment in
full of the Guaranteed Obligations and termination of this Guaranty. 
 11. Modifications; Miscellaneous. Neither this
Guaranty nor any provision hereof may be changed, waived, discharged or terminated except in a writing signed by each Guarantor directly affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not
constitute a change, waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released) and the Administrative Agent (with the consent of the Required Lenders or all of the Lenders, to the extent required by
Section 10.01 of the Credit Agreement). No failure by any Secured Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial

  

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exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein. This Guaranty is not intended to
supersede or otherwise affect any other guaranty now or hereafter given by any Guarantor for the benefit of the Secured Parties (or any of them) or any term or provision thereof. 

12. Condition of Loan Parties. Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate
means of, obtaining from the Loan Parties and any other guarantor of the Guaranteed Obligations such information concerning the financial condition, business and operations of the Loan Parties and any such other guarantors as such Guarantor
requires, and that no Secured Party has any duty, and no Guarantor is relying on any Secured Party at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of any Loan Party or any other
guarantor of the Guaranteed Obligations (such Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same). 

13. Setoff. In addition to any rights now or hereafter granted under applicable law (including, without limitation,
Section 151 of the New York Debtor and Creditor Law) and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, each Lender and each of its Affiliates is hereby authorized, at any
time or from time to time, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Lender or any such Affiliate to or for the credit or the account of any
Guarantor, against and on account of the obligations and liabilities of such Guarantor to such Lender under this Guaranty, irrespective of whether or not such Lender shall have made any demand hereunder and although said obligations, liabilities,
deposits or claims, or any of them, shall be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any
Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.14 of the Credit
Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender (by its acceptance of the benefits hereof) acknowledges and agrees to promptly notify the REIT after
any such set-off and application; provided, that the failure to give such notice shall not affect the validity of such set-off and application. 

14. Representations and Warranties. Each Guarantor represents and warrants that (a) it is duly organized and in good standing
under the laws of the jurisdiction of its organization and has full capacity and right to make and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation

  

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enforceable in accordance with its terms; (c) the making and performance of this Guaranty does not and will not violate the provisions of any applicable law, regulation or order, and does
not and will not result in the breach of, or constitute a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any of its property may be bound or affected; and (d) all
consents, approvals, licenses and authorizations of, and filings and registrations with, any Governmental Authority required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made and are in
full force and effect. In addition, each Guarantor represents and warrants that (x) until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in immediately available
funds and all Commitments are terminated, such Guarantor will take, or will refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no violation of any provision, covenant or agreement contained in
the Credit Agreement, and so that no Event of Default, is caused by the actions of such Guarantor or any of its Subsidiaries; and (y) an executed (or conformed) copy of each of the Loan Documents has been made available to a senior officer of
such Guarantor and such officer is familiar with the contents thereof. 
 15. Indemnification and Survival. Without
limitation on any other obligations of any Guarantor or remedies of any Secured Party under this Guaranty, each Guarantor shall, to the full extent permitted by law, indemnify, defend and save and hold harmless each Secured Party from and against,
and shall pay on demand, any and all damages, losses, liabilities and expenses (including reasonable attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) that may be suffered or incurred by such
Secured Party in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations of the Borrowers enforceable against the Borrowers in accordance with their terms. The obligations of the
Guarantors under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

16. Guaranty Enforceable by Administrative Agent. This Guaranty may be enforced only by the action of the Administrative Agent, in
each case acting upon the instructions of the Required Lenders (to the extent required under the Credit Agreement) and that no other Secured Party will have any right individually to seek to enforce or to enforce this Guaranty or to realize upon the
security to be granted by the Loan Documents, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent, for the benefit of the Secured Parties, upon the terms of this Guaranty and the other Loan
Documents. It is understood and agreed that the agreement in this Section 16 is solely for the benefit of the Secured Parties. 

17. Obligations of Guarantors Independent. The obligations of each Guarantor hereunder are independent of the obligations of any
other Guarantor, any other guarantor or any Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any Borrower or any other Person
and whether or not any other Guarantor, any Borrower or any other Person may be joined in any such action or actions. 
  

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 18. Subordination of Indebtedness Held by Guarantors. Any indebtedness of any Loan
Party now or hereafter held by any Guarantor is hereby subordinated to the prior payment in full in immediately available funds of all the Guaranteed Obligations, and such indebtedness of any Loan Party to any Guarantor, if the Administrative Agent,
after an Event of Default has occurred and is continuing, so requests, shall be collected, enforced and received by such Guarantor as trustee for the Secured Parties and be paid over to the Administrative Agent for the benefit of the Secured Parties
for application to the Guaranteed Obligations in accordance with the terms of the Loan Documents or, if the Loan Documents do not provide for the application of such amount, to be held by the Administrative Agent as collateral security for any
Guaranteed Obligations thereafter existing, but without affecting or impairing in any manner the liability of such Guarantor under the other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable instrument
evidencing any indebtedness of any Loan Party to such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each
Guarantor hereby agrees with the Secured Parties that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or
otherwise) until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in immediately available funds and all Commitments are terminated; provided, that if any amount
shall be paid to any Guarantor on account of such subrogation rights prior to such time, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent for the benefit of the Secured
Parties to be credited and applied to the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents or, if the Loan Documents do not provide for the application of such amount, to be held by the
Administrative Agent as collateral security for any Guaranteed Obligations thereafter existing. Upon the indefeasible payment in full in immediately available funds of all of the Guaranteed Obligations and any amounts payable under this Guaranty and
the termination of all Commitments, each Guarantor shall be subrogated to the rights of the Secured Parties to receive payments or distributions applicable to the Guaranteed Obligations until all Indebtedness of the Borrowers held by such Guarantor
shall be paid in full. 
 19. Additional Guarantors. Any Subsidiary of the REIT that is required to become a party to
this Guaranty after the date hereof pursuant to the Credit Agreement shall become a Guarantor hereunder by executing and delivering a joinder agreement in the form attached hereto as Annex I. 

20. Contribution. At any time a payment in respect of the Guaranteed Obligations is made under this Guaranty, the right of
contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be revised and restated as of each date on which a payment (a
“Relevant Payment”) is made on the Guaranteed Obligations under this Guaranty. At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by such Guarantor in respect of the Guaranteed
Obligations to and including the date of the Relevant Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations to and including the
date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor shall have a right of contribution against each other Guarantor who either has not made any payments or has made payments in respect of
the Guaranteed Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other 

 

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Guarantor’s Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all Guarantors in respect of the Guaranteed Obligations (the aggregate
amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is the Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess Amount of
all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s right of contribution pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment at the time
of each computation; provided, that no Guarantor may take any action to enforce such right until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full in immediately
available funds and all Commitments are terminated, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of contribution arising pursuant to this Section 20 against any other Guarantor shall be
expressly junior and subordinate to such other Guarantor’s obligations and liabilities in respect of the Guaranteed Obligations and any other obligations owing under this Guaranty. As used in this Section 20 (i) each Guarantor’s
“Contribution Percentage” shall mean the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the
“Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount
by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising
under this Guaranty) on such date. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this Section 20, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have
no right of contribution or subrogation against any other Guarantor in respect of such payment until all of the Guaranteed Obligations have been indefeasibly paid and performed in full in cash and all Commitments are terminated. Each of the
Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right
against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the determination of the Required Lenders. 

21. Counterparts. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Borrowers and
the Administrative Agent. 
 22. Headings Descriptive. The headings of the several Sections of this Guaranty are inserted
for convenience only and shall not in any way affect the meaning or construction of any provision of this Guaranty. 
 23.
Governing Law; Assignment; Jurisdiction; Notices. This Guaranty shall be governed by, and construed in accordance with, the internal laws of the State of New York. This Guaranty shall (a) bind the Guarantor and its successors and assigns,
provided that no Guarantor may assign its rights or obligations under this Guaranty (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Secured

  

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Parties and their respective successors and assigns and the Lenders may, in accordance with Section 10.06 of the Credit Agreement and without affecting the obligations of any Guarantor
hereunder, assign, sell or grant participations in the Guaranteed Obligations and this Guaranty, in whole or in part. Each Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of courts of the State of New York sitting in
New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty, and (ii) waives to the fullest
extent permitted by law any defense asserting an inconvenient forum in connection therewith. Each of the parties hereto (x) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law, and (y) consents to the service of process out of any of the aforementioned courts, in the manner provided in Section 10.02 of the Credit Agreement, to
(A) in the case of the Administrative Agent, at the address provided in the Credit Agreement and (B) in the case of a Guarantor, at its address set forth opposite its signature page below. All notices and other communications to any
Guarantor under this Guaranty shall be in writing and delivered in the manner set forth in Section 10.02 of the Credit Agreement. All notices and other communications shall be in writing and addressed to such party at (i) in the case of
any Secured Party, as provided in the Credit Agreement, and (ii) in the case of any Guarantor, at its address set forth opposite its signature below. 

24. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH GUARANTOR AND THE ADMINISTRATIVE AGENT
EACH IRREVOCABLY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE GUARANTEED OBLIGATIONS. 
  

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 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as
of the date first above written. 
  

									
	Address:	 		 	
	  
 2450 Broadway, Sixth Floor

Santa Monica, CA 90404
 Attention: Joy Mallory

 Facsimile No.: (310) 407-7416
 Email:
JMallory@ColonyInc.com
	 		 	 COLONY FINANCIAL HOLDCO, LLC, a Delaware limited liability company

 
 By: Colony Financial, Inc., its managing member

	 		 	  
 By:
	 	  
 /s/ Darren J.
Tangen

		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	 COLONY FINANCIAL TRS, LLC, a Delaware limited liability company

 
 By: Colony Financial, Inc., its managing member

				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	 CFI DB HOLDING, LLC, a Delaware limited liability company

 
 By: CFI RE Holdco, LLC, its managing member

 
 By: Colony Financial, Inc., its managing member

				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO

 [Signature Page to Guaranty]

									
		 		 	 CFI MBS HOLDING, LLC, a Delaware limited liability company

 
 By: CFI RE Holdco, LLC, its managing member

 
 By: Colony Financial, Inc., its managing member

				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	 COLFIN JIH FUNDING, LLC, a Delaware limited liability company

 
 By: CFI RE Holdco, LLC, its managing member

 
 By: Colony Financial, Inc., its managing member

				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
	 Accepted and Agreed to:
  

BANK OF AMERICA, N.A., as Administrative Agent
	 		 	
				
	By:	 	/s/ Kathleen M. Carry	 		 	
	Name:	 	Kathleen M. Carry	 		 		 	
	Title:	 	Vice President	 		 		 	

 [Signature Page to Guaranty] 

 Annex I to the 

Continuing Guaranty 

Form of Joinder to Continuing Guaranty 

JOINDER NO. ___, dated as of _________, 20__ (this “Joinder”), to the Continuing Guaranty dated as of September 16,
2010 (as amended, modified, restated and/or supplemented from time to time, the “Guaranty”), made by and among the subsidiaries of Colony Financial, Inc., a Maryland corporation (the “REIT”), party thereto in favor
of BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”) for the benefit of the Secured Parties. 

A. Reference is made to (a) the Credit Agreement dated as of September 16, 2010 (as amended, modified, restated and/or
supplemented from time to time, the “Credit Agreement”) among the REIT, the Subsidiaries of the REIT from time to time party thereto as co-borrowers (together with the REIT, the “Borrowers”), the Lenders party
thereto and the Administrative Agent and (b) the Guaranty. 
 B. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Guaranty. 
 C. [NAME OF COLONY ENTITY] has [formed][acquired]
___________, ___________ [type of entity](the “New Guarantor”). 
 D. Pursuant to the terms and provisions of
the Credit Agreement, the New Guarantor is required to become a party to the Guaranty and guaranty the Obligations of the Borrowers. The New Guarantor is executing this Joinder in accordance with the requirements of the Credit Agreement and
Section 19 of the Guaranty to become a party to the Guaranty. 
 Accordingly, the New Guarantor hereby agrees as follows:

 SECTION 1. The New Guarantor below becomes a Guarantor under the Guaranty with the same force is hereby added as a party to
the Guaranty and hereby agrees to be bound as a “Guarantor” by all of the terms, covenants and provisions set forth in the Guaranty to the same extent it would have been bound if it had been a signatory to the Guaranty on the date of the
Guaranty. The New Guarantor hereby makes each of the representations and warranties applicable to a “Guarantor” contained in the Guaranty. 

SECTION 2. The New Guarantor hereby represents and warrants to the Administrative Agent and the other Secured Parties that this Joinder
has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally and by general principles of equity. 

SECTION 3. This Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. 

 SECTION 4. Except as expressly supplemented hereby, the Guaranty shall remain in full force
and effect. 
 SECTION 5. THIS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 SECTION 6. All communications and notices to be provided to the New
Guarantor hereunder or under the Guaranty shall be given to the New Guarantor at the address set forth under its signature. 

[Signature Page Follows] 
  

 2 

 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Joinder as of the day and year first above written. 
  

			
	[NEW GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address of New Guarantor:
	
	[                            
    ]

  

			
	Accepted and Agreed to:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Joinder to
Guaranty]Pledge and Security Agreement

 Exhibit 10.3 

PLEDGE AND SECURITY AGREEMENT 

PLEDGE AND SECURITY AGREEMENT, dated as of September 16, 2010 (as amended, restated, modified and/or supplemented from time to time,
this “Agreement”), made by each of the undersigned pledgors (each, a “Pledgor” and together with any other entity that becomes a party hereto pursuant to Section 24 hereof, collectively, the
“Pledgors”), in favor of BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any successors and assigns in such capacity, the “Administrative Agent”) for the benefit of the Secured
Parties. 
 W I T N E S S E T H : 

WHEREAS, Colony Financial, Inc., a Maryland corporation (the “REIT”), the Subsidiaries of the REIT from time to time
party thereto as co-borrowers (together with REIT, each a “Borrower” and collectively, the “Borrowers”), the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent have
entered into a Credit Agreement, dated as of the date hereof (as amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”), providing for the making of Loans to the Borrowers, all as contemplated
therein. 
 WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the making of Loans thereunder
that each Pledgor shall have executed and delivered to the Administrative Agent this Agreement. 
 WHEREAS, each Pledgor desires
to execute this Agreement to satisfy the condition described in the preceding paragraph. 
 NOW, THEREFORE, in consideration of
the benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Administrative Agent, for the benefit of the Secured Parties, and
hereby covenants and agrees with the Administrative Agent, for the benefit of the Secured Parties, as follows: 
 1. SECURITY
FOR OBLIGATIONS. This Agreement is made by each Pledgor for the benefit of the Secured Parties to secure the Obligations. 

2. DEFINITIONS. All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Credit
Agreement. The following capitalized terms used herein shall have the definitions specified below: 
 “Certificated
Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 
 “Clearing
Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 

“Collateral” shall have the meaning provided in Section 3.1. 

 “Collateral Accounts” shall mean any and all accounts established and
maintained by the Administrative Agent in the name of any Pledgor to which Collateral may be credited. 
 “Control
Agreement” shall mean an agreement, in form and substance satisfactory to the Administrative Agent, establishing the Administrative Agent’s control (as defined in the UCC) with respect to any Borrowing Base Account. 

“Financial Asset” shall have the meaning given such term in Section 8-102(a)(9) of the UCC. 

“Instrument” shall have the meaning given such term in Section 9-102(a)(47) of the UCC. 

“Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the UCC. 

“Location” of any Pledgor has the meaning given such term in Section 9-307 of the UCC. 

“Luxembourg Issuer” shall mean any Person organized under the laws of Luxembourg that has issued Securities that
constitute Collateral. 
 “Membership Interest” shall mean the entire membership interest at any time owned
directly by any Pledgor in any limited liability company. 
 “Partnership Interest” shall mean the entire
partnership interest (whether general and/or limited partnership interests) at any time directly owned by any Pledgor in any partnership. 

“Pledge” shall mean the security interest in the Collateral arising under this Agreement. 

“Pledged LLC” shall mean any limited liability company in which any Pledgor owns a membership interest. 

