Document:

EX-10.1

 Exhibit 10.1 

LOAN AGREEMENT 
 Dated as
of June 7, 2016 
 Between 

CSH 2016-1 BORROWER, LLC 

as Borrower 
 and 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 

as Lender 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	  
			
	 Section 1.1
	 	Definitions	  	 	1	  
			
	 Section 1.2
	 	Principles of Construction	  	 	44	  
		
	 Article II - GENERAL TERMS
	  	 	44	  
			
	 Section 2.1
	 	Loan Commitment; Disbursement to Borrower	  	 	44	  
			
	 2.1.1
	 	Agreement to Lend and Borrow	  	 	44	  
			
	 2.1.2
	 	Components of the Loan	  	 	44	  
			
	 2.1.3
	 	Single Disbursement to Borrower	  	 	45	  
			
	 2.1.4
	 	The Note, Mortgages and Loan Documents	  	 	45	  
			
	 2.1.5
	 	Use of Proceeds	  	 	45	  
			
	 Section 2.2
	 	Interest Rate	  	 	45	  
			
	 2.2.1
	 	Interest Rate	  	 	45	  
			
	 2.2.2
	 	Interest Calculation	  	 	45	  
			
	 2.2.3
	 	Determination of Interest Rate	  	 	45	  
			
	 2.2.4
	 	Additional Costs	  	 	47	  
			
	 2.2.5
	 	Default Rate	  	 	48	  
			
	 2.2.6
	 	Usury Savings	  	 	48	  
			
	 2.2.7
	 	Interest Rate Cap Agreement	  	 	48	  
			
	 Section 2.3
	 	Loan Payment	  	 	50	  
			
	 2.3.1
	 	Monthly Debt Service Payments	  	 	50	  
			
	 2.3.2
	 	Payments Generally	  	 	50	  
			
	 2.3.3
	 	Payment on Maturity Date	  	 	50	  
			
	 2.3.4
	 	Late Payment Charge	  	 	51	  
			
	 2.3.5
	 	Method and Place of Payment	  	 	51	  
			
	 Section 2.4
	 	Prepayments	  	 	51	  
			
	 2.4.1
	 	Voluntary Prepayments	  	 	51	  
			
	 2.4.2
	 	Mandatory Prepayments	  	 	51	  
			
	 2.4.3
	 	Prepayments After Default	  	 	55	  
			
	 2.4.4
	 	Prepayment/Repayment Conditions	  	 	55	  

  
 - i - 

							
			
	 Section 2.5
	 	Release of Property	  	 	58	  
			
	 Section 2.6
	 	Rent Deposit Account/Cash Management	  	 	60	  
			
	 2.6.1
	 	Rent Deposit Account	  	 	60	  
			
	 2.6.2
	 	Cash Management Account	  	 	61	  
			
	 2.6.3
	 	Order of Priority of Funds in Cash Management Account	  	 	62	  
			
	 2.6.4
	 	Application During Event of Default	  	 	63	  
			
	 2.6.5
	 	Payments Received in the Cash Management Account	  	 	63	  
			
	 Section 2.7
	 	Withholding Taxes	  	 	64	  
			
	 Section 2.8
	 	Extension of the Initial Maturity Date	  	 	67	  
		
	 Article III - REPRESENTATIONS AND WARRANTIES
	  	 	68	  
			
	 Section 3.1
	 	General Representations	  	 	68	  
			
	 3.1.1
	 	Organization	  	 	68	  
			
	 3.1.2
	 	Proceedings	  	 	69	  
			
	 3.1.3
	 	No Conflicts	  	 	69	  
			
	 3.1.4
	 	Litigation	  	 	69	  
			
	 3.1.5
	 	Agreements	  	 	69	  
			
	 3.1.6
	 	Consents	  	 	70	  
			
	 3.1.7
	 	Solvency	  	 	70	  
			
	 3.1.8
	 	Other Debt	  	 	70	  
			
	 3.1.9
	 	Employee Benefit Matters	  	 	70	  
			
	 3.1.10
	 	Compliance with Legal Requirements	  	 	71	  
			
	 3.1.11
	 	Financial Information	  	 	71	  
			
	 3.1.12
	 	Insurance	  	 	72	  
			
	 3.1.13
	 	Tax Filings	  	 	72	  
			
	 3.1.14
	 	Certificate of Compliance; Licenses	  	 	72	  
			
	 3.1.15
	 	Special Purpose Entity/Separateness	  	 	72	  
			
	 3.1.16
	 	Management	  	 	73	  
			
	 3.1.17
	 	Illegal Activity	  	 	73	  
			
	 3.1.18
	 	No Change in Facts or Circumstances; Disclosure	  	 	73	  
			
	 3.1.19
	 	Investment Company Act	  	 	73	  
			
	 3.1.20
	 	Federal Reserve Regulations	  	 	74	  
			
	 3.1.21
	 	Bank Holding Company	  	 	74	  
			
	 3.1.22
	 	FIRPTA	  	 	74	  
			
	 3.1.23
	 	Contracts	  	 	74	  
			
	 3.1.24
	 	Embargoed Person	  	 	74	  
			
	 3.1.25
	 	Perfection Representations	  	 	75	  

  
 - ii - 

							
			
	 Section 3.2
	 	Property Representations	  	 	76	  
			
	 3.2.1
	 	Property/Title	  	 	76	  
			
	 3.2.2
	 	Adverse Claims	  	 	76	  
			
	 3.2.3
	 	Title Insurance Owner’s Policy	  	 	76	  
			
	 3.2.4
	 	Deed	  	 	77	  
			
	 3.2.5
	 	Mortgage File Required Documents	  	 	77	  
			
	 3.2.6
	 	Property Taxes and HOA Fees	  	 	77	  
			
	 3.2.7
	 	Compliance with Renovation Standards	  	 	77	  
			
	 3.2.8
	 	Condemnation; Physical Condition	  	 	77	  
			
	 3.2.9
	 	Brokers	  	 	78	  
			
	 3.2.10
	 	Leasing	  	 	78	  
			
	 3.2.11
	 	Insurance	  	 	78	  
			
	 3.2.12
	 	Lawsuits, Etc	  	 	78	  
			
	 3.2.13
	 	Orders, Injunctions, Etc	  	 	78	  
			
	 3.2.14
	 	Agreements Relating to the Properties	  	 	79	  
			
	 3.2.15
	 	Accuracy of Information Regarding Property	  	 	79	  
			
	 3.2.16
	 	Compliance with Legal Requirements	  	 	79	  
			
	 3.2.17
	 	Utilities and Public Access	  	 	79	  
			
	 3.2.18
	 	Eminent Domain	  	 	80	  
			
	 3.2.19
	 	Flood Zone	  	 	80	  
			
	 3.2.20
	 	Specified Liens	  	 	80	  
			
	 Section 3.3
	 	Survival of Representations	  	 	80	  
		
	 Article IV - BORROWER COVENANTS
	  	 	80	  
			
	 Section 4.1
	 	Affirmative Covenants	  	 	80	  
			
	 4.1.1
	 	Preservation of Existence	  	 	80	  
			
	 4.1.2
	 	Compliance with Legal Requirements	  	 	80	  
			
	 4.1.3
	 	Special Purpose Bankruptcy Remote Entity/Separateness	  	 	81	  
			
	 4.1.4
	 	Non-Property Taxes	  	 	81	  
			
	 4.1.5
	 	Access to the Properties	  	 	82	  
			
	 4.1.6
	 	Cooperate in Legal Proceedings	  	 	82	  
			
	 4.1.7
	 	Perform Loan Documents	  	 	82	  
			
	 4.1.8
	 	Award and Insurance Benefits	  	 	82	  
			
	 4.1.9
	 	Security Interest; Further Assurances	  	 	82	  
			
	 4.1.10
	 	Keeping of Books and Records	  	 	83	  

  
 - iii - 

							
			
	 4.1.11
	 	Business and Operations	  	 	83	  
			
	 4.1.12
	 	Loan Proceeds	  	 	83	  
			
	 4.1.13
	 	Performance by Borrower	  	 	83	  
			
	 4.1.14
	 	Leasing Matters	  	 	84	  
			
	 4.1.15
	 	Borrower’s Operating Account	  	 	84	  
			
	 4.1.16
	 	Security Deposits	  	 	84	  
			
	 4.1.17
	 	Investment of Funds in Cash Management Account, Subaccounts, Rent Deposit Account and Security Deposit Account	  	 	85	  
			
	 4.1.18
	 	Operation of Property	  	 	85	  
			
	 4.1.19
	 	Anti-Money Laundering	  	 	86	  
			
	 4.1.20
	 	Embargoed Persons	  	 	86	  
			
	 4.1.21
	 	ERISA Matters	  	 	87	  
			
	 4.1.22
	 	Contribution of Property to Borrower TRS	  	 	87	  
			
	 Section 4.2
	 	Negative Covenants	  	 	87	  
			
	 4.2.1
	 	Operation of Property	  	 	87	  
			
	 4.2.2
	 	Indebtedness	  	 	88	  
			
	 4.2.3
	 	Liens	  	 	88	  
			
	 4.2.4
	 	Limitation on Investments	  	 	88	  
			
	 4.2.5
	 	Limitation on Issuance of Equity Interests	  	 	88	  
			
	 4.2.6
	 	Restricted Junior Payments	  	 	89	  
			
	 4.2.7
	 	Principal Place of Business, State of Organization	  	 	89	  
			
	 4.2.8
	 	Dissolution	  	 	89	  
			
	 4.2.9
	 	Change In Business	  	 	89	  
			
	 4.2.10
	 	Debt Cancellation	  	 	89	  
			
	 4.2.11
	 	Changes to Accounts	  	 	90	  
			
	 4.2.12
	 	Zoning	  	 	90	  
			
	 4.2.13
	 	No Joint Assessment	  	 	90	  
			
	 4.2.14
	 	Limitation on Transactions with Affiliates	  	 	90	  
			
	 4.2.15
	 	ERISA	  	 	90	  
			
	 4.2.16
	 	No Embargoed Persons	  	 	91	  
			
	 4.2.17
	 	Transfers	  	 	91	  
			
	 Section 4.3
	 	Reporting Covenants	  	 	94	  
			
	 4.3.1
	 	Financial Reporting	  	 	94	  
			
	 4.3.2
	 	Annual Budget	  	 	96	  
			
	 4.3.3
	 	Reporting on Adverse Effects	  	 	96	  

  
 - iv - 

							
			
	 4.3.4
	 	Litigation	  	 	96	  
			
	 4.3.5
	 	Event of Default	  	 	96	  
			
	 4.3.6
	 	Other Defaults	  	 	96	  
			
	 4.3.7
	 	Properties Schedule	  	 	97	  
			
	 4.3.8
	 	Disqualified Properties	  	 	97	  
			
	 4.3.9
	 	Security Deposits in Cash Management Account	  	 	97	  
			
	 4.3.10
	 	Advance Rents Received	  	 	97	  
			
	 4.3.11
	 	Rent Refunds	  	 	98	  
			
	 4.3.12
	 	Certain Late Rent Payments Received	  	 	98	  
			
	 4.3.13
	 	ERISA Matters	  	 	98	  
			
	 4.3.14
	 	Leases	  	 	99	  
			
	 4.3.15
	 	Periodic Rating Agency Information	  	 	99	  
			
	 4.3.16
	 	Other Reports	  	 	99	  
			
	 4.3.17
	 	HOA Reporting	  	 	99	  
			
	 Section 4.4
	 	Property Covenants	  	 	101	  
			
	 4.4.1
	 	Ownership of the Property	  	 	101	  
			
	 4.4.2
	 	Liens Against the Property	  	 	101	  
			
	 4.4.3
	 	Condition of the Property	  	 	101	  
			
	 4.4.4
	 	Compliance with Legal Requirements	  	 	101	  
			
	 4.4.5
	 	Property Taxes and HOA Fees	  	 	102	  
			
	 4.4.6
	 	Compliance with Agreements Relating to the Properties	  	 	103	  
			
	 4.4.7
	 	Leasing	  	 	103	  
			
	 4.4.8
	 	Verification of HOA Payments	  	 	103	  
		
	 Article V - INSURANCE; CASUALTY; CONDEMNATION
	  	 	103	  
			
	 Section 5.1
	 	Insurance	  	 	103	  
			
	 5.1.1
	 	Insurance Policies	  	 	103	  
			
	 Section 5.2
	 	Casualty	  	 	108	  
			
	 Section 5.3
	 	Condemnation	  	 	108	  
			
	 Section 5.4
	 	Restoration	  	 	110	  
		
	 Article VI - RESERVE FUNDS
	  	 	114	  
			
	 Section 6.1
	 	Tax Funds; HOA Funds	  	 	114	  
			
	 6.1.1
	 	Deposits of Tax Funds	  	 	114	  
			
	 6.1.2
	 	Release of Tax Funds	  	 	115	  
			
	 6.1.3
	 	Special Reserve of Tax Funds	  	 	115	  

  
 - v - 

							
			
	 6.1.4
	 	Deposits of HOA Funds	  	 	115	  
			
	 6.1.5
	 	Release of HOA Funds	  	 	116	  
			
	 Section 6.2
	 	Insurance Funds	  	 	116	  
			
	 6.2.1
	 	Deposits of Insurance Funds	  	 	116	  
			
	 6.2.2
	 	Release of Insurance Funds	  	 	116	  
			
	 6.2.3
	 	Acceptable Blanket Policy	  	 	116	  
			
	 Section 6.3
	 	Capital Expenditure Funds	  	 	117	  
			
	 6.3.1
	 	Deposits of Capital Expenditure Funds	  	 	117	  
			
	 6.3.2
	 	Release of Capital Expenditure Funds	  	 	117	  
			
	 Section 6.4
	 	Casualty and Condemnation Subaccount	  	 	117	  
			
	 Section 6.5
	 	Eligibility Reserve Subaccount	  	 	118	  
			
	 6.5.1
	 	Deposit of Eligibility Funds	  	 	118	  
			
	 6.5.2
	 	Release of Eligibility Funds	  	 	118	  
			
	 Section 6.6
	 	Cash Collateral	  	 	118	  
			
	 6.6.1
	 	Cash Collateral Subaccount	  	 	118	  
			
	 6.6.2
	 	Withdrawal of Cash Collateral Funds	  	 	118	  
			
	 6.6.3
	 	Release of Cash Collateral Funds	  	 	119	  
			
	 6.6.4
	 	Extraordinary Expense	  	 	119	  
			
	 Section 6.7
	 	Advance Rent Funds	  	 	119	  
			
	 6.7.1
	 	Deposits of Advance Rent Funds	  	 	119	  
			
	 6.7.2
	 	Release of Advance Rent Funds	  	 	120	  
			
	 Section 6.8
	 	Reserve Funds, Generally	  	 	120	  
		
	 Article VII - DEFAULTS
	  	 	121	  
			
	 Section 7.1
	 	Event of Default	  	 	121	  
			
	 Section 7.2
	 	Remedies	  	 	124	  
			
	 Section 7.3
	 	Remedies Cumulative; Waivers	  	 	125	  
			
	 Section 7.4
	 	Lender’s Right to Perform	  	 	125	  
		
	 Article VIII - SPECIAL PROVISIONS
	  	 	126	  
			
	 Section 8.1
	 	Securitization	  	 	126	  
			
	 8.1.1
	 	Sale of Notes and Securitization	  	 	126	  
			
	 8.1.2
	 	Securitization Costs	  	 	127	  
			
	 Section 8.2
	 	Securitization Cooperation	  	 	127	  
			
	 Section 8.3
	 	Servicer	  	 	127	  

  
 - vi - 

							
		
	 Article IX - MISCELLANEOUS
	  	 	128	  
			
	 Section 9.1
	 	Survival	  	 	128	  
			
	 Section 9.2
	 	Lender’s Discretion; Rating Agency Review Waiver	  	 	128	  
			
	 Section 9.3
	 	Governing Law	  	 	128	  
			
	 Section 9.4
	 	Modification, Waiver in Writing	  	 	129	  
			
	 Section 9.5
	 	Delay Not a Waiver	  	 	129	  
			
	 Section 9.6
	 	Notices	  	 	130	  
			
	 Section 9.7
	 	Trial by Jury	  	 	131	  
			
	 Section 9.8
	 	Headings	  	 	131	  
			
	 Section 9.9
	 	Severability	  	 	131	  
			
	 Section 9.10
	 	Preferences	  	 	131	  
			
	 Section 9.11
	 	Waiver of Notice	  	 	131	  
			
	 Section 9.12
	 	Remedies of Borrower	  	 	132	  
			
	 Section 9.13
	 	Expenses; Indemnity	  	 	132	  
			
	 Section 9.14
	 	Schedules Incorporated	  	 	133	  
			
	 Section 9.15
	 	Offsets, Counterclaims and Defenses	  	 	133	  
			
	 Section 9.16
	 	No Joint Venture or Partnership; No Third Party; Beneficiaries	  	 	134	  
			
	 Section 9.17
	 	Publicity	  	 	134	  
			
	 Section 9.18
	 	Cross Default; Cross Collateralization; Waiver of Marshalling of Assets	  	 	134	  
			
	 Section 9.19
	 	Conflict; Construction of Documents; Reliance	  	 	135	  
			
	 Section 9.20
	 	Brokers and Financial Advisors	  	 	135	  
			
	 Section 9.21
	 	Prior Agreements	  	 	136	  
			
	 Section 9.22
	 	Document Delivery	  	 	136	  
			
	 Section 9.23
	 	Counterparts	  	 	136	  
			
	 Section 9.24
	 	State Specific Provisions	  	 	136	  
			
	 9.24.1
	 	Arizona	  	 	136	  
			
	 9.24.2
	 	California	  	 	137	  
			
	 9.24.3
	 	Colorado	  	 	137	  
			
	 9.24.4
	 	Florida	  	 	138	  
			
	 9.24.5
	 	Georgia	  	 	138	  
			
	 9.24.6
	 	Nevada	  	 	138	  
			
	 9.24.7
	 	North Carolina	  	 	140	  

  
 - vii - 

 SCHEDULES AND EXHIBITS 

 

					
	Schedules:	  		  	
			
	Schedule I	  	-	  	Allocated Loan Amounts
	Schedule II.A	  	-	  	Closing Date Properties Schedule
	Schedule II.B	  	-	  	Form of Monthly Properties Schedule
	Schedule II.C	  	-	  	Form of Quarterly Investor Rollup Report
	Schedule III	  	-	  	Exceptions to Representations and Warranties
	Schedule IV	  	-	  	Chief Executive Office, Prior Names and Employer Identification Number
	Schedule V	  	-	  	Periodic Rating Agency Information
	Schedule VI	  	-	  	Midland Loan Services – CSH 2016-1 CMBS Asset Management Fees
	Schedule VII	  	-	  	Specified Liens
	Schedule VIII	  	-	  	Colorado and Nevada HOA Schedule
	Schedule IX	  	-	  	Applicable HOA Properties
	Schedule X	  	-	  	Vacant Properties
			
	Exhibits:	  		  	
			
	Exhibit A	  	-	  	Form of Blocked Account Control Agreement
	Exhibit B	  	-	  	Form of Compliance Certificate
	Exhibit C	  	-	  	Form of Deposit Account Control Agreement
	Exhibit D	  	-	  	Form of Request for Release
	Exhibit E	  	-	  	Form of Closing Date GRC Certificate
	Exhibit F	  	-	  	Form of Closing Date OSN Certificate

  
 - viii - 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of June 7, 2016 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), between CSH 2016-1 BORROWER, LLC, a Delaware limited liability company, having its principal place of business at 8655 East Hartford Drive, Suite 200, Scottsdale, AZ 85255
(“Borrower”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179
(“Lender”). 
 W I T N E S S E T H: 

WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; and 

WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other
Loan Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the making of the Loan by Lender and the
covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I - DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context
clearly indicates a contrary intent: 
 “Acceptable Blanket Policy” has the meaning set forth in Section
5.1.1(e). 
 “Acceptable Counterparty” means a counterparty to the Interest Rate Cap Agreement (or the
guarantor of such counterparty’s obligations) that (i) has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, (x) a long-term unsecured debt rating of not less than “A” by S&P and
(y) a long-term unsecured debt rating of not less than “A2” from Moody’s or (ii) is otherwise acceptable to the Approved Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty
shall not cause a downgrade, withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization. 

“Acknowledgment” means the Acknowledgment, dated on or about the Closing Date made by Counterparty, or as applicable,
Acceptable Counterparty. 
 “Actual Rent Collections” means, for any period of determination, the actual cash
collections of Rents in respect of the Properties by Borrower; provided, that (i) collections of Advance Rent shall be allocated to applicable calendar month set forth in the Advance Rent Disbursement Schedule and
(ii) collections of Rent that was payable with respect to a calendar month but was paid late will be allocated to such calendar month if received prior to the date that is forty-five (45) days from but excluding the last day of the
calendar quarter that includes such calendar month. 

 “Additional Insolvency Opinion” means a non-consolidation opinion letter
delivered in connection with the Loan subsequent to the Closing Date, in form and substance and from counsel reasonably satisfactory to Lender and, following a Securitization, as to which a Rating Agency Confirmation has been obtained. 

“Advance Rent” means, for any given month, any Rent that has been prepaid more than one (1) month in advance, as
measured from the date of determination. 
 “Advance Rent Disbursement Schedule” means a schedule showing the
Payment Dates to which Advance Rents received by Borrower are applicable and should be disbursed from the Advance Rent Subaccount to the Cash Management Account. 

“Advance Rent Funds” has the meaning set forth in Section 6.7.1. 

“Advance Rent Subaccount” has the meaning set forth in Section 6.7.1. 

“Affected Property” has the meaning set forth in Section 2.4.2(a). 

“Affiliate” means, as to any Person, any other Person that (i) owns directly or indirectly forty-nine percent
(49%) or more of all equity interests in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person, and/or (iii) is a director or officer of such Person or of an Affiliate of
such Person. 
 “Agreement” has the meaning set forth in the introductory paragraph hereto. 

“Allocated Loan Amount” means for a Property the amount set forth on Schedule I, as the same may be reduced
pursuant to Section 2.4.4(f); provided that (i) if a single Substitute Property is substituted for an Affected Property or portfolio of Affected Properties pursuant to Section 2.4.2(a), then
the initial Allocated Loan Amount of such Substitute Property shall be the Allocated Loan Amount of such Affected Property (or the aggregate Allocated Loan Amounts of such Affected Properties) immediately prior to its (or their) substitution, and
(ii) if two (2) or more Substitute Properties are substituted for a Affected Property or portfolio of Affected Properties pursuant to Section 2.4.2(a), then the initial Allocated Loan Amount of each such Substitute Property
shall be a pro rata portion of the Allocated Loan Amount of such Affected Property (or the aggregate Allocated Loan Amounts of such Affected Properties) immediately prior to its (or their) substitution, with such pro
rata portion determined based on the BPO Values of the Substitute Properties. For the avoidance of doubt, in connection with calculating the payments contemplated by this Agreement, Lender will determine the Allocated Loan Amount for any
individual Property as of the date Lender received notice of the prepayment from Borrower. 
 “ALTA” means
American Land Title Association, or any successor thereto. 

  
 - 2 - 

 “Annual Budget” means the operating budget, including all planned Capital
Expenditures, for the Properties prepared by Borrower in accordance with Section 4.3.2 for the applicable calendar year, prepared on a month-by-month basis. 

“Anti-Money Laundering Laws” has the meaning set forth in Section 4.1.19. 

“Applicable HOA Properties” means with respect to any Applicable HOA State, (i) all HOA Properties located in
such Applicable HOA State except for any Property (A)(1) as to which any Liens for HOA Fees are expressly subordinated to the Lien of the Mortgage encumbering such Property and (2) the applicable Title Insurance Policy insures against any loss
sustained by Lender if such liens for HOA Fees, including after-arising HOA liens, have Priority with respect to the Lien of the Mortgage that encumbers such Property or (B) with respect to which Borrower (x) delivered to Lender an
opinion, satisfactory to Lender, from a nationally recognized law firm (or one with prominent standing in the applicable state) that affirmatively concludes that any Liens for HOA Fees (including future-arising Liens for HOA Fees) would not have
Priority and (y) delivers to Lender an updated legal opinion with the same conclusion (which may be in the form of a bring-down or date-down opinion with respect to an earlier delivered opinion) within twenty (20) Business Days after
June 30 and December 31 of each calendar year commencing with December 31, 2016, and (ii) all HOA Properties located in such Applicable HOA State designated as an Applicable HOA Property pursuant to Section 4.3.17(b).
 
 “Applicable HOA State” means (i) a state in which, pursuant to applicable Legal Requirements,
(A) a Lien in favor of an HOA may be created through the non-payment of HOA Fees assessed against a Property by such HOA and (B) any such Lien would have Priority or (ii) a state designated as an Applicable HOA State pursuant to
Section 4.3.17(b). For the avoidance of doubt, if any reported decision of a state appellate court would result in the foregoing clauses (i)(A) and (i)(B) applying in such state or if the legal opinion described in
clause (B)(x) of the definition of “Applicable HOA Properties” in respect of a state, is conditioned on the presence of subordination language or the absence of provisions which would otherwise allow a Lien for HOA Fees to extinguish the
Lien of a mortgage upon the valid and proper foreclosure of such Lien for HOA Fees, then such state shall constitute an Applicable HOA State. 

“Approved Annual Budget” has the meaning set forth in Section 4.3.2. 

“Approved Capital Expenditures” means Capital Expenditures incurred by Borrower and either (i) if no Cash Sweep
Period is continuing, included in the Annual Budget or, if during a Cash Sweep Period, in an Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld, conditioned or delayed. For the avoidance of
doubt, any budgeted Capital Expenditure amount for a calendar month may be carried forward if unused in such calendar month; provided, however, no such unused amount may be carried over from
the last calendar month of any Approved Annual Budget to the first calendar month of the next Approved Annual Budget. 

“Approved Extraordinary Expense” has the meaning set forth in Section 6.6.4. 

“Approved Initial Budget” has the meaning set forth in Section 4.3.2. 

  
 - 3 - 

 “Approved Rating Agencies” means each of the nationally-recognized
statistical rating agencies which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Assignment of Management Agreement” means (i) with respect to Manager, an Assignment of Management Agreement and
Subordination of Management Fees among Lender, Borrower and Manager, substantially in the form delivered on the Closing Date by Borrower, Existing Manager and Lender and (ii) with respect to any Person providing property management services to
Manager with respect to the Properties pursuant to a sub-management agreement, an Assignment of Management Agreement and Subordination of Management Fees among Lender, Manager, and such Person, substantially in the form delivered on the Closing Date
by Existing Manager, Lender and the Persons providing property management services to Manager with respect to the Properties as of the Closing Date, in the case of each of clause (i) and clause (ii), as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “Assumed Note Rate” means
(i) with respect to each Floating Rate Component of the Loan, an interest rate equal to the sum of (A) one-half of one percent (0.50%) plus (B) the applicable Floating Rate Component Spread
plus (C) LIBOR as determined on the preceding Determination Date and (ii) with respect to Component G, the Component G Interest Rate. 

“Available Cash” has the meaning set forth in Section 2.6.3(j). 

“Award” means any compensation paid by any Governmental Authority in connection with a Condemnation. 

“Bankruptcy Action” means, with respect to any Person: 

(i) such Person shall fail generally to pay its debts as they come due, or shall make a general assignment for the benefit of creditors; or any
case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of it or its
debts under the Bankruptcy Code; or such Person shall take any corporate, limited partnership or limited liability company action to authorize any of such actions; or 

(ii) a case or other proceeding shall be commenced, without the application or consent of such Person in any court seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or
substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code, and (A) such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive
days or (B) an order for relief in respect of such Person shall be entered in such case or proceeding or a decree or order granting such other requested relief shall be entered. 

“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §101, et seq., as
the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or
any other Federal, state, local or foreign bankruptcy or insolvency law. 

  
 - 4 - 

 “Blocked Account Control Agreement” means the Cash Management Agreement
among Borrower, Cash Management Account Bank and Lender providing for the exclusive control of the Cash Management Account and all other Subaccounts by Lender, substantially in the form of Exhibit A or such other form as may be reasonably
acceptable to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Borrower” has the meaning set forth in the introductory paragraph hereto, together with its successors and permitted
assigns. 
 “Borrower Security Agreement” means that certain Security Agreement, dated as of the Closing
Date, executed by Borrower in favor of Lender., as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time 

“Borrower TRS” means CSH 2016-1 TRS Borrower, LLC, a wholly-owned Delaware limited liability company subsidiary of
Borrower that is treated for U.S. federal income tax purposes as a “taxable REIT subsidiary”. 

“Borrower’s Operating Account” has the meaning set forth in Section 4.1.15. 

“Borrower TRS Guaranty” means that certain Guaranty (Borrower TRS), dated as of the date hereof, executed by Borrower
TRS in favor of Lender. 
 “Borrower TRS’s Permitted Indebtedness” has the meaning set forth in
Section 4.2.2. 
 “Borrower TRS Security Agreement” means that certain Security Agreement (Borrower TRS),
dated as of the date hereof, executed by Borrower TRS in favor of Lender. 
 “BPO Value” means, with respect
to any Property, the “as is” value for such Property set forth in a Broker Price Opinion obtained by Lender with respect to a Property. 

“Breakage Costs” has the meaning set forth in Section 2.2.3(e). 

“Broker Price Opinion” means a broker price opinion obtained by Lender. 

“Business Day” means any day other than a Saturday, Sunday or any other day on which national banks in New York, New
York, or the place of business of the trustee under a Securitization (or, if no Securitization has occurred, Lender), or any Servicer or the financial institution that maintains any collection account for or on behalf of any Servicer or any Reserve
Funds or the Federal Reserve Bank of New York is not open for business. 
 “Calculation Date” means the last
day of each calendar quarter during the Term, commencing with the calendar quarter ended September 30, 2016. 

  
 - 5 - 

 “Cap Receipts” means all amounts received by Borrower pursuant to an
Interest Rate Cap Agreement. 
 “Capital Expenditure Funds” has the meaning set forth in Section
6.3.1. 
 “Capital Expenditure Subaccount” has the meaning set forth in Section 6.3.1. 

“Capital Expenditures” means, for any period, the amount expended for items capitalized under GAAP (including
expenditures for building improvements and major repairs but excluding leasing commissions). 
 “Carry-Over
Property” means a Property that is occupied by a Carry-Over Tenant at the time of acquisition of such Property by Borrower’s Affiliate. 

“Carry-Over Tenant” means one or more individuals who, at the time of acquisition of a Property by Borrower’s
Affiliate, occupy such Property. 
 “Cash Collateral Floor” has the meaning set forth in Section
6.6.2. 
 “Cash Collateral Funds” has the meaning set forth in Section 6.6.1. 

“Cash Collateral Subaccount” has the meaning set forth in Section 6.6.1. 

“Cash Management Account” has the meaning set forth in Section 2.6.2(a). 

“Cash Management Account Bank” means the Eligible Institution selected by Lender to maintain the Cash Management
Account. 
 “Cash Sweep Period” shall commence upon the occurrence of (i) an Event of Default or
(ii) the commencement of a Low Debt Yield Period; and shall end if, (A) with respect to a Cash Sweep Period continuing pursuant to clause (i), the Event of Default commencing the Cash Sweep Period has been cured and such cure has
been accepted by Lender (and no other Event of Default is then continuing) or (B) with respect to a Cash Sweep Period continuing due to clause (ii), the Low Debt Yield Period has ended pursuant to the terms hereof. 

“Casualty” has the meaning set forth in Section 5.2. 

“Casualty and Condemnation Funds” has the meaning set forth in Section 6.4. 

“Casualty and Condemnation Subaccount” has the meaning set forth in Section 6.4. 

“Casualty Consultant” has the meaning set forth in Section 5.4(d)(iii). 

“Casualty Retainage” has the meaning set forth in Section 5.4(d)(iv). 

“Casualty Threshold Amount” means, with respect to all Casualties arising from any single Casualty event, an amount
equal to two percent (2%) of the Outstanding Principal Balance as of the date of such Casualty Event. 

  
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 “Closing Date” means the date of the funding of the Loan. 

“Closing Date Debt Yield” means 6.09%. 

“Closing Date GRC Certificate” means a certificate from GRC in substantially the form of Exhibit E without any
material exceptions. 
 “Closing Date HOA Opinions” means the opinions of counsels to Borrower executed and
delivered on or prior to the Closing Date. 
 “Closing Date OSN Certificate” means a certificate from OS
National, LLC in substantially the form of Exhibit F without any material exceptions. 
 “Code” means
the Internal Revenue Code of 1986, as amended. 
 “Collateral” means, collectively, all of the real, personal
and mixed property in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations. 

“Collateral Assignment of Interest Rate Cap Agreement” has the meaning set forth in Section 2.2.7(a). 

 “Collateral Assignment of Leases and Rents” means a Collateral Assignment of Leases and Rents for each
Property or for multiple Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of the date of the substitution), executed and delivered by
Borrower, constituting an assignment of the Lease or the Leases, as applicable, and the proceeds thereof as Collateral for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. The Collateral
Assignment of Leases and Rents may be included as part of the Mortgage for such Property or Properties. 
 “Collateral
Documents” means the Borrower Security Agreement, the Equity Owner Security Agreement, the Borrower TRS Security Agreement, the Blocked Account Control Agreement, each Deposit Account Control Agreement, each Collateral Assignment of
Interest Rate Cap Agreement, each Assignment of Management Agreement, each Mortgage Document and all other instruments, documents and agreements delivered by any Loan Party pursuant to this Agreement or any of the other Loan Documents in order to
grant to Lender a Lien on any real, personal or mixed property of that Loan Party as security for the Obligations, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Collections” means, without duplication, with
respect to any Property, all Rents, Insurance Proceeds (whether or not Lender elects to treat any such Insurance Proceeds as business or rental interruption Insurance Proceeds pursuant to Section 5.4(d) but subject to the rights of
Borrower to retain and/or apply any such Insurance Proceeds under Article V), Condemnation Proceeds (subject to the rights of Borrower to retain and/or apply any such Condemnation Proceeds under Article V), Net Transfer
Proceeds, Cap Receipts, interest on amounts on deposit in the Cash Management Account and on the Reserve Funds, amounts paid  

  
 - 7 - 

 
by Borrower (or Borrower TRS) to the Cash Management Account pursuant to this Agreement, and all other payments received with respect to such Property and all “proceeds” (as defined in
Section 9-102 of the UCC) of such Property. For the avoidance of doubt, Collections shall not include security deposits that have not been forfeited by the applicable Tenant. 

“Compliance Certificate” means the certificate in the form attached hereto as Exhibit B. 

“Component” means individually or collectively, as the context may require, any one of Component A, Component
B, Component C, Component D, Component E, Component F and Component G, each as more particularly set forth in Section 2.1.2. 

“Component G Interest Rate” means a rate of five ten thousandths of one percent (0.0005%) per
annum. 
 “Component Outstanding Principal Balance” means, as of any given date, with respect to each
Component, the Outstanding Principal Balance of such Component. 
 “Concessions” means, for any period of
determination, the concessions (other than free Rent) provided with respect to the Properties by Borrower, as determined in accordance with GAAP. 

“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting such Property
or any part thereof. 
 “Condemnation Proceeds” has the meaning set forth in the definition of “Net
Proceeds”. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net
income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Contest Security” means any
security delivered to Lender by Borrower under Section 4.1.3 or Section 4.4.5. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management,
policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have correlative meanings. 

“Counterparty” means, with respect to the Interest Rate Cap Agreement, SMBC Capital Markets, Inc., and with respect to any
Replacement Interest Rate Cap Agreement, any Acceptable Counterparty thereunder. 
 “Counterparty Opinion” has the
meaning set forth in Section 2.2.7(e). 

  
 - 8 - 

 “Covered Disclosure Information” has the meaning set forth in Section
8.1.1(b). 
 “Covered Rating Agency Information” has the meaning set forth in Section 9.13(d).

 “Cure Period” means, (i) with respect to the failure of any Property to qualify as an Eligible Property (other
than with respect to the failure of a Property to comply with the representation in Section 3.2.20) if such failure is reasonably susceptible of cure, a period of thirty (30) days after the earlier of actual knowledge of such
condition by a Responsible Officer of Borrower or Manager or notice thereof by Lender to Borrower; provided that, if Borrower is diligently pursuing such cure during such thirty (30) day period and such failure is susceptible of
cure but cannot reasonably be cured within such thirty (30) day period, then such cure period shall be extended for another ninety (90) days so long as Borrower continues to diligently pursue such cure and, provided,
further, that if the Obligations have been accelerated pursuant to Section 7.1(b), then the cure period hereunder shall be reduced to zero (0) days and (ii) with respect to the failure of a Property to comply with
the representation in Section 3.2.20, zero (0) days. If any failure of any Property to qualify as an Eligible Property is not reasonably susceptible of cure, then no cure period shall be available. If any failure of any Property to
qualify as an Eligible Property is due to a Voluntary Action, then no cure period shall be available. 
 “Cut-Off Date”
means April 1, 2016. 
 “Debt” means the outstanding principal amount set forth in, and evidenced by, this
Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including, but not limited to, any Spread Maintenance Payment, Interest Shortfall and/or Breakage Costs, if applicable) due to Lender in respect of the
Loan under the Note, this Agreement, the Mortgage Documents, the Environmental Indemnity or any other Loan Document. 

“Debt Service” means, with respect to any period of determination, the interest payments due under the Note for such
period. 
 “Debt Service Coverage Ratio” means, as of any date of determination, a ratio in which:

 (i) the numerator is the Underwritten Net Cash Flow calculated for the twelve (12) month period ending on the Initial Maturity
Date or the Extended Maturity Date, as applicable; and 
 (ii) the denominator is the aggregate debt service for the twelve (12) month
period following such date of determination, calculated as the sum of (A) with respect to Component A, the product of (1) the Component Outstanding Principal Balance for Component A as of such date and (2) an interest rate equal to
the sum of (x) the Floating Rate Component Spread for Component A and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (B) with respect to Component B, the product of (1) the Component
Outstanding Principal Balance for Component B as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component B and (y) the Strike Price described in clause (ii) of the
definition of Strike Price, (C) with respect to Component C, the product of (1) the Component Outstanding Principal Balance for Component C as of such date and (2) an 

  
 - 9 - 

 
interest rate equal to the sum of (x) the Floating Rate Component Spread for Component C and (y) the Strike Price described in clause (ii) of the definition of Strike Price,
(D) with respect to Component D, the product of (1) the Component Outstanding Principal Balance for Component D as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component D
and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (E) with respect to Component E, the product of (1) the Component Outstanding Principal Balance for Component E as of such date and
(2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component E and (y) the Strike Price described in clause (ii) of the definition of Strike Price, (F) with respect to Component F, the
product of (1) the Component Outstanding Principal Balance for Component F as of such date and (2) an interest rate equal to the sum of (x) the Floating Rate Component Spread for Component F and (y) the Strike Price described in
clause (ii) of the definition of Strike Price, (G) with respect to Component G, the product of (1) the Component Outstanding Principal Balance for Component G as of such date and (2) the Component G Interest Rate, and
(H) the regular monthly fee of the certificate administrator (deemed to be $5,350 per month) and the trustee (deemed to be $417 per month) under the Servicing Agreement. 

“Debt Yield” means, as of any date of determination, a fraction expressed as a percentage in which: 

(i) the numerator is the Underwritten Net Cash Flow; and 

(ii) the denominator is the Outstanding Principal Balance. 

“Default” means the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” means, with respect to
each Floating Rate Component of the Loan, a rate per annum equal to the lesser of (i) the Maximum Legal Rate or (ii) three percent (3%) above the Interest Rate applicable to such Component. 

“Deposit Account Control Agreement” means the Blocked Account Control Agreement (Shifting Control) dated the Closing
Date among Borrower, Lender and a Rent Deposit Bank, providing for springing control by Lender, substantially in the form set forth as Exhibit C attached hereto or such other form as may be reasonably acceptable to Lender, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Designated HOA
Properties” means, with respect to any state, HOA Properties located in such state that (i) were not Applicable HOA Properties on the Closing Date, (ii) become Applicable HOA Properties after the Closing Date and (iii) all
such Applicable HOA Properties are designated by Borrower to Lender in writing as Designated HOA Properties. 

“Determination Date” means, with respect to each Interest Period, the date that is two (2) London Business Days
prior to the commencement date of such Interest Period. 

  
 - 10 - 

 “Disclosure Documents” means, collectively, any written materials used or
provided to any prospective investors and/or the Approved Rating Agencies in connection with any public offering or private placement in connection with a Securitization (including, without limitation, a prospectus, prospectus supplement, private
placement memorandum, offering memorandum, offering circular, term sheet, road show presentation materials or other offering documents, marketing materials or information provided to prospective investors), in each case in preliminary or final form
and including any amendments, supplements, exhibits, annexes and other attachments thereto. 
 “Disqualified
Property” means any Property that fails to constitute an Eligible Property (after the lapse of any applicable Cure Period). 

“Eligibility Funds” has the meaning set forth in Section 6.5.1. 

“Eligibility Requirements” means, with respect to any Person, the requirement that such Person has a Net Assets of not less
than $300,000,000.00 (exclusive of such Person’s direct or indirect interest in the Properties and Borrower). 

“Eligibility Reserve Subaccount” has the meaning set forth in Section 6.5.1. 

“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that
is an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution. An Eligible Account will not be evidenced by a
certificate of deposit, passbook or other instrument. 
 “Eligible Institution” means: 

(i) PNC Bank, National Association so long as PNC Bank, National Association’s long term unsecured debt or deposit rating
shall be at least “A2” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for more than 30 days) or PNC Bank, National Association’s short term deposit or
short term unsecured debt rating shall be at least “P-1” from Moody’s and the equivalent by KBRA (if then rated by KBRA) (if the deposits are to be held in the applicable account for 30 days or less); or 

(ii) a depository institution or trust company insured by the Federal Deposit Insurance Corporation the short term unsecured
debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s, and F-1+ by Fitch in the case of accounts in which funds are held for thirty (30) days or less or, in the case of Letters of Credit or
accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least (i) “AA” by S&P, (ii) “AA” and/or “F1+” (for securities) and/or
“AAAmmf” (for money market funds), by Fitch and (iii) “Aa2” by Moody’s. 
 “Eligible
Lease” means, as of any date of determination, a Lease for a Property that satisfies all of the following: 

(i) the form of Lease reflects customary market standard terms; 

  
 - 11 - 

 (ii) the Lease is entered into on an arms-length basis without payment support by
any Borrower or its Affiliates (provided, that any incentives offered to Tenants shall not be deemed to constitute such payment support); 

(iii) the Lease had, as of its commencement date, an initial lease term of at least six months; 

(iv) the Lease is consistent with Borrower’s internal leasing guidelines; 

(v) the Lease is to a bona fide third-party Tenant; and 

(vi) the Lease is in compliance with all applicable Legal Requirements in all material respects. 

“Eligible Property” means, as of any date of determination, a Property that is in compliance with each of the Property
Representations and each of the Property Covenants; provided, that for purposes of determining whether a Property is in compliance with the representation in the last sentence of Section 3.2.15, such sentence
shall be read as if it was not qualified by Borrower’s knowledge. 
 “Eligible Tenant” means, as of any date of
determination, a bona fide third party lessee of a Property who satisfies each of the following criteria: 
 (i) the Tenant
is not subject to an ongoing Bankruptcy Action as of the date such Tenant is initially screened by Borrower prior to its execution of a Lease; 

(ii) at the time of initial screening, the Tenant is not listed on any Government List; and 

(iii) the Tenant otherwise generally conforms to Borrower’s internal tenant leasing criteria in all material respects at
the time such Tenant is screened by Borrower. 
 “Embargoed Person” has the meaning set forth in Section
4.2.16. 
 “Environmental Indemnity” means that certain Environmental Indemnity Agreement, dated as of
the Closing Date, executed by Borrower in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Interests” means, with respect to any Person, shares of capital stock, partnership interests, membership
interests, beneficial interests or other equity ownership interests in such Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest from such Person. 

“Equity Owner” means CSH 2016-1 Equity Owner, LLC, a Delaware limited liability company. 

  
 - 12 - 

 “Equity Owner Guaranty” means that certain Equity Owner Guaranty, dated
as of the Closing Date, executed by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Owner Security Agreement” means that certain Equity Owner Security Agreement, dated as of the Closing Date,
executed by Equity Owner in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equity Owner’s Permitted Indebtedness” has the meaning set forth in Section 4.2.2. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor
statute. 
 “ERISA Affiliate” means any corporation or trade or business that is a member of any group of
organizations (i) described in Section 414(b) or (c) of the Code of which another entity is a member or (ii) described in Section 414(m) or (o) of the Code of which another entity is a member, except that this clause
(ii) shall apply solely for purposes of potential liability under Section 302(b) of ERISA and Section 412(b) of the Code and the lien created under Section 303(k) of ERISA and Section 430(k) of the Code. 

“ERISA Event” means (i) the failure to pay a minimum required contribution or installment to a Plan on or before
the due date provided under Section 430 of the Code or Section 303 of ERISA, (ii) the filing of an application with respect to a Plan for a waiver of the minimum funding standard under Section 412(c) of the Code or
Section 302(c) of ERISA, (iii) the failure of a Loan Party or any of its ERISA Affiliates to pay a required contribution or installment to a Multiemployer Plan on or before the applicable due date, (iv) any officer of any Loan Party
or any of its ERISA Affiliates knows or has reason to know that a Plan is in “at risk” status within the meaning of Section 430(i) of the Code or Section 303(i) of ERISA or (v) the occurrence of a Plan Termination Event.

 “ERISA Plan” has the meaning set forth in Section 3.1.9(a). 

“Event of Default” has the meaning set forth in Section 7.1(a). 

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

“Excluded Taxes” means any of the following Taxes imposed on or with respect to Lender or required to be withheld or
deducted from a payment to Lender, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of Lender being organized under the laws of, or
having its principal office or, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes, (ii) U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or (B) such Lender changes its
lending office, except in each case to the extent that, pursuant to Section 2.7, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (iii) Taxes attributable to such Lender’s failure to comply with Section 2.7(e) and (iv) any U.S. federal withholding Taxes imposed under FATCA. 

  
 - 13 - 

 “Existing Management Agreement” means that certain Management Agreement, dated
as of the Closing Date, between Borrower and Existing Manager, pursuant to which Existing Manager provides management and other services with respect to the Properties, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
 “Existing Manager” means Colony Starwood Homes Management, LLC, a Delaware limited liability
company. 
 “Extended Maturity Date” has the meaning set forth in Section 2.8. 

“Extension Option” has the meaning set forth in Section 2.8. 

“Extension Term” has the meaning set forth in Section 2.8. 

“Extraordinary Expense” has the meaning set forth in Section 6.6.4. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 “Fitch” means Fitch, Inc. 

“Fixture Filing” means, with respect to any jurisdiction in which any Property or Properties are located in which a
separate, stand alone fixture filing is required or generally recorded or filed pursuant to the local law or custom (as reasonably determined by Lender), a Uniform Commercial Code financing statement (or other form of financing statement required in
the jurisdiction in which the applicable Property or Properties are located) recorded or filed in the real estate records in which the applicable Property or Properties are located. 

“Floating Rate Component Prime Rate Spread” means, in connection with any conversion of the Loan from a LIBOR Loan to
a Prime Rate Loan, with respect to each Floating Rate Component of the Loan, the difference (expressed as the number of basis points) between (i) the sum of (A) LIBOR, determined as of the Determination Date for which LIBOR was last
available, plus (B) the Floating Rate Component Spread applicable to such Floating Rate Component, minus (ii) the Prime Rate as of such Determination Date; provided,
however, that if such difference is a negative number for such Floating Rate Component, then the Floating Rate Component Prime Rate Spread for such Floating Rate Component shall be zero. 

“Floating Rate Component Spread” means, as of any given date, (a) with respect to Component A,
1.5820% per annum; (b) with respect to Component B, 2.2320% per annum, (c) with respect to Component C, 2.7320% per annum, (d) with respect to Component D,
3.1820% per annum; (e) with respect to Component E, 4.2320% per annum and (f) with respect to Component F, 5.0820% per annum. 

  
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 “Floating Rate Components” means Component A, Component B, Component C,
Component D, Component E and Component F. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Plan” means any “employee benefit plan” as defined in Section 3(3) of
ERISA that (i) neither is subject to ERISA nor is a governmental plan within the meaning of Section 3(32) of ERISA and that is maintained, or contributed to, by a Loan Party or any of its ERISA Affiliates and (ii) is mandated by a
government other than the United States (other than a state within the United States or an instrumentality thereof) for employees of a Loan Party or any of its ERISA Affiliates. 

“Fully Condemned Property” has the meaning set forth in Section 5.3(b). 

“GAAP” means generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Government List” means (i) the Annex to EO13224, (ii) OFAC’s most
current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website, http://www.treasury.gov/ofac/downloads/t11sdn.pdf or
any successor website or webpage) and (iii) any other list of terrorists, terrorist organizations or narcotics traffickers maintained by a Governmental Authority that Lender notifies Borrower in writing is now included in “Government
List”. 
 “Governmental Authority” means any court, board, agency, commission, office or other
authority of any nature whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“GPR” means, as of any date of determination, the sum of (i) the annualized in place Rents under bona fide
Eligible Leases for the Properties and/or Leases with Carry-Over Tenants as of such date and (ii) the annualized market rents for Properties that are vacant as of such date. For purposes of clause (ii) market rents shall be
determined by Borrower or, if reasonably required by Lender, by RentRange or any other nationally recognized rental rate reporting service selected by Lender in its reasonable discretion (such nationally recognized rental rate reporting
service’s fee to be at Borrower’s sole cost and expense); provided that Borrower may object to any such determination by RentRange or other nationally recognized rental rate reporting service by delivering
written notice to Lender within five (5) Business Days of any such determination and, in such event, the market rents so objected to shall be as determined by an independent broker opinion of market rent obtained by Lender at Borrower’s
sole cost and expense. 
 “GRC” means Green River Capital, LLC. 

  
 - 15 - 

 “HOA” means a home owners or condominium association, board, corporation
or similar entity with authority to create a Lien on a Property as a result of the non-payment of HOA Fees that are payable with respect to such Property. 

“HOA Fees” means all homeowner’s and condominium owner’s association dues, fees, assessments and impositions
with respect to the Properties, and any other charges levied or assessed or imposed against a Property, or any part thereof, by an HOA. 

“HOA Funds” has the meaning set forth in Section 6.1.4. 

“HOA Property” means a Property which is subject to an HOA. 

“HOA Subaccount” has the meaning set forth in Section 6.1.4. 

“Improvements” means the buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements now or hereafter erected or located on a Property. 
 “Indebtedness” means, for
any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all
unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to
partners or a preferred or special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person, (v) all obligations under leases that constitute capital leases for which such Person
is liable, (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case for which such Person is liable or its assets are liable, whether such Person (or its assets) is
liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss and (vii) any other contractual obligation for the payment of money which is not
settled within thirty (30) days of the incurrence of such obligation.  
 “Indemnified Liabilities” has
the meaning set forth in Section 9.13(b).  
 “Indemnified Persons” has the meaning set forth in
Section 9.13(b). 
 “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with
respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes. 

“Independent” means, when used with respect to any Person, a Person who: (i) does not have any direct financial
interest or any material indirect financial interest in Borrower or in any Affiliate of Borrower, (ii) is not connected with Borrower or any Affiliate of Borrower as an officer, employee, promoter, underwriter, trustee, partner, member,
manager, creditor, director, supplier, customer or Person performing similar functions and (iii) is not a member of the immediate family of a Person defined in clause (i) or clause (ii) above. 

  
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 “Independent Accountant” means (i) a firm of nationally recognized,
certified public accountants which is Independent and which is selected by Borrower and reasonably acceptable to Lender or (ii) such other certified public accountant(s) selected by Borrower, which is Independent and reasonably acceptable to
Lender. 
 “Independent Director” means an individual who has prior experience as an independent director,
independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company,
Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors, another nationally-recognized company reasonably approved by Lender, in each case that is not an Affiliate of Borrower and that provides
professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as Independent
Director be, any of the following: 
 (i) a member, partner, equityholder, manager, director, officer or employee of
Borrower or any of its equityholders or Affiliates (other than as an Independent Director of Borrower or an Affiliate of Borrower that is not in the direct chain of ownership of Borrower and that is required by a creditor to be a single purpose
bankruptcy remote entity, provided that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers in the ordinary course of its business); 

(ii) a creditor, supplier or service provider (including provider of professional services) to Borrower or any of its equityholders or
Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors and other corporate services to Borrower or any of its Affiliates in the ordinary course of its business); 

(iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or 
 (iv) a Person that controls (whether directly, indirectly or otherwise) any of clauses (i), (ii) or
(iii) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies clause
(i) by reason of being the Independent Director of a “special purpose entity” affiliated with Borrower shall be qualified to serve as an Independent Director of the Borrower, provided that the fees that such individual earns from
serving as an Independent Director of Affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. For purposes of this paragraph, a “special
purpose entity” is an entity, whose organizational documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition
of Special Purpose Entity of this Agreement. 
 “Individual Material Adverse Effect” means, in respect of a
Property, any event or condition that has a material adverse effect on (i) the profitability, value, use, operation, leasing or marketability of such Property or results in any material liability to, claim against or obligation of Lender or any
Loan Party or (ii) the enforceability, validity, perfection or priority of the lien of the Collateral Documents with respect to such Property. 

  
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 “Initial Maturity Date” means the Payment Date occurring in July 2018, or
such earlier date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Initial Principal Balance” means $535,937,000. 

“Initial Term” means the period from the Closing Date through the Initial Maturity Date. 

“Insolvency Opinion” means that certain non-consolidation opinion letter dated the Closing Date delivered by Richards,
Layton & Finger, P.A. in connection with the Loan. 
 “Insurance Funds” has the meaning set forth
in Section 6.2.1. 
 “Insurance Premiums” has the meaning set forth in Section 5.1.1(d).

 “Insurance Proceeds” has the meaning set forth in the definition of “Net Proceeds”. 

“Insurance Subaccount” has the meaning set forth in Section 6.2.1. 

“Interest Period” means, in connection with the calculation of interest accrued
with respect to any specified Payment Date, including the Maturity Date, the period commencing on and including the fifteenth (15th) day of the prior calendar month and ending on and including the fourteenth (14th) day of the calendar
month in which such Payment Date occurs; provided, however, the initial Interest Period shall be the period commencing on the Closing Date, and ending on and including July 14, 2016 and shall consist of 38 days. 

“Interest Rate” means, with respect to each Interest Period, (i) with respect to each Floating Rate Component, an
interest rate per annum equal to (A) for a LIBOR Loan, the sum of (1) LIBOR, determined as of the Determination Date immediately preceding the commencement of such Interest Period, plus (2) the Floating Rate Component Spread
applicable to such Floating Rate Component (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate); and (B) for a Prime Rate Loan, the sum of (1) the Prime Rate, plus (2) the Floating Rate
Component Prime Rate Spread applicable to such Floating Rate Component (or, when applicable pursuant to this Agreement or any other Loan Document, the applicable Default Rate) and (ii) with respect to Component G, the Component G Interest Rate.

 “Interest Rate Cap Agreement” means, collectively, one or more interest rate protection agreements (together with the
confirmation and schedules relating thereto) reasonably acceptable to Lender, between an Acceptable Counterparty and Borrower obtained by Borrower as and when required pursuant to Section 2.2.7 and the Collateral Assignment of Interest
Rate Cap Agreement. After delivery of a Replacement Interest Rate Cap Agreement to Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap Agreement and such Replacement Interest Rate Cap
Agreement shall be subject to all requirements applicable to the Interest Rate Cap Agreement. The Interest Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain each of the following provisions: 

  
 - 18 - 

 (i) the notional amount of the Interest Rate Cap Agreement shall be equal to or greater than the
aggregate Component Outstanding Principal Balance of the Floating Rate Components; 
 (ii) the remaining term of the Interest Rate Cap
Agreement shall at all times extend through the end of the Interest Period in which the Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents; 

(iii) the Interest Rate Cap Agreement shall be issued by the Acceptable Counterparty to Borrower and shall be pledged to Lender by Borrower in
accordance with this Agreement and the Collateral Assignment of Interest Rate Cap Agreement; 
 (iv) the Acceptable Counterparty under the
Interest Rate Cap Agreement shall be obligated to make a stream of payments, directly to the Cash Management Account (whether or not an Event of Default has occurred) from time to time equal to the product of (A) the notional amount of such
Interest Rate Cap Agreement multiplied by (B) the excess, if any, of LIBOR (including any upward rounding under the definition of LIBOR) over the Strike Price and shall provide that such payment shall be made on a monthly basis in each case not
later than (after giving effect to and assuming the passage of any cure period afforded to such Counterparty under the Interest Rate Cap Agreement, which cure period shall not in any event be more than three Business Days) each Payment Date; 

(v) the Acceptable Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and 

(vi) the Interest Rate Cap Agreement shall impose no material obligation on the beneficiary thereof (after payment of the acquisition cost)
and shall be in all material respects satisfactory in form and substance to Lender and shall satisfy applicable Rating Agency standards and requirements, including, without limitation, provisions satisfying Approved Rating Agencies standards,
requirements and criteria (A) that incorporate customary tax “gross up” provisions, (B) whereby the Counterparty agrees not to file or join in the filing of any petition against Borrower under the Bankruptcy Code or any other
Federal or state bankruptcy or insolvency law, and (C) that incorporate, if the Interest Rate Cap Agreement contemplates collateral posting by the Counterparty, a credit support annex setting forth the mechanics for collateral to be calculated
and posted that are consistent with Rating Agency standards, requirements and criteria. 
 “Interest Shortfall” has
the meaning set forth in Section 2.4.4(a)(ii). 
 “IRS” means the United States Internal Revenue
Service. 
 “KBRA” means Kroll Bond Rating Agency, Inc. 

  
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 “Lease” means a bona fide written lease, sublease, letting, license,
concession or other agreement pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property by or on behalf of Borrower, and (i) every modification, amendment or
other agreement relating to such lease, sublease or other agreement entered into in connection with such lease, sublease or other agreement, and (ii) every guarantee of the performance and observance of the covenants, conditions and agreements
to be performed and observed by the Tenant. 
 “Legal Requirements” means, with respect to each Property and
the Properties as a whole, all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting such Property or any part
thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements,
restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, such Property or any part thereof, including, without limitation, any which may (a) require repairs,
modifications or alterations in or to such Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 

“Lender” has the meaning set forth in the introductory paragraph hereto, together with its successors and assigns. 

 “LIBOR” means, with respect to each Interest Period, the rate (expressed as a percentage per annum and
rounded up to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on Reuters Screen LIBOR01 Page (or the successor thereto) as of 11:00 a.m., London time, on the related Determination Date. If such rate
does not appear on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed as a percentage per annum) for deposits in U.S. dollars for a one-month
period that appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, if at least two such offered rates so appear. If fewer than two such offered rates appear on the Reuters Screen Libor Page as of
11:00 a.m., London time, on such Determination Date, Lender (or Servicer, on Lender’s behalf) shall request the principal London office of any four major reference banks in the London interbank market selected by Lender to provide such
bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for a one-month period as of 11:00 a.m., London time, on such Determination Date for the amounts of not
less than U.S. $1,000,000. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, Lender (or Servicer, on Lender’s behalf) shall request
any three major banks in New York City selected by Lender to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. dollars to leading European banks for a one-month period as of approximately 11:00 a.m., New York City
time on the applicable Determination Date for amounts of not less than U.S. $1,000,000. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates.  

“LIBOR Loan” means the Floating Rate Components of the Loan at such time as interest thereon accrues at a rate of
interest based upon LIBOR. 

  
 - 20 - 

 “Lien” means any mortgage, deed of trust, lien (statutory or otherwise),
pledge, hypothecation, easement, restrictive covenant, preference, assignment, security interest, or any other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting all or any portion of
any Collateral or any interest therein, or any direct interest in any Loan Party, including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the
filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“Loan” means the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” means, collectively, this Agreement, the Note, each Management Agreement, the Sponsor Guaranty, the
Equity Owner Guaranty, the Environmental Indemnity, each Interest Rate Cap Agreement, each Collateral Document, the Borrower TRS Guaranty and all other agreements, instruments and documents delivered pursuant thereto or in connection therewith, as
the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Loan Party” means Borrower, Equity Owner and Borrower TRS. 

“London Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks in
London, England are not open for business. 
 “Low Debt Yield Period” shall commence if, as of any
Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at least
eighty-five percent (85%) of the Closing Date Debt Yield or (ii) immediately (without waiting for two succeeding consecutive Calculation Dates) upon the Borrower prepaying the principal amount of the Loan in an amount sufficient to cause
the Debt Yield to be equal to or in excess of eighty-five (85%) of the Closing Date Debt Yield (a “Debt Yield Cure Prepayment”).  

“Major Contract” means (i) any management agreement relating to the Properties or the Loan Parties to which a
Loan Party is a party, (ii) any agreement between any Loan Party and any Affiliate of any Relevant Party and (iii) any brokerage, leasing, cleaning, maintenance, service or other contract or agreement of any kind (other than Leases)
relating to the Properties, in each case involving payment or expense of more than one million dollars ($1,000,000) during any twelve (12) month period, unless cancelable on thirty (30) days or less notice without requiring payment of
termination fees or payments of any kind (other than amounts that accrued prior to the termination date). 

“Management Agreement” means (i) the Existing Management Agreement or (ii) a Replacement Management
Agreement pursuant to which a Qualified Manager is managing one or more of the Properties in accordance with the terms and provisions of this Agreement, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time. 

  
 - 21 - 

 “Management Fee Cap” means, with respect to each calendar month, six
percent (6.0%) of gross Rents and business interruption and/or rental loss insurance proceeds, in each case, collected with respect to the Properties for such calendar month; provided, that for purposes of
determining gross Rents collected, collections of Advance Rent shall be allocated to the applicable calendar month set forth in the applicable Advance Rent Disbursement Schedule. 

“Manager” means Existing Manager or, if the context requires, a Qualified Manager who is managing one or more of the
Properties in accordance with the terms and provisions of this Agreement or pursuant to a Replacement Management Agreement. 

“Margin Stock” has the meaning set forth in Section 3.1.20. 

“Material Action” has the meaning set forth in the definition of “Special Purpose Entity”. 

“Material Adverse Effect” means a material adverse effect on (i) the property, business, operations or financial
condition of the Loan Parties taken as a whole, (ii) the use, operation or value of the Properties, taken as a whole, (iii) the ability of Borrower to repay the principal and interest of the Loan when due or to satisfy any of
Borrower’s other obligations under the Loan Documents, or (iv) the enforceability or validity of any Loan Document, the perfection or priority of any Lien created under any Loan Document or the rights, interests and remedies of Lender
under any Loan Document. 
 “Maturity Date” means the Initial Maturity Date;
provided that in the event of the exercise by Borrower of an Extension Option pursuant to Section 2.8, the Maturity Date shall be the applicable Extended Maturity Date; or such earlier date on which the final
payment of principal of the Note becomes due and payable as herein or therein provided, whether at the Initial Maturity Date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan. 
 “Minimum Disbursement Amount” means $100,000.

 “Monthly Budgeted Amount” has the meaning set forth in Section 4.3.2. 

“Monthly Debt Service Payment Amount” means, for each Payment Date, an amount equal to the amount of interest which is
then due on all of the Components of the Loan in the aggregate for the Interest Period during which such Payment Date occurs. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means a Mortgage or Deed of Trust or Deed to Secure Debt, as applicable, for each Property or for multiple
Properties located within the same county or parish, dated as of the Closing Date (or, in connection with a Property which is a Substitute Property, dated as of  

  
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the date of the substitution), executed and delivered by Borrower, constituting a Lien on the Improvements and the Property or Properties, as applicable, as Collateral for the Loan, as the same
may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Mortgage Documents” means the
Mortgages, the Collateral Assignments of Leases and Rents and, if any, the Fixture Filings. 
 “Multiemployer Plan”
means a plan within the meaning of Section 414(f) of the Code or Section 3(37) of ERISA to which contributions are required to be made by any Loan Party or any of its ERISA Affiliates or to which any such entity has any liability.

 “Net Assets” means, with respect to any Person, the difference between (i) such Person’s assets
determined in accordance with GAAP, but excluding accumulated depreciation, and (ii) such Person’s liabilities determined in accordance with GAAP. 

“Net Proceeds” means (i) the net amount of all insurance proceeds received by Lender pursuant to
Section 5.1.1 (a)(i) and (iii) as a result of damage to or destruction of a Property, after deduction of its reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting
same (“Insurance Proceeds”), or (ii) the net amount of an Award, after deduction of Lender’s reasonable out-of-pocket costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same
(“Condemnation Proceeds”), whichever the case may be. 
 “Net Proceeds Deficiency” has the
meaning set forth in Section 5.4(d)(vi). 
 “Net Transfer Proceeds” means, with respect to the
Transfer of any Property, the gross sales price for such Property (including any earnest money, down payment or similar deposit included in the total sales price paid by the purchaser), less Transfer Expenses. 

“Non-Property Taxes” means all Taxes other than Property Taxes and HOA Fees. 

“Note” means that certain Promissory Note, dated the Closing Date, in the principal amount of the Initial Principal Balance,
made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Obligations” means, collectively, Borrower’s obligations for the payment of the Debt and the performance by the
Relevant Parties of the Other Obligations.  
 “OFAC” means the Office of Foreign Assets Control of the U.S.
Department of Treasury. 
 “Officer’s Certificate” means a certificate delivered to Lender by Borrower
which is signed by an authorized officer of Borrower. 
 “Operating Expenses” means, for any period, without
duplication, all expenses actually paid or payable by Borrower during such period in connection with the administration, operation, management, maintenance, repair and use of the Properties, determined on an accrual basis, and, 

  
 - 23 - 

 
except to the extent otherwise provided in this definition, in accordance with GAAP. Operating Expenses specifically shall include, without duplication, (i) all operating expenses
incurred in such period based on quarterly financial statements delivered to Lender in accordance with Section 4.3.1(a), (ii) cost of utilities, inventories, and fixed asset supplies consumed in the operation of the Properties
(iii) management fees in an amount equal to the Management Fee Cap, (iv) costs and fees of independent professionals (including, without limitation, legal, accounting, consultants and other professional expenses), technical consultants,
operational experts (including quality assurance inspectors) or other third parties retained to perform services required or permitted hereunder, (v) operational equipment and other lease payments to the extent constituting operating expenses
under GAAP, (vi) Property Taxes and HOA Fees, (vii) insurance premiums, (viii) Property maintenance expenses and (ix) leasing commissions, which shall not be expensed in accordance with GAAP but shall be expensed in the period
when paid. Notwithstanding the foregoing, Operating Expenses shall not include (A) depreciation or amortization, (B) income taxes or other charges in the nature of income taxes, (C) any expenses (including legal, accounting and other
professional fees, expenses and disbursements) incurred in connection with the making of the Loan or the sale, exchange, transfer, financing or refinancing of all or any portion of any Property or in connection with the recovery of Insurance
Proceeds or Awards, (D) any loss that is covered by the Policies, including any portion of a loss that is subject to a deductible under the Policies, (E) Capital Expenditures, (F) Debt Service, (G) expenses incurred in connection
with the acquisition, initial renovation and initial leasing of Properties and other activities undertaken prior to such initial lease that do not constitute recurring operating expenses to be paid by Borrower, including eviction of existing
tenants, incentive payments to tenants and other similar expenses, (H) any item of expense which would otherwise be considered within Operating Expenses pursuant to the provisions above but is paid directly by any Tenant under a Lease,
(I) any service that is required to be provided by Manager pursuant to the Management Agreement without compensation or reimbursement (other than the management fee set forth in the Management Agreement), (J) any expenses that relate to a
Property from and after the release of such Property in accordance with Section 2.5, (K) bad debt expense with respect to Rents, (L) the value of any free rent or other concessions provided with respect to the Properties or
(M) corporate overhead expenses incurred by Borrower’s Affiliates. 
 “Other Connection Taxes”
means Taxes imposed as a result of a present or former connection between Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Obligations” means (i) the performance of all obligations of Borrower contained herein; (ii) the
performance of each obligation of the Relevant Parties contained in any other Loan Document; and (iii) the performance of each obligation of the Relevant Parties contained in any renewal, extension, amendment, restatement, modification,
consolidation, change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document. 

  
 - 24 - 

 “Other Receipts” for any period of determination, any actual receipts
received by Borrower from sources other than Rents with respect to the Properties, to the extent they are properly included as operating income for such period in accordance with GAAP (including maintenance recovery fees but, for the avoidance of
doubt, excluding income from the Transfer of any Property). 
 “Other Taxes” means all present or future
stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

“Outstanding Principal Balance” means, as of any date, the outstanding principal balance of the Components of the
Loan. 
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

“Patriot Act Offense” has the meaning set forth in Section 3.1.24(a). 