“Pledged Membership Interests” shall mean all Membership Interests at any time pledged or required to be pledged
hereunder. 
 “Pledged Partnership” shall mean any partnership in which any Pledgor owns a partnership
interest. 
 “Pledged Partnership Interests” shall mean all Partnership Interests at any time pledged or
required to be pledged hereunder. 
 “Pledged Securities” shall mean all Pledged Stock, Pledged Partnership
Interests and Pledged Membership Interests. 
  

 2 

 “Pledged Stock” shall mean all Stock at any time pledged or required to be
pledged hereunder. 
 “Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the
UCC. 
 “Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the
UCC. 
 “Securities” shall mean all of the Stock, Partnership Interests and Membership Interests. 

“Securities Intermediary” shall have the meaning given such term in Section 8-102(14) of the UCC. 

“Security Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 

“Stock” shall mean all of the issued and outstanding shares of capital stock at any time owned by any Pledgor in any
corporation. 
 “Termination Date” has the meaning specified in Section 18(a) hereof. 

“UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time; provided
that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the date hereof. 

“Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the UCC. 

3. GRANT OF SECURITY, PLEDGE OF SECURITIES, ETC. 

3.1 Grant of Security. As security for the payment and performance in full of the Obligations, each Pledgor does hereby grant,
pledge, hypothecate, mortgage, charge and assign to the Administrative Agent for the benefit of the Secured Parties, and does hereby grant and create a continuing security interest in favor of the Administrative Agent for the benefit of the Secured
Parties in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time acquired (collectively, the “Collateral”): 

(i) all of the Securities owned or held by such Pledgor from time to time and all options and warrants owned by such
Pledgor from time to time to purchase Securities (and all certificates or instruments evidencing such Securities); 

(ii) each Collateral Account, including any and all assets of whatever type or kind deposited by such Pledgor in any such
Collateral Account, whether now owned or hereafter acquired, existing or arising (including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments or interests therein of any type

  

 3 

 
or nature deposited or required by the Credit Agreement or any other Loan Document to be deposited in such Collateral Account, and all investments and all certificates and other instruments
(including depository receipts, if any) from time to time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the foregoing); 
 (iii) each Borrowing Base Account of such Pledgor, including any
and all assets of whatever type or kind deposited in any such Borrowing Base Account, whether now owned or hereafter acquired, existing or arising (including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts,
Instruments or interests therein of any type or nature deposited or required by the Credit Agreement or any other Loan Document to be deposited in such Borrowing Base Account); 

(iv) all of such Pledgor’s (x) Partnership Interests and all of such Pledgor’s right, title and interest in
each Pledged Partnership and (y) Membership Interests and all of such Pledgor’s right, title and interest in each Pledged LLC, in each case including, without limitation: 

(a) all the capital thereof and its interest in all profits, losses and other distributions to which such Pledgor shall at
any time be entitled in respect of such Partnership Interests and/or Membership Interests; 
 (b) all other
payments due or to become due to such Pledgor in respect of such Partnership Interests and/or Membership Interests, whether under any partnership agreement, limited liability company agreement or otherwise, whether as contractual obligations,
damages, insurance proceeds or otherwise; 
 (c) all of its claims, rights, powers, privileges, authority,
options, security interests, liens and remedies, if any, under any partnership agreement, limited liability company agreement or at law or otherwise in respect of such Partnership Interests and/or Membership Interests; 

(d) all present and future claims, if any, of such Pledgor against any Pledged Partnership and any Pledged LLC for moneys
loaned or advanced, for services rendered or otherwise; 
 (e) all of such Pledgor’s rights under any
partnership agreement or limited liability company agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to the Partnership Interests and/or Membership Interests, including
any power to terminate, cancel or modify any partnership agreement or any limited liability company agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of any Partnership
Interests or Membership Interests and any Pledged Partnership and any Pledged LLC to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent,

  

 4 

 
amendment, waiver or approval, together with full power and authority to demand, receive, enforce or collect any of the foregoing, to enforce or execute any checks or other instruments or orders,
to file any claims and to take any action in connection with any of the foregoing; and 
 (f) all other property
hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 

(v) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and 

(vi) all Proceeds of any and all of the foregoing; 

provided that, notwithstanding the foregoing, “Collateral” shall not include (i) more than 74.5% of the Equity Interests of CFI RE
Holdco, LLC, a Delaware limited liability company (“CFI RE Holdco”), owned by the REIT, (ii) more than 73.5% of the Equity Interests of CFI DB Holding, LLC, a Delaware limited liability company (“CFI DB
Holding”), owned by CFI RE Holdco and (iii) more than 74.5% of the Equity Interests of ColFin DB Guarantor, LLC, a Delaware limited liability company (together with CFI RE Holdco and CFI DB Holding, each an “FDIC Restricted
Issuer”), owned by CFI DB Holding, in each case solely to the extent that the grant of a lien and security interest in favor of the Administrative Agent by the applicable Grantor in a greater percentage of its Equity Interests in such FDIC
Restricted Issuer would under applicable Law require a consent or authorization of the Federal Deposit Insurance Company (“FDIC”) that has not been obtained; provided, further, however, that immediately at such
time as the applicable Grantor is permitted to grant a lien and security interest in favor of the Administrative Agent in a greater percentage of its Equity Interests in such FDIC Restricted Issuer without being required under applicable Law to
obtain a consent or authorization from the FDIC (or at such time as such consent or authorization is obtained, if earlier), the Collateral shall include, and the lien and security interest granted by such Granter hereunder shall attach immediately
to, such greater percentage of the Equity Interests of such FDIC Restricted Issuer owned by such Grantor. 
 3.2
Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such
Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Pledgor shall forthwith take the following actions as set forth below: 

(i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Administrative Agent, endorsed to the Administrative Agent or endorsed in blank; 

 

 5 

 (ii) with respect to an Uncertificated Security (other than an
Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Administrative Agent, an
agreement for the benefit of the Administrative Agent and the other Secured Parties substantially in the form of Annex E hereto (appropriately completed to the satisfaction of the Administrative Agent and with such modifications, if any, as shall be
reasonably satisfactory to the Administrative Agent) pursuant to which such issuer agrees to comply following the occurrence and during the continuance of an Event of Default with any and all instructions originated by the Administrative Agent
without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Membership Interests issued by such issuer) originated by any other Person other than a
court of competent jurisdiction; 
 (iii) with respect to any Collateral consisting of a Certificated Security,
Uncertificated Security, Partnership Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such
Pledgor shall promptly notify the Administrative Agent thereof and shall promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the
security interest of the Administrative Agent under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Administrative Agent deems necessary or
desirable to effect the foregoing; 
 (iv) with respect to a Partnership Interest or a Membership Interest (other
than a Partnership Interest or Membership Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Membership Interest is represented by a certificate and is a Security for
purposes of the UCC, the procedure set forth in Section 3.2(a)(i) hereof; and (2) if such Partnership Interest or Membership Interest is not represented by a certificate or is not a Security for purposes of the UCC, the procedure set
forth in Section 3.2(a)(ii) hereof; and 
 (v) with respect to each Borrowing Base Account of such
Pledgor, notify the Administrative Agent of the opening thereof (to the extent such Borrowing Base Account is opened after the Closing Date) and deliver to the Administrative Agent a Control Agreement duly executed by each of the parties thereto.

 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the
following additional actions with respect to the Collateral: 
 (i) with respect to all Collateral of such
Pledgor whereby or with respect to which the Administrative Agent may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time,
or under the laws of any relevant State other than the State of New York), such Pledgor shall take all actions as may be requested from time to time by the Administrative Agent so that “control” of such Collateral is obtained and at all
times held by the Administrative Agent; 
  

 6 

 (ii) each Pledgor shall from time to time cause appropriate financing
statements (on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Administrative Agent), to be
filed in the relevant filing offices so that at all times the Administrative Agent’s security interest in all Investment Property constituting Collateral and other Collateral which can be perfected by the filing of such financing statements (in
each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected; and 

(iii) each Pledgor shall cause the Pledge to be accepted by each Luxembourg Issuer , and by its signature to this
Agreement, each Luxembourg Issuer existing on the date of this Agreement hereby acknowledges and expressly accepts the Pledge. 