“Payment Date” means the ninth (9th) day of each calendar month during the Term or, if such ninth day is not a
Business Day, the immediately preceding Business Day; provided, that the first Payment Date shall be August 9, 2016. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under
ERISA. 
 “Periodic Rating Agency Information” has the meaning set forth in Section 4.3.15. 

“Permitted Indebtedness” has the meaning set forth in Section 4.2.2. 

“Permitted Investments” means: 

(i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency
or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home
Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the United States Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed
participation certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided,
however, that the investments described in this clause (i) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an
“r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that
index, and (D) such investments must not be subject to liquidation prior to their maturity; 

  
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 (ii) federal funds, unsecured certificates of deposit, time deposits,
bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, (A) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated in the highest
short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least “A2” by
Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of
which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at
least “A1” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (C) in the case of such investments with maturities of six months or less, but more than three months,
the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term
obligations of which are rated at least “Aa3” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than
six months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the
long term obligations of which are rated “Aaa” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s); provided, however, that the investments
described in this clause (ii) must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating,
(3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be
subject to liquidation prior to their maturity; 
 (iii) fully Federal Deposit Insurance Corporation-insured demand and time
deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, (A) in the case of such investments with maturities of 30 days or less, the short term
obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which
are rated at least “A2” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or less, but more than
30 days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long
term obligations of which are rated at least “A1” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (C) in the case of such investments with maturities of six months
or less, but more than three months, the short term obligations of which are rated in the highest short term rating category by each 

  
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Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated at least
“Aa3” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), and (D) in the case of such investments with maturities of more than six months, the short term obligations of
which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated
“Aaa” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s); provided, however, that the investments described in this clause (iii) must
(1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate
of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity; 

(iv) debt obligations with maturities of not more than 365 days and at all times rated by each Rating Agency in its highest
long-term unsecured rating category (or, if not rated by all Approved Rating Agencies, rated by Moody’s in its highest long-term unsecured rating category); provided, however, that the investments described in this
clause (iv) must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to
liquidation prior to their maturity; 
 (v) commercial paper (including both non-interest-bearing discount obligations and
interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days (A) in the case of such investments with maturities of 30 days or less,
the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term
obligations of which are rated at least “A2” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (B) in the case of such investments with maturities of three months or
less, but more than 30 days, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated Moody’s in the highest short term rating
category) and the long term obligations of which are rated at least “A1” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), (C) in the case of such investments with
maturities of six months or less, but more than three months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by Moody’s in
the highest short term rating category ) and the long term obligations of which are rated at least “Aa3” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with respect to Moody’s), and (D) in
the case of such 

  
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investments with maturities of more than six months, the short term obligations of which are rated in the highest short term rating category by each Rating Agency (or, if not rated by all
Approved Rating Agencies, rated by Moody’s in the highest short term rating category) and the long term obligations of which are rated “Aaa” by Moody’s (or such lower rating for which Rating Agency Confirmation is received with
respect to Moody’s); provided, however, that the investments described in this clause (vi) must (1) have a predetermined fixed dollar of principal due at maturity that cannot vary or change,
(2) if rated by S&P, must not have an “r” highlighter affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if
any) and must move proportionately with that index, and (4) such investments must not be subject to liquidation prior to their maturity; 

(vi) units of taxable money market funds, which funds are regulated investment companies and invested solely in obligations
backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Approved Rating Agencies, rated by at least one Approved Rating Agency and otherwise acceptable
to each other Approved Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for
money market funds; and 
 (vii) any other security, obligation or investment which has been specifically approved as a
Permitted Investment in writing (A) by Lender and (B) each Rating Agency, as confirmed by satisfaction of the Rating Agency Confirmation with respect to each Approved Rating Agency; 

provided, however, that no obligation or security shall be a Permitted Investment if (a) such obligation or
security evidences a right to receive only interest payments or (b) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of
120% of the yield to maturity at par of such underlying investment and provided, further, that each investment described hereunder must have (x) a predetermined fixed amount of principal due at maturity (that
cannot vary or change) and (y) an original maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days. 

“Permitted Liens” means, collectively, (i) the Liens and security interests created by the Loan Documents,
(ii) all encumbrances and other matters disclosed in the Title Insurance Policies for the Properties and, with respect to any Substitute Property, as Lender has approved in writing in Lender’s reasonable discretion, (iii) Liens, if
any, for Non-Property Taxes or Property Taxes imposed by any Governmental Authority not yet due or delinquent, (iv) Liens arising after the Closing Date for Non-Property Taxes, Property Taxes or HOA Fees being contested in accordance with
Section 4.1.3 or Section 4.4.5, (v) any workers’, mechanics’ or other similar Liens on a Property that are bonded or discharged within sixty (60) days after Borrower first receives written notice of such
Lien, (vi) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances recorded against and affecting any Property and that would not reasonably be expected to and do not have an Individual Material Adverse Effect on
the Property, (vii) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion, (viii) rights of Tenants as Tenants only under Leases permitted hereunder and (ix) the
Specified Liens. 

  
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 “Permitted Transfers” has the meaning set forth in
Section 4.2.17(d). 
 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA that is established,
maintained or contributed to by any Loan Party or any of its ERISA Affiliates (or as to which such entity has any liability) and that is covered by Title IV of ERISA, other than a Multiemployer Plan. 

“Plan Termination Event” means (i) any event described in Section 4043 of ERISA with respect to any Plan;
(ii) the withdrawal of any Loan Party or any of its ERISA Affiliates from a Plan during a plan year in which such Loan Party or such ERISA Affiliate was a “substantial employer” as defined in Section 4001(a)(2) of ERISA;
(iii) the imposition of an obligation on any Loan Party or any of its ERISA Affiliates under Section 4041 of ERISA to provide affected parties written notice of intent to terminate a Plan in a distress termination described in
Section 4041(c) of ERISA; (iv) the institution of proceedings by the PBGC to terminate a Plan or by any similar foreign governmental authority to terminate a Foreign Plan; (v) any event or condition which could reasonably constitute
grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (vi) the institution of proceedings by a foreign governmental authority to appoint a trustee to administer any Foreign
Plan; or (vii) the partial or complete withdrawal of any Loan Party or any of its ERISA Affiliates from a Multiemployer Plan or Foreign Plan or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA. 
 “Policy” and “Policies” shall have the
respective meanings set forth in Section 5.1.1(b). 
 “Prepayment Notice” means a prior written notice
to Lender specifying the proposed Business Day on which a prepayment of the Debt is to be made pursuant to Section 2.4.1, which date shall be no earlier than ten (10) days after the date of such Prepayment Notice and no later than
ninety (90) days after the date of such Prepayment Notice. A Prepayment Notice may be revoked in writing by Borrower, or may be modified in writing by Borrower to a new specified Business Day, in each case, on or prior to the proposed
prepayment date set forth in such Prepayment Notice; provided that such new Business Day shall be no earlier than such proposed prepayment date. If revoked (as opposed to modified), any new Prepayment Notice shall comply
with the timeframes set forth above. Borrower shall pay to Lender all out-of-pocket costs and expenses (if any) incurred by Lender in connection with Borrower’s permitted revocation or modification of any Prepayment Notice. 

“Prime Rate” means the annual rate of interest publicly announced by JPMorgan Chase Bank, National Association, in New
York, New York, as its base rate, as such rate shall change from time to time. If JPMorgan Chase Bank, National Association, ceases to announce a base  

  
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rate, Prime Rate shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” If The Wall Street Journal ceases to
publish the “Prime Rate,” the Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a
governmental or quasi-governmental body, then Lender shall select a comparable interest rate index. 
 “Prime Rate
Loan” means the Floating Rate Components of the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate. 

“Priority” means that the valid and proper foreclosure of a Lien for HOA Fees will extinguish the Lien of a Mortgage
with respect to the relevant HOA Property. 
 “Properties Schedule” means the data tape of Properties
attached hereto as Schedule II.A as of the Closing Date, as updated on a monthly basis in the form attached hereto as Schedule II.B, and supplemented quarterly by the data included on Schedule II.C pursuant to Section
4.3.7. 
 “Property” means, individually, and “Properties” means, collectively,
(i) the residential real properties described on the Properties Schedule as of the Closing Date and encumbered by the Mortgages and (ii) any residential real properties that are Substitute Properties; provided
that if the Allocated Loan Amount for any Property has been reduced to zero and all interest and other Obligations related thereto that are required to be paid on or prior to the date when the Allocated Loan Amount for such Property is required to
be repaid have been repaid in full, then such residential real property shall no longer be a Property hereunder. The Properties include the Improvements now or hereafter erected or installed thereon and other personal property owned by Borrower
located thereon, together with all rights pertaining to such real property, Improvements and personal property. Any Property Transferred to Borrower TRS shall continue to constitute a “Property” for purposes of this Agreement and the Loan
Documents. 
 “Property Covenants” means those covenants set forth in Section 4.4 and the
covenants contained in Section 2 of the Environmental Indemnity. 
 “Property Representations” means
those representations and warranties set forth in Section 3.2 and Section 1 of the Environmental Indemnity. 

“Property Taxes” means any real estate and personal property taxes, assessments, water charges, sewer rents, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect thereto now or hereafter levied or assessed or imposed by a Governmental Authority against any Property, any Collateral, any part of either of the foregoing or
Borrower. 
 “Provided Information” means any and all financial and other information provided at any time
prepared by, or on behalf of, Borrower, Equity Owner and/or Manager. 
 “Public Vehicle” means a Person whose
securities are listed and traded on a national securities exchange and shall include a majority-owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of its business. 

  
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 “Qualified Manager” means (i) Existing Manager, (ii) any Person
that is under common Control with Existing Manager or Sponsor, (iii) a reputable Person that is not the subject of a bankruptcy or similar proceeding and has at least two (2) years’ experience in the management of at least the lesser
of (A) two hundred and fifty (250) residential rental property units in each metropolitan statistical area in which the applicable Properties to be managed by such Person are located and (B) the number of residential rental properties
in each metropolitan statistical area in which the applicable Properties to be managed by such Person are located, (iv) a Qualified Transferee that is regularly engaged in the management, ownership or operation of 5,000 or more residential
rental property units and/or (v) any other Person with respect to which Borrower has obtained a Rating Agency Confirmation in respect of the management of Properties by such Person; provided, that in the case of the
foregoing clauses (ii) through (v), if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion if such an opinion is requested by Lender. 

“Qualified Release Property Default” has the meaning set forth in Section 2.5(b). 

“Qualified Transferee” means (i) Sponsor or (ii) any Person that (A) has Net Assets of not less than
$300,000,000 (exclusive of such Person’s direct or indirect interest in the Properties and Borrower), (B) has not been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding or any
governmental or regulatory investigation which resulted in a final, nonappealable conviction for criminal activity involving moral turpitude, (C) is (or is under common Control with a Person that is) regularly engaged in the management,
ownership or operation of residential rental properties and (D) with respect to the applicable Transfer to such Person, Borrower shall have obtained a Rating Agency Confirmation. 

“Quarterly HOA Report” has the meaning set forth in Section 4.3.17. 

“Quarterly Investor Rollup Report” has the meaning set forth in Section 4.3.7. 

“Rating Agency Confirmation” means a written affirmation from each of the Approved Rating Agencies that the credit
rating of the Securities by such Approved Rating Agency immediately prior to the occurrence of the event with respect to which such Approved Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the
occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. In the event that, at any given time, no Securities are then outstanding, then the term Rating Agency Confirmation
shall be deemed instead to require the written approval of Lender based on its reasonable, good faith determination of whether the Approved Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding. 

“Register” has the meaning set forth in Section 8.1. 

“Release Amount” means, for a Property, the following applicable amount together with any other amounts specified in
Section 2.4.4: 

  
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 (i) in connection with the Transfer of a Property (other than a Designated HOA
Property) pursuant to Section 2.5 or any failure of a Property to qualify as an Eligible Property due to the occurrence of a Voluntary Action (such Properties, “Release Premium Properties”), (A) 105% of the
Allocated Loan Amount for such Property if the sum of the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is less than $53,593,700, (B) 110% of the Allocated Loan Amount for such Property if the sum of
the initial Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $53,593,700 but less than $80,390,550, (C) 115% of the Allocated Loan Amount for such Property if the sum of the initial
Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $80,390,550 but less than $107,187,400, and (D) 120% of the Allocated Loan Amount for such Property if the sum of the initial
Allocated Loan Amounts of all Release Premium Properties, including such Property, is equal to or greater than $107,187,400; 

(ii) in connection with any failure of a Property to qualify as an Eligible Property, other than due to the occurrence of a
Voluntary Action, that is not cured within the applicable Cure Period, an amount equal to 100% of the Allocated Loan Amount for such Property; 

(iii) in connection with any Condemnation or Casualty of any Property for which prepayment of the Release Amount is required
pursuant to Section 5.3 or Section 5.4, 100% of the Allocated Loan Amount for such Property; and 

(iv) in connection with the release of a Designated HOA Property, a percentage of the Allocated Loan Amount for such Property
that is equal to the greater of (A) one hundred percent (100%) and (B) the percentage with respect to which Borrower has obtained a Rating Agency Confirmation; 

provided, that if the Net Transfer Proceeds from any single Transfer of Release Premium Properties is equal to or greater than
$10,000,000, then notwithstanding the foregoing clause (i), the Release Amount for such Release Premium Properties shall be 120% of the Allocated Loan Amounts for such Release Premium Properties. 

“Release Premium Properties” has the meanings set forth in the definition of “Release Amount”. 

“Release Property” has the meaning set forth in Section 2.5. 

“Relevant Party” means each Loan Party and Sponsor (and, collectively “Relevant Parties”). 

“REMIC Trust” means a “real estate mortgage investment conduit” within the meaning of Section 860D of
the Code that holds the Note or a portion thereof. 
 “Renovation Standards” means the maintenance, repairs,
improvements and installations that (i) are necessary for a Property to conform to applicable material Legal Requirements and (ii) do not deviate materially from local rental market standards for the area in which such Property is
located. 
 “Rent Deposit Account” has the meaning set forth in Section 2.6.1(a). 

  
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 “Rent Deposit Bank” has the meaning set forth in Section
2.6.1(a). 
 “Rent Refund” means, with respect to any Tenant in default under any applicable Lease, any
payment of Rent (in whole or in part) delivered by such Tenant directly to the Rent Deposit Account, to the extent Borrower or Manager reasonably determines the return of the same is necessary in order to preserve Borrower’s enforcement
remedies under the applicable Lease. 
 “Rent Refund Monthly Disbursement Amount” means the amount of Rent
Refunds made by Borrower with respect to Rents that were deposited into and not withdrawn from the Rent Deposit Account during the calendar month preceding the applicable Payment Date, as set forth in a written notice from Borrower to Lender.

 “Rents” means, with respect to each Property, all rents and rent equivalents (including for forfeited
security deposits allocated to rent) and any fees, payments or other compensation from any Tenant. 
 “Repayment
Date” means the date of a prepayment of the Loan pursuant to the provisions of Section 2.4. 

“Replacement Interest Rate Cap Agreement” means, collectively, one or more interest rate protection agreements,
acceptable to Lender, from an Acceptable Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective as of the date required in Section 2.2.7(c), except that in connection with
Borrower’s exercise of an Extension Option, the same shall be effective as of the date required in Section 2.8; provided, that to the extent any such interest rate protection agreements do not meet the
foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate protection agreements approved in writing by the Approved Rating Agencies with respect thereto. 

“Replacement Management Agreement” means, collectively, (i) either (A) a management agreement with a Qualified
Manager, substantially in the same form and substance as the Existing Management Agreement, (B) a management agreement with a Qualified Manager, which management agreement shall be on reasonable and customary terms and conditions,
provided, that with respect to this clause (B), if such management agreement provides for the payment of management fees at a rate that is in excess of the rate provided for under the Existing Management Agreement, then Borrower
shall have obtained a Rating Agency Confirmation with respect to such increase in management fees or (C) a management agreement with a Manager approved by Lender in accordance with Section 4.1.19(b)(y) and satisfying the condition
set forth in the proviso in the foregoing Clause (B), and (ii) an assignment of management agreement and subordination of management fees substantially in the form of the Assignment of Management Agreement dated as of the Closing
Date (or such other form and substance reasonably acceptable to Lender and the Qualified Manager). 
 “Reportable Event”
has the meaning set forth in Section 4043 of ERISA. 
 “Request for Release” means a request for release of a Property
in connection with any Transfer of a Property, substantially in the form attached hereto as Exhibit D. 

  
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 “Reserve Funds” means, collectively, all funds deposited by Borrower with
Lender or Cash Management Account Bank pursuant to Article VI, including, but not limited to, the Capital Expenditure Funds, the Insurance Funds, the HOA Funds, the Tax Funds, the Casualty and Condemnation Funds, the Cash Collateral Funds,
the Eligibility Funds and the Advance Rent Funds. 
 “Reserve Release Date” means any Business Day as
requested by Borrower pursuant to a Reserve Release Request; provided, that there shall be no more than one Reserve Release Date in any calendar month. 

“Reserve Release Request” means any written request by Borrower for a release of Reserve Funds made in accordance with
Article VI. 
 “Responsible Officer” means, as to any Person, the chief executive officer or president
or, with respect to financial matters, the chief financial officer or treasurer of such Person; provided, that in the event any such officer is unavailable at any time he or she is required to take any
action hereunder, Responsible Officer means any officer authorized to act on such officer’s behalf as demonstrated by a certified resolution. 

“Restoration” means the repair and restoration of any Property after a Casualty as nearly as possible to the condition
such Property was in immediately prior to such Casualty, with such material alterations as may be approved by Lender, such approval not to be unreasonably withheld, delayed or conditioned. 

“Restricted Junior Payment” means, with respect to any Person, (i) any dividend or other distribution of any
nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person, whether such Equity Interests are now
or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value,
direct or indirect, of any Equity Interests or subordinate Indebtedness of such Person now or hereafter outstanding, or (iii) any payment of management or similar fees by such Person (other than payment of management fees under any Management
Agreement to the extent expressly permitted by this Agreement). 
 “Restricted Party” means, collectively,
Borrower TRS, Borrower, Equity Owner, and any other direct or indirect equity holder in Borrower TRS, Borrower or Equity Owner up to, but not including, the first direct or indirect equity holder that has substantial assets other than the Properties
and the other Collateral. 
 “Review Waiver” has the meaning set forth in Section 9.2(b). 

“S&P” means Standard & Poor’s Ratings Services. 

“Securities” has the meaning set forth in Section 8.1.1(a). 

“Securities Act” means the Securities Act of 1933, as amended. 

  
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 “Securitization” has the meaning set forth in Section 8.1.1(a).

 “Security Deposit Account” has the meaning set forth in Section 4.1.16(a). 

“Servicer” has the meaning set forth in Section 8.3. 

“Servicing Agreement” has the meaning set forth in Section 8.3. 

“Severed Loan Documents” has the meaning set forth in Section 7.2(c). 

“Solvent” means, with respect to any Person or any consolidated group, on any date of determination, that on such date
(i) the fair saleable value of such Person’s or consolidated group’s assets exceeds its total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities, (ii) the fair saleable
value of such Person’s or consolidated group’s assets exceeds its probable liabilities, as applicable, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured, (iii) such
Person’s or consolidated group’s assets do not constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted and (iv) such Person or consolidated group does not intend to, and does not
believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by it and
the amounts to be payable on or in respect of its obligations). 
 “Special Member” has the meaning set forth
in the definition of “Special Purpose Entity”. 
 “Special Purpose Entity” means a limited
liability company that, since the date of its formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do otherwise from
Lender, or, while the Loan is securitized, a Rating Agency Confirmation from each of the Approved Rating Agencies, and an Additional Insolvency Opinion, in each case: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, maintaining, renovating,
rehabilitating, owning, holding, marketing, selling, leasing, transferring, managing and operating the Properties, entering into and performing its obligations under the Loan Documents to which it is a party, refinancing the Properties in connection
with a permitted repayment of the Loan, acting as the sole member of Borrower TRS and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing, (B) in the case of Equity Owner, acting as the sole
member of Borrower and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (C) in the case of Borrower TRS, marketing and selling Properties and transacting lawful business that is incident,
necessary and appropriate to accomplish the foregoing; 
 (ii) has not engaged and shall not engage in any business unrelated
to (A) in the case of Borrower, the acquisition, renovation, maintenance, ownership, holding, marketing, sale, leasing, transfer, management, operation or financing of the Properties, (B) in the case of Equity Owner, acting as the sole
member of Borrower or (C) in the case of Borrower TRS, marketing and selling Properties; 

  
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 (iii) has not owned and shall not own any real property other than the
Properties; 
 (iv) does not have, shall not have and at no time had any assets other than (A) in the case of Borrower,
the Properties and personal property necessary or incidental to its ownership and operation of the Properties, (B) in the case of Equity Owner, its membership interest in Borrower and personal property necessary or incidental to its ownership
of such interest or (C) in the case of Borrower TRS, Properties and personal property necessary or incidental to its marketing and sale of Properties; 

(v) shall not cause, consent to or permit any amendment of its certificate of formation or its limited liability company
agreement with respect to the matters set forth in this definition; 
 (vi) with respect to each of Borrower, Equity
Owner and each Borrower TRS, (A) is and shall be a Delaware limited liability company, (B) has and shall have at least two (2) Independent Directors serving as managers of such company, (C) shall not take any of the following
actions and shall not cause or permit the members or managers of such entity to take any of the following actions, either with respect to itself or, with respect to any subsidiary of it that is a Loan Party, in each case unless two
(2) Independent Directors then serving as managers of the company shall have participated consented in writing to such action (each, a “Material Action”): (1) filing or consenting to the filing of any petition, either
voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (2) seeking or consenting to the appointment of a receiver, liquidator or any similar official of any Loan Party or a
substantial part of its business, (3) making an assignment for the benefit of creditors by any Loan Party, (4) admitting in writing its inability to pay debts generally as they become due, (5) declaring or effectuating a moratorium on
the payment of any obligations of any Loan Party, or (6) taking any action in furtherance of the foregoing, provided, for purposes of clauses (4) and (6), the following shall not constitute a Material Action:
(x) admissions or statements which are compelled and required by law and which are true and correct, or (y) admissions or statements in writing to Lender or any servicer of the Loan, or in connection with any audit opinion or “going
concern” qualification in its audited financial statements, that (I) Borrower cannot pay its Operating Expenses, (II) Borrower cannot pay debt service on the Loan, or (III) Borrower cannot repay or refinance the Loan on the Maturity Date
and (D) under the terms of its limited liability company agreement, immediately prior to the withdrawal or dissolution of the last remaining member of the company, each of the persons acting as Independent Director of such entity shall, without
any action of any Person, automatically be admitted as members of the limited liability company (“Special Members”) and shall pursue and continue the existence of the limited liability company without dissolution and such Special
Members may not resign as such until (i) a successor Special Member has been admitted to the limited liability company as a Special Member and (ii) such successor Special Member has also accepted its appointment as an Independent
Director; 

  
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 (vii) has and shall have a limited liability agreement that provides that, to the
fullest extent permitted by applicable law, including Section 18-1101(e) of the Delaware Limited Liability Company Act, the Independent Directors of a Loan Party shall not be liable to such Loan Party, its equity holders or any other Person
bound by its limited liability agreement for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct; 

(viii) has and shall have a limited liability agreement that provides that such entity shall not (A) dissolve, merge,
liquidate, consolidate; (B) sell all or substantially all of its assets; or (C) amend its organizational documents with respect to the matters set forth in this definition without the consent of Lender; 

(ix) has at all times been and shall intend at all times to remain solvent and has paid and shall pay its debts
and liabilities (including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due, and has maintained and shall intend to maintain adequate capital for the
normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; provided, that the foregoing shall not require any direct or indirect member of any Loan Party to
make any additional capital contributions to such Loan Party; 
 (x) has not failed and shall not fail to
correct any known misunderstanding regarding the separate identity of such entity and has not identified and shall not identify itself as a division of any other Person; 

(xi) has maintained and shall maintain its bank accounts, books of account, books and records separate from those of any other
Person and, to the extent that it is required to file tax returns under applicable law, has filed and shall file its own tax returns, except to the extent that it is required by law to file consolidated tax returns; 

(xii) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xiii) has not commingled and, except as contemplated by this Agreement, shall not commingle its funds or assets
with those of any other Person and has not participated and shall not participate in any cash management system with any other Person; provided; that Borrower TRS may commingle its assets with those of Borrower and may participate in
Borrower’s cash management system; 
 (xiv) has held and shall hold its assets in its own
name; provided that Borrower TRS may hold assets in Borrower’s name; 
 (xv) has conducted
and shall conduct its business in its name or in a name franchised or licensed to it by an entity other than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management
services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower; 

  
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 (xvi) (A) has maintained and shall maintain its financial
statements, accounting records and other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from those of any other Person; and
(C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP; provided, however, that any such consolidated
financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose Entity’s liabilities do not constitute
obligations of the consolidated entity; 
 (xvii) has paid and shall pay its own liabilities and expenses,
including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of employees or contract for sufficient services in light of its contemplated business operations; 

(xviii) has observed and shall observe all limited liability company formalities; 

(xix) has not incurred and shall not incur any Indebtedness other than, (i) with respect to Borrower, Permitted
Indebtedness, (ii) with respect to Borrower TRS, the Borrower TRS’s Permitted Indebtedness, and (iii) with respect to Equity Owner, Equity Owner Permitted Indebtedness; 

(xx) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of any
other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets to secure the obligations of any other Person, in each case except
as permitted or contemplated by the Loan Documents; 
 (xxi) has not acquired and shall not acquire obligations
or securities of its members or any Affiliate; provided, that Equity Owner shall be the sole member of Borrower and Borrower shall be the sole member of Borrower TRS; 

(xxii) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates,
constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by any employee of an Affiliate;

 (xxiii) has maintained and used and shall maintain and use separate stationery, invoices and checks bearing its name and
not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

  
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 (xxiv) has not pledged and shall not pledge its assets to secure the obligations
of any other Person, except to Lender to secure the Loan; 
 (xxv) has held itself out and identified itself and shall hold
itself out and identify itself as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person; 

(xxvi) has maintained and shall maintain its assets in such a manner that it shall not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person; 
 (xxvii) has not made and shall not make loans
to any Person and has not held and shall not hold evidence of indebtedness issued by any other Person or entity (other than cash and Permitted Investments); 

(xxviii) has not identified and shall not identify its members or any Affiliate of any of them, as a division or part of it,
and has not identified itself and shall not identify itself as a division of any other Person; 
 (xxix) other than capital
contributions and distributions permitted under the terms of its organizational documents, has not entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its members except in the ordinary course of
its business and on terms which are commercially reasonable terms comparable to those of an arm’s-length transaction with an unrelated third party; 

(xxx) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers,
directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt; 

(xxxi) has not had and shall not have any of its obligations guaranteed by any Affiliate, except as provided by the Loan
Documents; 
 (xxxii) has not formed, acquired or held and shall not form, acquire or hold any subsidiary, except as
contemplated by the Loan Documents; 
 (xxxiii) has complied and shall comply with all of the terms and provisions contained
in its organizational documents; 
 (xxxiv) has conducted and shall conduct its business so that each of the assumptions made
about it and each of the facts stated about it in the Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true and correct in all material respects; and 

  
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 (xxxv) has not permitted and shall not permit any Affiliate or constituent party
independent access to its bank accounts, except Manager pursuant to a Management Agreement entered into in accordance with this Agreement. 

“Specified Liens” means the Liens described on Schedule VII affecting one or more of the Properties as of the
Closing Date, provided that all such Liens on the affected Properties are affirmatively covered by the Title Insurance Policies. 

“Sponsor” means Colony Starwood Homes Partnership, L.P., a Delaware limited partnership. 

“Sponsor Financial Covenant” means the requirement that Sponsor or any Qualified Transferee that executes and delivers a
replacement guaranty pursuant to Section 4.2.17(e) maintain Net Assets of not less than $150,000,000 (exclusive of Sponsor’s or such Qualified Transferee’s indirect interest in Borrower). 

“Sponsor Guaranty” means that certain Sponsor Guaranty, dated as of the Closing Date, executed by Sponsor in favor of Lender,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Spread Maintenance
Date” means the Payment Date occurring in July 2018. 
 “Spread Maintenance Premium” means, with
respect to any prepayment of principal (or acceleration of the Loan) prior to the Spread Maintenance Date (other than payments made pursuant to Section 2.4.2(a) (except where such prepayment arises as a result of a Voluntary Action)
or Section 2.4.2(c)), and with respect to each Floating Rate Component, an amount equal to the product of the following: (i) the amount of such prepayment (or the amount of principal so accelerated) allocable to such Floating Rate
Component, multiplied by (ii) the Floating Rate Component Spread applicable to such Floating Rate Component, multiplied by (iii) a fraction (expressed as a percentage) having a numerator equal
to the number of months difference between the Spread Maintenance Date and the date such prepayment occurs (or the next succeeding Payment Date through which interest has been paid by Borrower) and a denominator equal to twelve (12). The total
Spread Maintenance Premium shall be the sum of the Spread Maintenance Premium for each of the Floating Rate Components. All Spread Maintenance Premium payments hereunder shall be deemed to be earned by Lender upon the funding of the Loan.

 “State” means, with respect to a Property, the State or Commonwealth in which such Property or any part
thereof is located. 
 “Strike Price” means (i) as to any Interest Rate Cap Agreement during the Initial Term,
2.83275% per annum, and (ii) as to any Replacement Interest Rate Cap Agreement obtained in connection with the exercise of any Extension Option, a rate per annum equal to the interest rate at which the Debt Service Coverage Ratio as of the
Calculation Date immediately preceding the commencement of the applicable Extension Term is not less than 1.20:1.00. 

“Subaccounts” has the meaning set forth in Section 2.6.2(e). 

  
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 “Substitute Mortgage Documents” has the meaning set forth in Section
2.4.2(a)(x). 
 “Substitute Property” and “Substitute Properties” shall have the
respective meanings set forth in Section 2.4.2(a). 
 “Succeeding Interest Period” has the meaning set
forth in Section 2.4.4(a)(ii). 
 “Tax Funds” has the meaning set forth in Section 6.1.1.

 “Tax Subaccount” has the meaning set forth in Section 6.1.1. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenant” means any Person obligated by contract or otherwise to pay monies (including a percentage of gross income,
revenue or profits) under any Lease now or hereafter affecting all or any part of a Property. 
 “Term” means the
entire term of this Agreement, which shall expire upon repayment in full of the Debt. 
 “Title Insurance Owner’s
Policy” means, with respect to each Property, an ALTA owner title insurance policy issued by a title insurance company reasonably acceptable to Lender in a form reasonably acceptable to Lender (or, if a Property is in a state which does not
permit the issuance of such ALTA policy, such form as shall be permitted in such state and determined that is reasonably acceptable to Lender) issued with respect to such Property and insuring the legal title to such Property. 

“Title Insurance Policy” means, with respect to each Property or multiple Properties encumbered by the same Mortgage, an ALTA
mortgagee title insurance policy issued by a title insurance company reasonably acceptable to Lender containing such endorsements as Lender may reasonably require (to the extent available in the state where the Property or the Properties, as
applicable, are located) in a form reasonably acceptable to Lender (or, if such Property or the Properties, as applicable, are located in a state which does not permit the issuance of such ALTA policy, such form as shall be permitted in such state
and determined that is reasonably acceptable to Lender) issued with respect to such Property or Properties, as applicable, and insuring the Lien of the Mortgage Documents encumbering such Property or Properties, as applicable (subject to Permitted
Liens). 
 “Transaction” means the transaction contemplated by this Agreement and the other Loan Documents. 

“Transfer” has the meaning set forth in Section 4.2.17(b). 

“Transfer Date” means the date upon which a Transfer of a Property is consummated. 

  
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 “Transfer Expenses” means, with respect to the Transfer of any Property, the
reasonable expenses of Borrower incurred in connection therewith not to exceed 6.0% of all gross amounts realized with respect thereto, for any of the following: (i) third party real estate commissions, (ii) the closing costs of the
purchaser of such Property actually paid by Borrower and (iii) Borrower’s miscellaneous closings costs, including, but not limited to title, escrow and appraisal costs and expenses. 

“Trust and Servicing Agreement” means that certain Trust and Servicing Agreement dated as of the date hereof, among CSH
Depositor, LLC, Midland Loan Services, a division of PNC Bank, National Association, Wells Fargo Bank, National Association and Wilmington Savings Fund Society, FSB, doing business as Christiana Trust, as the same may be amended, restated, replaced,
supplemented or otherwise modified form time to time. 
 “Trust Fund Expenses” means (i) any interest payable
to the Servicer, or any special servicer, trustee, operating advisor, custodian, or certificate administrator in connection with the Loan or the Properties pursuant to the Servicing Agreement in respect of advances made by any of the foregoing;
provided, however, that Borrower shall only be obligated to pay any amounts described in this clause (i) if and to the extent such interest exceeds the sum of the Default Rate
interest and late payment charges payable pursuant to Section 2.3.4 in respect of the event giving rise to the related advances; (ii) all special servicing fees, work-out, liquidation fees and other fees payable to any special
servicer under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an Event of Default or (2) an acknowledgement by Borrower in writing that the Loan is likely to go
into default, or (B) in connection with any Borrower requested or consensual work-out or modification of the Loan; (iii) the regularly monthly fee of the certificate administrator (capped at $5,350 per month) and the trustee (capped at
$417 per month) under the Servicing Agreement, (iv) the fees and expenses of Midland Loan Services as Servicer as set forth in Schedule VI, (v) the costs and expenses of any Servicer or any special servicer (including costs and
expenses of any third party hired by such Servicer or special servicer) in connection with (A) the determination of market rents for purposes of and in accordance with clause (ii) of the definition of “GPR” and
(B) the verification of information set forth in Quarterly HOA Reports delivered pursuant to clause (h) of Schedule V, as well as the verification and/or preparation of any reports related to HOA compliance required to be
performed by the Servicer or special servicer under the Trust and Servicing Agreement and (vi) except for the regular monthly fees payable to the master servicer and any operating advisor, any other cost, fee or expense of the Servicer, any
special servicer, the trustee, the operating advisor and any certificate administrator under the Servicing Agreement (A) after the Loan is transferred to the special servicer as a result of (1) the occurrence of an Event of Default or
(2) an acknowledgement by Borrower in writing that the Loan is likely to go into default, (B) the occurrence of an Event of Default under clauses (i), (ii) or (iii) of Section 7.1 or (C) in
connection with any Borrower requested or consensual work out or modification of the Loan or any other special waiver or approval requests made by Borrower or Equity Owner during the term of the Loan (in each case including, but not limited to,
(1) any costs and expenses in connection with Broker Price Opinions and, where Broker Price Opinions are not sufficient in accordance with customary mortgage servicing standards, appraisals of the Properties or the Equity Interests in Borrower
(or any updates to Broker Price Opinions or such appraisals) conducted by or on behalf of the Servicer and/or special servicer, (2) property inspections conducted by or on behalf of the Servicer and/or special servicer, (3) lien searches
 

  
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conducted by or on behalf of the Servicer and/or special servicer, (4) any reimbursements to the trustee, the Servicer, the special servicer, the operating advisor, any certificate
administrator thereunder and related Persons of each of the foregoing, or the trust fund, pursuant to the Servicing Agreement, (5) any indemnification to Persons entitled thereto under the Servicing Agreement, (6) any out-of-pocket
litigation expenses arising from an Event of Default and (7) the cost of Rating Agency Confirmations and/or opinions of counsel, if any, required to be obtained pursuant to the Servicing Agreement in connection with servicing or administering
the Loan or the Properties and administration of the trust fund). 
 “U.S. Person” means any Person that is a
“United States person” as defined in Section 7701(a)(30) of the Code.  
 “U.S. Tax Compliance
Certificate” has the meaning set forth in Section 2.7(e)(iii)(B)(3). 
 “UCC” or
“Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State (with respect to fixtures), the State of New York or the state in which the Cash Management Account is located, as the case may be. 

“Underwritten Capital Expenditures” means, as of any date of determination, for the twelve (12) month period
ending on such date, the product of (i) the number of Properties multiplied by (ii) $960. 
 “Underwritten Net
Cash Flow” means, as of any date of determination, the excess of: (i) for the twelve (12) month period ending on such date, the sum of (A) the lesser of (x) GPR multiplied by 92.5%, and
(y) Actual Rent Collections, and (B) Other Receipts; over (ii) for the twelve (12) month period ending on such date, the sum of (A) Operating Expenses, adjusted to reflect exclusion of amounts
representing non-recurring expenses, (B) Underwritten Capital Expenditures and (C) Concessions. For purposes of the foregoing calculations, for each of the first four Calculation Dates after the Closing Date, Operating Expenses,
Concessions, Actual Rent Collections and Other Receipts with respect to the Properties for the period from the Closing Date to and including each such Calculation Date shall be annualized to determine the twelve (12) month Operating Expenses,
Concessions, Actual Rent Collections and Other Receipts with respect to the Properties. 
 Notwithstanding the foregoing,
Underwritten Net Cash Flow shall not include (a) any Insurance Proceeds (other than business interruption and/or rental loss insurance proceeds and only to the extent allocable to the applicable reporting period), (b) any proceeds
resulting from the Transfer of all or any portion of any Property, including any Award, (c) any item of income otherwise included in Underwritten Net Cash Flow but paid directly by any Tenant to a Person other than Borrower as an offset or
deduction against Rent payable by such Tenant, provided such item of income is for payment of an item of expense (such as payments for utilities paid directly to a utility company) and such expense is otherwise excluded from the definition of
Operating Expenses pursuant to clause (H) of the definition thereof, (d) security deposits received from Tenants until forfeited or applied and (e) any lease buy-out or surrender payment from any Tenant. 

  
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 Notwithstanding anything herein to the contrary, the Underwritten Net Cash Flow of any Property
that is a Disqualified Property shall be zero for all purposes of this Agreement unless Borrower makes a deposit of Eligibility Funds into the Eligibility Reserves Subaccount in an amount equal to 100% of the Allocated Loan Amount for such Property.

 “United States” means the United States of America. 

“Unrestricted Cash” means any cash or Permitted Investments not held in the Cash Management Account, any Subaccount, the Rent
Deposit Account or any Security Deposit Account or required to be deposited therein pursuant to this Agreement; provided, that funds held in Borrower’s Operating Account that were distributed to Borrower for Operating Expenses set forth
in a Monthly Budgeted Amount or for Approved Extraordinary Expenses pursuant to Section 2.6.3(j)(ii) and which have not been expended therefor are not Unrestricted Cash. 

“Vacant Property” means, individually, and “Vacant Properties” means, collectively, the Properties
listed on Schedule X attached hereto which are not leased to or occupied by any Tenant as of the Cut-Off Date. 

“Voluntary Action” means, in respect of any Property, a voluntary action or omission by any Loan Party or an action or
omission by any third party authorized by a Loan Party that, in each case, such Loan Party intends to result in (i) an imposition of a Lien (other than a Permitted Lien) on such Property or (ii) a Transfer of such Property in violation of
this Agreement. 
 Section 1.2 Principles of Construction. All references to sections and schedules are to
sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise
specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

ARTICLE II - GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make
and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2 Components of the Loan. For purposes of the
computation of the interest accrued on the Loan from time to time and certain other computations set forth herein, the Loan shall be divided into multiple components designated as “Component A”, “Component B”, “Component
C”, “Component D”, “Component E”, “Component F” and “Component G”. The following table sets forth the initial principal amount of each such Component. 

  
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	 Component
	  	Initial Principal
Amount	 
	 Component A
	  	$	266,320,000	  
	 Component B
	  	$	58,747,000	  
	 Component C
	  	$	46,997,000	  
	 Component D
	  	$	43,081,000	  
	 Component E
	  	$	70,496,000	  
	 Component F
	  	$	23,499,000	  
	 Component G
	  	$	26,797,000	  

 2.1.3 Single Disbursement to Borrower. Borrower may request and receive only one
(1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of the Closing Date. 

2.1.4 The Note, Mortgages and Loan Documents. The Loan shall be evidenced by the Note and secured by the Mortgages and the other
Loan Documents. 
 2.1.5 Use of Proceeds. Borrower shall use proceeds of the Loan to (a) make initial deposits of the
Reserve Funds, (b) make distributions to Equity Owner, (c) pay costs and expenses incurred in connection with the closing of the Loan and the related Securitization, and (d) to the extent any proceeds remain after satisfying
clauses (a) through (c) above, for such lawful purpose as Borrower shall designate. 
 Section 2.2
Interest Rate. 
 2.2.1 Interest Rate. Each Component of the Loan shall accrue interest throughout the Term
at the Interest Rate applicable to such Component during each Interest Period. The total interest accrued under the Loan shall be the sum of the interest accrued on the outstanding balance of each of the Components. Borrower shall pay to Lender on
each Payment Date the interest accrued or to be accrued on the Loan for the related Interest Period.  
 2.2.2 Interest
Calculation. Interest on the Components of the Loan and other Obligations shall be calculated by multiplying (A) the actual number of days elapsed in the period for which the calculation is being made by (B) a daily rate based on a
three hundred sixty (360) day year (that is, the Interest Rate expressed as an annual rate divided by 360) or, in the case of any Loan or other Obligations bearing interest by reference to the Prime Rate, a daily rate based on three hundred
sixty-five (365) or three hundred sixty-six (366) day year (that is, the Interest Rate expressed as an annual rate divided by 365 or 366, as the case may be, by (C) the Outstanding Principal Balance or the amount of such other
Obligations, as applicable. The accrual period for calculating interest due on each Payment Date shall be the Interest Period in which such Payment Date occurs.  

2.2.3 Determination of Interest Rate.  

(a) Component G shall accrue interest at the Component G Interest Rate. Subject to the terms and conditions of this
Section 2.2.3, the Floating Rate Components of the Loan shall be a LIBOR Loan. In the event that Lender shall have reasonably determined that by reason of circumstances affecting the interbank Eurodollar market LIBOR cannot be determined
as provided in the definition of LIBOR as set forth herein, then Lender shall forthwith give notice  

  
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thereof by telephone of such fact, confirmed in writing, to Borrower at least one (1) Business Day prior to the Determination Date. If such notice is given, the Floating Rate Components of
the Loan shall be converted, from and after the first day of the next succeeding Interest Period, to a Prime Rate Loan bearing interest based on the Prime Rate in effect on the related Determination Date. 

(b) If, pursuant to the terms of Section 2.2.3(a), the Floating Rate Components of Loan have been converted to a Prime Rate
Loan but thereafter LIBOR can again be determined as provided in the definition of LIBOR as set forth herein, Lender may give notice thereof to Borrower and convert the Prime Rate Loan back to a LIBOR Loan by delivering to Borrower notice of such
conversion no later than 11:00 a.m. (New York City Time), one (1) Business Day prior to the next succeeding Determination Date. If such notice is given, the Floating Rate Components of the Loan shall be converted, from and after the first
day of the next succeeding Interest Period, to a LIBOR Loan bearing interest based on LIBOR in effect on the related Determination Date. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to
elect to convert a LIBOR Loan to a Prime Rate Loan. 
 (c) If any requirement of law or any change therein or in the interpretation or
application thereof, in any case after the date hereof, shall hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a LIBOR Loan or to convert a Prime
Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the first day of the next succeeding Interest Period or within such earlier period as required by
law. Borrower hereby agrees promptly to pay Lender, upon demand, any additional amounts necessary to compensate Lender for any out-of-pocket costs reasonably incurred by Lender in making any conversion in accordance with this Agreement, including,
without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Lender’s notice of such costs, as certified to Borrower, shall be conclusive absent manifest
error. 
 (d) In the event that any change in any requirement of law or in the interpretation or application thereof, or compliance by Lender
with any request or directive (whether or not having the force of law) hereafter issued from any central bank or other Governmental Authority: 

(i) shall hereafter impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement
against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender which is not otherwise included in the determination of
LIBOR hereunder; 
 (ii) shall hereafter have the effect of reducing the rate of return on Lender’s capital as a
consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by any amount deemed by
Lender to be material; 

  
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 (iii) shall hereafter subject Lender to any Taxes (other than
(A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 
 (iv) shall hereafter
impose on Lender any other condition and the result of any of the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder; 

then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary to compensate Lender for such additional cost
or reduced amount receivable which Lender deems to be material as determined by Lender in its reasonable discretion. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(d), Lender shall provide
Borrower with not less than thirty (30) days written notice specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully compensate Lender for such additional cost or reduced
amount. A certificate as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error. Subject to Section 2.7, this
Section 2.2.3(d) shall survive payment of the Debt and the satisfaction of all other Obligations. 
 (e) Borrower
agrees to indemnify Lender and to hold Lender harmless from any loss or expense which Lender sustains or incurs as a consequence of (i) any default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without
limitation, any such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day
that (A) is not a Payment Date or (B) is a Payment Date if Borrower did not give the prior written notice of such prepayment required pursuant to the terms of this Agreement, including, without limitation, such loss or expense arising from
interest or fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder and (iii) the conversion pursuant to the terms hereof of the LIBOR Loan to the Prime Rate Loan on a date other than the Payment
Date, including, without limitation, such loss or expenses arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts referred to in clauses (i),
(ii) and (iii) are herein referred to collectively as the “Breakage Costs”); provided, however, Borrower shall not indemnify Lender from any loss
or expense arising from Lender’s willful misconduct or gross negligence. This provision shall survive payment of the Note in full and the satisfaction of all other obligations of Borrower under this Agreement and the other Loan Documents.

 2.2.4 Additional Costs. Lender will use reasonable efforts (consistent with legal and regulatory restrictions) to
maintain the availability of the LIBOR Loan and to avoid or reduce any increased or additional costs payable by Borrower under Section 2.2.3, including, if requested by Borrower, a transfer or assignment of the Loan to a branch, office
or Affiliate of Lender in another jurisdiction, or a redesignation of its lending office with respect to the Loan, in order to maintain the availability of the LIBOR Loan or to avoid or reduce such increased or additional costs, provided that the
transfer or assignment or redesignation (a) would not result in any additional costs, expenses or risk to Lender that are not reimbursed by Borrower and (b) would not be disadvantageous in any other respect to Lender (including the effect
on any Securitization) as determined by Lender in its reasonable discretion. 

  
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 2.2.5 Default Rate. In the event that, and for so long as, any Event of Default
shall have occurred and be continuing, the Component Outstanding Principal Balance of each of the Floating Rate Components and, to the extent not prohibited by applicable law, all other portions of the Debt (other than the Component Outstanding
Principal Balance of Component G), shall accrue interest at the Default Rate, calculated from the date such payment was due or, if later, such Default shall have occurred, without regard to any grace or cure periods contained herein. Interest at the
Default Rate shall be paid immediately upon demand, which demand may be made as frequently as Lender shall elect, to the extent not prohibited by applicable law. 

2.2.6 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time
shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of
this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

2.2.7 Interest Rate Cap Agreement. 

(a) Prior to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Cap Agreement with a LIBOR strike
price equal to the Strike Price. The Interest Rate Cap Agreement (i) shall be in a form and substance reasonably acceptable to Lender, (ii) shall at all times be with an Acceptable Counterparty, (iii) shall, by its terms or via the
Collateral Assignment of Interest Rate Cap Agreement described below, direct such Acceptable Counterparty to deposit directly into the Cash Management Account any amounts due Borrower under such Interest Rate Cap Agreement so long as any portion of
the Debt exists, provided that the Debt shall be deemed to exist if any Property is transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof, (iv) shall be for a period through the end of the Interest Period ending
immediately following the Maturity Date and (v) shall at all times have a notional amount equal to or greater than the aggregate Component Outstanding Principal Balances of the Floating Rate Components and shall at all times provide for the
applicable Strike Price. Borrower shall collaterally assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement between Borrower and Lender, dated as of the Closing Date (the “Collateral Assignment of Interest
Rate Cap Agreement”), all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement (which shall, by its
terms, authorize the assignment to Lender and require that payments be deposited directly into the Cash Management Account) and shall notify the Acceptable Counterparty of such assignment. 

  
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 (b) Borrower shall comply with all of its obligations under the terms and provisions of the
Interest Rate Cap Agreement. All amounts paid by the Acceptable Counterparty under the Interest Rate Cap Agreement to Borrower shall be deposited immediately into the Cash Management Account or into such account as specified by Lender. Borrower
shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Interest Rate Cap Agreement in the event of a default by the Acceptable Counterparty and shall not waive, amend or otherwise modify any of its rights
thereunder. 
 (c) In the event of any downgrade, withdrawal or qualification of the rating of the Acceptable Counterparty by any Approved
Rating Agency such that it ceases to qualify as an Acceptable Counterparty, unless the Counterparty shall have posted collateral on terms acceptable to each Approved Rating Agency, Borrower shall replace the Interest Rate Cap Agreement with a
Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of notice from Lender of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded (i) below BBB+ by
S&P or (ii) below “Baa1” by Moody’s, a Replacement Interest Rate Cap Agreement shall be required regardless of the posting of collateral. 

(d) In the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement or fails to maintain the Interest Rate
Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing such Interest Rate Cap Agreement shall be paid by Borrower to Lender with
interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is reimbursed by Borrower to Lender. 

(e) In connection with the Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion from counsel (which
counsel may be in-house counsel for the Acceptable Counterparty) for the Acceptable Counterparty (upon which Lender and its successors and assigns may rely) which shall provide, in relevant part, that (a
“Counterparty Opinion”): 
 (i) the Acceptable Counterparty is duly organized, validly existing, and
in good standing under the laws of its jurisdiction of incorporation or formation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; 

(ii) the execution and delivery of the Interest Rate Cap Agreement by the Acceptable Counterparty, and any other agreement
which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of
incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; 

  
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 (iii) all consents, authorizations and approvals required for the execution and
delivery by the Acceptable Counterparty of the Interest Rate Cap Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained
and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any Governmental Authority is required for such execution, delivery or performance; and 

(iv) the Interest Rate Cap Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered
pursuant thereto, has been duly executed and delivered by the Acceptable Counterparty and constitutes the legal, valid and binding obligation of the Acceptable Counterparty, enforceable against the Acceptable Counterparty in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law). 
 Section 2.3 Loan Payment. 

2.3.1 Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only
on the Outstanding Principal Balance of the Components from the Closing Date up to and including July 14, 2016, which interest shall be calculated in accordance with the provisions of Section 2.2 and (b) on the Payment Date
occurring on August 9, 2016, and on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount. Borrower shall also pay to Lender on the Closing
Date all amounts required in respect of Reserve Funds as set forth in Article VI and an amount equal to the sum of the initial monthly certificate administrator fee and the initial monthly trustee fee. 

2.3.2 Payments Generally. The first Interest Period hereunder shall commence on and include the Closing Date and shall end on
and include July 14, 2016. Thereafter during the term of the Loan, each Interest Period shall commence on the fifteenth (15th) day of the calendar month preceding the calendar month in
which the related Payment Date occurs and shall end on and include the fourteenth (14th) day of the calendar month in which the related Payment Date occurs. For purposes of making payments
hereunder, but not for purposes of calculating Interest Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of
principal due on the Maturity Date, interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and including the last day of the related Interest Period. All amounts due under this Agreement and the other Loan
Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. 
 2.3.3 Payment on Maturity
Date. Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Documents and the other Loan Documents.

  
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 2.3.4 Late Payment Charge. If any principal, interest or any other sums due under
the Loan Documents (including the amounts due on the Maturity Date but other than any amounts due with respect to Component G) are not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an amount
equal to the lesser of four percent (4%) of such unpaid sum or the Maximum Legal Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such
delinquent payment. Any such amount shall be secured by the Mortgages and the other Loan Documents to the extent permitted by applicable law. 

2.3.5 Method and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this
Agreement and the Note shall be made to Lender not later than 11:00 a.m., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or as
otherwise directed by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

Section 2.4 Prepayments. 

2.4.1 Voluntary Prepayments. Provided that Borrower shall timely deliver to Lender a Prepayment Notice, Borrower may prepay all
or any portion of the Outstanding Principal Balance and any other amounts outstanding under the Note, this Agreement, the Mortgage Documents and any of the other Loan Documents, on any Business Day; provided that Borrower
shall comply with the provisions of and pay to Lender the amounts set forth in Section 2.4.4. Each such prepayment shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof and
shall be made and applied in the manner set forth in Section 2.4.4. 
 2.4.2 Mandatory Prepayments. 

(a) Disqualified Properties. If at any time any Property shall become a Disqualified Property, Borrower shall, no later
than the close of business on the fifth (5th) Business Day following the last day of the applicable Cure Period, give notice thereof to Lender and prepay the Debt in the applicable Release
Amount with respect to such Property. After the prepayment of the Debt by the Release Amount with respect to a Disqualified Property as provided above, Lender shall release the Disqualified Property from the applicable Mortgage Documents and related
Lien, provided, that (x) Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Disqualified Property encumbers other Property(ies) in addition to the
Disqualified Property, such release shall be a partial release that relates only to the Disqualified Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the
jurisdiction in which such Disqualified Property is located and shall contain standard provisions protecting the rights of Lender and (y) Borrower shall pay all costs, taxes and expenses associated with such release (including, without
limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees). Notwithstanding the foregoing, in lieu of such prepayment, Borrower may either (1) deposit an amount equal to 100% of the Allocated Loan Amount
for such Disqualified Property in the Eligibility Reserve Subaccount in accordance with and subject to Section 6.5 or (2) substitute a Disqualified Property or a portfolio  

  
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of Disqualified Properties (each, an “Affected Property” and collectively, the “Affected Properties”) with a substitute Eligible Property or a portfolio of
Eligible Properties (each, a “Substitute Property” and collectively, the “Substitute Properties”) provided that, in the case of a proposed substitution, the following conditions are satisfied:  

(i) each substitute Eligible Property shall be a single family residential real property, but excluding housing cooperatives
and manufactured housing; 
 (ii) no Event of Default shall have occurred and be continuing except as related to, and cured
by the removal of, the Affected Property being substituted; 
 (iii) Lender shall have obtained, at Borrower’s sole cost
and expense, a Broker Price Opinion for the Substitute Property (or Broker Price Opinions for a portfolio of Substitute Properties) and based on such Broker Price Opinion(s), the Substitute Property (or portfolio of Substitute Properties) shall have
the same or greater BPO Value as the greater of (x) the BPO Value of the Affected Property (or portfolio of Affected Properties) being substituted as of the Closing Date and (y) the BPO Value of the Affected Property (or portfolio of
Affected Properties) being substituted at the time of substitution; 
 (iv) Borrower shall deliver to Lender an
Officer’s Certificate stating that each Substitute Property satisfies each of the Property Representations and is in compliance with each of the Property Covenants on the date of the substitution after giving effect to the substitution; 

(v) there is an Eligible Lease for each Substitute Property; 

(vi) the in place Rents under the Lease(s) for the Substitute Property (or Substitute Properties, if a portfolio of Affected
Properties are being substituted) shall be equal to or greater than the greater of (A) the in place Rents under the Lease(s) for the Affected Property (or portfolio of Affected Properties) being substituted measured as of the time of
substitution and (B) the in place Rents under the Lease(s) for the Affected Property (or portfolio of Affected Properties) being substituted measured as of the Closing Date; 

(vii) simultaneously with the substitution, Borrower shall convey all of Borrower’s right, title and interest in, to and
under the Affected Property (or portfolio of Affected Properties) being substituted to a Person other than a Loan Party and Borrower shall deliver to Lender a copy of the deed conveying all or Borrower’s right, title and interest in such
Affected Property (or portfolio of Affected Properties) being substituted; 
 (viii) Borrower shall deliver on or prior to
the date of substitution evidence satisfactory to Lender that each Substitute Property is insured pursuant to Policies meeting the requirements of Article V; 

(ix) Borrower shall deliver to Lender the deed, Title Insurance Owner’s Policy and the Lease with respect to each
Substitute Property; 

  
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 (x) Borrower shall have executed and delivered to Lender, the Mortgage
Documents with respect to each Substitute Property, which shall be in substantially the same form as the Mortgage, Collateral Assignment of Leases and Rents and Fixture Filing, if applicable, executed and/or delivered on the Closing Date with such
changes as may be necessitated or appropriate (as reasonably determined by Lender) for the jurisdiction in which the Substitute Property is located, and which may, in Lender’s reasonable discretion, be Mortgage Documents with respect to only
such Substitute Property (and in the event the Substitute Property is located in the same county or parish in which one or more other Properties (other than the Affected Property or Affected Properties being substituted) is located, such Mortgage
and Collateral Assignment of Leases and Rents may be in the form of an amendment and spreader agreement to the existing Mortgage and Collateral Assignment of Leases and Rents covering such Property or Properties located in the same county or parish
as the Substitute Property, in each case, in form and substance reasonably acceptable to Lender) (the “Substitute Mortgage Documents”);  

(xi) Borrower shall deliver to Lender the following opinions of counsel: (A) an opinion of counsel admitted to practice
under the laws of the state in which the Substitute Property (or portfolio of Substitute Properties) being substituted is located in form and substance reasonably satisfactory to Lender opining as to the enforceability of the Substitute Mortgage
Documents with respect to the Substitute Property and (B) an opinion stating that the Substitute Mortgage Documents were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Substitute Mortgage
Documents and the performance by Borrower of its obligations thereunder will not cause a breach or a default under, any agreement, document or instrument to which Borrower is a party or to which it or the Properties are bound and otherwise in form
and substance reasonably satisfactory to Lender; 
 (xii) Lender shall have received a Title Insurance Policy for the
Substitute Property (or, in the event a Substitute Property is located in the same county or parish in which one or more other Properties (other than an Affected Property being substituted) is located, an endorsement to the existing Title Insurance
Policy with respect to such Property or Properties located in the same county or parish as such Substitute Property in form and substance reasonably satisfactory to Lender) insuring the Lien of the Mortgage encumbering such Substitute Property as a
valid first lien on such Substitute Property, free and clear of all exceptions other than the Permitted Liens; 
 (xiii) each
Substitute Property shall be located in a metropolitan statistical area that contains at least one property described on the Properties Schedule as of the Closing Date, 

(xiv) no acquisition of a Substitute Property will result in Borrower or any Loan Party incurring any Indebtedness (except as
permitted by this Agreement); 
 (xv) the aggregate Allocated Loan Amounts of the Disqualified Properties being substituted,
together with the aggregate Allocated Loan Amounts of all Disqualified Properties that have been substituted with Substitute Properties since the Closing Date, shall be no more than ten percent (10%) of the Initial Principal Balance; 

  
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 (xvi) if any Lien, litigation or governmental proceeding is existing or pending
or, to the actual knowledge of a Responsible Officer of Manager or a Loan Party, threatened against any Affected Property being substituted with a Substitute Property or against such Substitute Property which may result in liability for Borrower,
Borrower shall have deposited with Lender reserves reasonably satisfactory to Lender as security for the satisfaction of such liability; and 

(xvii) Borrower shall pay to Lender all reasonable out-of-pocket costs and expenses incurred by Lender in connection
with the substitution (including, without limitation, costs and expenses incurred by Lender in connection with the release of the Affected Property (or portfolio of Affected Properties) being substituted from applicable Mortgage Documents) and, in
addition, the fee specified on Schedule VI as being assessed by Servicer to effect releases or assignments. 
 Any such deposit in the
Eligibility Reserve Subaccount or any such substitution shall be completed no later than the due date for the prepayment required under this Section 2.4.2(a). Notwithstanding anything to the contrary contained herein or in any other Loan
Document, if the Loan is included in a REMIC Trust, no substitution under this Agreement will be permitted unless (1) either (aa) immediately after such substitution the ratio of the unpaid principal balance of the Loan to the value of the
remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property (other than fixtures) or going concern value, if any) is
equal to or less than 125% or (bb) the ratio of the unpaid principal balance of the Loan to the value of the Properties (including the Substitute Property or Substitute Properties) will not increase as a result of the substitution of the Substitute
Property or Substitute Properties for the Affected Property or Affected Properties, or (2) Lender receives an opinion of counsel that the Securitization will not fail to maintain its status as a REMIC Trust as a result of the substitution of
the Substitute Property or Substitute Properties for the Affected Property or Affected Properties.  
 Simultaneously with the substitution of a
Affected Property, Lender shall release the Affected Property or Affected Properties from the applicable Mortgage Documents and related Lien, provided that Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the
Collateral Assignment of Leases and Rents applicable to the Affected Property or Affected Properties encumbers other Property(ies) in addition to the Affected Property or Affected Properties, such release shall be a partial release that relates only
to the Affected Property or Affected Properties being substituted and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such Affected Property
or Affected Properties are located which contains standard provisions protecting the rights of Lender. 
 (b) Transfer.
If at any time any Property is sold or otherwise disposed of to a third party (other than, for the avoidance of doubt, Borrower TRS), then Borrower shall, no later than the close of business on the day on which such Transfer occurs, give notice
thereof to Lender and prepay the Debt in the applicable Release Amount with respect to such Property in accordance with Section 2.5. 

  
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 (c) Condemnation or Casualty. If Borrower is required to make any prepayment
under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the
amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For the avoidance of doubt, no Spread
Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c). 
 (d)
Application of Mandatory Prepayments. Each such prepayment shall be made and applied in the manner set forth in Section 2.4.4. 

(e) Payment from Cash Management Account. Lender may collect any prepayment required under this Section 2.4.2
from the Cash Management Account on the date such prepayment is payable hereunder. 
 2.4.3 Prepayments After
Default.  
 (a) If, during the continuance of an Event of Default, payment of all or any part of
the Debt is tendered by Borrower and accepted by Lender or is otherwise recovered by Lender (including through application of any Reserve Funds), such tender or recovery shall be deemed to be a voluntary prepayment by Borrower and Borrower shall
pay, as part of the Debt, all of: (i) all accrued interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such prepayment together with an amount equal to the interest that would have
accrued at the Interest Rate on the amount of principal being prepaid through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment, (ii) the Interest
Shortfall, if applicable, with respect to the amount prepaid, (iii) Breakage Costs, if any, without duplication of any sums paid pursuant to the preceding clauses (i) and (ii), and (iv) an amount equal to the Spread
Maintenance Premium (if made before the Spread Maintenance Date). 
 (b) Notwithstanding anything contained herein to the contrary,
upon the occurrence and during the continuance of any Event of Default, any payment of principal, interest and other amounts payable under the Loan Documents from whatever source may be applied by Lender among the Components and other Obligations as
Lender shall determine in its sole and absolute discretion. 
 2.4.4 Prepayment/Repayment Conditions. 

(a) On the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date must be a
Business Day, Borrower shall pay to Lender: 
 (i) all accrued and unpaid interest calculated at the Interest Rate on the
amount of principal being prepaid on the applicable Component or Components through and including the Repayment Date together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid
through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment; 

  
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 (ii) if such prepayment is made during the period from and including the
first day after a Payment Date through and including the last day of the Interest Period in which such prepayment occurs, all interest on the principal amount being prepaid on the applicable Component or Components which would have accrued from the
first day of the Interest Period immediately following the Interest Period in which the prepayment occurs (the “Succeeding Interest Period”) through and including the end of the Succeeding Interest Period, calculated at (A) the
Interest Rate if such prepayment occurs on or after the Determination Date for the Succeeding Interest Period or (B) the Assumed Note Rate if such prepayment occurs before the Determination Date for the Succeeding Interest Period (the
“Interest Shortfall”); 
 (iii) Breakage Costs, if any, without duplication of any sums paid
pursuant to the preceding clauses (i) and (ii); 
 (iv) if such prepayment occurs prior to
the Spread Maintenance Date, the Spread Maintenance Premium applicable thereto; provided, that no Spread Maintenance Premium shall be due in connection with a prepayment under Section 2.4.2(a) (except where
such prepayment arises as a result of a Voluntary Action) or Section 2.4.2(c); and 
 (v) all other sums,
then due under the Note, this Agreement and the other Loan Documents. 
 (b) If the Interest Shortfall for any Floating Rate Component was
calculated based upon the Assumed Note Rate, upon determination of LIBOR on the Determination Date for the Succeeding Interest Period then (i) if the Interest Rate applicable to such Floating Rate Component for such Succeeding Interest Period
is less than the Assumed Note Rate applicable to such Floating Rate Component, Lender shall promptly refund to Borrower the amount of the Interest Shortfall paid with respect to such Floating Rate Component, calculated at a rate equal to the
difference between the Assumed Note Rate applicable to such Floating Rate Component and the Interest Rate applicable to such Floating Rate Component for such Interest Period, or (ii) if the Interest Rate applicable to such Floating Rate
Component is greater than the Assumed Note Rate applicable to such Floating Rate Component, Borrower shall promptly (and in no event later than the ninth (9th) day of the following month) pay
Lender the amount of such additional Interest Shortfall applicable to such Floating Rate Component calculated at a rate equal to the amount by which the Interest Rate applicable to such Floating Rate Component exceeds the Assumed Note Rate
applicable to such Floating Rate Component. 
 (c) Borrower shall pay all reasonable out-of-pocket costs and expenses of Lender
incurred in connection with the repayment or prepayment (including without limitation reasonable attorneys’ fees and expenses and out-of-pocket costs and expenses related to the Transfer or substitution of any Property); provided,
for the avoidance of doubt, this provision shall not apply with respect to Taxes. 

  
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 (d) Except during an Event of Default, prepayments shall be applied by Lender in the
following order of priority: (i) first, to any amounts (other than principal, interest, Interest Shortfall, Breakage Costs and Spread Maintenance Premium) then due and payable under the Loan Documents, including any costs
and expenses of Lender in connection with such prepayment; (ii) second, interest payable pursuant to Section 2.4.4(a)(i) on the applicable Component or Components being prepaid pursuant to this clause
(d) at the Interest Rate; (iii) third, Interest Shortfall (if any) on the applicable Component or Components being prepaid pursuant to this clause (d); (iv) fourth, Breakage Costs
(if any) on the applicable Component or Components being prepaid pursuant to this clause (d); (v) fifth, Spread Maintenance Premium, to the extent applicable, on the applicable Floating Rate Component or Floating
Rate Components being prepaid pursuant to this clause (d) and (vi) sixth, to principal, applied as set forth in clause (e) below. 

(e) Except during an Event of Default, prepayments of principal of the Loan made pursuant to this Section 2.4.4 shall be
applied to the Loan (i) first, to Component A until the Component Outstanding Principal Balance of Component A is reduced to zero, (ii) second, to Component B until the Component Outstanding
Principal Balance of Component B is reduced to zero, (iii) third, to Component C until the Component Outstanding Principal Balance of Component C is reduced to zero, (iv) fourth, to Component D
until the Component Outstanding Principal Balance of Component D is reduced to zero, (v) fifth, to Component E until the Component Outstanding Principal Balance of Component E is reduced to zero,
(vi) sixth, to Component F until the Component Outstanding Principal Balance of Component F is reduced to zero, and (vii) seventh, to Component G until the Component Outstanding Principal Balance
of Component G is reduced to zero; provided, that so long as no Event of Default is continuing, any voluntary prepayments of principal on the Loan made from Unrestricted Cash, other than Debt Yield Cure Prepayments, shall
be applied to the Components of the Loan on a pro rata basis, based on the Component Outstanding Principal Balance of each such Component relative to the aggregate Component Outstanding Principal Balance for all of the Components until the Component
Outstanding Principal Balance for each Component has been reduced to zero. 
 (f) Prepayments under Section 2.4.1
shall reduce the Allocated Loan Amounts for each Property on a pro rata basis. Prepayments under Section 2.4.2 shall reduce the Allocated Loan Amount with respect to the applicable Property, until the Allocated Loan Amount and any
interest, fees or other Obligations related thereto is zero and any excess of such prepayment shall be applied to reduce the Allocated Loan Amounts for the remaining Properties on a pro rata basis. 

(g) Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the Debt in accordance with the terms and
provisions of the Loan Documents, release the Liens of the Mortgage Documents and cause the trustees under any of the Mortgages to reconvey the applicable Properties to Borrower. In connection with the releases of the Liens, Borrower shall submit to
Lender, forms of releases of Liens (and related Loan Documents) for execution by Lender. Such releases shall be the forms appropriate in the jurisdictions in which the Properties are located and contain standard provisions protecting the rights of
Lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such releases, together with an Officer’s Certificate certifying that such documentation (i) is
in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all out-of-pocket costs, taxes and expenses associated with the release of the Liens of the Mortgage
Documents, including Lender’s reasonable attorneys’ fees. 