3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, dividend or otherwise) any additional Collateral
at any time or from time to time after the date hereof, such Pledgor will forthwith thereafter take (or cause to be taken) all action with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof, and will
deliver to the Administrative Agent all information and other items required to be provided under Section 6.12 of the Credit Agreement with respect thereto within the time periods specified therein. 

3.4 Certain Representations and Warranties Concerning the Collateral. Each Pledgor represents and warrants that on the date
hereof: (a) each Subsidiary and Affiliated Investor of such Pledgor whose Equity Interests are required to be pledged hereunder, and the direct ownership thereof, is listed on Annex A hereto; (b) the Stock held by such Pledgor consists of
the number and type of shares of the capital stock of the corporations as described in Annex B hereto; (c) such Stock constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as set forth in Annex B
hereto; (d) such Pledgor has neither opened nor maintains any Borrowing Base Account other than those set forth in Annex C hereto; (e) such Pledgor is the holder of record and sole beneficial owner of the Stock held by such Pledgor and
there exists no options or preemption rights in respect of any of the Stock; (f) the Partnership Interests and Membership Interests, as the case may be, held by such Pledgor constitute that percentage of the entire interest of the respective
Pledged Partnership or Pledged LLC, as the case may be, as is set forth under its name in Annex D hereto; (g) on the date hereof, such Pledgor owns or possesses no other Securities except as described on Annexes B and D hereto; and (h) the
Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes B and D hereto. 

4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Administrative Agent shall have the right to appoint one or more sub-agents
for the purpose of retaining physical possession of the Pledged Securities, which may be held (in the discretion of the Administrative Agent) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Administrative Agent
or any nominee or nominees of the Administrative Agent or a sub-agent appointed by the Administrative Agent. 
  

 7 

 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there shall have
occurred and be continuing an Event of Default, each Pledgor shall be entitled to exercise all voting and other rights attaching to any and all Pledged Securities owned by it, and to give consents, waivers or ratifications in respect thereof,
provided that no vote shall be cast or any consent, waiver or ratification given or any action taken which would violate, result in breach of any covenant contained in, or be inconsistent with, any of the terms of this Agreement, the Credit
Agreement or any other Loan Document, or which would have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Administrative Agent or any other Secured Party therein. All such rights of a
Pledgor to vote and to give consents, waivers and ratifications shall cease upon the occurrence and during the continuance of an Event of Default, whereupon Section 7 hereof shall become applicable. 

6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until an Event of Default shall have occurred and be continuing, all cash
dividends, distributions or other amounts payable in respect of the Pledged Securities shall be paid to the respective Pledgor, provided that all dividends, distributions or other amounts payable in respect of the Pledged Securities which are
reasonably determined by the Administrative Agent to represent in whole or in part a liquidating or other distribution in return of capital not permitted by the Credit Agreement shall be paid, to the extent so determined to represent an
extraordinary, liquidating or other distribution in return of capital not permitted by the Credit Agreement, to the Administrative Agent and retained by it as part of the Collateral (unless such cash dividends or distributions are applied to repay
the Obligations pursuant to Section 9 of this Agreement). The Administrative Agent shall also be entitled to receive directly, and to retain as part of the Collateral: 

(i) all other or additional stock, notes, membership interests, partnership interests or other securities or property
(other than cash) paid or distributed by way of dividend or otherwise in respect of the Collateral; 
 (ii) all
other or additional stock, notes, membership interests, partnership interests or other securities or property (including cash) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination
of shares or similar rearrangement; and 
 (iii) all other or additional stock, notes, membership interests,
partnership interests or other securities or property (including cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate reorganization.

 Nothing contained in this Section 6 shall limit or restrict in any way the Administrative Agent’s right to receive the proceeds of
the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by the respective Pledgor contrary to the provisions of this Section 6 or Section 7 shall be
received in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Administrative Agent as Collateral in the same form as so received (with any
necessary endorsement). 
  

 8 

 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. (a) If an Event of Default shall
have occurred and be continuing, the Administrative Agent shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement or any other Loan Document or by law) for the protection and enforcement of its
rights in respect of the Collateral, including, without limitation, all the rights and remedies of a secured creditor upon default under the UCC, and the Administrative Agent shall be entitled, without limitation, to exercise any or all of the
following rights, which each Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts
payable in respect of the Collateral otherwise payable under Section 6 to such Pledgor, 
 (ii) to transfer
all or any part of the Collateral into the Administrative Agent’s name or the name of its nominee or nominees; 

(iii) to vote all or any part of the Collateral (whether or not transferred into the name of the Administrative Agent) and
give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the Administrative Agent the
proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
 (iv) to set off any and
all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral from any and all Borrowing Base Accounts and Collateral Accounts and to apply such cash and other Collateral to the payment of any and all
Obligations; and 
 (v) at any time or from time to time but subject to the provisions of the UCC to sell, assign
and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or
adjournment thereof or to redeem or otherwise (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on
such terms as the Administrative Agent in its absolute discretion may determine, provided that at least 10 days’ notice of the time and place of any such sale shall be given to such Pledgor. The Administrative Agent shall not be
obligated to make such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each purchaser at any such sale shall hold the property so sold absolutely free from any claim or right on the part of any Pledgor,
and each Pledgor hereby waives and releases to the full extent permitted by law any right or equity redemption with respect to the Collateral, whether before or after sale hereunder, all rights, if any, of marshalling the Collateral and any other
security for the Obligations or otherwise, and all rights, if any, of stay and/or appraisal which it now has or may at any time in the future have under rule of law or statute now existing or hereafter enacted. At any such sale, unless prohibited by
applicable law, the Administrative Agent on behalf of all Secured Parties (or certain of them) may bid for and purchase (by bidding in Obligations or otherwise) all or any part of the Collateral so

  

 9 

 
sold free from any such right or equity of redemption. Neither the Administrative Agent nor any Secured Party shall be liable for failure to collect or realize upon any or all of the Collateral
or for any delay in so doing nor shall it be under any obligation to take any action whatsoever with regard thereto. 
 8.
REMEDIES, ETC., CUMULATIVE. Each right, power and remedy of the Administrative Agent provided for in this Agreement or any other Loan Document, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent
and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Administrative Agent or any other Secured Party of any one or more of the rights, powers or remedies provided for in this Agreement
or any other Loan Document or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Administrative Agent or any other Secured Party of all such other rights, powers or
remedies, and no failure or delay on the part of the Administrative Agent or any other Secured Party to exercise any such right, power or remedy shall operate as a waiver thereof. Unless otherwise required by the Loan Documents, no notice to or
demand on any Pledgor in any case shall entitle it to any other or further notice or demand in similar other circumstances or constitute a waiver of any of the rights of the Administrative Agent or any other Secured Party to any other further action
in any circumstances without demand or notice. This Agreement may be enforced only by the action of the Administrative Agent and no other Secured Party shall have any right individually to seek to enforce or to enforce this Agreement or to realize
upon the security to be granted hereby. 
 9. APPLICATION OF PROCEEDS. (a) All moneys collected by the
Administrative Agent upon any sale or other disposition of the Collateral, together with all other moneys received by the Administrative Agent hereunder, shall be applied in accordance with Section 8.03 of the Credit Agreement. 

(b) It is understood that each Pledgor shall remain jointly and severally liable to the extent of any deficiency between (x) the
amount of the Obligations for which it is liable directly or as a Guarantor that are satisfied with proceeds of the Collateral and (y) the aggregate outstanding amount of the Obligations. 

10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Administrative Agent hereunder (whether by virtue of the
power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Administrative Agent shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or be answerable in any way for the misapplication or nonapplication thereof. 

11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify and hold harmless the Administrative Agent and the
other Secured Parties from and against any and all claims, demands, losses, judgments and liabilities (including liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse the Administrative Agent for all reasonable
out-of-pocket costs and expenses, including reasonable attorneys’ fees, arising in connection with any amendment, waiver or modification to this Agreement and the administrator thereof and the

  

 10 

 
Administrative Agent and the other Secured Parties for all out-of-pocket costs and expenses (including attorney’s fees) growing out of or resulting from the exercise by the Administrative
Agent of any right or remedy granted to it hereunder or under any other Loan Document except, with respect to clause (i) above, for those arising from (x) such Person’s gross negligence or willful misconduct or (y) a claim
brought by a Pledgor against such Person for breach in bad faith of such Person’s obligations hereunder, in each case if such Pledgor has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. In no event shall the Administrative Agent be liable, in the absence of (x) gross negligence or willful misconduct on its part or (y) a claim brought by a Pledgor against it for breach in bad faith of its
obligations hereunder, in each case if such Pledgor has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, for any matter or thing in connection with this Agreement other than
to account for moneys or other property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to
make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 

12. FURTHER ASSURANCES; POWER OF ATTORNEY. (a) Each Pledgor agrees that it will join with the Administrative Agent in
executing and, at such Pledgor’s own expense, file and refile under the Uniform Commercial Code such financing statements, continuation statements and other documents in such offices as the Administrative Agent may reasonably deem necessary or
appropriate and wherever required or permitted by law in order to perfect and preserve the Administrative Agent’s security interest in the Collateral hereunder and hereby authorizes the Administrative Agent to file financing statements and
amendments thereto relative to all or any part of the Collateral without the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Administrative Agent such additional
conveyances, assignments, agreements and instruments as the Administrative Agent may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Administrative Agent its rights,
powers and remedies hereunder or thereunder. Without limiting the foregoing, each Pledgor agrees that with respect to any Securities pledged by it hereunder that are issued by a Luxembourg Issuer, such Pledgor at its own expense will promptly
(i) procure the registration of the Pledge in the name of the Administrative Agent in the shareholders’ register of such Luxembourg Issuer in accordance with article 5.(2) c) of the Luxembourg Act dated August 5, 2005 relating to
financial collateral arrangements and (ii) provide to the Administrative Agent a written certification that such registration has been made. 

(b) Each Pledgor hereby appoints the Administrative Agent, such Pledgor’s attorney-in-fact, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during the continuance of an Event of Default, in the Administrative Agent’s reasonable discretion to take any action and to execute
any instrument which the Administrative Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement. 
  

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 13. THE ADMINSTRATIVE AGENT AS COLLATERAL AGENT. The Administrative Agent will hold
in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Administrative Agent as holder of the Collateral and interests therein and
with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement. The Administrative Agent shall act hereunder on the terms and conditions set forth herein and in Article IX of
the Credit Agreement. If any Pledgor fails to perform or comply with any of its agreements contained in this Agreement and the Administrative Agent, as provided for by the terms of this Agreement or any other Loan Document, shall itself perform or
comply, or otherwise cause performance or compliance, with such agreement, the expenses of the Administrative Agent incurred in connection with such performance or compliance, together with interest thereon at the rate then in effect in respect of
the Base Rate Loans, shall be payable by such Pledgor to the Administrative Agent on demand and shall constitute Obligations secured by the Collateral. 

14. TRANSFER BY THE PLEDGORS. No Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge
or otherwise encumber any of the Collateral or any interest therein, except as otherwise allowed under the Credit Agreement. 

15. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants that:

 (i) it is, or at the time when pledged hereunder will be, the legal, beneficial and record owner of, and has
(or will have) good and marketable title to, all Securities pledged by it hereunder, subject to no pledge, lien, mortgage, hypothecation, security interest, charge, option or other encumbrance whatsoever, except the liens and security interests
created by this Agreement; 
 (ii) it has full power, authority and legal right to pledge all the Collateral
pledged by it pursuant to this Agreement; 
 (iii) this Agreement has been duly authorized, executed and
delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); 

(iv) except to the extent already obtained or made, no consent of any other party (including, without limitation, any
stockholder, limited or general partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with,
any governmental authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement, (b) the validity or enforceability of this Agreement, (c) the perfection or
enforceability of the Administrative Agent’s security interest in the Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Administrative Agent of any of its rights or
remedies provided herein; 
  

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 (v) the execution, delivery and performance of this Agreement by such
Pledgor has been duly authorized by all necessary corporate or other organizational action, and does not and will not (a) contravene the terms of any of such Pledgor’s Organization Documents; (b) conflict with or result in any breach
or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which such Pledgor is a party or affecting such Pledgor or the properties of such Pledgor or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Pledgor or its property is subject; or (c) violate any applicable Laws; 

(vi) all the shares of Stock constituting Collateral have been duly and validly issued, are fully paid and non-assessable
and are subject to no options to purchase or similar rights; 
 (vii) the pledge, assignment and delivery to the
Administrative Agent of the Securities (other than those constituting Uncertificated Securities) pursuant to this Agreement creates a valid and, assuming such Securities are held in the continued possession of the Administrative Agent in the State
of New York, perfected first priority Lien in the Securities and the proceeds thereof, subject to no other Lien or to any agreement purporting to grant to any third party a Lien on the property or assets of such Pledgor which would include the
Securities; 
 (viii) it has the unqualified right to pledge and grant a security interest in the Partnership
Interests and Membership Interests as herein provided without the consent of any other Person, firm, association or entity which has not been obtained; 

(ix) the Partnership Interests and the Membership Interests pledged by it pursuant to this Agreement have been validly
acquired and are fully paid for and are duly and validly pledged hereunder; 
 (x) it is not in default in the
payment of any portion of any mandatory capital contribution, if any, required to be made under any partnership agreement or limited liability company agreement to which such Pledgor is a party, and such Pledgor is not in violation of any other
material provisions of any partnership agreement or limited liability company agreement to which such Pledgor is a party, or otherwise in default or violation thereunder, no Partnership Interest or Membership Interest is subject to any defense,
offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any Person with respect thereto and as of the Closing Date, there are no certificates, instruments, documents or other writings (other than the
partnership agreements and certificates, if any, delivered to the Administrative Agent) which evidence any Partnership Interest or Membership Interest of such Pledgor; 

(xi) the pledge and assignment of the Partnership Interests and the Membership Interests pursuant to this Agreement,
together with the relevant filings, consents or recordings (which filings, consents and recordings have been made or obtained), creates a valid, perfected and continuing first priority security interest in such Partnership Interests and Membership
Interest and the proceeds thereof, subject to no prior lien or encumbrance or to any agreement purporting to grant to any third party a lien or encumbrance on the property or assets of such Pledgor which would include the Collateral; 

 

 13 

 (xii) there are no currently effective financing statements under the UCC
covering any property which is now or hereafter may be included in the Collateral and such Pledgor will not, without the prior written consent of the Administrative Agent, execute and, until the Termination Date (as hereinafter defined), allow there
to be on file in any public office, any enforceable financing statement or statements covering any or all of the Collateral, except financing statements filed or to be filed in favor of the Administrative Agent as secured party; 

(xiii) it shall give the Administrative Agent prompt notice of any written claim relating to the Collateral and shall
deliver to the Administrative Agent a copy of each other demand, notice or document received by it which may adversely affect the Administrative Agent’s interest in the Collateral promptly upon, but in any event within 10 days after, such
Pledgor’s receipt thereof; 
 (xiv) it shall not withdraw as a partner of any Pledged Partnership or member
of any Pledged LLC, or file or pursue or take any action which may, directly or indirectly, cause a dissolution or liquidation of or with respect to any Pledged Partnership or Pledged LLC or seek a partition of any property of any Pledged
Partnership or Pledged LLC, except as permitted by the Credit Agreement; 
 (xv) as of the date hereof, all of
its Partnership Interests and Membership Interests are uncertificated and each Pledgor covenants and agrees that it will not approve any action by any Pledged Partnership or Pledged LLC to convert such uncertificated interests into certificated
interests; 
 (xvi) it will take no action which would violate or be inconsistent with any of the terms of any
Loan Document, or which would have the effect of impairing the position or interests of the Administrative Agent or any other Secured Party under any Loan Document except as permitted by the Credit Agreement; 

(xvii) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Administrative Agent
over all of such Pledgor’s Collateral consisting of Securities with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC; 

(xviii) “control” (as defined in Section 9-104 of the UCC) has been obtained by the Administrative Agent
over all of such Pledgor’s Collateral consisting of Borrowing Base Accounts; and 
 (xix) it will furnish to
the Administrative Agent prompt written notice of any issuance of Equity Interests that occurs after the date hereof by a Pledged LLC, Pledged Partnership or other Person that has issued Equity Interests which are pledged (in whole or in part) by a
Pledgor hereunder. 
  