  
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 Section 2.5 Release of Property. Borrower and Borrower TRS may Transfer any
Property (each, a “Release Property”) and Lender shall release the Release Property from the applicable Mortgage Documents and release the security interest and Lien on any Collateral located at such Release Property, provided that
the following conditions precedent to such Transfer are satisfied (the “Release Conditions”); provided, that, for the avoidance of doubt, the Release Conditions do not need to be satisfied in order for
Lender to release its security interest and Lien on any Disqualified Property in connection with any substitution in accordance with Section 2.4.2(a): 

(a) Borrower shall submit to Lender, not less than ten (10) Business Days prior to the Transfer Date, a Request for Release,
together with all attachments thereto and evidence reasonably satisfactory to Lender that the conditions precedent set forth in this Section 2.5 will be satisfied upon the consummation of such Transfer (for the avoidance of doubt, no
Request for Release need be provided in connection with a contribution of a Release Property to Borrower TRS prior to the Transfer thereof to such third party); 

(b) No Event of Default has occurred and is continuing (other than a non-monetary Event of Default that is specific to such Release
Property to which Section 2.4.2(a) is applicable and would be cured as a result of the release of the Release Property, so long as a mandatory prepayment is made with respect thereto in accordance with Section 2.4.2(a) (a
“Qualified Release Property Default”)); 
 (c) the Debt Yield as of the most recent Calculation Date, after
giving pro forma effect for the elimination of the Underwritten Net Cash Flow for the Release Property and the repayment of the Loan in the applicable Release Amount, is at least the greater of (x) the Closing Date Debt Yield and (y) the
actual Debt Yield as of such date; provided, that the condition in this clause (c) shall not be applicable to a Transfer of a Property if the Loan is prepaid in the amount that is the greater of the applicable
Release Amount and 100% of the Net Transfer Proceeds for the Release Property;  
 (d) Unless the release of the Release
Property is effected in order to cure a Qualified Release Property Default, the Release Property shall be Transferred to a Person other than a Loan Party; provided, that Borrower may contribute the Release Property to Borrower TRS
prior to the Transfer thereof to such third party; 
 (e) Except for (i) a release of the Release Property that is
effected in order to cure a Qualified Release Property Default, (ii) any contribution to Borrower TRS described in the proviso of the foregoing clause (d), (iii) any Transfer of Properties to an Affiliate of
Borrower (excluding any contributions to Borrower TRS permitted pursuant to clause (ii) above) in an aggregate amount equal to or less than five percent (5%) of the number of Properties as of the Closing Date, (iv) a release of
Designated HOA Properties or (v) any other Transfer of Properties with respect to which the Borrower has obtained a Rating Agency Confirmation to the effect that such Transfer shall not cause a downgrade, withdrawal or qualification of the
ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization, the Release Property shall be Transferred pursuant to a bona fide all-cash sale of the Release Property on arm’s-length terms and conditions;

  
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 (f) On or prior to the Transfer Date, Borrower shall prepay the Outstanding Principal
Balance by an amount equal to the applicable Release Amount for the Release Property, and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.4; 

(g) If a Cash Sweep Period is continuing on the Transfer Date, the excess, if any, of (i) the Net Transfer Proceeds for the Release
Property over (ii) the applicable Release Amount for the Release Property and any other amounts payable to Lender in connection with such release, shall be deposited into the Cash Collateral Subaccount; 

(h) Borrower shall submit to Lender, not less than five (5) Business Days’ prior to the Transfer Date, a draft release for the
applicable Mortgage Documents (and, in the event the Mortgage and the Collateral Assignment of Leases and Rents applicable to the Release Property encumber other Property(ies) in addition to the Release Property, such release shall be a partial
release that relates only to the Release Property and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which the Release Property is located and
shall contain standard provisions protecting the rights of Lender. In addition, Borrower shall provide all other documentation of a ministerial or administrative nature that Lender reasonably requires to be delivered by Borrower in connection with
such release or assignment; 
 (i) Borrower shall have paid all taxes and all reasonable out-of-pocket costs and expenses incurred by
Lender and/or its Servicer in connection with any such release and, in addition, the fee specified on Schedule VI as being assessed by Servicer to effect such release; and 

(j) Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust
and the ratio of the unpaid principal balance of the Loan to the value of the remaining Properties (as determined by Lender in its sole discretion using any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value
of any personal property (other than fixtures) or going concern value, if any) exceeds or would exceed 125% immediately after giving effect to the release of the Release Property, no release will be permitted unless the principal balance of the Loan
is prepaid by an amount not less than the greater of (i) the Release Amount or (ii) the least amount that is a “qualified amount” as that term is defined in IRS Revenue Procedure 2010-30, as the same may be amended, replaced,
supplemented or modified from time to time, unless Lender receives an opinion of counsel that, if this Section 2.5(j) is applicable but not followed or is no longer applicable at the time of such release, the Securitization will not fail
to maintain its status as a REMIC Trust as a result of the release of the Release Property. 

  
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 Section 2.6 Rent Deposit Account/Cash Management. 

2.6.1 Rent Deposit Account.  

(a) During the Term, Borrower shall establish and maintain an account for the purpose of collecting Rents (the “Rent Deposit
Account”) at an Eligible Institution selected by Borrower and reasonably approved by Lender (the “Rent Deposit Bank”). Borrower shall require each current and future Tenant to send all payments of Rent (whether by cash,
check or electronic means) directly to the Rent Deposit Bank, payable to Borrower, for deposit into the Rent Deposit Account. On or prior to the Closing Date, the Rent Deposit Bank will be instructed by Borrower to deposit all Rents received with
respect to the Properties directly into the Rent Deposit Account. Without the consent of Lender, neither Borrower nor Manager shall direct or cause the Rent Deposit Bank to deposit Rents in any bank account other than the Rent Deposit Account. If
Borrower or Manager shall receive any Rents, then Borrower shall and shall cause Manager to deposit such Rents into the Rent Deposit Account within three (3) Business Days after receipt thereof by Borrower or Manager. Borrower shall (or
instruct Manager to) cause all funds on deposit in the Rent Deposit Account to be deposited into the Cash Management Account every second (2nd) Business Day (or more frequently in Borrower’s discretion);
provided, that prior to any acceleration of the Loan, Borrower may cause Rent Deposit Account Bank to retain a reasonable amount of funds in the Rent Deposit Account with respect to anticipated overdrafts, charge-backs
and bank fees and any minimum balance required by the Deposit Account Control Agreement or account terms for the Rent Deposit Account, not in excess of $100,000 in the aggregate. Borrower hereby grants to Lender a first-priority security interest in
the Rent Deposit Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Rent Deposit Account, including,
without limitation, filing UCC-1 financing statements and continuations thereof. The Rent Deposit Account shall be subject to a Deposit Account Control Agreement and Borrower and Manager shall have access to and may make withdrawals from and may
direct the Rent Deposit Bank to withhold the deposit of Rent payments from the Rent Deposit Account for the sole purpose of making Rent Refunds; provided, that, in no event shall the amount of Rent Refunds so withdrawn
from or withheld from the Rent Deposit Account during any calendar month exceed two and one-half percent (2.5)% of the total Rents actually deposited into the Rent Deposit Account during the prior calendar month;
provided, further, that during the continuance of an Event of Default, Lender may exercise sole control and dominion over the Rent Deposit Account and neither Borrower nor Manager shall have
the right of access to, withdraw from or to give such direction regarding the Rent Deposit Account. All monies now or hereafter deposited into the Rent Deposit Account shall be deemed additional security for the Debt. 

(b) During the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply
any sums then present in the Rent Deposit Account to the payment of the Debt in any order in its sole discretion. 
 (c) The Rent Deposit
Account shall not be commingled with other monies held by Borrower, Manager or Rent Deposit Bank. 
 (d) Borrower shall not further pledge,
assign or grant any security interest in the Rent Deposit Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing
statements, except those naming Lender as the secured party, to be filed with respect thereto. 

  
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 (e) Borrower shall indemnify Lender and hold Lender harmless from and against any and all
actions, suits, claims, demands, liabilities, losses, damages, obligations and out-of-pocket costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Rent Deposit
Account and/or the related Deposit Account Control Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Rent Deposit Account was established. 

2.6.2 Cash Management Account.  

(a) During the Term, Borrower shall establish and maintain a segregated Eligible Account (the “Cash Management
Account”) to be held by Cash Management Account Bank in trust and for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Lender or the Servicer on behalf of Lender. Borrower hereby grants to
Lender a first-priority security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first-priority security
interest in the Cash Management Account, including, without limitation, filing UCC-1 financing statements and continuations thereof. Borrower will not in any way alter or modify the Cash Management Account. Lender and Servicer on behalf of Lender
shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower. 

(b) The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any payments,
as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) All funds on deposit in the Cash Management Account following the occurrence of an Event of Default may be applied by Lender in such order
and priority as Lender shall determine. 
 (d) In the event of any Transfer of any Property, Borrower or Borrower TRS, as applicable,
shall (or shall cause Manager or the closing title company or escrow agent, as applicable, to) deposit directly into the Cash Management Account the Net Transfer Proceeds for allocation in accordance with the terms of this Agreement. Borrower shall
cause all Cap Receipts to be paid directly to the Cash Management Account. Except as expressly provided herein, Borrower shall, and shall cause Manager to, deposit any other Collections received by or on behalf of Borrower directly into the Cash
Management Account or Rent Deposit Account within three (3) Business Days following receipt thereof; provided, that Insurance Proceeds and Condemnation Proceeds shall be handled in accordance with Sections
5.2, 5.3 and 5.4. 
 (e) Lender may also establish subaccounts of the Cash Management Account which shall at
all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Reserve Funds will be maintained in Subaccounts. 

  
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 (f) The Cash Management Account and all other Subaccounts shall be subject to the Blocked Account
Control Agreement and shall be under the sole control and dominion of Lender or Servicer on behalf of Lender. Neither Borrower nor Manager shall have the right of withdrawal with respect to the Cash Management Account or any Subaccounts except with
the prior written consent of Lender, and neither Borrower, Manager, nor any Person claiming on or behalf of or through Borrower or Manager shall have any right or authority to give instructions with respect to the Cash Management Account or the
Subaccounts. 
 (g) Borrower acknowledges and agrees that Cash Management Account Bank shall comply with (i) the instructions originated
by Lender with respect to the disposition of funds in the Cash Management Account and the Subaccounts without the further consent of Borrower or Manager or any other Person and (ii) all “entitlement orders” (as defined in
Section 8-102(a)(8) of the UCC) and instructions originated by Lender directing the transfer or redemption of any financial asset relating to the Cash Management Account or any Subaccount without further consent by Borrower or any other Person.
The Cash Management Account and each Subaccount is and shall be treated either as a “securities account”, as such term is defined in Section 8-501(a) of the UCC, or a “deposit account”, as defined in
Section 9-102(a)(29) of the UCC. 
 (h) During the Term, Borrower shall not and shall cause Manager not to deposit Rents or other
Collections into any account other than a Rent Deposit Account or the Cash Management Account. 
 2.6.3 Order of Priority of Funds in
Cash Management Account. Unless otherwise directed by Lender during the continuance of an Event of Default pursuant to Section 2.6.4, on each Payment Date during the Term, Collections on deposit in the Cash Management Account
(less any fees and expenses of the Cash Management Account Bank then due and payable) on such day shall be applied on such Payment Date in the following order of priority: 

(a) first, to Borrower, funds sufficient to pay the Rent Refund Monthly Disbursement Amount for such Payment Date, if any;

 (b) second, to the applicable Security Deposit Account, the amount of any security deposits that have been
deposited into the Cash Management Account by Borrower during the calendar month ending immediately prior to such Payment Date, as set forth in a written notice from Borrower to Lender delivered pursuant to Section 4.3.9; 

(c) third, to Lender the amount of any mandatory prepayment of the Outstanding Principal Balance pursuant to
Sections 2.4.2 then due and payable and all other amounts payable in connection therewith, such amounts to be applied in the manner set forth in Section 2.4.4(d); 

(d) fourth, to the Tax Subaccount, to make the required payments of Tax Funds as required under
Section 6.1; 
 (e) fifth, to the Insurance Subaccount, to make any required payments of
Insurance Funds as required under Section 6.2; 

  
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 (f) sixth, to Lender, funds sufficient to pay the Monthly Debt Service Payment Amount,
applied (i) first, to the payment of interest then due and payable on Component A, (ii) second, to the payment of interest then due and payable on Component B, (iii) third, to the payment of interest then due and
payable on Component C, (iv) fourth, to the payment of interest then due and payable on Component D, (v) fifth, to the payment of interest then due and payable on Component E, (vi) sixth, to the payment of
interest then due and payable on Component F, and (vii) seventh, to the payment of interest then due and payable on Component G; 

(g) seventh, to Manager, (i) management fees payable for the calendar month ending immediately prior to such Payment Date,
but not in excess of the Management Fee Cap for such calendar month and (ii) leasing commissions payable for the calendar month ending immediately prior to such Payment Date to Manager, including in respect of leasing commissions payable by
Manager to third-party property managers pursuant to sub-management agreements; 
 (h) eighth, to the
Capital Expenditure Subaccount, to make the required payments of Capital Expenditure Funds as required under Section 6.3; 

(i) ninth, to Lender, any other fees, costs, expenses (including Trust Fund Expenses) or indemnities then due or payable under
this Agreement or any other Loan Document; 
 (j) tenth, all amounts remaining after payment of the
amounts set forth in clauses (a) through (i) above (the “Available Cash”) either: 

(i) if as of a Payment Date no Cash Sweep Period is continuing, any remaining amounts to Borrower’s Operating Account; and

 (ii) if as of a Payment Date a Cash Sweep Period is continuing: 

(A) first, to Borrower’s Operating Account, funds in an amount equal to the Monthly Budgeted Amount; 

(B) second, to Borrower’s Operating Account, payments for Approved Extraordinary Expenses, if any; and 

(C) third, to the Cash Collateral Subaccount to be held or disbursed in accordance with Section 6.6. 

2.6.4 Application During Event of Default. Notwithstanding anything to the contrary contained herein (including
Section 2.6.3), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may apply any Collections then in the possession of Lender, Servicer or the Cash Management Account Bank (including any Reserve
Funds on deposit in the Subaccounts) or the Rent Deposit Bank to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw and apply any of the
foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents. 
 2.6.5
Payments Received in the Cash Management Account. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s
obligations with respect to the payment of the Monthly Debt Service Payment Amount and amounts required to be deposited 

  
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into the Reserve Funds, if any, shall be deemed satisfied to the extent sufficient amounts taking into account the order and priority set forth in Section 2.6.2) are deposited in the
Cash Management Account to satisfy such obligations pursuant to this Agreement on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

Section 2.7 Withholding Taxes.  

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Borrower) requires the deduction or withholding of any Tax from any
such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such
Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 2.7(a)) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in
accordance with applicable law any Other Taxes. 
 (c) Indemnification by the Borrower. The Borrower shall
indemnify Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or
required to be withheld or deducted from a payment to such Lender and any reasonable out-of-pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority
pursuant to this Section 2.7, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Lender. 
 (e) Status of Borrower and Lenders. 

(i) Borrower shall not at any time make an election to be treated as a corporation for U.S. federal income tax purposes but
shall maintain its tax status as either a “disregarded entity” or “partnership” for purposes of U.S. federal income tax purposes. 

(ii) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without
withholding or at a reduced rate of 

  
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withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as
will enable the Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 2.7(e)(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(iii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is
applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States
is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (in the case of an individual) or IRS Form W-8BEN-E (in the case of an entity) establishing an exemption from, or reduction of,
U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (in the case of an individual) or IRS Form W-8BEN-E (in
the case of an entity) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form
W-8BEN or IRS Form W-8BEN-E, as applicable; or 

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

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of any other form
prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to
determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Lender under any Loan Document
would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),
such Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. 
 (f)
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.7 (including
by the payment of additional amounts pursuant to this Section 2.7), it shall pay to the indemnifying party an amount equal to such  

  
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refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this Section 2.7(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this Section 2.7(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.7(f) the
payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 2.7(f) shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 (g) Survival. Each party’s obligations under this Section 2.7 shall survive any assignment of
rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 2.8 Extension of the Initial Maturity Date. Borrower shall have the option to extend the term of the Loan beyond
the Initial Maturity Date of the Loan for three (3) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year each (the Maturity Date
following the exercise of each such option is hereinafter the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: 

(a) no Event of Default shall have occurred and be continuing on the Initial Maturity Date or the then-current Extended Maturity Date (as
applicable); 
 (b) Borrower shall provide Lender with written notice of its election to extend the Maturity Date as aforesaid not later than
twenty (20) days and not earlier than one hundred twenty (120) days prior to the date the Loan is then scheduled to mature. Borrower shall have the right to revoke any notice of its election to extend the Maturity Date by giving written
notice to Lender not less than five (5) Business Days prior to the Initial Maturity Date or the then-current Extended Maturity Date, as applicable (provided that Borrower shall pay all actual out-of-pocket costs and expenses of Lender incurred
in reliance upon the expected extension of the term of the Loan, including any Breakage Costs); 
 (c) Borrower shall obtain and deliver to
Lender on the first day of the applicable Extension Term, one or more Replacement Interest Rate Cap Agreements in form substantially identical to the Interest Rate Cap Agreements delivered to Lender in connection with the closing of the Loan or
otherwise in a form which is reasonably acceptable to the Lender, from an Acceptable Counterparty in a notional amount equal to the aggregate Component Outstanding Principal Balances of the Floating Rate Components, which Interest Rate Cap Agreement
shall be effective commencing on the first date of such Extension Term and shall have a scheduled term that expires not earlier than the last day of the Interest Period in which the applicable Extended Maturity Date is scheduled to occur after
giving effect to the option then being exercised; 

  
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 (d) Borrower shall deliver a Counterparty Opinion with respect to the Replacement Interest Rate
Cap Agreement and the related Acknowledgment and shall deliver to Lender an executed Collateral Assignment of Interest Rate Cap Agreement; 

(e) All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Initial
Maturity Date or the then-current Extended Maturity Date (as applicable), and all reasonable, out-of-pocket costs and expenses of Lender, including fees and expenses of Lender’s counsel, in connection with the Loan and/or the applicable
extension of the Term shall have been paid in full. 
 (f) Borrower shall have delivered to Lender together with its notice pursuant to
Section 2.8(b) and at Lender’s reasonable request, on the commencement date of the applicable Extension Option, an Officer’s Certificate in form reasonably acceptable to the Lender certifying that each of the representations
and warranties of Borrower contained in the Loan Documents is true, complete and correct in all material respects as of the giving of the notice to the extent such representations and warranties are not matters which by their nature can no longer be
true and correct as a result of the passage of time. 
 ARTICLE III - REPRESENTATIONS AND WARRANTIES 

Section 3.1 General Representations. Borrower represents and warrants to Lender as of the Closing Date that, except to the
extent (if any) disclosed on Schedule III with reference to a specific subsection of this Section 3.1: 
 3.1.1
Organization. Each Loan Party has been duly organized and is validly existing with requisite power and authority to own its properties and to transact the businesses in which it is now engaged. Each Loan Party is duly qualified to do
business and in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations, except to the extent that failure to do so would not reasonably be expected to have a Material
Adverse Effect. Each Loan Party possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, except to the extent that
failure to do so could not in the aggregate reasonably be expected to have a Material Adverse Effect. The sole business of Borrower is the acquisition, renovation, rehabilitation, ownership, maintenance, sale, transfer, financing, refinancing,
management, leasing and operation of the Properties and other activity in furtherance thereof; and the sole business of Equity Owner is acting as the sole member of Borrower and any other activity in furtherance thereof, including, providing the
Equity Owner Guaranty and the Equity Owner Security Agreement; and the sole business of the Borrower TRS is the acquisition, ownership, maintenance, sale, transfer, financing, refinancing, management, leasing and operation of the Properties and
other activity in furtherance thereof, including providing the Borrower TRS Guaranty and the Borrower TRS Security Agreement. Each Loan Party is a Special Purpose Entity. 

  
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 3.1.2 Proceedings. Each Loan Party has taken all necessary action to authorize the
execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party. This Agreement and the other Loan Documents have been duly authorized, executed and delivered by or on behalf of each Loan Party party
thereto and constitute legal, valid and binding obligations of each Loan Party party thereto, enforceable against each such Loan Party party thereto in accordance with their respective terms, subject only to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). The
Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by any Loan Party including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder,
render the Loan Documents unenforceable, and no Loan Party has asserted any right of rescission, set-off, counterclaim or defense with respect thereto. 

3.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by each Loan Party
party thereto (i) will not contravene such Loan Party’s organizational documents, (ii) will not result in any violation of the provisions of any Legal Requirement of any Governmental Authority having jurisdiction over any Loan Party
or any of each Loan Party’s properties or assets, (iii) with respect to each Loan Party, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under the terms of any indenture, mortgage,
deed of trust, deed to secure debt, loan agreement, management agreement or other agreement or instrument to which such Loan Party is a party or to, which any of such Loan Party’s property or assets is subject, that would be reasonably expected
to have a Material Adverse Effect and (iv) with respect to each Loan Party, except for Liens created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any of the assets of such Loan
Party. 
 3.1.4 Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority or other entity now pending or, to the actual knowledge of a Responsible Officer of Manager or any Loan Party, threatened, against or affecting any Loan Party or Manager, as applicable, which actions, suits or proceedings (i) involve
the Loan Documents or the transactions contemplated thereby or (ii) if adversely determined, would reasonably be expected to have a Material Adverse Effect. There are no actions, suits or proceedings at law or in equity by or before any
Governmental Authority or other entity that resulted in a judgment against any Loan Party that has not been paid in full that would otherwise constitute an Event of Default. 

3.1.5 Agreements. No Loan Party is a party to any agreement or instrument or subject to any restriction which would reasonably
be expected to have a Material Adverse Effect. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party which default
would be expected to have a Material Adverse Effect. Other than the Loan Documents, no Loan Party has a material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which any Loan Party is a party other than, with respect to Borrower or Borrower TRS, the Management Agreement, the Leases or any other agreement into which Borrower or Borrower TRS is permitted to enter pursuant to the terms of the
Loan Documents. 

  
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 3.1.6 Consents. No consent, approval, authorization or order of any court or
Governmental Authority is required for the execution, delivery and performance by any Loan Party of, or compliance by any Loan Party with, this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby and
thereby, other than those which have been obtained by the applicable Loan Party. 
 3.1.7 Solvency. Each Loan Party has
(a) not entered into the transaction contemplated by this Agreement nor executed any Loan Document with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations
under the Loan Documents. After giving effect to the Loans, each Loan Party is Solvent. No petition in bankruptcy has been filed against any Loan Party in the last seven (7) years, and no Loan Party in the last seven (7) years has made an
assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. No Loan Party is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the
liquidation of all or a major portion of such Person’s assets or property, and to the actual knowledge of any Loan Party, no Person is contemplating the filing of any such petition against any Loan Party. 

3.1.8 Other Debt. No Loan Party has any Indebtedness other than, with respect to Borrower, Permitted Indebtedness, with respect
to Equity Owner, Equity Owner’s Permitted Indebtedness and, with respect to Borrower TRS, Borrower TRS’s Permitted Indebtedness. 

3.1.9 Employee Benefit Matters.  

(a) Assuming no portion of the assets used by Lender to fund the Loan constitutes the assets of an ERISA Plan, the assets of each Loan
Party do not constitute “plan assets” of (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) any “plan” (as defined in Section 4975 of the
Code) that is subject to Section 4975 of the Code or (iii) any employee benefit plan or plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any law, rule or regulation applicable to such Loan
Party which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code (each of clauses (i), (ii) and (iii), an “ERISA Plan”) with the
result that the transactions contemplated by this Agreement, including, but not limited to, the exercise by Lender of any rights under the Loan Documents will constitute a non-exempt prohibited transaction within the meaning of Section 406 of
ERISA or Section 4975 of the Code. No Loan Party or any of its ERISA Affiliates sponsors, maintains or contributes to any Plans or Foreign Plans. No Loan Party has any employees. 

(b) Each Plan (and each related trust, insurance contract or fund) is in compliance in all material respects with its terms and with all
applicable laws, including without limitation ERISA and the Code. Each Plan that is intended to be qualified under Section 401(a) of the Code as currently in effect has been determined by the IRS to be so qualified, and each trust related to
any such Plan has been determined to be exempt from federal income tax under Section 501(a) of the Code as currently in effect, and no event has taken place which could reasonably be expected to cause the loss of such qualified status and
exempt status. With respect to each Plan of a Loan Party, each Loan Party and all of its ERISA Affiliates have satisfied the minimum funding standard under Section 412(a) of the Code and Section 302(a) of ERISA and

  
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paid all required minimum contributions and all required installments on or before the due dates under Section 430(j) of the Code and Section 303(j) of ERISA. No Loan Party or any of
its ERISA Affiliates has filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard. No Loan Party or any of its ERISA Affiliates has incurred any liability to the
PBGC which remains outstanding other than the payment of premiums, and there are no premium payments which have become due which are unpaid. No Plan is in “at risk” status within the meaning of Section 430(i) of the Code or
Section 303(j) of ERISA. There are no existing, pending or threatened in writing claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Plan to
which any Loan Party or any of its ERISA Affiliates has incurred or otherwise has or could have an obligation or any liability. With respect to each Multiemployer Plan to which any Loan Party or any of its ERISA Affiliates is required to make a
contribution, each Loan Party and all of its ERISA Affiliates have satisfied all required contributions and installments on or before the applicable due dates and have not incurred a complete or partial withdrawal under Section 4203 or 4205 of
ERISA. No Plan Termination Event has or is reasonably expected to occur. 
 (c) Each Foreign Plan is in compliance in all material respects
with all laws, regulations and rules applicable thereto and the respective requirements of the governing documents for such plan. The aggregate of the liabilities to provide all of the accrued benefits under each Foreign Plan does not exceed the
current fair market value of the assets held in the trust or other funding vehicle for such plan. There are no actions, suits or claims (other than routine claims for benefits) pending or threatened against any Loan Party or any of its ERISA
Affiliates with respect to any Foreign Plan. 
 3.1.10 Compliance with Legal Requirements. Each Loan Party is in compliance
with all applicable Legal Requirements, except to the extent that any noncompliance would not reasonably be expected to have a Material Adverse Effect. No Loan Party is in default or violation of any order, writ, injunction, decree or demand of any
Governmental Authority, except for any default or violation that would not reasonably be expected to have a Material Adverse Effect. 

3.1.11 Financial Information. All financial data that have been delivered to Lender in connection with the Loan (a) are
true, complete and correct in all material respects (or, to the extent that any such financial data was incorrect in any material respect when delivered, the same has been corrected by financial data subsequently delivered to Lender prior to the
Closing Date), (b) accurately represent the financial condition of the Properties as of the date of such reports (or, to the extent that any such financial data did not accurately represent the financial condition of the Properties when
delivered, the same has been corrected by financial data subsequently delivered to Lender prior to the Closing Date), and (c) have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. The foregoing
representation shall not apply to any such financial data that constitutes projections, provided that Borrower represents and warrants that such projections were made in good faith and that Borrower has no reason to
believe that such projections were materially inaccurate. Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that
are known to Borrower and would reasonably be expected to have a Material Adverse Effect, except as referred to or reflected in said financial statements. Borrower has no liabilities or other obligations that arose or accrued prior to the Closing
Date that would reasonably be expected to have a Material Adverse Effect. Borrower has no known material contingent liabilities. 

  
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 3.1.12 Insurance. Borrower has obtained and delivered to Lender certificates
evidencing the Policies required to be maintained under Section 5.1.1. All such Policies are in full force and effect, with all premiums prepaid thereunder. No claims have been made that are currently pending, outstanding or otherwise
remain unsatisfied under any such Policies that would reasonably be expected to have a Material Adverse Effect. With respect to any Policy, neither Borrower nor, to Borrower’s or Manager’s knowledge, any other Person, has done, by act or
omission, anything which has impaired or would reasonably be expected to impair the coverage of any of the Policies in any material respect. 

3.1.13 Tax Filings. Each Loan Party has filed, or caused to be filed, on a timely basis all Tax returns (including, without
limitation, all foreign, federal, state, local and other Tax returns) required to be filed by it, if any, is not liable for Non-Property Taxes payable by any other Person and has paid or made adequate provisions for the payment of all Non-Property
Taxes (to the extent such Taxes, assessment and other governmental charges exceed $100,000 in the aggregate) payable by such Loan Party except as permitted by Section 4.1.4 or 4.4.5. All material recording or other similar taxes
required to be paid by any Loan Party under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents have been paid.

 3.1.14 Certificate of Compliance; Licenses. All certifications, permits, licenses and approvals, including without
limitation, certificates of completion and occupancy, required of Borrower for the legal use, occupancy and operation of each Property have been obtained and are in full force and effect, except as would not reasonably be expected to have a Material
Adverse Effect. The use being made of each Property is in conformity with the certificate of occupancy issued for such Property, if any. 

3.1.15 Special Purpose Entity/Separateness. 

(a) Since its formation, no Loan Party has conducted any business other than entering into and performing its obligations under the Loan
Documents to which it is a party and as described in the definition of Special Purpose Entity herein. As of the Closing Date, no Loan Party owns or holds, directly or indirectly (i) any capital stock or equity security of, or any equity
interest in, any Person other than a Loan Party or (ii) any debt security or other evidence of indebtedness of any Person, except for Permitted Investments and as otherwise contemplated by the Loan Documents. As of the Closing Date, Borrower
does not have any subsidiaries other than Borrower TRS, and Borrower TRS has no subsidiaries. 
 (b) Any and all of the stated facts and
assumptions made in the Insolvency Opinion, including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all respects, and each Loan Party will have complied and will comply in all material respects,
with all of the stated facts and assumptions made with respect to it in the Insolvency Opinion. Each entity other than a Loan Party with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will
comply, in all material 

  
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respects, with all of the assumptions made and facts stated with respect to it in the Insolvency Opinion. Borrower covenants that in connection with any Additional Insolvency Opinion
delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein, which certificate shall be substantially similar to the representations made in this Section
3.1.15(b). 
 (c) Borrower covenants and agrees that Borrower shall provide Lender with thirty (30) days’ prior written
notice prior to the removal of an Independent Director of any Loan Party. 
 3.1.16 Management. The ownership, leasing,
management and collection practices used by each Loan Party and Manager with respect to the Properties have been, to the actual knowledge of the Responsible Officers of Manager and each Loan Party, in compliance with all applicable Legal
Requirements, and all necessary licenses, permits and regulatory requirements pertaining thereto have been obtained and remain in full force and effect, except to the extent that failure to comply with Legal Requirements and/or obtain such licenses,
permits and regulatory requirements and/or for the same to remain in full force and effect would not reasonably be expected to have a Material Adverse Effect. The Management Agreement is in full force and effect and there is no default thereunder by
any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. 

3.1.17 Illegal Activity. None of the Properties has been or will be purchased with proceeds of any illegal activity. 

3.1.18 No Change in Facts or Circumstances; Disclosure. All information, reports, financial statements, exhibits and schedules
furnished in writing by or on behalf of each Loan Party to Lender in connection with the negotiation, preparation or delivery of this Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or thereto (but
excluding any projections, forward looking statements, budgets, estimates and general market data as to which each Loan Party only represents and warrants that such information was prepared in good faith based upon assumptions believed by it to be
reasonable at the time), when taken as a whole, as of the date furnished, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under
which they were made, not materially misleading. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or
that otherwise does or might result in a Material Adverse Effect. 
 3.1.19 Investment Company Act. Borrower is not
(a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary
company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or
(c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 

  
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 3.1.20 Federal Reserve Regulations. No part of the proceeds of the Loan will be
used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (“Margin Stock”) or for any other purpose which would be
inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements in any material respects or by the terms and conditions of this Agreement or the other Loan Documents. None
of the Collateral is comprised of Margin Stock and less than 25% of the assets of each Loan Party are comprised of Margin Stock. 

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

3.1.22 FIRPTA. No Loan Party is a “foreign person” within the meaning of Section 1445(f)(3) of the Code.

 3.1.23 Contracts.(a) Neither Borrower nor Borrower TRS has entered into, and neither is bound by, any Major Contract
which continues in existence, except those previously disclosed in writing to Lender. 
 (b) Each of the Major Contracts is in full
force and effect, there are no material defaults by Borrower thereunder and, to the knowledge of Borrower and Manager, there are no monetary or other material defaults thereunder by any other party thereto. None of Borrower, Manager or any other
Person acting on Borrower’s behalf has given or received any notice of default under any of the Major Contracts that remains uncured or in dispute. 

(c) Borrower has delivered copies of the Major Contracts (including all amendments and supplements thereto) to Lender that are true, correct
and complete in all material respects. 
 (d) Except for Manager under the Management Agreement, no Major Contract has as a party an
Affiliate of Borrower. All fees and other compensation for services previously performed under the Management Agreement have been paid in full. 

3.1.24 Embargoed Person.  

(a) No Loan Party nor any of its respective officers, directors or members is a Person (or to Borrower’s knowledge, controlled by a
Person): (i) that is listed on a Government List, (ii) is otherwise subject to the provisions of Executive Order 13224 issued on September 24, 2001, (iii) has been previously indicted for or convicted of any felony involving a
crime of moral turpitude or any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony involving a crime of moral turpitude. For purposes hereof, the term “Patriot Act
Offense” means any violation of the criminal laws of the United States or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states,
relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws 

  
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against terrorism; (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or
(E) the Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense.  

(b) At the time Borrower first entered into a Lease with each Tenant (excluding any Carry-Over Tenant), no such Tenant was listed on
either of the Government Lists described in Section 4.1.20. 
 3.1.25 Perfection Representations.  

(a) The Borrower Security Agreement and the Equity Owner Security Agreement and the Borrower TRS Security Agreement create valid and continuing
security interests (as defined in the applicable UCC) in the personal property Collateral in favor of Lender, which security interests are prior to all other Liens arising under the UCC, subject to Permitted Liens, and are enforceable as such
against creditors of each Loan Party, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and to general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity); 
 (b) All appropriate financing statements have been, or
will simultaneously with the execution of this Agreement be, filed in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to Lender hereunder in the Collateral that may be
perfected by filing a financing statement; 
 (c) Other than the security interest granted to Lender pursuant to the Loan Documents, no Loan
Party has pledged, assigned, collaterally assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except to the extent expressly permitted by the terms hereof. No Loan Party has authorized the filing of and is not
aware of any financing statements against any Loan Party that include a description of the Collateral other than any financing statement relating to the security interest granted to Lender hereunder or that has been terminated. 

(d) No instrument or document that constitutes or evidences any Collateral has any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than Lender. 
 (e) The grant of the security interest in the Collateral by each Loan
Party to Lender, pursuant to the Borrower Security Agreement and the Equity Owner Security Agreement and the Borrower TRS Security Agreement is in the ordinary course of business for each Loan Party and is not subject to the bulk transfer or any
similar statutory provisions in effect in any applicable jurisdiction. 
 (f) The chief executive office and the location of each Loan
Party’s records regarding the Collateral are listed on Schedule IV. Except as otherwise disclosed to Lender in writing, each Loan Party’s legal name is as set forth in this Agreement, each Loan Party has not changed its name since
its formation. Except as otherwise listed on Schedule IV, each Loan Party does not have tradenames, fictitious names, assumed names or “doing business as” names and each Loan Party’s federal employer identification number and
Delaware organizational identification number is set forth on Schedule IV. 