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 16. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under
this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever,
including, without limitation: 
 (i) any renewal, extension, amendment or modification of, or addition or
supplement to or deletion from any of the Loan Documents, or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof, 

(ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or
instrument or this Agreement; 
 (iii) any furnishing of any additional security to the Administrative Agent or
its assignee or any acceptance thereof or any release of any security by the Administrative Agent or its assignee; 

(iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity
or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or 
 (v) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Pledgor or any Subsidiary of such Pledgor or any Affiliated Investor, or any action taken with respect to this
Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 

17. TERMINATION; RELEASE. (a) After the Termination Date (as defined below), this Agreement shall terminate (provided
that all indemnities set forth herein and the other Loan Documents including, without limitation, in Section 11 hereof shall survive any such termination) and the Administrative Agent, at the request and expense of the Pledgors, will execute
and deliver to the Pledgors a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement as provided above, and will duly assign, transfer and deliver to the Pledgors (without recourse and without any
representation or warranty) such of the Collateral as may be in the possession of the Administrative Agent and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by
the Administrative Agent hereunder and, with respect to any Collateral consisting of an Uncertificated Security, a Partnership Interest or a Membership Interest (other than an Uncertificated Security, Partnership Interest or Membership Interest
credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the
respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which all of the Commitments have been terminated, no Note under the
Credit Agreement is unpaid and all Loans have been paid in full. 
  

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 (b) In the event that any part of the Collateral is sold or otherwise disposed of in
connection with a sale or other disposition permitted by Section 7.05 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 10.01 of the Credit Agreement), and
the proceeds of such sale or other disposition or from such release are applied in accordance with the terms of the Credit Agreement to the extent required to be so applied, the Administrative Agent, at the request and expense of the respective
Pledgor, will release such Collateral from this Agreement, duly assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold, disposed of or
released and as may be in possession of the Administrative Agent and has not theretofore been released pursuant to this Agreement. 

(c) At any time that any Pledgor desires that Collateral be released as provided in the foregoing Section 18(a) or (b), it shall
deliver to the Administrative Agent a certificate signed by an officer stating that the release of the respective Collateral is permitted pursuant to Section 18(a) or (b). The Administrative Agent shall have no liability whatsoever to any
Secured Party as the result of any release of Collateral by it in accordance with (or which the Administrative Agent in the absence of gross negligence and willful misconduct believes to be in accordance with) this Section 18. 

18. NOTICES, ETC. All notices and other communications hereunder shall be in writing (including telegraphic, telex, telecopier,
facsimile or cable communication) and shall be delivered, telegraphed, telexed, telecopied, faxed, cabled, or mailed (by first class mail, postage prepaid): 

(i) if to any Pledgor, at its address set forth opposite its signature below; 

(ii) if to the Administrative Agent, at its address set forth on Schedule 10.02 of the Credit Agreement. 

or at such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder.

 19. WAIVER; AMENDMENT. None of the terms and conditions of this Agreement may be changed, waived, modified or varied
in any manner whatsoever unless in writing duly signed by the Administrative Agent (with the consent of the Required Lenders or all of the Lenders, to the extent required by Section 10.01 of the Credit Agreement) and each Pledgor affected
thereby. 
 20. ADMINISTRATIVE AGENT NOT BOUND. (a) Nothing herein shall be construed to make the Administrative
Agent or any other Secured Party liable as a general partner or limited partner of any Pledged Partnership or as a member of any Pledged LLC, and neither the Administrative Agent nor any Secured Party by virtue of this Agreement or otherwise (except
as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a general partner or limited partner of any Pledged Partnership or of a member of any Pledged LLC. The parties hereto expressly agree that, unless
the Administrative Agent shall become the absolute owner of a Partnership Interest or a Membership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture or membership agreement among the
Administrative Agent, any other Secured Party and/or a Pledgor. 
  

 16 

 (b) The Administrative Agent shall have only those powers set forth herein and shall assume
none of the duties, obligations or liabilities of a general partner or limited partner of any Pledged Partnership or of a member of any Pledged LLC or of a Pledgor. 

(c) The Administrative Agent shall not be obligated to perform or discharge any obligation of a Pledgor as a result of the collateral
assignment hereby effected. 
 (d) The acceptance by the Administrative Agent of this Agreement, with all the rights, powers,
privileges and authority so created, shall not at any time or in any event obligate the Administrative Agent to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or
thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral. 

21. MISCELLANEOUS. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full
force and effect, subject to release and/or termination as set forth in Section 18, (ii) be binding upon each Pledgor, its successors and assigns; provided that no Pledgor shall assign any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent (with the prior written consent of the Required Lenders or all of the Lenders, to the extent required by Section 10.01 of the Credit Agreement, ), and (iii) inure, together with
the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent, the other Secured Parties and their respective successors, transferees and assigns. The headings of the several sections and subsections in
this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one
instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto.

 22. GOVERNING LAW, ETC. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE SECURED PARTIES AND OF THE
UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. Any legal action or proceeding with respect to this Agreement or any other Loan Document
may be brought in the courts of the State of New York sitting in New York County or of the United States of America for the Southern District of New York, and any appellate court from any thereof and, by execution and delivery of this Agreement,
each Pledgor hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each Pledgor further irrevocably consents to the service of process out of any of the
aforementioned courts, in the manner provided for in Section 10.02 of the Credit Agreement, to each Pledgor at its address set forth opposite its signature below. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit 
  

 17 

 
on the judgment or in any other manner provided law. Nothing herein shall affect the right of any of the Secured Parties to serve process in any other manner permitted by law or to commence legal
proceedings or otherwise proceed against any Pledgor in any other jurisdiction. 
 (b) Each Pledgor hereby irrevocably waives
any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement or any other Loan Document brought in the courts referred to in clause
(a) above and hereby further irrevocably waives and agrees not to plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum. 

(c) EACH PLEDGOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

23. ADDITIONAL PLEDGORS. It is understood and agreed that any Subsidiary of the REIT that is required to become a party to this
Agreement pursuant to the Credit Agreement shall become a Pledgor hereunder by executing a joinder agreement, in the form attached hereto as Annex F. 

24. COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

25. CONTRIBUTION. At any time a payment is made by any Pledgor (other than a Borrower) (each, a “Subsidiary
Pledgor”) in respect of the Obligations from the proceeds of any sale or other disposition of Collateral owned by such Subsidiary Pledgor (each, a “Relevant Payment”), the right of contribution of each Subsidiary Pledgor
hereunder against each other such Subsidiary Pledgor shall be determined as provided in the immediately following sentence, with the right of contribution of each Subsidiary Pledgor to be revised and restated as of each date on which a Relevant
Payment is made. At any time that a Relevant Payment is made by a Subsidiary Pledgor that results in the aggregate payments made by such Subsidiary Pledgor hereunder in respect of the Obligations to and including the date of the Relevant Payment
exceeding such Subsidiary Pledgor’s Contribution Percentage (as defined below) of the aggregate payments made by all Subsidiary Pledgors hereunder in respect of the Obligations from the proceeds of any sale or other disposition of Collateral
owned by the Subsidiary Pledgors to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Subsidiary Pledgor shall have a right of contribution against each other Subsidiary Pledgor
who either has not made any payments or has made (or whose Collateral has been used to make) payments hereunder in respect of the Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other Subsidiary
Pledgor’s Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all Subsidiary Pledgors hereunder in respect of the Obligations from the proceeds of any sale or other disposition of
Collateral owned by the Subsidiary Pledgors (the 
  