  
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 Section 3.2 Property Representations. Borrower represents and warrants to
Lender with respect to each Property as follows: 
 3.2.1 Property/Title.  

(a) Borrower has good and marketable fee simple legal and equitable title to the real property comprising the Property, subject to Permitted
Liens. The Mortgage Documents, when properly recorded and/or filed in the appropriate records, will create (i) a valid, first priority, perfected Lien on Borrower’s interest in the Property, subject only to the Permitted Liens, and
(ii) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to the Permitted Liens. The Permitted Liens with
respect to the Property, in the aggregate, do not have a Material Adverse Effect on the profitability, value, use or operation of the Property or the enforceability, validity or perfection of the lien of the applicable Mortgage. 

(b) All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable
Legal Requirements in connection with the transfer of the Property to Borrower have been paid or are being paid simultaneously herewith. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid under applicable
Legal Requirements in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Mortgage Documents with respect to such Property, including the Mortgages, have been paid or are being paid
simultaneously herewith. All taxes and governmental assessments due and owing in respect of the Property have been paid, or an escrow of funds in an amount sufficient to cover such payments has been established hereunder or are insured against by
the Title Insurance Policy and the Title Insurance Owner’s Policy for such Property. 
 (c) Each Property is comprised of one
(1) or more parcels which constitute separate tax lots and do not constitute a portion of any other tax lot not a part of such Property. 

3.2.2 Adverse Claims. Borrower’s ownership of the Property is free and clear of any Liens other than Permitted Liens.

 3.2.3 Title Insurance Owner’s Policy. Borrower has delivered to Lender either (i) a Title Insurance
Owner’s Policy insuring fee simple ownership of such Property by Borrower in an amount equal to or greater than the initial Allocated Loan Amount of the Property, issued by a title insurance company reasonably acceptable to Lender with no title
exceptions other than Permitted Liens or (ii) a marked or initialed binding commitment that is effective as a Title Insurance Owner’s Policy in respect of such Property in an amount equal to or greater than the initial Allocated Loan
Amount of the Property, issued by a title insurance company reasonably acceptable to Lender with no title exceptions other than Permitted Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other
documents as are necessary for the recordation of the deed for such Property and issuance of such Title Insurance Owner’s Policy. 

  
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 3.2.4 Deed. Borrower has delivered to Lender a copy of a deed for such Property
conveying the Property to Borrower, with vesting in the actual name of Borrower, and Borrower hereby certifies that such Property’s deed has been recorded or presented to and accepted for recording by the applicable title insurance company
issuing the related Title Insurance Owner’s Policy or binding commitment referred to in Section 3.2.3, with all fees, premiums and deed stamps and other transfer taxes paid. 

3.2.5 Mortgage File Required Documents. Borrower has delivered to Lender (a) either (i) certified or file stamped (in
each case by the applicable land registry) original executed Mortgage Documents or (ii) a copy of the Mortgage Documents in recordable form that have been submitted by the title insurance company referred to in Section 3.2.3 for
recording in the jurisdiction in which such Property is located (with Lender and Borrower acknowledging that the Mortgage Documents delivered on the Closing Date consist solely of Mortgages (which include Assignments of Leases and Rents and fixture
filings as a part thereof), and that no separate Assignments of Leases and Rents or Fixture Filings are included as part of the Mortgage Documents delivered at the Closing Date), (b) an opinion of counsel admitted to practice in the state in
which such Property is located in form and substance reasonably satisfactory to Lender in respect of the enforceability of such Mortgage Documents and an opinion of counsel in form and substance reasonably satisfactory to Lender stating that the
Mortgage Documents were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Mortgage Loan Documents and the performance by Borrower of its obligations thereunder will not cause a breach of, or a default
under, any agreement, document or instrument to which Borrower is a party or to which it or such Property is bound, (c) either (x) a Title Insurance Policy insuring the Lien of the Mortgage encumbering such Property, or (y) a marked
or initialed binding commitment that is effective as a Title Insurance Policy in respect of such Property, in each case, issued by the title insurance company referred to in Section 3.2.3 with no title exceptions other than Permitted
Liens, which commitment shall be accompanied by such other affidavits, transfer declarations and other documents specified in such commitment as necessary for the issuance of such Title Insurance Policy, and (d) evidence that all taxes, fees
and other charges payable in connection therewith have been paid in full or delivered to escrow. GRC has delivered to Lender the Closing Date GRC Certificate. 

3.2.6 Property Taxes and HOA Fees. There are no delinquent Property Taxes or HOA Fees outstanding with respect to the Property,
other than Property Taxes or HOA Fees that may exist in accordance with Section 4.4.5. As of the Closing Date, there are no pending or, to Borrower’s or Manager’s knowledge, proposed, special or other assessments for
homeowner’s association improvements affecting the Property that would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. 

3.2.7 Compliance with Renovation Standards. The Property satisfies the Renovation Standards and all renovations thereto have
been conducted in accordance with applicable Legal Requirements, in all material respects. 
 3.2.8 Condemnation; Physical
Condition. The Property has not been condemned in whole or in part. No proceeding is pending or, to the knowledge of Borrower or Manager, threatened in writing for the condemnation of the Property. The Property is in a good, safe and
habitable condition and repair, and free of and clear of any damage or waste that has an Individual Material Adverse Effect on the Property. 

  
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 3.2.9 Brokers. There is no commission or other compensation payable to any broker
or finder in connection with the purchase of the Property by Borrower or its Affiliate that has not been paid. 
 3.2.10
Leasing. As of the Cut-Off Date, or, in case of any Substitute Property, as of the date such Property becomes a Substitute Property, either (i) the Property (other than the Vacant Properties set forth on Schedule X) was leased
by Borrower to an Eligible Tenant pursuant to an Eligible Lease and such Lease was in full force and effect and was not in default in any material respect or (ii) if the Property is a Carry-Over Property, it was leased by Borrower to a
Carry-Over Tenant pursuant to an Eligible Lease and such Lease was in full force and effect and was not in default in any material respect; provided, that prior to entering into any new or renewal Lease with such
Carry-Over Tenant Borrower shall have determined that such Carry-Over Tenant is not listed on a Government List. No Person (other than the Borrower) has any possessory interest in the Property or right to occupy the same except any Tenant under and
pursuant to the provisions of the applicable Lease and any Person claiming rights through any such Tenant. The copy of such Eligible Lease for the Property delivered to Lender is true and complete in all material respects, there are no material oral
agreements with respect thereto. No Rent (including security deposits) has been paid more than one (1) month in advance of its due date. As of the Closing Date, any payments, free rent, partial rent, rebate of rent or other payments, credits,
allowances or abatements required to be given by Borrower to the relevant Tenant has already been provided to such Tenant. 

3.2.11 Insurance. The Property is covered by property, casualty, liability, business interruption, windstorm, flood, earthquake
and other applicable Policies as and to the extent, and in compliance with the applicable requirements of Section 5.1.1 and neither Borrower nor Manager has taken (or omitted to take) any action that has impaired or would reasonably be
expected to impair or invalidate the coverage provided by any such Policies in any material respect. As of the Closing Date, no claims have been made that are currently pending, outstanding or otherwise remain unsatisfied under any such Policies and
would reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. 
 3.2.12 Lawsuits,
Etc. As of the Closing Date, there are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other entity pending or to the actual knowledge of Borrower or Manager, threatened against or affecting
the Property, which actions, suits or proceedings would reasonably be expected to have an Individual Material Adverse Effect on such Property. 

3.2.13 Orders, Injunctions, Etc. There are no orders, injunctions, decrees or judgments outstanding with respect to the Property
that would reasonably be expected to have an Individual Material Adverse Effect on such Property. 

  
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 3.2.14 Agreements Relating to the Properties. Borrower is not a party to any
agreement or instrument or subject to any restriction which would reasonably be expected to have an Individual Material Adverse Effect on such Property. Borrower is not in default in any material respect in the performance, observance or fulfillment
of any of the obligations, covenants or conditions contained in any agreement or instrument to which the Property is bound. Except for the Management Agreement, Borrower does not have a material financial obligation under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument by which the Property is bound, other than obligations under the Loan Documents. Borrower is not in default in any material respect in the performance, observance or fulfillment of any
of the obligations, covenants or conditions contained in any Permitted Lien with respect to any Property. Neither the Property nor any part thereof are subject to any purchase options, rights of first refusal to purchase, rights of first offer to
purchase or other similar rights in favor of any Tenant or other third parties. 
 3.2.15 Accuracy of Information Regarding
Property. All information with respect to the Property included in the Properties Schedule is true, complete and accurate in all material respects. None of the Properties consist of housing cooperatives, manufactured housing, condominiums,
duplexes or townhomes. If the Property is located in Colorado or Nevada, (a) the HOA (if any) affecting such Property is accurately identified on Schedule VIII and (b) the notice address of each such HOA (if any) included in
Schedule VIII hereof (as may be updated by Borrower from time to time by written notice to Lender) is true, complete, and accurate in all respects. Schedule IX (as the same may be updated by Borrower from time to time by delivery to
Lender) is a true, complete and accurate list of all of the Applicable HOA Properties, if any, and the HOAs affecting such Applicable HOA Properties. To Borrower’s knowledge, Schedule IX contains a true, correct and complete notice
address of the HOAs pertaining to the Applicable HOA Properties, if any. 
 3.2.16 Compliance with Legal Requirements. The
Property (including the leasing and intended use thereof) complies with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all certifications, permits, licenses and approvals, including
without limitation, certificates of completion and occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of such Property, except as would not reasonably be expected to have an Individual Material Adverse
Effect with respect to the Property. There is no consent, approval, permit, license, order or authorization of, and no filing with or notice to, any court or Governmental Authority required for the operation, use or leasing of the Property that has
not been obtained, except as would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. There has not been committed by Borrower, or to Borrower’s knowledge, or by any other Person in occupancy
of or involved with the operation, use or leasing of the Property any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof. 

3.2.17 Utilities and Public Access. The Property has rights of access to public ways and is served by water, sewer or septic
system, and storm drain facilities adequate to service the Property for its intended uses and all public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public right-of-way abutting the
Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the applicable Title Insurance Owner’s Policy and
Title Insurance Policy and all roads necessary for the use of the Property for its intended purposes have been completed and dedicated to public use and accepted by all Governmental Authorities, except as would not reasonably be expected to have an
Individual Material Adverse Effect with respect to the Property. 

  
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 3.2.18 Eminent Domain. As of the Closing Date, there is no proceeding pending or,
to Borrower’s or Manager’s knowledge, threatened, for the total or partial condemnation or taking of the Property by eminent domain or for the relocation of roadways resulting in a failure of access to the Property on public roads.

 3.2.19 Flood Zone. The Property is not located in an area identified by the Federal Emergency Management Agency as a
special flood hazard area, or, if so located the flood insurance required pursuant to Section 5.1.1(a) is in full force and effect with respect to the Property. 

3.2.20 Specified Liens. The Property is not subject to any Specified Lien at any time on or after the first anniversary of the
Closing Date. 
 Section 3.3 Survival of Representations. Borrower agrees that all of the representations and
warranties of Borrower set forth in Article III and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by
Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made
by Lender or on its behalf. 
 ARTICLE IV - BORROWER COVENANTS 

Section 4.1 Affirmative Covenants. From the Closing Date and until payment and performance in full of all obligations of
Borrower under the Loan Documents or the earlier release of the Lien of the Mortgages encumbering the Properties (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and
agrees with Lender that: 
 4.1.1 Preservation of Existence. Borrower shall and shall cause each other Loan Party to
(a) observe all procedures required by its organizational documents and preserve and maintain its limited liability company, existence, rights, franchises and privileges in the jurisdiction of its organization, and (b) qualify and remain
qualified in good standing (where relevant) as a foreign limited liability company in each other jurisdiction where the nature of its business requires such qualification and to the extent such concept exists in such jurisdiction except where, in
the case of clause (b), the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. 

4.1.2 Compliance with Legal Requirements. Except with respect to the Properties and the use thereof (which is subject to
Section 4.4.4), Borrower shall and shall cause each other Loan Party to do or cause to be done all things necessary to preserve, renew and keep in full force and effect its rights, licenses and permits and to comply with all Legal
Requirements applicable to it, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. A Loan Party, at such Loan Party’s expense, may contest by appropriate legal proceeding promptly
initiated and conducted in good faith and with due  

  
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diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to a Loan Party or any Property or any alleged violation of any Legal Requirement;
provided, that (a) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which a Loan Party is subject and shall not constitute a default thereunder and such proceeding
shall be conducted in accordance with all applicable Legal Requirements; (b) no Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; and (c) the Loan Party shall
promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement, except to the extent that the failure to do so would not reasonably be expected to
have a Material Adverse Effect. 
 4.1.3 Special Purpose Bankruptcy Remote Entity/Separateness.  

(a) Borrower shall and shall cause each other Loan Party to be and continue to be a Special Purpose Entity. 

(b) Borrower shall and shall cause each other Loan Party to comply in all material respects with all of the stated facts and assumptions made
with respect to the Loan Parties in the Insolvency Opinion and each Additional Insolvency Opinion. Each entity other than a Loan Party with respect to which an assumption is made or a fact stated in the Insolvency Opinion or an Additional Insolvency
Opinion will comply in all material respects with all of the assumptions made and facts stated with respect to it in such Insolvency Opinion or Additional Insolvency Opinion. 

4.1.4 Non-Property Taxes. Borrower shall and shall cause each other Loan Party to file, cause to be filed or obtain an extension
of the time to file, all Tax returns for Non-Property Taxes and reports required by law to be filed by it and to promptly pay or cause to be paid all Non-Property Taxes now or hereafter levied, assessed or imposed on it as the same become due and
payable; provided, that, after prior written notice to Lender of its intention to contest any such Non-Property Taxes, such Loan Party may contest by appropriate legal proceedings conducted in good faith and with due
diligence, the amount or validity of any such Non-Property Taxes and, in such event, may permit the Non-Property Taxes so contested to remain unpaid during any period, including appeals, when a Loan Party is in good faith contesting the same so long
as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal Requirements, (c) no Property or other Collateral nor any part thereof
or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party has set aside on its books adequate reserves in accordance with GAAP, and the non-payment or non-discharge of such
Non-Property Taxes would not reasonably be expected to have a Material Adverse Effect, (e) enforcement of the contested Non-Property Taxes is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or
other Collateral, (f) any Non-Property Taxes determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Non-Property Taxes (when
aggregated with all other Taxes that any Loan Party is then contesting under this Section 4.1.4 or Section 4.4.5 and for which Borrower has not delivered to Lender any Contest Security) exceed $1,000,000, Borrower shall
deliver to Lender either (i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Non-Property  

  
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Taxes, together with all interest and penalties thereon or (ii) a payment and performance bond in an amount equal to one hundred percent (100%) of the contested amount from a surety
acceptable to Lender in its reasonable discretion, (h) failure to pay such Non-Property Taxes will not subject Lender to any civil or criminal liability, (i) such contest shall not affect the ownership, use or occupancy of any Property or
other Collateral, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (a) through
(i) of this Section 4.1.4. Notwithstanding the foregoing, Borrower shall and shall cause each other Loan Party to pay any contested Non-Property Taxes (or, if cash or other security has been provided, Lender may pay over any
such cash or other security held by Lender to the claimant entitled thereto) if, in the Lender’s reasonable judgment, any Property or other Collateral (or any part thereof or interest therein) shall be in danger of being sold, forfeited,
terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien. 

4.1.5 Access to the Properties. Subject to the rights of Tenants, Borrower shall permit agents, representatives and employees of
Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice, subject to the limitations set forth in Schedule VI.  

4.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate reasonably with Lender with respect to any proceedings before any
court, board or other Governmental Authority which is reasonably likely to affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election by
written notice, to participate in any such proceedings. 
 4.1.7 Perform Loan Documents. Borrower shall and shall cause each
other Loan Party to, in a timely manner, observe, perform and satisfy all the terms, provisions, covenants and conditions of the Loan Documents executed and delivered by, or applicable to, the Loan Party, and shall pay when due all costs, fees and
expenses of Lender, to the extent required under the Loan Documents executed and delivered by, or applicable to, the Loan Party. 

4.1.8 Award and Insurance Benefits. Borrower shall cooperate with Lender, in accordance with the relevant provisions of this
Agreement, to enable Lender to receive the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Property, and Lender shall be reimbursed for any expenses reasonably incurred in connection therewith
(including reasonable attorneys’ fees and disbursements, and the payment by the Loan Parties of the reasonable expense of an appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Property or any part thereof) out of
such Insurance Proceeds. 
 4.1.9 Security Interest; Further Assurances. Borrower shall and shall cause each other Loan
Party to take all necessary action to establish and maintain, in favor of Lender a valid and perfected first priority security interest in all Collateral to the full extent contemplated herein, free and clear of any Liens other than Permitted Liens
(including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Lender’s security interest in the 

  
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Collateral). Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect.
Borrower shall and shall cause each other Loan Party to, at the Loan Parties’ sole cost and expense execute any and all further documents, financing statements, agreements, affirmations, waivers and instruments, and take all such further
actions (including the filing and recording of financing statements) that may be required under any applicable Legal Requirement, or that Lender reasonably deems necessary or advisable, in order to grant, preserve, protect and perfect the validity
and priority of the security interests created or intended to be created hereby or by the Collateral Documents or the enforceability of any guaranty or other Loan Document. 

4.1.10 Keeping of Books and Records. Borrower shall keep and maintain or shall cause to be kept and maintained on a calendar
year basis, in accordance with the requirements for a Special Purpose Entity set forth herein and GAAP (or such other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of
the Loan Parties and all items of income and expense in connection with the operation on an individual basis of each Property. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice to examine
such books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower
shall pay any out-of-pocket costs and expenses reasonably incurred by Lender to examine each Loan Parties’ accounting records with respect to the Properties, as Lender shall reasonably determine to be necessary or appropriate in the protection
of Lender’s interest. 
 4.1.11 Business and Operations. Borrower shall directly or through Manager or subcontractors of
Manager (subject to Section 4.2.1), continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, sale, management, leasing and operation of the Properties.
Borrower shall qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Properties, except to the extent
that failure to do so would not reasonably be expected to have a Material Adverse Effect. Borrower or Borrower TRS, as applicable, shall, at all times during the term of the Loan, continue to own or lease all equipment, fixtures and personal
property which are necessary to operate its Properties. 
 4.1.12 Loan Proceeds. Borrower shall use the proceeds of the
Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.5. 
 4.1.13 Performance by
Borrower. Borrower shall and shall cause each other Loan Party to, in a timely manner, observe, perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, such Loan
Party, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower or Equity Owner without the prior written
consent of Lender. 

  
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 4.1.14 Leasing Matters. Borrower shall (a) observe and perform the obligations
imposed upon the lessor under the Leases for the Properties in a commercially reasonable manner; and (b) enforce the terms, covenants and conditions contained in such Leases upon the part of the Tenant thereunder to be observed or performed in
a commercially reasonable manner except in each case to the extent that the failure to do so would not reasonably be expected to have an Individual Material Adverse Effect with respect to a Property. 

4.1.15 Borrower’s Operating Account. Borrower shall establish and maintain an account (the “Borrower’s
Operating Account”) at a bank selected by Borrower and reasonably approved by Lender which shall be an Eligible Institution. Borrower may also establish and maintain subaccounts of Borrower’s Operating Account (which may be ledger or
book entry accounts and not actual accounts). 
 4.1.16 Security Deposits. 

(a) At all times, Borrower shall maintain one or more (if more than one, only the minimum number required by Legal Requirements) Eligible
Accounts for the safe keeping of security deposits (each and collectively, the “Security Deposit Account”) in compliance in all material respects with all applicable Legal Requirements. Borrower shall deposit all security
deposits in its possession on the Closing Date into the Security Deposit Account. Within three (3) Business Days after receipt of any security deposit, Borrower shall deposit the same into the Security Deposit Account (except only as provided
below with respect to combined payments). Except for deposits of de minimis Borrower funds to maintain a minimum balance or to pay fees of the depository bank, Borrower shall insure that no funds from any source shall be deposited into
the Security Deposit Account other than security deposits relating to the Properties and interest paid thereon, and no funds shall be withdrawn except, in accordance with Legal Requirements, (i) to pay refunds of security deposits, (ii) to
pay (or reimburse for payment of) expenses chargeable against security deposits, or (iii) to transfer forfeited security deposits to the Rent Deposit Account or Cash Management Account. Borrower shall maintain complete and accurate books
and records of all transactions pertaining to security deposits and the Security Deposit Account, with sufficient detail to identify all security deposits separate and apart from other payments received from or by Tenants. Only if Borrower
receives a check or other payment that combines a security deposit together with Rent or other amounts owing by a Tenant, then Borrower shall deposit the combined payment into the Rent Deposit Account or Cash Management Account. Promptly
thereafter, Borrower shall submit written notice to Lender identifying the applicable combined payment and requesting return of the security deposit amount from the Cash Management Account, and when the same is paid, Borrower promptly shall deposit
the same into the Security Deposit Account within three (3) Business Days after receipt.
 (b) Any bond or other instrument which
Borrower is permitted to hold in lieu of cash security deposits under applicable Legal Requirements (i) shall be, subject to the applicable Lease and Legal Requirements, maintained in full force and effect in the full amount of such deposits
unless replaced by cash deposits as above described, (ii) shall be issued by an institution reasonably satisfactory to Lender, (iii) shall, if permitted pursuant to Legal Requirements, name Lender as payee or mortgagee thereunder (or at
Lender’s option, be fully assignable to Lender), and (iv) shall in all respects comply with applicable Legal Requirements and otherwise be satisfactory to Lender. Borrower shall, upon request, provide Lender with evidence reasonably
satisfactory to Lender of Borrower’s compliance with the foregoing. 

  
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 (c) Upon Lender’s written request during an Event of Default, Borrower shall deliver (or
cause to be delivered) all security deposits to Lender for safe-keeping, and not for application against the Debt. Upon a foreclosure of any Property or transfer in lieu thereof, Borrower shall deliver to Lender or to an account designed by Lender
the security deposits applicable to such Property for safe-keeping and not for application to the Debt. 
 4.1.17 Investment of Funds
in Cash Management Account, Subaccounts, Rent Deposit Account and Security Deposit Account. Sums on deposit in the Cash Management Account and the Subaccounts may be invested in Permitted Investments. Borrower shall have the right to direct
Cash Management Account Bank to invest sums on deposit in the Cash Management Account and the Subaccounts in Permitted Investments. The Cash Management Account shall be assigned the federal tax identification number of Borrower. Sums on deposit in
the Rent Deposit Account shall not be invested in Permitted Investments and shall be held solely in cash. Subject to any requirements of applicable law, sums on deposit in a Security Deposit Account may be invested in Permitted Investments and
Borrower shall have the right to direct the applicable Security Deposit Bank to invest sums on deposit in such Security Deposit Account in Permitted Investments. The amount of actual losses sustained on a liquidation of a Permitted Investment in the
Cash Management Account, a Subaccount or a Security Deposit Account shall be deposited into the Cash Management Account, the applicable Subaccount or the applicable Security Deposit Account, as applicable, by Borrower no later than one
(1) Business Day following such liquidation. Borrower shall pay any federal, state or local income or other tax applicable to income earned from Permitted Investments. 

4.1.18 Operation of Property.  

(a) Borrower shall (i) cause the Manager to manage the Properties in accordance with the Management Agreement, (ii) diligently
perform and observe all of the terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed and observed, (iii) promptly notify Lender of any default under the Management Agreement of which it is aware;
provided, however, that no such notice is required pursuant to this clause (iii) if (A) the loss or damage from such default under the Management Agreement does not exceed
$50,000 and (B) Borrower determines, in good faith, that such default will not adversely affect the management of any of the Properties or the interests of Lender in such Properties, and (iv) promptly enforce the performance and observance
of all of the covenants required to be performed and observed by the Manager under the Management Agreement in a commercially reasonable manner. If Borrower shall default in the performance or observance of any material term, covenant or condition
of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower from any of
its obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions of the
Management Agreement on the part of Borrower to be performed or observed. In no event shall the management fee payable to the Manager for any calendar month exceed the Management Fee Cap for such calendar month and in no event shall Borrower pay or
become obligated to pay to the Manager, any transition or termination costs or expenses, termination fees, or their equivalent in connection with the  

  
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Transfer of a Property or the termination of the Management Agreement. For the avoidance of doubt, for purposes of this Agreement, management fees shall not be deemed to include leasing
commissions and reimbursements of expenses paid to Manager in the ordinary course of Borrower’s business. 
 (b) If any one or
more of the following events occurs: (i) during the continuance of an Event of Default, (ii) if the Manager shall be in material default under the Management Agreement beyond any applicable notice and cure period (including as a result of
any gross negligence, fraud, willful misconduct or misappropriation of funds), or (iii) if Manager shall become insolvent or a debtor in any bankruptcy or insolvency proceeding, then Lender shall have the right to require Borrower to replace
the Manager and enter into a Replacement Management Agreement with (x) a Qualified Manager selected by Borrower that is not an Affiliate of Borrower or (y) another property manager chosen by Borrower and approved by Lender;
provided, that such approval shall be conditioned upon Borrower delivering a Rating Agency Confirmation as to such property manager. If Borrower fails to select a new Qualified Manager or a replacement Manager that
satisfies the conditions described in the foregoing clause (y) and enter into a Replacement Management Agreement with such Person within sixty (60) days of Lender’s demand to replace the Manager, then Lender may choose the
replacement property manager provided that such replacement property manager is a Qualified Manager or satisfies the conditions set forth in proviso of the foregoing clause (y). 

4.1.19 Anti-Money Laundering. Borrower shall comply and shall cause each other Loan Party to comply in all material respects
with all applicable anti-money laundering laws and regulations, including without limitation the Patriot Act (collectively, the “Anti-Money Laundering Laws”). Borrower (a) has established an anti-money laundering compliance
program as required by the Anti-Money Laundering Laws, (b) has conducted and will conduct the requisite due diligence in connection with the Leases and Tenants for purposes of the Anti-Money Laundering Laws, including with respect to the
legitimacy of the applicable Tenant and the origin of the assets used by said Tenant to lease the applicable Property and (c) maintains and will maintain sufficient information to identify the applicable Tenant for purposes of the Anti-Money
Laundering Laws. Borrower shall provide notice to Lender, within two (2) Business Days, of receipt of any written notice of any Anti-Money Laundering Law violation or action involving a Loan Party. 

4.1.20 Embargoed Persons. Prior to entering into a Lease with a prospective Tenant (excluding any existing Tenant of a Property
that was previously screened in accordance with this Section 4.2.20), Borrower shall confirm that such prospective Tenant is not a Person whose name appears on a Government List. Borrower shall not enter into a Lease with a Person whose
name appears on a Government List unless Borrower determines that such Person is not the terrorist, narcotics trafficker or other Person who is identified on such Government List but merely has the same name as such Person. If notwithstanding such
confirmation, a Responsible Officer of a Loan Party or Manager obtains knowledge that a Tenant is a Person whose name appears on a Government List, it shall promptly provide notice of such fact to Lender within two (2) Business Days of
acquiring knowledge thereof. 

  
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 4.1.21 ERISA Matters. Each Loan Party shall and shall cause each of its ERISA
Affiliates to establish, maintain and operate all Plans to comply in all material respects with the provisions of ERISA, the Code and all applicable laws, the regulations and interpretation thereunder and the respective requirements of the governing
documents for such Plans. Each Loan Party shall and shall cause each of its ERISA Affiliates to establish, maintain and operate all Foreign Plans to comply in all material respects with all laws, regulations and rules applicable thereto and the
respective requirements of the governing documents for such plans. 
 4.1.22 Contribution of Property to Borrower TRS.
If Borrower contributes any Properties to Borrower TRS, then the following covenants shall be applicable:  
 (a) In connection with
the transfer of such Properties to Borrower TRS, Borrower TRS shall expressly acknowledge in the deed or other conveyance document or instrument delivered and recorded in the applicable jurisdiction in which such Properties are located in connection
with the transfer of the Properties to Borrower TRS that Borrower TRS’s title to and interest in such Properties are subject to the Lien, terms and provisions of the applicable Mortgage(s); provided, that for the avoidance of
doubt, the Lien of the Mortgage encumbering any Property contributed to Borrower TRS shall not be released at such time and no new Mortgage shall be executed with respect to or recorded against any Property contributed to Borrower TRS by Borrower;
and 
 (b) Prior to contributing a Property to Borrower TRS, Borrower shall cause TRS to execute and deliver to Lender an assumption of the
Mortgage related to such Property, in form and substance reasonably acceptable to Lender and Borrower. 
 Section 4.2 Negative
Covenants. From the Closing Date until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Mortgages and any other Collateral in accordance with the terms of this
Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that it will not do, directly or indirectly, any of the following: 

4.2.1 Operation of Property. Borrower shall not (a) surrender, terminate, cancel, modify, renew or extend the Management
Agreement, provided, that Borrower may, without Lender’s consent, (x) replace Manager so long as the replacement manager, or a sub-manager of such replacement manager, is a Qualified Manager of the applicable
Properties pursuant to a Replacement Management Agreement and (y) renew and extend the Management Agreement pursuant to the terms thereof, (b) enter into any other agreement relating to the management or operation of a Property with
Manager or any other Person, provided, that Borrower may permit Manager to enter into sub-management agreements with third-party property managers to perform all or any portion of the services by Manager so long as
(i) the fees and charges payable under any such sub-management agreements shall be the sole responsibility of Manager, (ii) Borrower shall have no liabilities or obligations under any such sub-management agreements, (iii) any such
sub-management agreements will be terminable without penalty upon the termination of the Management Agreement and (iv) the third-party property manager under such sub-management agreement enters into an Assignment of Management Agreement with
Manager and Lender, (c) consent to the assignment by Manager of its interest under the Management Agreement, or (d) waive or release any of its rights and remedies under the Management Agreement, in each case without the express consent of
Lender, which consent shall not be unreasonably withheld. If at any time Lender consents to the appointment of a new property  

  
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manager or a Qualified Manager is appointed, such new property manager (including a Qualified Manager) shall execute a Replacement Management Agreement. For the avoidance of doubt, for
purposes of clause (iii) above, payments for services provided during the termination notice period of a sub-management agreement shall not constitute a termination penalty. 

4.2.2 Indebtedness. Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than (a) the Debt
and (b) unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Properties, which in the case of such unsecured trade payables (i) are not evidenced by a note, (ii) do not
exceed, at any time, on an aggregate basis among Borrower and Borrower TRS, a maximum aggregate amount of three percent (3%) of the original principal amount of the Loan and (iii) are paid within thirty (30) days of the date incurred
(collectively, “Permitted Indebtedness”). Borrower shall cause Equity Owner and Borrower TRS not to create, incur, assume or suffer to exist any Indebtedness other than (x) with respect to Borrower TRS, Indebtedness incurred
under the Borrower TRS Guaranty, this Agreement and the other Loan Documents to which it is a party and unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Properties, which in the case
of such unsecured trade payables (i) are not evidenced by a note, (ii) do not exceed, at any time, on an aggregate basis among Borrower and Borrower TRS, a maximum aggregate amount of three percent (3%) of the original principal
amount of the Loan and (iii) are paid within thirty (30) days of the date incurred (collectively, the “Borrower TRS’s Permitted Indebtedness”), and (y) with respect to the Equity Owner, Indebtedness incurred
under the Equity Owner Guaranty, this Agreement and the other Loan Documents to which Equity Owner is a party and unsecured trade payables incurred in the ordinary course of business with respect to Equity Owner, related to the ownership of
membership interest in Borrower and that (i) are not evidenced by a note, (ii) do not exceed, at any time, $25,000 and (iii) are paid within thirty (30) days of the date incurred (collectively, the “Equity Owner’s
Permitted Indebtedness”). For the purposes of this Section 4.2.2, Property Taxes and HOA Fees are not Indebtedness. 

4.2.3 Liens. Borrower shall not and shall cause each other Loan Party not to create or suffer to exist any Liens upon or with
respect to, any Collateral (other than any Property) except for Permitted Liens. 
 4.2.4 Limitation on Investments.
Borrower shall not and shall cause each other Loan Party not to make or suffer to exist any loans or advances to, or extend any credit to, purchase any property or asset or make any investment (by way of transfer of property, contributions to
capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate or any other Person except for (a) investments by Borrower in Borrower TRS and (b) acquisition of
the Properties and related Collateral and Permitted Investments and and contributions of Properties to Borrower TRS as permitted by Section 4.1.22. 

4.2.5 Limitation on Issuance of Equity Interests. Borrower shall not and shall cause each other Loan Party not to issue or sell
or enter into any agreement or arrangement for the issuance and sale of any Equity Interests. 

  
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 4.2.6 Restricted Junior Payments. Borrower shall not make any Restricted Junior
Payment; provided, that Borrower may make Restricted Junior Payments so long as (a) no Event of Default shall then exist or would result therefrom, (b) such Restricted Junior Payments have been
approved by all necessary action on the part of Borrower and in compliance with all applicable laws and (c) such Restricted Junior Payments are paid from Unrestricted Cash. 

4.2.7 Principal Place of Business, State of Organization. Borrower shall not and shall cause each other Loan Party not to change
its name, identity (including its trade name or names), place of organization or formation (as set forth in Section 3.1.25) or Borrower’s or Equity Owner’s limited liability company structure unless Borrower shall have first
notified Lender in writing of such change at least thirty (30) days prior to the effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests
of Lender pursuant to this Agreement, and the other Loan Documents and, in the case of a change in Borrower’s or Equity Owner’s structure, without first obtaining the prior written consent of Lender, which consent may be given or denied in
Lender’s sole discretion. Upon Lender’s request, Borrower shall and shall cause each other Loan Party to, at Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments which may be
necessary to effectively evidence or perfect Lender’s security interest in the Collateral as a result of such change of principal place of business or place of organization. Each Loan Party’s principal place of business and chief executive
office, and the place where each Loan Party keeps its books and records, including recorded data of any kind or nature, regardless of the medium or recording, including software, writings, plans, specifications and schematics, has been for the
preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth in Section 9.6 (unless Borrower notifies Lender in writing at least thirty (30) days prior
to the date of such change). Borrower shall promptly notify Lender of any change in any Loan Party’s organizational identification number. 