 18 

 
aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is the Aggregate Excess Amount of such
Subsidiary Pledgor and the denominator of which is the Aggregate Excess Amount of all Subsidiary Pledgors multiplied by (y) the Aggregate Deficit Amount of such other Subsidiary Pledgor. A Subsidiary Pledgor’s right of contribution
pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment to the time of any subsequent computation; provided, that no Subsidiary Pledgor may take any action to enforce such right until the
Termination Date has occurred, it being expressly recognized and agreed by all parties hereto that any Subsidiary Pledgor’s right of contribution arising pursuant to this Agreement against any other Subsidiary Pledgor shall be expressly junior
and subordinate to such other Subsidiary Pledgor’s obligations and liabilities in respect of the Obligations and any other obligations owing under this Agreement. As used in this Section 26: (i) each Subsidiary Pledgor’s
“Contribution Percentage” shall mean the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such Subsidiary Pledgor by (y) the aggregate Adjusted Net Worth of all Subsidiary Pledgors;
(ii) the “Adjusted Net Worth” of each Subsidiary Pledgor shall mean the greater of (x) the Net Worth (as defined below) of such Subsidiary Pledgor and (y) zero; and (iii) the “Net Worth” of each
Subsidiary Pledgor shall mean the amount by which the fair salable value of such Subsidiary Pledgor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without
giving effect to any obligations arising under this Agreement, any Guaranteed Obligations under, and as defined in, the Guaranty) on such date. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to
this Section 26 or any other Loan Document, each Subsidiary Pledgor who makes (or whose Collateral has been used to make) any payment in respect of the Obligations shall have no right of contribution or subrogation against any other Subsidiary
Pledgor in respect of such payment. Each of the Subsidiary Pledgors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each
Subsidiary Pledgor has the right to waive its contribution right against any Subsidiary Pledgor to the extent that after giving effect to such waiver such Subsidiary Pledgor would remain solvent, in the determination of the Administrative Agent or
the Required Lenders. 
 26. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION); JURISDICTION OF
ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. No Pledgor shall change its legal name, its type of organization or its status as a Registered Organization (in the case of a Registered Organization), as the
case may be, its jurisdiction of organization, its Location, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Loan Documents and
so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or
Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Administrative Agent not less than 10 days’ prior written notice of each change to its legal name, its type of organization,
whether or not it is a Registered Organization, its jurisdiction of organization, its Location and its organizational identification number (if any), and (ii) in connection with the respective change or changes, it shall have taken all action
reasonably requested by the Administrative Agent to maintain the security interests of the Administrative Agent in the 

 

 19 

 
Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an organizational identification
number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a written notification to the Administrative Agent of such organizational identification number and shall take all actions reasonably satisfactory to the
Administrative Agent to the extent necessary to maintain the security interest of the Administrative Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect. 

27. TRANSFER RESTRICTIONS RELATING TO COLFIN FRB INVESTOR, LLC PLEDGED MEMBERSHIP INTERESTS. The Administrative Agent hereby
acknowledges that (i) ColFin FRB Investor, LLC, a Delaware limited liability company (“ColFin FRB”), is a party to that certain Shareholders Agreement, dated as of June 30, 2010 (the “First Republic Bank
Shareholders Agreement”), among First Republic Bank ((f/k/a Sequoia Acquisition, Inc.) (“First Republic Bank”), ColFin FRB and the other shareholders of First Republic Bank party thereto and (ii) the First Republic
Bank Shareholders Agreement may contain certain restrictions on the ability of the Administrative Agent to foreclose upon or otherwise transfer the membership interests of ColFin FRB pledged to the Administrative Agent hereunder. 

28. SEVERABILITY. Any provision of this Agreement 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. 
 29. HEADINGS DESCRIPTIVE. The headings of the several Sections of this
Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

*    *    *    * 

 

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 IN WITNESS WHEREOF, each Pledgor and the Administrative Agent have caused this Agreement to
be executed and delivered by their duly authorized officers as of the date first above written. 
  

									
	 2450 Broadway, Sixth Floor

Santa Monica, CA 90404
 Fax No.: (310) 407-7416

 Email: JMallory@ColonyInc.com

Attention: Joy Mallory
	 		 	 COLONY FINANCIAL, INC., a Maryland corporation

 

	 		 	By:	 	/s/ Darren J. Tangen
	 		 		 	Name: Darren J. Tangen
	 		 		 	Title: CFO
	 		 	  
 CFI RE HOLDCO, LLC, a Delaware limited liability
company

			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	CFI MEZZ FUNDING, LLC, a Delaware limited liability company
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	COLFIN ESH FUNDING, LLC, a Delaware limited liability company
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO

 [Signature Page to Pledge and
Security Agreement] 

									
		 		 	COLONY FINANCIAL HOLDCO, LLC, a Delaware limited liability company
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	COLONY FINANCIAL TRS, LLC, a Delaware limited liability company
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO

 [Signature Page to Pledge and
Security Agreement] 

									
		 		 	CFI DB HOLDING, LLC, a Delaware limited liability company
			
		 		 	By: CFI RE Holdco, LLC, its managing member
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	CFI MBS HOLDING, LLC, a Delaware limited liability company
			
		 		 	By: CFI RE Holdco, LLC, its managing member
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO
			
		 		 	COLFIN JIH FUNDING, LLC, a Delaware limited liability company
			
		 		 	By: CFI RE Holdco, LLC, its managing member
			
		 		 	By: Colony Financial, Inc., its managing member
				
		 		 	By:	 	/s/ Darren J. Tangen
		 		 		 		 	Name: Darren J. Tangen
		 		 		 		 	Title: CFO

 [Signature Page to Pledge and
Security Agreement] 

			
	 Accepted and Agreed to:
  

BANK OF AMERICA, N.A.,
 as Administrative Agent

		
	By:	 	/s/ Kathleen M. Carry
		 	Name: Kathleen M. Carry
		 	Title: Vice President

  

									
	ColCrystal S.á.r.l.	 		 	
				
	By:	 	/s/ Philippe Lenglet	 		 	 /s/ Claude Baer

		 	Name:  Philippe Lenglet	 		 	Claude Baer
		 	 Title:    Manager

             Colony Luxembourg S.á.r.l.
	 		 	 Manager
 Colony
Luxembourg S.á.r.l.

			
	ColLaguna (Lux) S.á.r.l.	 		 	
				
	By:	 	/s/ Philippe Lenglet	 		 	 /s/ Claude Baer

		 	Name:  Philippe Lenglet	 		 	Claude Baer
		 	 Title:    Manager

             Colony Luxembourg S.á.r.l.
	 		 	 Manager
 Colony
Luxembourg S.á.r.l.

			
	ColLux CA (Lux) S.á.r.l.	 		 	
				
	By:	 	/s/ Philippe Lenglet	 		 	 /s/ Claude Baer

		 	Name:  Philippe Lenglet	 		 	Claude Baer
		 	 Title:    Manager

             Colony Luxembourg S.á.r.l.
	 		 	 Manager
 Colony
Luxembourg S.á.r.l.

			
	ColFord (Lux) S.á.r.l.	 		 	
				
	By:	 	/s/ Philippe Lenglet	 		 	 /s/ Claude Baer

		 	Name:  Philippe Lenglet	 		 	Claude Baer
		 	 Title:    Manager

             Colony Luxembourg S.á.r.l.
	 		 	 Manager
 Colony
Luxembourg S.á.r.l.

			
	Colony Funds Sants S.á.r.l.	 		 	
				
	By:	 	/s/ Philippe Lenglet	 		 	 /s/ Claude Baer

		 	Name:  Philippe Lenglet	 		 	Claude Baer
		 	 Title:    Manager

             Colony Luxembourg S.á.r.l.
	 		 	 Manager
 Colony
Luxembourg S.á.r.l.

 [Signature Page to Pledge and Security Agreement] 

 ANNEX E 

Form of Agreement Regarding Uncertificated Securities, 

Membership Interests and Partnership Interests. 

AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of [ , 20
], among the undersigned pledgor (the “Pledgor”), BANK OF AMERICA, N.A., not in its individual capacity but solely as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the
“Administrative Agent”), and [ ], as the issuer of the Uncertificated Securities, Membership Interests and/or Partnership Interests (each as defined below) (the “Issuer”). 

W I T N E S S E T H : 

WHEREAS, the Pledgor, certain of its affiliates and the Administrative Agent have entered into a Pledge and Security
Agreement, dated as of September 16, 2010 (as amended, modified, restated and/or supplemented from time to time, the “Pledge and Security
Agreement”),1 under which, among other things, in
order to secure the payment of the Obligations, the Pledgor has pledged or will pledge to the Administrative Agent for the benefit of the Secured Parties, and grant a security interest in favor of the Administrative Agent for the benefit of the
Secured Parties in, all of the right, title and interest of the Pledgor in and to any and all [Uncertificated Securities] [Partnership Interests] [Membership Interests], from time to time by the Issuer, whether now existing or hereafter from time to
time acquired by the Pledgor (with all of such [Uncertificated Securities] [Partnership Interests] [Membership Interests] being herein collectively called the “Issuer Pledged Interests”); and 

WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to perfect the security interest of the Administrative
Agent under the Pledge and Security Agreement in the Issuer Pledged Interests, to vest in the Administrative Agent control of the Issuer Pledge Interests and to provide for the rights of the parties under this Agreement; 

NOW THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions and orders originated by the Administrative Agent (and its successors and assigns) regarding any and all of the
Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, following its receipt of a notice from the Administrative Agent stating that there is a continuing Event of Default under the Credit Agreement
and that the Administrative Agent is exercising exclusive control of the Issuer Pledged Interests, not to comply with any instructions or orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the
Administrative Agent (and its successors and assigns) or a court of competent jurisdiction. 
  

	1
	 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Pledge and Security Agreement.

  

 E-1 

 2. The Issuer hereby certifies that (i) no notice of any security interest, lien or
other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Administrative Agent) has been received by it, and (ii) the security interest of the Administrative Agent in the Issuer Pledged Interests
has been registered in the books and records of the Issuer. 
 3. The Issuer hereby represents and warrants that (i) the
pledge by the Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Administrative Agent, for the benefit of the Secured Parties, does not violate the charter, by-laws, partnership agreement,
membership agreement or any other formation or organizational agreement governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting of capital stock of a corporation are fully paid and nonassessable.

 4. All notices, statements of accounts, reports, prospectuses, financial statements and other communications to be sent to
the Pledgor by the Issuer in respect of the Issuer will also be sent to the Administrative Agent at the following address: 

[    ] 

[    ] 

Attention: [    ] 

Telephone No.: [    ] 

Telecopier No.: [    ] 

5. Following its receipt of a written notice from the Administrative Agent stating that there is a continuing Event of Default under the
Credit Agreement and that the Administrative Agent is exercising exclusive control of the Issuer Pledged Interests, and until the Administrative Agent shall have delivered written notice to the Issuer stating that (i) such Event of Default has
been cured or waived by the requisite Lenders or (ii) all of the Obligations have been paid in full and the Credit Agreement is terminated, the Issuer will send any and all redemptions, distributions, interest or other payments in respect of
the Issuer Pledged Interests from the Issuer for the account of the Administrative Agent only by wire transfers to such account as the Administrative Agent shall instruct. 

6. Except as expressly provided otherwise in Sections 4 and 5, all notices, instructions, orders and communications hereunder shall be
sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telexed, telecopied, cabled or sent by overnight courier, be effective when deposited in the mails
or delivered to overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex or telecopier, except that notices and communications to the Administrative Agent or the Issuer shall not be effective
until received. All notices and other communications shall be in writing and addressed as follows: 
  

	 	(a)	if to the Pledgor, at: 

  

	 	    	Attention: 

	 	    	Telephone No.: 

	 	    	Fax No.: 

  

 E-2 

	 	(b)	if to the Administrative Agent, at the address given in Section 4 hereof; 

 

	 	(c)	if to the Issuer, at: 

  

	 	    	Attention: 

	 	    	Telephone No.: 

	 	    	Fax No.: 

 or at such other address as shall
have been furnished in writing by any Person described above to the party required to give notice hereunder. 
 7. This
Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Administrative Agent and its successors and assigns. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the
other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in writing signed by the
Administrative Agent, the Issuer and the Pledgor. 
 8. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to its principles of conflict of laws. 
  

 E-3 

 IN WITNESS WHEREOF, the Pledgor, the Administrative Agent and the Issuer have caused this
Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 
  

			
	
[                        
],
     as Pledgor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 BANK OF AMERICA, N.A.,
not in its individual capacity but solely
as Administrative Agent

		
	By:	 	 
		 	 Name:

Title:

  

			
	
[                         
   ],
     as the Issuer

		
	By:	 	 
		 	 Name:

Title:

  

 E-4 

 ANNEX F 

Form of Joinder to Pledge and Security Agreement 

JOINDER NO. ___ dated as of
[                    ] (this “Joinder”), to the Pledge Agreement (the “Pledge Agreement”) dated as of
September 16, 2010 (as amended, modified, restated and/or supplemented from time to time, the “Pledge and Security Agreement”) , made by COLONY FINANCIAL, INC., a Delaware corporation (the “REIT”), the
Subsidiaries of the REIT party thereto (together with the REIT, each a “Pledgor” and collectively, the “Pledgors”) in favor of BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any
successors and assigns in such capacity, the “Administrative Agent”) for the benefit of the Secured Parties. 

A. Reference is made to (a) the Credit Agreement dated as of September 16, 2010 (as amended, modified, restated and/or
supplemented from time to time, the “Credit Agreement”), among the REIT, the Subsidiaries of the REIT from time to time party thereto as co-borrowers, the Lenders party thereto and the Administrative Agent and (b) the Pledge
and Security Agreement. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the Pledge and Security Agreement. 
 C. [NAME OF PLEDGOR] has [formed][acquired] ______________, a ___________
[type of entity] (the “New Pledgor”). 
 D. Pursuant to the terms and provisions of the Credit Agreement, the
New Pledgor is required to become a party to the Pledge Agreement and to pledge and grant a Lien in all of its Collateral to the Administrative Agent, for the benefit of the Secured Parties. The New Pledgor is executing this Joinder in accordance
with the requirements of the Credit Agreement and Section 24 of the Pledge and Security Agreement to become a party to the Pledge and Security Agreement. 

Accordingly, the New Pledgor hereby agrees as follows: 

SECTION 1. The New Pledgor is hereby added as a party to the Pledge and Security Agreement and hereby agrees to be bound
as a “Pledgor” by all of the terms, covenants and provisions set forth in the Pledge and Security Agreement to the same extent that it would have been bound if it had been a signatory to the Pledge and Security Agreement on the date of the
Pledge and Security Agreement. Without limiting the generality of the foregoing, as security for the payment and performance in full of the Obligations, the New Pledgor hereby grants, pledges, hypothecates, mortgages, charges and assigns to the
Administrative Agent for the benefit of the Secured Parties, and does hereby create a security interest in favor of the Administrative Agent for the benefit of the Secured Parties in, all of its right, title and interest in and to the Collateral.
The New Pledgor hereby makes each of the representations and warranties applicable to a “Pledgor” contained in the Pledge and Security Agreement. 
  

 F-1 

 SECTION 2. Annexed hereto are supplements to each of Annexes A, B, C and D
to the Pledge and Security Agreement with respect to the New Pledgor. Such supplements shall be deemed to be part of the Pledge and Security Agreement. The New Pledgor hereby represents and warrants that, as of the date hereof, all information set
forth in the supplements annexed hereto is true and correct. 
 SECTION 3. The New Pledgor hereby represents and
warrants to the Administrative Agent and the other Secured Parties that this Joinder has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms
except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally and by general principles of equity. 

SECTION 4. This Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. 

SECTION 5. Except as expressly supplemented hereby, the Pledge and Security Agreement shall remain in full force and
effect in accordance with the terms thereof. 
 SECTION 6. THIS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 SECTION 7.
All communications and notices to be provided to the New Pledgor hereunder or under the Pledge and Security Agreement shall be given to the New Pledgor at the address set forth under its signature below. 

 

 F-2 

 IN WITNESS WHEREOF, the New Pledgor and the Administrative Agent have duly executed this
Joinder as of the day and year first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	 
		 	 Name:

Title:

  

									
	 Accepted and Agreed to:
  

BANK OF AMERICA, N.A.,
 as Administrative Agent

	 		 	 Address of New Pledgor:
  

[________________________]

				
	By:	 	 	 		 	
		 	 Name:
 Title:
	 		 		 	

 [Signature Page to Joinder to Pledge Agreement]

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