4.2.8 Dissolution. Borrower shall not and shall cause each other Loan Party not to (a) engage in any dissolution,
liquidation or consolidation or merger with or into any other business entity, (b) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of any Loan
Party except to the extent permitted by the Loan Documents or (c) terminate its organizational documents or its qualification and good standing in any jurisdiction, except to the extent permitted by Section 4.2.7. 

4.2.9 Change In Business. Borrower shall not, and shall cause Borrower TRS not to, enter into any line of business other than
the acquisition, renovation, ownership, maintenance, transfer, refinancing, holding, marketing, sale, leasing, transfer, management, leasing, operation or financing of the Properties (and any businesses ancillary or related thereto), or make any
material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Borrower shall cause Equity Owner to not engage in any activity
other than acting as the sole member of Borrower (and any business ancillary or related thereto). 
 4.2.10 Debt
Cancellation. Borrower shall not, and shall cause Borrower TRS not to, cancel or otherwise forgive or release any material claim or debt (other than termination of Leases in accordance herewith) owed to such Loan Party by any Person, except
for adequate consideration and in the ordinary course of such Loan Party’s business. 

  
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 4.2.11 Changes to Accounts. Borrower shall not, and shall cause Borrower TRS not
to, (a) open or permit to remain open any cash, securities or other account with any bank, custodian or institution into which Rents or other Collections or any security deposits are deposited other than the Cash Management Account, the
Subaccounts, the Rent Deposit Account, and Security Deposit Accounts, (b) change or permit to change any account number of any of the foregoing accounts, (c) open or permit to remain open any sub-account of the Cash Management Account
(except any Subaccount) or the Rent Deposit Account, (d) permit any funds of Persons other than Borrower or Borrower TRS to be deposited or held in any of the Cash Management Account, the Subaccounts, the Rent Deposit Account or the Security
Deposit Accounts, other than security deposits, or (e) permit any Collections or other proceeds of any Properties to be deposited or held in Borrower’s Operating Account other than cash that is distributed to Borrower pursuant to
Section 2.6.3(j). 
 4.2.12 Zoning. Borrower shall not, and shall cause Borrower TRS not to, initiate or consent
to any zoning reclassification of any portion of any Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Property in any manner that could result in such use becoming a non-conforming use
under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 

4.2.13 No Joint Assessment. Borrower shall not, and shall cause Borrower TRS not to, suffer, permit or initiate the joint
assessment of any Property (a) with any other real property constituting a tax lot separate from such Property, and (b) which constitutes real property with any portion of such Property which may be deemed to constitute personal property,
or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of such Property. 

4.2.14 Limitation on Transactions with Affiliates. Borrower shall not and shall cause each other Loan Party not to enter into,
or be a party to any transaction with any Affiliate of the Loan Parties, except for: (a) the Loan Documents; (b) capital contributions by (i) Sponsor to Equity Owner, (ii) Equity Owner to Borrower or (iii) Borrower to
Borrower TRS; (c) Restricted Junior Payments which are in compliance with Section 4.2.6 and distributions from Borrower TRS to Borrower; (d) the Management Agreement; and (e) to the extent not otherwise prohibited under
this Agreement, other transactions upon fair and reasonable terms materially no less favorable to the Loan Parties than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate. 

4.2.15 ERISA. None of the Loan Parties or their ERISA Affiliates shall establish or be a party to any employee benefit plan
within the meaning of Section 3(2) of ERISA that is a defined benefit pension plan that is subject to Part III of Subchapter D, Chapter 1, Subtitle A of the Code. 

  
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 4.2.16 No Embargoed Persons. At all times throughout the term of the Loan,
including after giving effect to any Transfers permitted pursuant to the Loan Documents, Borrower shall ensure that (a) none of the funds or other assets of any Loan Party shall constitute property of, or shall be beneficially owned, directly
or indirectly, by any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1
et seq., and any Executive Orders or regulations promulgated thereunder, with the result that the investment in any Loan Party (whether directly or indirectly), would be prohibited by law (each, an “Embargoed Person”), or the Loan
made by Lender would be in violation of law, (b) no Embargoed Person shall have any interest of any nature whatsoever in any Loan Party with the result that the investment in any Loan Party (whether directly or indirectly), would be prohibited
by law or the Loan would be in violation of law, and (c) none of the funds of any Loan Party shall be derived from any unlawful activity with the result that the investment in such Loan Party (whether directly or indirectly), would be
prohibited by law or the Loan would be in violation of law. 
 4.2.17 Transfers.  

(a) Borrower acknowledges that Lender has examined and relied on the experience of Borrower and Sponsor in owning and operating properties such
as the Properties in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Properties as a means of maintaining the value of the Properties as security for repayment of the Debt and the performance of the Other
Obligations. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover
the Debt by a sale of the Properties. 
 (b) Without the prior written consent of Lender, and except to the extent otherwise set forth
in this Section 4.2.17, Borrower shall not, and shall not permit any other Person having a direct or indirect ownership or beneficial interest in Borrower to sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options
with respect to or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) (i) any Property or any part thereof or any legal or
beneficial interest therein, or (ii) any interest, direct or indirect, in any Loan Party or any legal or beneficial interest therein (a “Transfer”). 

(c) A Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell one or more
Properties or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a substantial part of any Property for other than actual occupancy by a Tenant thereunder or a sale, assignment or other
transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Transfer of such corporation’s
stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Transfer of
the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Transfer of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the
creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if
no 

  
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managing member, any member) or the Transfer of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership
interest, or the Transfer of non-managing membership interests or the creation or issuance of new non-managing membership interests; or (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Transfer of the
legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests. 
 (d)
Notwithstanding the foregoing, the following Transfers (herein, the “Permitted Transfers”) shall be permitted hereunder without Lender’s consent: 

(i) an Eligible Lease entered into in accordance with the Loan Documents; 

(ii) a Permitted Lien or any other Lien expressly permitted under the terms of the Loan Documents; 

(iii) a Transfer of a Property in accordance with Section 2.5; 

(iv) a substitution of a Property for a Substitute Property in accordance with Section 2.4.2 or
Section 5.3(b), as applicable; 
 (v) the Transfer of any direct or indirect legal or beneficial
interests in any Public Vehicle, including a Public Vehicle which exists on the Closing Date, a Public Vehicle which acquires a direct or indirect legal or beneficial interest in Borrower and Equity Owner after the Closing Date in accordance with
the terms of this Section 4.2.17 or a Person which holds a direct or indirect legal or beneficial interest in Borrower and subsequently becomes a Public Vehicle; 

(vi) a Transfer of any direct or indirect interest in any Loan Party not described in the foregoing clause
(v) provided, that: 
 (A) after giving effect to such Transfer, a Qualified Transferee (x) shall own
not less than fifty-one percent (51%) of the direct or indirect legal and beneficial interests in each Loan Party and (y) shall Control (directly or indirectly) each Loan Party; 

(B) if a Transfer is made pursuant to this clause (vi) and such Transfer shall cause more than ten percent
(10%) of the direct or indirect legal or beneficial interests in each Loan Party to be owned by any Person and its Affiliates that owned less than ten percent (10%) of the direct or indirect legal or beneficial interests in such Loan Party
prior to such Transfer, then Lender shall receive notice of such Transfer not less than (x) if the Qualified Transferee referenced in clause (A) above is not the Sponsor or a one hundred percent (100%) owned subsidiary of the
Sponsor, ten (10) Business Days prior to the consummation thereof or (y) if the Qualified Transferee referenced in clause (A) above is the Sponsor or a one hundred percent (100%) owned subsidiary of the Sponsor, thirty
(30) days following the consummation thereof, but the failure to deliver the notice referred to in this clause (y) shall not constitute an Event of Default unless such failure continues for ten (10) Business Days following
notice of such failure from Lender; 

  
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 (C) each Loan Party shall each continue to be a Special Purpose Entity; 

(D) after giving effect to such Transfer, Equity Owner shall remain the sole member of Borrower and Borrower shall remain the
sole member of Borrower TRS; 
 (E) the Properties shall continue to be managed by Existing Manager or by a Qualified Manager
pursuant to a Replacement Management Agreement; 
 (F) if such Transfer shall cause more than forty-nine percent
(49%) of the direct or indirect interests in each Loan Party to be owned by any Person and its Affiliates that owned less than forty-nine percent (49%) of the direct or indirect interest in each Loan Party prior to such Transfer, Borrower
shall deliver (or cause to be delivered) to Lender an Additional Insolvency Opinion; 
 (G) so long as the Loan is
outstanding, (A) no pledge or other encumbrance of any direct interests in any Restricted Party (other than pledges securing the Obligations pursuant to the Collateral Documents) shall occur, and (B) no Restricted Party shall issue
preferred equity that has the characteristics of mezzanine debt (such as a fixed maturity date, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment); 

(H) Borrower shall provide Lender with copies of all organizational documents and all transaction documents relating to
any Transfer under this clause (vi) involving a direct legal or beneficial interest in any Restricted Party; and 

(I) In connection with any Transfer under this clause (vi), to the extent a transferee shall own ten percent
(10%) or more of the direct or indirect ownership interests in a Loan Party immediately following such transfer (provided such transferee owned less than ten percent (10%) of the direct or indirect ownership interests in a Loan Party as of
the Closing Date), Borrower shall deliver (and Borrower shall be responsible for any reasonable out-of-pocket costs and expenses in connection therewith), customary searches reasonably requested by Lender in writing (including credit, judgment,
lien, litigation, bankruptcy, criminal and watch list) reasonably acceptable to Lender with respect to such transferee. 
 (e)
Following a Permitted Transfer, if Sponsor no longer owns a majority of the direct or indirect interest in Borrower or the Properties, Sponsor shall be released from the Sponsor Guaranty for all liability accruing after the date of such Transfer,
provided that the Qualified Transferee shall execute and deliver to Lender a replacement guaranty in substantially the same form and substance as the Sponsor Guaranty covering all liability accruing from and after the date of such Transfer (but not
any which may have accrued prior thereto). 

  
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 (f) Borrower shall pay all out-of-pocket costs and expenses of Lender in connection with any
Transfer, whether or not such Transfer is deemed to be a Permitted Transfer, including, without limitation, all fees and expenses of Lender’s counsel, whether internal or outside, and the cost of any required counsel opinions related to REMIC
or other securitization or tax issues and any Rating Agency fees. 
 Section 4.3 Reporting Covenants. Borrower shall,
unless Lender shall otherwise consent in writing, furnish or cause to be furnished to Lender the following reports, notices and other documents: 

4.3.1 Financial Reporting. Borrower shall furnish the following financial reports to Lender: 

(a) As soon as available and in any event within forty-five (45) days after the end of each calendar quarter commencing with the calendar
quarter ending September 30, 2016, a balance sheet, statement of operations and retained earnings, and statement of cash flows of Borrower, in each case, as at the end of such quarter and for the period commencing at the end of the immediately
preceding calendar year and ending with the end of such quarter, setting forth in each case in comparative form the figures for the corresponding date or period of the immediately preceding calendar year (if any), all in reasonable detail and
prepared in accordance with GAAP. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof. 

(b) As soon as available, and in any event within ninety (90) days after the end of each calendar year, unaudited copies, and within one
hundred twenty (120) days following the end of each calendar year, audited copies, of a balance sheet, statement of operations and retained earnings, and statement of cash flows of Borrower, in each case, as at the end of such calendar year,
setting forth in each case in comparative form the figures for the immediately preceding calendar year (if any), all in reasonable detail and prepared in accordance with GAAP and the inclusion of footnotes to the extent required by GAAP, such
audited financial statements to be accompanied by a report and an unqualified opinion, prepared in accordance with generally accepted auditing standards, of an Independent Accountant selected by Borrower that is reasonably acceptable to Lender
(which opinion on such consolidated information shall be without (1) any qualification as to the scope of such audit or (2) a “going concern” or like qualification (other than a going concern qualification that relates solely to
the near term maturity of the Loans hereunder)), together with a written statement of such accountants (A) to the effect that, in making the examination necessary for their certification of such financial statements, they have not obtained any
knowledge of the existence of an Event of Default or a Default and (B) if such accountants shall have obtained any knowledge of the existence of an Event of Default or such Default, describing the nature thereof. 

(c) As soon as available, and in any event within forty-five (45) days after the end of each calendar month, commencing with the calendar
month ended July 31, 2016, (i) an operating statement in respect of such calendar month and a calendar year-to-date operating statement for Borrower, (ii) an Officer’s Certificate certifying that such operating statements are
true, correct and complete in all material respects as of their respective dates, and (iii) upon Lender’s request, other information maintained by Borrower in the ordinary course of business that is reasonably necessary and sufficient to
fairly represent the financial position, ongoing maintenance and results of operation of the Properties (on a combined basis) during such calendar month; 

  
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 (d) Simultaneously with the delivery of the financial statements of Borrower required by
clauses (a) and (b) above an Officer’s Certificate certifying (i) that such statements fairly represent the financial condition and results of operations of Borrower as of the end of such quarter or calendar year
(as applicable) and the results of operations and cash flows of Borrower for such quarter or calendar year (as applicable), in accordance with GAAP applied in a manner consistent with that of the most recent audited financial statements of Borrower
furnished to Lender, subject to normal year-end adjustments and the absence of footnotes, (ii) stating that such Responsible Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused to be made
under his or her supervision a review of the condition and operations of the Relevant Parties with a view to determining whether the Relevant Parties are in compliance with the provisions of the Loan Documents to the extent applicable to them, and
that such review has not disclosed, and such Responsible Officer has no knowledge of, the existence of an Event of Default or Default or, if an Event of Default or Default exists, describing the nature and period of existence thereof and the action
which the Relevant Parties propose to take or have taken with respect thereto and (iii) that as of the date of each Officer’s Certificate, no litigation exists involving Borrower (or any Property or Properties) in which the potential
liability of Borrower in such claim or series of related claims thereunder (including claims brought as a class action) is greater than $500,000 or, if involving any single Property, is greater than $250,000, in each case, excluding any liability
covered by insurance, or, if so, specifying such litigation and the actions being taking in relation thereto.  
 (e)
Simultaneously with the delivery of the financial statements of Borrower required by clause (a) above, a calculation of Underwritten Net Cash Flow for the twelve (12) month period ended on the last day of the calendar quarter for
which such financial statements were prepared 
 (f) Simultaneously with the delivery of the financial statements of Borrower
required by clause (a) above, a duly completed Compliance Certificate, with appropriate insertions, containing the data and calculations set forth on Exhibit B; and 

(g) Simultaneously with the delivery of the financial statements of Borrower required by clause (a) above, a certificate
executed by a Responsible Officer of Borrower certifying (i) the current Property Tax assessment amounts payable in respect of each Property, (ii) the payment of all Property Taxes prior to the date such Property Taxes become delinquent,
subject to any contest conducted in accordance with Section 4.4.5 and (iii) if either (A) an Acceptable Blanket Policy is not in place with respect to all Properties or (B) an Acceptable Blanket Policy is in place with
respect to all Properties but Borrower has elected to reinstate deposits of Insurance Premiums to the Insurance Subaccount pursuant to Section 6.2.3, the monthly cost of the Insurance Premiums with respect to the Policies required under
in Section 5.1.1 that are required to be deposited into the Insurance Subaccount pursuant to Section 6.2; 

  
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 4.3.2 Annual Budget. Prior to the Closing Date, Borrower has submitted and Lender
has approved an Annual Budget for the 2016 calendar year (the “Approved Initial Budget”). Borrower shall submit to Lender by November 1 of each year the Annual Budget relating to the Properties for the succeeding calendar year.
During the continuance of a Cash Sweep Period, Lender shall have the right to approve each Annual Budget (which approval shall not be unreasonably, conditioned or delayed withheld so long as no Event of Default is continuing). An Annual Budget
approved by Lender during a Cash Sweep Period or any Annual Budget submitted prior to the commencement of a Cash Sweep Period, shall each hereinafter be referred to as an “Approved Annual Budget”. In the event of a Transfer of any
Property the Approved Annual Budget shall be reduced as reasonably determined by Lender in consultation with Borrower in order to reflect the removal of such Property and the Operating Expenses associated therewith;
provided, further, that no such reduction shall be made in the event such Transfer is made in connection with a substitution under Section 2.4.2(a). If Lender has the right to
approve an Annual Budget pursuant to this Section 4.3.2, neither Borrower nor Manager shall change or modify the Annual Budget that has been approved by Lender without the prior written consent of Lender (which consent shall not be
unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing). The “Monthly Budgeted Amount” for each Payment Date shall mean the monthly amount set forth in the Approved Annual Budget for Operating
Expenses for the Interest Period related to such Payment Date, but excluding management fees and leasing commissions that are distributed pursuant to Section 2.6.3(g), Property Taxes that are required to be deposited into the Tax
Subaccount pursuant to Section 6.1 and Insurance Premiums that are required to be deposited into the Insurance Subaccount pursuant to Section 6.2. If during any Cash Sweep Period, Borrower has submitted an Annual Budget and
such Annual Budget has not been approved prior to the commencement of the calendar year to which such budget relates then the previous Approved Annual Budget shall continue to be deemed to be the Approved Annual Budget for that calendar year.

 4.3.3 Reporting on Adverse Effects. Promptly and in no event more than two (2) Business Days after any Responsible
Officer of any Loan Party obtains knowledge of any matter or the occurrence of any event concerning any other Loan Party which would reasonably be expected to have a Material Adverse Effect, written notice thereof. 

4.3.4 Litigation. Prompt written notice to Lender of any litigation or governmental proceedings pending or to the actual
knowledge of a Responsible Officer of any Loan Party or Manager, threatened in writing against any Loan Party or against Manager with respect to any Property, which would reasonably be expected to have a Material Adverse Effect or an Individual
Material Adverse Effect with respect to any Property. 
 4.3.5 Event of Default. Promptly after any Responsible Officer
of any Loan Party or Manager obtains knowledge of the occurrence of each Event of Default or Default (if such Default is continuing on the date of such notice), a statement of a Responsible Officer of Manager setting forth the details of such Event
of Default or Default and the action which such Loan Party is taking or proposes to take with respect thereto. 
 4.3.6 Other
Defaults. Promptly and in no event more than two (2) Business Days after any Responsible Officer of Borrower or Manager obtains actual knowledge of any default by any Loan Party under any agreement other than the Loan Documents to which
such Loan Party is a party which would reasonably be expected to have a Material Adverse Effect, the statement of a Responsible Officer of Manager setting forth the details of such default and the action which such Loan Party is taking or proposes
to take with respect thereto. 

  
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 4.3.7 Properties Schedule. Borrower shall deliver to Lender no later than the tenth
(10th) Business Day of each calendar month, commencing with the calendar month ended July 31, 2016, (a) an updated Properties Schedule in Excel format containing each of the data
fields set forth on Schedule II.B (other than those under the caption “BPO Values”); provided, that the information under the caption “Underwritten Net Cash Flow” need only be updated in
the Properties Schedule that is delivered in March, June, September and December of each year, commencing with the Properties Schedule delivered in September 2016, (b) a calculation of the monthly turnover rate for the Properties for the prior
calendar month, which shall be equal to the number of Properties that became vacant during such calendar month divided by the daily average number of Properties during such calendar month. The foregoing information shall be delivered together
with a certificate of a Responsible Officer of Borrower certifying that it is true, correct and complete in all material respects (i) with respect to the information in the Properties Schedule other than Underwritten Net Cash Flow data, as of
the last day of the preceding calendar month, (ii) with respect to the Underwritten Net Cash Flow data in the Properties Schedule, for the calendar quarter most recently ended, and (c) with respect to the turnover rate of the Properties,
for the prior calendar month. In addition, the Borrower shall deliver to Lender no later than sixty (60) days after the end of the first three calendar quarters and within ninety (90) days of the fourth calendar quarter of each year,
commencing with the calendar quarter ending September 30, 2016, a report in Excel format containing the information set forth on Schedule II.C presented separately for each MSA (the “Quarterly Investor Rollup Report”).
The foregoing information shall be delivered together with a certificate of a Responsible Officer of Borrower certifying that it is true, correct and complete (i) with respect to the information in the Properties Schedule, as of the last day of
the preceding quarter and (ii) with respect to the turnover rate of the Properties, for the prior calendar quarter. 
 4.3.8
Disqualified Properties. Promptly and in no event more than ten (10) Business Days after any Responsible Officer of Borrower or Manager obtains actual knowledge that any Property fails to comply with the Property Representations or
the Property Covenants, written notice thereof and the action that Borrower is taking or proposes to take with respect thereto. 

4.3.9 Security Deposits in Cash Management Account. Within five (5) days of the last day of each calendar month, commencing
with the calendar month ended July 31, 2016, written notice of the aggregate amount of security deposits deposited into the Cash Management Account during such month; provided, that the notice given for the calendar
month ended July 31, 2016 shall include security deposits deposited into the Cash Management Account during the period from and including the Closing Date through and including July 31, 2016. 

4.3.10 Advance Rents Received. Within five (5) days of the last day of each calendar month, commencing with the calendar
month ended July 31, 2016, written notice of any Advance Rents received during such calendar month and the related Advance Rent Disbursement Schedules; provided, that the notice given for the calendar month ended
July 31, 2016 shall include Advance Rents received by Borrower for the period from and including the Closing Date through and including July 31, 2016. 

  
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 4.3.11 Rent Refunds. Within five (5) days of the last day of each calendar
month, commencing with the calendar month ending July 31, 2016, written notice of any Rent Refund Monthly Disbursement Amount for the Payment Date following such calendar month; provided that the notice given for the
calendar month ending July 31, 2016 shall include Rent Refund Monthly Disbursement Amounts made by Borrower for the period from and including the Closing Date through and including July 31, 2016. 

4.3.12 Certain Late Rent Payments Received. Within forty-five (45) days of the last day of each calendar quarter, beginning
with the calendar quarter ending September 30, 2016, written notice of collections of Rent payable with respect to a calendar month during such calendar quarter that was paid late and received prior to the date that is forty-five (45) days
from but excluding the last day of such calendar quarter. 
 4.3.13 ERISA Matters.  

(a) As soon as reasonably possible, and in any event within thirty (30) days after the occurrence of any ERISA Event, written notice of,
and any requested information relating to such ERISA Event. 
 (b) As soon as reasonably possible after the occurrence of a Plan Termination
Event, written notice of any action that any Loan Party or any of its ERISA Affiliates proposes to take with respect thereto, along with a copy of any notices received from or filed with the PBGC, the IRS or any Multiemployer Plan with respect to
such Plan Termination Event, as applicable. 
 (c) As soon as reasonably possible, and in any event within thirty (30) days after a
Responsible Officer of any Loan Party has actual knowledge of, or with respect to any Plan or Multiemployer Plan to which such Loan Party or any of its ERISA Affiliates makes direct contributions has reason to believe, that any of the events or
conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a Responsible Officer of Borrower setting forth details respecting such event or condition and the action, if any, that the
applicable Loan Party or any of its ERISA Affiliates proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by any such Loan Party or any of its ERISA Affiliates with respect to such
event or condition): 
 (i) any Reportable Event with respect to a Plan, as to which the PBGC has not by regulation or
otherwise waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Code or
Section 302 of ERISA, including the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a Reportable Event regardless of the issuance of any waivers in
accordance with Section 412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan; 

(ii) the distribution under Section 404(c) of ERISA of a notice of intent to terminate any Plan or any action taken by any
Loan Party or any of its ERISA Affiliates to terminate any Plan; 

  
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 (iii) the institution by the PBGC of proceedings under Section 4042 of ERISA
for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by Equity Owner GP, any Loan Party or any of their ERISA Affiliates of a notice from a Multiemployer Plan that such action has been taken by PBGC with
respect to such Multiemployer Plan; 
 (iv) the complete or partial withdrawal from a Multiemployer Plan by any Loan Party or
any of its ERISA Affiliates, as applicable, that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by any Loan Party or any of
its ERISA Affiliates, as applicable, of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;

 (v) the institution of a proceeding by a fiduciary of any Multiemployer Plan against any Loan Party or any of its ERISA
Affiliates, as applicable, to enforce Section 515 of ERISA; and 
 (vi) failure to satisfy Section 436 of the Code.

 4.3.14 Leases. Borrower shall deliver to Lender copies of the executed Leases for the Properties within ten
(10) Business Days of request therefor by Lender. 
 4.3.15 Periodic Rating Agency Information. Borrower shall, or
shall cause Manager to, deliver to Lender, and Lender shall deliver to the Approved Rating Agencies, the information and reports set forth on Schedule V (the “Periodic Rating Agency Information”) at the times set forth
therein. 
 4.3.16 Other Reports. 

(a) Borrower shall deliver to Lender, within ten (10) Business Days of Lender’s request therefor, copies of any requested Property
Tax or insurance bills, statements or invoices received by Borrower or any Loan Party with respect to the Properties. 
 (b) Borrower shall,
as soon as reasonably practicable after request by Lender furnish or cause to be furnished to Lender in such manner and in such detail as may be reasonably requested by Lender, such additional information, documents, records or reports as may be
reasonably requested with respect to the Property or the conditions or operations, financial or otherwise, of the Relevant Parties. 

4.3.17 HOA Reporting. 

(a) The Borrower shall deliver to Lender, within twenty-eight (28) days after the end of each calendar quarter, commencing with the
calendar quarter ending September 30, 2016, a report (the “Quarterly HOA Report”) containing the following information with respect to each Applicable HOA Property, a data tape of such Applicable HOA Properties containing the
following data fields: (x) the data fields set forth on the Properties Schedule under the captions “Property ID”, “YardiCode”, “Property Name”, “Address (Street)”, “City”,

  
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“County”, “State”, “Closest MSA”, and “Zip Code”, (y) the number of HOAs applicable to each such Applicable HOA Property, and (z) for each such
Applicable HOA Property, the HOA name and notice address, the frequency with which payments are due to the HOA, the last HOA payment due date, the next HOA payment due date, the amount owed on the last HOA payment due date, the amount paid with
respect to the last HOA payment due date, the amount due on the next HOA payment due date and annual payments to the HOA, which such Quarterly HOA Report shall be certified by a Responsible Officer of Borrower as true, correct and complete in all
material respects. 
 (b) On or prior to the Closing Date, Borrower shall have delivered to the Lender the Closing Date HOA Opinions and the
Closing Date OSN Certificate. Subject to the remainder of this clause (b), Borrower shall deliver to Lender, within twenty (20) Business Days after June 30 and December 31 of each calendar year, commencing with the date that is
twenty (20) Business Days after December 31, 2016, with respect to each state that is not treated as an Applicable HOA State under this Agreement, one or more legal opinions (which may be in the form of a bring-down or date-down opinion
with respect to an earlier delivered opinion, including, without limitation, the Closing Date HOA Opinion) from a nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender)
opining with respect to each such state in which a Property is located whether such state is an Applicable HOA State (as defined under clause (a) of the definition thereof). Any opinion required to be delivered pursuant to this
Section 4.3.17(b) may be aggregated with any other opinion required to be delivered to Lender (or Servicer on behalf of Lender) so long as all the states in which Properties are located are included in such opinion or opinions and such
opinion or opinions specifically reference this Agreement and otherwise meet the requirements of this Section 4.3.17(b). If, with respect to any state in which a Property is located, (i) Borrower fails to deliver to Lender an
opinion pursuant to this Section 4.3.17(b), the Lender may in its sole and absolute discretion designate such state an Applicable HOA State by written notice to Borrower or (ii) any opinion delivered to Lender pursuant to this
Section 4.3.17(b) shall be materially different from any Closing Date HOA Opinion and such differences are not satisfactory to Lender in its sole and absolute discretion, Lender may request in writing that Borrower obtain a second
opinion from a nationally recognized law firm (or one with prominent standing in the applicable state or otherwise reasonably acceptable to Lender) and deliver such opinion to Lender within twenty (20) Business Days of such written request and
(1) if Borrower fails to deliver such a second opinion to Lender, the Lender may in its sole and absolute discretion designate such state an Applicable HOA State by written notice to Borrower or (2) if any such second opinion delivered to
Lender shall be materially different from any Closing Date HOA Opinion and such differences are not satisfactory to Lender in its sole and absolute discretion and Lender believes in good faith that such state is an Applicable HOA State (as defined
under clause (a) of the definition thereof), Lender may designate such state an Applicable HOA State by written notice to Borrower. In addition, if, as a result of any such differences Lender believes in good faith that any provisions
for the subordination of Liens for HOA Fees to the Lien of the Mortgages are unenforceable under the laws of an Applicable HOA State or that such Lien for HOA Fees would be entitled to Priority, Lender may redesignate all affected HOA Properties in
such Applicable HOA State as Applicable HOA Properties. On the Closing Date, Lender acknowledges based on the Closing Date HOA Opinions and the Closing Date OSN Certificate that there are no Applicable HOA States. Notwithstanding the foregoing or
anything herein to the contrary, Lender shall not be permitted to declare a state an Applicable 

  
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HOA State pursuant to this Section 4.3.17(b) if Lender or its Servicer (excluding any special servicer) has received a legal opinion from a nationally recognized law firm (or one with
prominent standing in the applicable state or otherwise reasonably acceptable to Lender) that if delivered by Borrower and referencing this Agreement would have resulted in such state not being declared an Applicable HOA State. 

(c) If subsequent to the Closing Date there is consummated a securitization of a single borrower single family residential rental
financing similar to the transactions contemplated by this Agreement and such financing contains HOA reporting and/or HOA Opinion delivery requirements and/or HOA Funds reserve requirements that are less burdensome to the borrower thereunder than
those required by this Agreement (including Sections 4.3.17, 4.4.8, 6.1.3, 6.1.4, 6.1.5 and Schedule V), then subject to a Rating Agency Confirmation, Borrower shall have the right to require Lender to amend this
Agreement in a manner consistent with such less burdensome requirements. 
 Section 4.4 Property Covenants.
Borrower shall comply with the following covenants with respect to each Property: 
 4.4.1 Ownership of the Property.
Borrower shall warrant and defend (a) the title to each Property and the related Collateral and (b) the validity and priority of the Lien of the Mortgages on the Properties, in each case against the claims of all Persons whomsoever;
subject only to Permitted Liens and Transfers permitted hereunder. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses) incurred by Lender if an interest in any Property,
other than as permitted hereunder, is claimed by another Person.  
 4.4.2 Liens Against the Property. Borrower shall
not, and shall cause Borrower TRS not to, create, incur, assume or permit to exist any Lien on any direct or indirect interest in any Property, except for the Permitted Liens. 

4.4.3 Condition of the Property. Except if the Property has suffered a Casualty and is in the process being restored in
accordance with Section 5.4, Borrower shall, and shall cause Borrower TRS to, keep and maintain in all material respects all Properties owned by Borrower or Borrower TRS, as applicable, in a good, safe and habitable condition and repair
and free of and clear of any damage or waste, and from time to time make, or cause to be made, in all material respects, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, necessary to comply with the
Renovation Standards and applicable Legal Requirements in all material respects. 
 4.4.4 Compliance with Legal
Requirements. The Property (including the leasing and intended use thereof) shall comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and all
certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits, required for the legal leasing, use, occupancy, habitability and operation of the Property, all such certifications,
permits, licenses and approvals shall be maintained in full force and effect, except as would not reasonably be expected to have an Individual Material Adverse Effect on the Property. Borrower shall, and shall cause Borrower

  
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TRS to, obtain and maintain in full force and effect all consents, approvals, orders, certifications, permits, licenses and authorizations of, and make all filings with or notices to, any court
or Governmental Authority related to the operation, use or leasing of the Property except where the failure to obtain would not reasonably be expected to have an Individual Material Adverse Effect with respect to the Property. Borrower shall not,
and shall not permit Equity Owner, Borrower TRS, any Manager or any other Person in occupancy of or involved with the operation, use or leasing of the Property to, commit any act or omission affording any Governmental Authority the right of
forfeiture as against the Property or any part thereof. 
 4.4.5 Property Taxes and HOA Fees. Borrower shall promptly pay or
cause to be paid all Property Taxes and HOA Fees now or hereafter levied, assessed or imposed on it as the same become due and payable and shall furnish to Lender evidence of payment of Property Taxes and HOA Fees prior to the date the same shall
become delinquent, and shall promptly pay for all utility services provided to the Property as the same become due and payable (other than any such utilities which are, pursuant to the terms of any Lease, required to be paid by the Tenant thereunder
directly to the applicable service provider); provided, that, after prior written notice to Lender of its intention to contest any such Property Taxes and HOA Fees, such Loan Party may contest by appropriate legal
proceedings conducted in good faith and with due diligence, the amount or validity of any such Property Taxes and HOA Fees and, in such event, may permit the Property Taxes and HOA Fees so contested to remain unpaid during any period, including
appeals, when a Loan Party is in good faith contesting the same so long as (a) no Event of Default has occurred and remains uncured, (b) such proceeding shall be permitted under and be conducted in accordance with all applicable Legal
Requirements, (c) no Property or other Collateral nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) the applicable Loan Party has set aside on its books adequate reserves
in accordance with GAAP, and the non-payment or non-discharge of such Property Taxes and HOA Fees would not reasonably be expected to have an Individual Material Adverse Effect on the applicable Property, (d) enforcement of the contested
Property Taxes and HOA Fees is effectively stayed for the entire duration of such contest and no Lien is imposed on any Property or other Collateral which is reasonably expected to have an Individual Material Adverse Effect, (f) any Property
Taxes and HOA Fees determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, (g) to the extent such Property Taxes and HOA Fees (when aggregated with all other
Taxes that any Loan Party is then contesting under Section 4.1.4 or Section 4.4.5 and for which Borrower has not delivered to Lender any Contest Security) exceed $2,500,000, Borrower shall deliver to Lender either
(i) cash, or other security as may be approved by Lender, in an amount sufficient to insure the payment of any such Property Taxes and HOA Fees, together with all interest and penalties thereon or (ii) a payment and performance bond in an
amount equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion, (h) failure to pay such Property Taxes and HOA Fees will not subject Lender to any civil or criminal
liability, (i) such contest shall not affect the ownership, use or occupancy of any Property, and (j) Borrower shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation of the continuing
satisfaction of the conditions set forth in clauses (a) through (i) of this Section 4.4.5. Notwithstanding the foregoing, Borrower shall pay any contested Property Taxes and HOA Fees (or, if cash or other security
has been provided, Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto) if, in the Lender’s reasonable judgment, any Property or other Collateral (or any part thereof or interest therein) shall be
in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of any Collateral Document being primed by any related Lien. 

  
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 4.4.6 Compliance with Agreements Relating to the Properties. Borrower shall not,
and shall cause Borrower TRS not to, enter into any agreement or instrument or become subject to any restriction which would reasonably be expected to have an Individual Material Adverse Effect on any Property. Borrower shall not, and shall cause
Borrower TRS not to, default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which any Property is bound. Borrower shall not, and
shall cause Borrower TRS not to, have a material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument by which any Property is bound, other than obligations under the Loan Documents.
Borrower, shall not and shall cause Borrower TRS not to, default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Lien with respect to any Property.
No Property or any part thereof shall be subject to any purchase options, rights of first refusal, rights of first offer or other similar rights in favor of any Tenant or other third parties. 

4.4.7 Leasing. Borrower shall not, and shall cause the Borrower TRS not to, enter into any Lease (including any renewals or
extensions of any existing Lease) for any Property unless such Lease is an Eligible Lease with an Eligible Tenant or a Carry-Over Tenant. 

4.4.8 Verification of HOA Payments. Borrower shall deliver to Lender, within twenty-eight (28) days after the end of each
calendar quarter, commencing with the calendar quarter ending September 30, 2016, with respect to each Applicable HOA Property, proof of payment of the paid HOA Fees identified in the corresponding Quarterly HOA Report (whether in the form of
cancelled checks, receipts, ACH confirmations, confirmation of electronic payments or other evidence of such payment reasonably satisfactory to Lender) unless such proof of payment has previously been delivered (e.g. quarterly prepayments) as may
reflect that as of the end of such calendar quarter no other amounts (except HOA Fees that may be contested in accordance with Section 4.4.5) remain then due and payable by Borrower or that Borrower has prepaid or otherwise has a
positive credit balance (whether in the form of invoices, payment coupons, account statements, assessment letters, estoppels, receipts or other evidence reasonably satisfactory to Lender). 

ARTICLE V - INSURANCE; CASUALTY; CONDEMNATION 

Section 5.1 Insurance. 

5.1.1 Insurance Policies. 

(a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Properties providing at least the
following coverages: 

  
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 (i) comprehensive “all risk” or special causes of loss form insurance,
as is available in the insurance market as of the Closing Date, including, but not limited to, loss caused by any type of windstorm (including hail) on the Properties (A) in an amount equal to one hundred percent (100%) of the “full
replacement cost”, which for purposes of this Agreement shall mean actual replacement value of the Properties, subject to a loss limit equal to $25,000,000 per occurrence; (B) containing an agreed amount endorsement with respect to the
Improvements and personal property at any Property waiving all co-insurance provisions or to be written on a no co-insurance form and (C) providing for no deductible in excess of $25,000 (it being understood that, so long as no Default or Event
of Default has occurred and is continuing (1) Borrower may utilize a $5,000,000 aggregate deductible stop loss subject to a $25,000 per occurrence deductible and a $25,000 maintenance deductible following the exhaustion of the aggregate,
(2) the aggregate stop loss does not apply to any losses arising from named windstorm, earthquake or flood, (3) the perils of named windstorm or flood shall be permitted to have a per occurrence deductible of fifteen percent (15%) of
the total insurable value of affected Properties (with a minimum deductible of $250,000 per occurrence for any and all affected Properties), (4) the peril of earth movement including but not limited to earthquake shall be permitted to have a
per occurrence deductible of fifteen percent (15%) of the total insurable value of the affected Properties (with a minimum deductible of $250,000 per occurrence for any and all affected Properties) and (5) the peril of “other wind and
hail” shall be permitted to have a per occurrence deductible of fifteen percent (15%) of the total insurable value of the affected Properties (with a minimum deductible of $250,000 per occurrence for any and all affected Properties)). In
addition, Borrower shall obtain (x) if any portion of a Property is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the maximum amount
of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, plus excess amounts as Lender shall require,
(y) named storm insurance in an amount equal to the Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) based upon a storm risk analysis for a 475 year event for the entire portfolio at risk (such analysis to be secured by the
applicable Borrower utilizing a third-party firm qualified to perform such storm risk analysis using the most current RMS software, or its equivalent, to include consideration of storm surge, if applicable, and loss amplification, at the expense of
the applicable Borrower at least one time per year or more frequently as may reasonably be requested by Lender and shared with Lender presented by the Properties located in areas prone to named storm activity); and (z) earthquake insurance in
an amount equal to the Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) based upon a seismic risk analysis for a 475 year event for the entire portfolio at risk (such analysis to be secured by the applicable Borrower utilizing a
third-party firm qualified to perform such seismic risk analysis using the most current RMS software, or its equivalent, to include consideration of loss amplification, at the expense of the applicable Borrower at least one time per year or more
frequently as may reasonably be requested by Lender and shared with Lender presented by the Properties located in areas prone to seismic activity); provided, that the insurance pursuant to clauses (x), (y) and
(z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this Section 5.1.1(a)(i). 

  
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 (ii) business income or rental loss insurance, written on an “Actual Loss
Sustained Basis” (A) with loss payable to Lender for the benefit of Lenders; (B) covering all risks required to be covered by the insurance provided for in Section 5.1.1(a)(i), (iii), (iv) and (viii);
(C) in an amount equal to one hundred percent (100%) of the aggregate projected net income plus continuing expenses from the operation of the Properties for a period of at least twelve (12) months after the date of the Casualty; and
(D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and personal property at a Property has been repaired, the continued loss of income will be insured until such income
either returns to the same level it was at prior to the loss, or the expiration of thirty (30) days from the date that the applicable Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that
the policy may expire prior to the end of such period. The amount of such business income or rental loss insurance shall be determined prior to the Closing Date and at least once each year thereafter based on Borrower’ reasonable estimate
of the net income from each Property for the succeeding twelve (12) month period. All proceeds payable to Lender pursuant to this clause (ii) shall be held by Lender and shall be applied in Lender’s sole discretion to
(x) the Obligations or (y) Operating Expenses approved by Lender in its sole discretion; provided, however, that nothing herein contained shall be deemed to relieve Borrower of their obligation to pay the Obligations
on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

(iii) at all times during which structural construction, repairs or renovations are being made with respect to any
Property, and only if each of the property coverage form and the liability insurance coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance, otherwise known as Owner Contractor’s Protective
Liability (or its equivalent), covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy and (B) the insurance provided for in Section 5.1.1(a) written in a
so-called builder’s risk completed value form including coverage for all insurable hard and soft costs of construction (x) on a non-reporting basis, (y) against all risks insured against pursuant to Section 5.1.1(a)(i), (iii),
(iv) and (viii), (z) including permission to occupy such Property and (C) with an agreed amount endorsement waiving co-insurance provisions; 

(iv) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage
occurring upon, in or about any Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence; Two Million and No/100 Dollars
($2,000,000.00) in the aggregate “per location” and overall $20,000,000.00 in the aggregate; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic
conditions making such protection inadequate and (C) to be at least as broad as Insurance Services Offices (ISO) policy form CG 00 01; 

(v) if applicable, automobile liability coverage for all owned and non-owned vehicles, including rented and leased vehicles,
containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00); 

  
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 (vi) if applicable, worker’s compensation subject to the worker’s
compensation laws of the applicable state, and employer’s liability in amounts reasonably acceptable to Lender; 

(vii) umbrella and excess liability insurance in an amount not less than Fifty Million and No/100 Dollars
($50,000,000.00) per occurrence and in the aggregate on terms consistent with the commercial general liability insurance policy required under Section 5.1.1(a)(iv), and including employer liability and automobile liability, if
applicable; and 
 (viii) upon sixty (60) days’ written notice, such other reasonable insurance, and in such
reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for properties similar to the Properties located in or around the region in which Properties
are located. 
 (b) All Policies required pursuant to Section 5.1.1 shall: (i) be obtained under valid and enforceable
policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds and (ii) be
issued by financially sound and responsible insurance companies authorized to do business in the states where the applicable Properties are located and having a rating of “A3” or better by Moody’s or, if Moody’s does not provide
a rating of an applicable insurance company, a rating of “A-” or better by S&P or Fitch, provided, however, that if Borrower elects to have its insurance coverage provided by a syndicate of insurers, then, if such syndicate
consists of five (5) or more members, (A) at least sixty percent (60%) of the insurance coverage (or seventy-five percent (75%) if such syndicate consists of four (4) or fewer members) and one hundred (100%) of the
first layer of such insurance coverage shall be provided by insurance companies having a rating of “A3” or better by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of “A-”
or better by S&P or Fitch and (B) the remaining forty percent (40%) of the insurance coverage (or the remaining twenty-five percent (25%) if such syndicate consists of four (4) or fewer members) shall be provided by insurance
companies having a rating of “Baa2” by Moody’s or, if Moody’s does not provide a rating of an applicable insurance company, a rating of “BBB” or better by S&P or Fitch. 

(c) All Policies of insurance provided for in Section 5.1.1(a), except for the Policies referenced in
Section 5.1.1(a)(vi), shall contain clauses or endorsements to the effect that: 
 (i) no act or
negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way
affect the validity or enforceability of the insurance insofar as Lender is concerned; 
 (ii) the Policy shall not be
canceled without at least thirty (30) days’ written notice to Lender and any other party named therein as an additional insured (other than in the case of non-payment in which case only ten (10) days prior notice, or the shortest time
allowed by applicable Legal Requirement (whichever is longer), will be required) and shall not be materially changed (other than to increase the coverage provided thereby) without such a thirty (30) day notice; 

  
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 (iii) Lender shall not be liable for any Insurance Premiums thereon or subject to
any assessments thereunder; and 
 (iv) the issuers thereof shall give notice to Lender if a Policy has not been renewed ten
(10) days prior to its expiration. 
 (d) Certificates of insurance evidencing the Policies shall be delivered to Lender on the
Closing Date with respect to the current Policies. Further, not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, Borrower shall deliver to Lender certificates of insurance evidencing the
Policies (and, upon the written request of Lender, copies of such Policies) accompanied by evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”). 

(e) Any blanket insurance Policy shall otherwise provide the same protection as would a separate Policy insuring only the Properties in
compliance with the provisions of Section 5.1.1(a) (any such blanket policy, an “Acceptable Blanket Policy”). 

(f) All Policies of insurance provided for or contemplated by Section 5.1.1(a), except for the Policy referenced in
Section 5.1.1(a)(iv), shall name Borrower as the insured and Lender and its successors and/or assigns as mortgagee and loss payee, as its interests may appear, and in the case of property damage, boiler and machinery, windstorm, flood
and earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender unless below the threshold for Borrower to handle such claim
without Lender intervention as provided in Section 5.2. Additionally, if Borrower obtains property insurance coverage in addition to or in excess of that required by Section 5.1.1(a)(i), then such insurance policies shall
also contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 

(g) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall
have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems
appropriate after three (3) Business Days notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower) to avoid the lapse of any such coverage.
All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Collateral Documents and shall bear
interest at the Default Rate. 
 (h) In the event of foreclosure of the pledge of the Equity Interest of Borrower pursuant to the Equity
Owner Security Agreement the Policies shall remain in full force and effect. 

  
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 Section 5.2 Casualty. If one or more Properties are damaged or destroyed in
whole or in part by fire or other casualty (a “Casualty”) and either (a) the aggregate loss amount is or is reasonably expected to exceed $25,000, or (b) any damaged Property is or is reasonably expected to be rendered
uninhabitable for more than thirty (30) days as a result of the Casualty, then (i) the Borrower is required to file proof of loss under the applicable Policy or Policies and (ii) the Borrower shall give prompt notice of the Casualty
to the Lender. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement)
(x) if an Event of Default is continuing or (y) with respect to any single Casualty event in which the Net Proceeds or the costs of completing the Restoration of the affected Property or Properties are reasonably expected to be equal to or
greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. Any Insurance Proceeds in connection with any Casualty (whether or not Lender elects to settle and
adjust the claim or Borrower settles such claim) shall be due and payable solely to Lender and held by Lender in accordance with the terms of this Agreement. If Borrower or any party other than Lender receives any Insurance Proceeds or Condemnation
Proceeds, Borrower shall immediately deliver such proceeds to Lender and shall endorse, and cause all such third parties to endorse, check payable therefor to the order of Lender. Borrower hereby irrevocably appoints Lender as its attorney-in-fact,
coupled with an interest, to endorse any such check payable to the order of Lender. Borrower hereby releases Lender from any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of any Casualty.

 Section 5.3 Condemnation. Borrower shall promptly give Lender notice of the actual or, to the extent in writing,
threatened commencement of any proceeding for the Condemnation of all or any portion of a Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings,
and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts,
and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an Award of an amount greater than the Casualty Threshold Amount. Notwithstanding any taking by any public or quasi-public
authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its
payment in the Note and in this Agreement and the Debt shall not be reduced until any Condemnation Proceeds shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the
Debt. If Borrower or any party other than Lender receives any Condemnation Proceeds, Borrower shall immediately deliver such proceeds to Lender and shall endorse, and cause all such third parties to endorse, a check payable therefore to the order of
Lender. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. Net Proceeds from a Condemnation shall
be applied as follows: 
 (a) If a partial Condemnation of a Property does not interfere with the use of such Property as a
residential rental property, then the Net Proceeds paid by the condemning authority shall be applied to the prepayment of the Debt in accordance with Section 2.4.2(c).  

  
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 (b) If a partial Condemnation of a Property does interfere with the use of such Property
as a residential rental property or if there occurs a complete Condemnation of a Property (each, a “Fully Condemned Property”), then (i) if no Event of Default shall have occurred and be continuing and, within thirty
(30) days of the date of the occurrence of such Condemnation, Borrower delivers to Lender a written undertaking to substitute the Fully Condemned Property with a Substitute Property in accordance with the requirements of
Section 2.4.2(a), then (A) if Net Proceeds are paid by the condemning authority directly to Borrower subsequent to such substitution, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received
by Borrower prior to such substitution shall be immediately paid to Lender as required by Section 5.2), (B) if Net Proceeds are paid by the condemning authority to Lender, such Net Proceeds will be disbursed by Lender to Borrower
upon the consummation of such substitution and (C) Borrower shall provide a Substitute Property within ten (10) Business Days of the date of such undertaking in accordance with the requirements of Section 2.4.2(a) and
(ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender
any Net Proceeds paid to Borrower, (C) the Net Proceeds shall be applied to the prepayment of the Debt in an amount equal to the Release Amount for the Fully Condemned Property in accordance with Section 2.4.2(c) and
(D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of the Release Amount for the Fully Condemned Property over such Net Proceeds. Promptly following Borrower’s written request after either (1) the
substitution of a Substitute Property for such Fully Condemned Property in accordance with the conditions set forth above or (2) receipt by Lender of the Net Proceeds and payment of the Release Amount for such Property, Lender shall
(x) release the Fully Condemned Property from the applicable Mortgage Documents and related Lien, provided, that (A) Borrower has delivered to Lender a draft release (and, in the event the Mortgage and the Collateral Assignment of Leases
and Rents applicable to the Fully Condemned Property encumbers other Property(ies) in addition to the Fully Condemned Property, such release shall be a partial release that relates only to the Fully Condemned Property and does not affect the Liens
and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such Fully Condemned Property is located and shall contain standard provisions protecting the rights of Lender and
(B) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and (y) disburse to Borrower
(A) in the case of a substitution of a Substitute Property for such Fully Condemned Property, the Net Proceeds paid by the condemning authority and (B) in the case of the payment of the Release Amount for such Property, the Net Proceeds
paid by the condemning authority in excess of the Release Amount for such Property; provided that, during the continuance of a Cash Sweep Period, the applicable Net Proceeds shall instead be delivered to the Cash Collateral Subaccount and disbursed
in accordance with Section 6.6.3. 

  
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 Section 5.4 Restoration. 

The following provisions shall apply in connection with the Restoration of any Property affected by a Casualty: 

(a) If the Net Proceeds reasonably expected to be received in connection with any single Casualty event is less than the Casualty
Threshold Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such Casualty, Borrower delivers to Lender a written undertaking to expeditiously
commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then (A) if Net Proceeds are paid by the insurance company directly to Borrower subsequent to
delivering such undertaking, such Net Proceeds may be retained by Borrower (for the avoidance of doubt, Net Proceeds received by Borrower prior to delivering such undertaking shall be immediately paid to Lender as required by
Section 5.2), (B) if Net Proceeds are paid by the insurance company to Lender, such Net Proceeds will be disbursed by Lender to Borrower and (C) Borrower shall conduct the Restoration of the affected Properties in accordance
with the terms of Section 5.4(c) and (ii) if an Event of Default shall have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender may retain any Net Proceeds received by it,
(B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2, (C) such Net Proceeds shall be applied to the prepayment of the Debt in an amount equal to the Release Amount for
such Property in accordance with Section 2.4.2(c), (D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of the Release Amount for such Property over such Net Proceeds, and (E) promptly following
Borrower’s written request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause (D) above, if any, Lender shall (x) release the affected Properties from the applicable Mortgage
Documents and related Liens, provided, that (A) Borrower has delivered to Lender draft releases (and, in the event any of the Mortgages and the Assignments of Leases and Rents applicable to any of the affected Properties encumber other
Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected Property(ies) and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and
substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions protecting the rights of Lender and (B) Borrower shall pay all costs, taxes and expenses associated with such release
(including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and (y) disburse to Borrower (A) in the case of a substitution of a Substitute Property for such Property, the Net
Proceeds paid by the insurance company and (B) in the case of the payment of the Release Amount for such Property, the Net Proceeds paid by the insurance company in excess of the Release Amount for such Property, if any;
provided that, during the continuance of a Cash Sweep Period, the applicable Net Proceeds shall instead be delivered to the Cash Collateral Subaccount and disbursed in accordance with Section 6.6.3. 

(b) If the Net Proceeds reasonably expected to be received in connection with any single Casualty event is greater than the Casualty
Threshold Amount, then, (i) if no Event of Default shall have occurred and be continuing and, within sixty (60) days of the date of the occurrence of such Casualty, Borrower delivers to Lender a written undertaking to expeditiously
commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, then (A) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as
required by Section 5.2 and (B) Borrower shall conduct the Restoration of the affected Properties in accordance with the terms of and subject to the conditions of Section 5.4(d) and (ii) if an Event of Default shall
have occurred and be continuing or Borrower fails to deliver such an undertaking to Lender, then (A) Lender  

  
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may retain any Net Proceeds received by it, (B) Borrower shall immediately deliver to Lender any Net Proceeds paid to Borrower as required by Section 5.2, (C) such Net
Proceeds shall be applied to the prepayment of the Debt in an amount equal to the Release Amount for such Property in accordance with Section 2.4.2(c), (D) Borrower shall prepay the Loan in an amount equal to the excess, if any, of
the Release Amount for the affected Properties over such Net Proceeds, and (E) promptly following Borrower’s written request and receipt by Lender of the Net Proceeds and payment by Borrower of the amounts set forth in clause
(D) above, if any, Lender shall (x) release the affected Properties from the applicable Mortgage Documents and related Liens, provided, that (A) Borrower has delivered to Lender draft releases (and, in the event any of the
Mortgages and the Assignments of Leases and Rents applicable to any of the affected Properties encumber other Property(ies) in addition to the affected Properties, such release shall be a partial release that relates only to the affected
Property(ies) and does not affect the Liens and security interests encumbering or on the other Property(ies)) in form and substance appropriate for the jurisdiction in which such affected Properties are located and shall contain standard provisions
protecting the rights of Lender and (B) Borrower shall pay all costs, taxes and expenses associated with such release (including, without limitation, cost to file and record the release and Lender’s reasonable attorneys’ fees) and
(y) disburse to Borrower (A) in the case of a substitution of a Substitute Property for such Property, the Net Proceeds paid by the insurance company and (B) in the case of the payment of the Release Amount for such Property, the Net
Proceeds paid by the insurance company in excess of the Release Amount for such Property, if any; provided that, during the continuance of a Cash Sweep Period, the applicable Net Proceeds shall instead be delivered to the
Cash Collateral Subaccount and disbursed in accordance with Section 6.6.3. 
 (c) If Borrower elects to undertake the
Restoration a Property or Properties pursuant to Section 5.4(a), (i) Borrower shall, subject to applicable Legal Requirements, commence the Restoration as soon as reasonably practicable (but in no event later than ninety
(90) days after such Casualty occurs) and shall diligently pursue the same to satisfactory completion; (ii) Borrower shall cause the affected Property and the use thereof after the Restoration to be in compliance in all material respects
with and permitted under all applicable Legal Requirements and such Property, after Restoration, shall be of the same character as prior to such damage or destruction, in all material respects; (iii) the Restoration shall be done and completed
by Borrower in an expeditious and diligent fashion and in compliance in all material respects with all applicable Legal Requirements and the Renovation Standards and (iv) for any Restoration of a Property with a total expected cost exceeding
$25,000, Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably
acceptable to Lender. 
 (d) If Borrower elects to undertake the Restoration of a Property or Properties pursuant to
Section 5.4(b), the following provisions shall apply: 
 (i) the Net Proceeds shall be made available to
Borrower for Restoration upon the determination of Lender that the following conditions are met: (A) Borrower shall, subject to applicable Legal Requirements, commence the Restoration as soon as reasonably practicable (but in no event later
than ninety (90) days after such Casualty occurs) and shall diligently pursue the same to satisfactory completion; (B) Lender shall 

  
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be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the Properties as a result of the
occurrence of the Casualty, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 5.1.1(a)(ii), if applicable, or (3) by other funds of Borrower;
(C) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) the date six (6) months prior to the Initial Maturity Date, as extended pursuant to Section 2.8, (2) the
earliest date required for such completion under the terms of any Lease, (3) such time as may be required under applicable Legal Requirements or (4) six (6) months prior to the expiration of the insurance coverage referred to in
Section 5.1.1(a)(ii); (D) Borrower shall cause the affected Property and the use thereof after the Restoration to be in compliance with and permitted under all applicable Legal Requirements and such Property, after Restoration,
shall be of the same character as prior to such damage or destruction; (E) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance in all material respects with all applicable Legal
Requirements and the Renovation Standards; (F) for any Restoration of a Property with a total expected cost exceeding $25,000, Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by
Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Lender and (G) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with
Lender are sufficient in Lender’s discretion to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be
held by Lender in the Casualty and Condemnation Subaccount and, until disbursed in accordance with the provisions of this Section 5.4(d), shall constitute additional security for the Debt and other obligations under the Loan Documents.
The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work and labor performed
(except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s
liens or notices of intention to file same, or any similar liens or encumbrances on the Properties which have not been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the satisfaction of
Lender by the title company issuing the Title Insurance Policy. 
 (iii) All plans and specifications required in connection
with the Restoration shall be subject to the prior approval of Lender and an independent consulting engineer selected by Lender (the “Casualty Consultant”) and, in each case such approval shall not be unreasonably withheld,
conditioned or delayed. Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen
engaged in the Restoration, as well as the contracts under which they have been engaged, shall be subject to the approval of Lender and the Casualty Consultant, in each case such approval shall not be unreasonably withheld, conditioned or delayed.
All costs and expenses incurred by Lender in connection with recovering, holding and advancing the Net Proceeds for the Restoration including, without limitation, reasonable attorneys’ fees and disbursements and the Casualty Consultant’s
fees and disbursements, shall be paid by Borrower. 

  
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 (iv) In no event shall Lender be obligated to make disbursements of the
Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, less the Casualty Retainage. The term “Casualty
Retainage” shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by
the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 5.4(d), be less than the amount actually held back
by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the
provisions of this Section 5.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to Lender that
the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage
being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which (x) the Casualty Consultant certifies to Lender that such contractor, subcontractor or materialman has satisfactorily
completed all work and has supplied all materials in accordance with the provisions of such contractor’s, subcontractor’s or materialman’s contract, (y) the contractor, subcontractor or materialman delivers the lien waivers and
evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and (z) Lender receives an endorsement to the Title
Insurance Policy insuring the continued priority of the Lien of the Mortgage and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by
the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 

(v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 (vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in
consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the
deficiency (the “Net Proceeds Deficiency”) with Lender (for deposit into the Casualty and Condemnation Subaccount) before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender
shall be deposited by Lender into the Casualty and Condemnation Subaccount and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so
disbursed pursuant to this Section 5.4(d) shall constitute additional security for the Obligations. 

  
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 (vii) The excess, if any, of the Net Proceeds and the remaining balance,
if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 5.4(d), and the receipt by Lender of
evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing.

 (e) All reasonable out-of-pocket costs and expenses incurred by Lender in connection with any Restoration including, without
limitation, reasonable attorneys’ fees and disbursements, shall be paid by Borrower. 
 (f) Notwithstanding anything to the
contrary set forth in this Agreement, including the provisions of Section 5.3 or Section 5.4, if the Loan is included in a REMIC Trust and, immediately following a release of any portion of the Lien of a Mortgage following a
Casualty or Condemnation of a Property (but taking into account any proposed Restoration of the remaining portion of such Property), the ratio of the unpaid principal balance of the Loan to the value of the remaining Properties is greater than 125%
(such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC Trust; and which shall exclude the value of personal property (other than fixtures) or going concern value, if any), the
Outstanding Principal Balance must be paid down (by application of the Net Proceeds or Award, as applicable, or if such amounts are not sufficient, by Borrower) by a “qualified amount” as that term is defined in the IRS Revenue Procedure
2010-30, as the same may be amended, replaced, supplemented or modified from time to time, unless Lender receives an opinion of counsel that if such amount is not paid, the applicable Securitization will not fail to maintain its status as a REMIC
Trust as a result of the related release of such portion of the Lien of such Mortgage. If and to the extent the preceding sentence applies, only such amount of the net Award or net Insurance Proceeds (as applicable), if any, in excess of the amount
required to pay down the principal balance of the Loan may be released for purposes of Restoration or released to Borrower as otherwise expressly provided in Section 5.3 or Section 5.4. 

(g) In the event of foreclosure of a Mortgage, or other transfer of title to a Property or Properties in extinguishment in whole or in part of
the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning such Property or Properties and all proceeds payable thereunder shall thereupon vest in the purchaser at such
foreclosure or Lender or other transferee in the event of such other transfer of title. 
 ARTICLE VI - RESERVE FUNDS 

Section 6.1 Tax Funds; HOA Funds. 

6.1.1 Deposits of Tax Funds. Borrower shall deposit with Lender on each Payment Date an amount equal to one-twelfth of the
Property Taxes that Lender estimates will be payable during the next ensuing twelve (12) months, in order to accumulate sufficient funds to pay all  

  
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such Property Taxes prior to their respective due dates, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the
“Tax Subaccount”). Amounts deposited from time to time into the Tax Subaccount pursuant to this Section 6.1.1 are referred to herein as the “Tax Funds”. If at any time Lender reasonably determines that
the Tax Funds will not be sufficient to pay the Property Taxes, Lender shall notify Borrower of such determination and, commencing with the first Payment Date following Borrower’s receipt of such written notice, the monthly deposits for
Property Taxes shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Property Taxes; provided, that if
Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Property Taxes are due, Borrower will deposit with or on behalf of Lender such amount within two (2) Business Days after its receipt of
such notice. 
 6.1.2 Release of Tax Funds. Provided no Event of Default is continuing, Lender shall apply Tax Funds in
the Tax Subaccount to reimburse Borrower for payments of Property Taxes made by Borrower after delivery by Borrower to Lender of evidence of such payment reasonably acceptable to Lender. If the amount of the Tax Funds shall exceed the amounts due
for Property Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have been paid in
full shall be returned to Borrower. Provided no Default or Event of Default exists, the Tax Funds reserved for any Property shall be released upon a permitted sale and release of such Property in accordance with the terms hereof. 

6.1.3 Special Reserve of Tax Funds. Notwithstanding the foregoing, in lieu of making the deposits required by
Section 6.1.1, Borrower may, by written notice to Lender, elect to maintain the Tax Subaccount at an amount equal to the amount of Property Taxes payable with respect to the Properties for a period of six (6) months. If such an
election is in effect and Lender determines that the Tax Funds in the Tax Subaccount constitute less than the amount described in the previous sentence, Lender shall notify Borrower of such determination and, commencing with the first Payment Date
following Borrower’s receipt of such written notice, Borrower shall deposit into the Tax Subaccount such shortfall. Furthermore, during any period while such an election is in effect, Borrower shall not be entitled to receive any release of Tax
Funds from the Tax Subaccount. Borrower may revoke the election contemplated by this Section 6.1.3 by written notice to Lender; provided, that (a) such revocation shall not take effect until the first
Payment Date that is more than ten (10) Business Days after the Lender receives such written notice and (b) on such Payment Date, Borrower shall deposit into the Tax Subaccount an amount reasonably determined by Lender that, when combined
with prospective deposits into the Tax Subaccount contemplated by the first sentence of Section 6.1.1, will be sufficient funds to pay all Property Taxes with respect to the Properties prior to their respective due dates. 

6.1.4 Deposits of HOA Funds. Borrower shall deposit with Lender on the Closing Date, an amount equal to the HOA Fees that Lender
estimates will be payable with respect to all Applicable HOA Properties during the next ensuing twelve (12) months, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the
“HOA Subaccount”). Amounts deposited from time to time into the HOA Subaccount pursuant to this Section 6.1.4 are referred to herein as the “HOA Funds”. If at any

  
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time Lender reasonably determines that the HOA Funds will not be sufficient to pay the HOA Fees for the Applicable HOA Properties for the next ensuing twelve (12) months, Lender shall notify
Borrower of such determination and, within thirty (30) days following Borrower’s receipt of such written notice, Borrower shall deposit with Lender for transfer into the HOA Subaccount an amount that Lender estimates is sufficient to make
up the deficiency. 
 6.1.5 Release of HOA Funds. If at any time Lender believes in good faith that HOA Fees due and payable
to an HOA for any HOA Property have become delinquent, Lender shall in its sole and absolute discretion apply the HOA Funds to pay such HOA Fees. If the amount of the HOA Funds shall exceed the HOA Fees that Lender estimates will be payable with
respect to all Applicable HOA Properties during the next ensuing twelve (12) months, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the HOA Funds. Any HOA Funds
remaining in the HOA Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the HOA Funds reserved for any Applicable HOA Property shall be released upon a permitted
sale and release of such Property in accordance with the terms hereof. 
 Section 6.2 Insurance Funds. 

6.2.1 Deposits of Insurance Funds. Borrower shall deposit with or on behalf of Lender on each Payment Date, an amount equal to
one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof, in order to accumulate sufficient funds to pay all such Insurance Premiums prior to the
expiration of the Policies, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Insurance Subaccount”). Amounts deposited from time to time into the Insurance
Subaccount pursuant to this Section 6.2.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums, Lender
shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the
Policies. 
 6.2.2 Release of Insurance Funds. Provided no Event of Default is continuing, Lender shall apply Insurance
Funds in the Insurance Subaccount to timely pay, or reimburse Borrower for payments of, Insurance Premiums. If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums, Lender shall, in its sole discretion, return any
excess to Borrower or credit such excess against future payments to be made to the Insurance Funds. Any Insurance Funds remaining in the Insurance Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no
Default or Event of Default exists, the Insurance Funds reserved for any Property shall be released upon a permitted sale and release of such Property in accordance with the terms hereof. 

6.2.3 Acceptable Blanket Policy. Notwithstanding anything to the contrary contained in Section 6.2.1, if an
Acceptable Blanket Policy is in effect with respect to the Policies required pursuant to Section 5.1.1, deposits into the Insurance Subaccount required for Insurance Premiums pursuant to Section 6.2.1 shall be suspended to
the extent that Insurance Premiums relate to such Acceptable Blanket Policy. As of the Closing Date, an Acceptable Blanket Policy  

  
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is in effect with respect to the Policies required as of the Closing Date pursuant to Section 5.1.1. Notwithstanding the foregoing, Borrower may, by written notice to Lender given
not less than ten (10) Business Days prior to a Payment Date, elect to reinstate, as of such Payment Date, deposits to the Insurance Subaccount with respect to the Insurance Premiums for one or more of the Policies required pursuant to
Section 5.1.1 for which an Acceptable Blanket Policy is in effect. Further, if Borrower makes such an election, then Borrower may rescind such election by providing a written notice thereof to Lender, which notice shall be effective as
of the Payment Date that follows such notice by more than ten (10) Business Days or such later Payment Date as Borrower specifies in its election. 

Section 6.3 Capital Expenditure Funds. 

6.3.1 Deposits of Capital Expenditure Funds. Borrower shall deposit with or on behalf of Lender on each Payment Date, an amount
equal to one-twelfth of the product of (a) $960 multiplied by (b) the number of Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall
be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Capital Expenditure Subaccount”). Amounts deposited from time to time into the Capital Expenditure Subaccount pursuant to this
Section 6.3.1 are referred to herein as the “Capital Expenditure Funds”. 
 6.3.2 Release of
Capital Expenditure Funds. Provided no Event of Default is continuing, Lender shall disburse Capital Expenditure Funds out of the Capital Expenditure Subaccount to reimburse Borrower for Capital Expenditures actually paid for by Borrower,
provided that: (a) such disbursement is for an Approved Capital Expenditure, (b) the request for disbursement is accompanied by an Officer’s Certificate from Borrower stating that (i) the items to
be funded by the requested disbursement are Approved Capital Expenditures, and a description thereof, (ii) all Approved Capital Expenditures to be funded by the requested disbursement have been completed (or completed to the extent of the
requested disbursement) in a good and workmanlike manner and in accordance, in all material respects, with all applicable Legal Requirements and the Renovation Standards and, (iii) the Approved Capital Expenditures to be funded from the
disbursement in question have not been the subject of a previous disbursement and have been paid for by Borrower and (c) for any individual expenditure greater than $25,000, Borrower has delivered to Lender copies of any invoices, bills or
statements related to such Approved Capital Expenditures that are requested by Lender. For the avoidance of doubt, Borrower shall not be entitled to receive a distribution of Capital Expenditure Funds for expenses related to the refurbishment or
repair of a Property to the extent that Borrower has been or will be entitled to reimbursement for such expenses from a Tenant’s security deposit. 

Section 6.4 Casualty and Condemnation Subaccount. Borrower shall pay, or cause to be paid, to Lender all Insurance Proceeds
or Awards due to any Casualty or Condemnation in accordance with the provisions of Section 5.2 and Section 5.3, which amounts shall be transferred into a Subaccount established at the Cash Management Bank to hold such funds
(the “Casualty and Condemnation Subaccount”). Amounts deposited from time to time into the Casualty and Condemnation Subaccount pursuant to this Section 6.4 are referred to herein as the “Casualty and
Condemnation Funds”. All Casualty and Condemnation Funds shall be held, disbursed and/or applied in accordance with the provisions of Section 5.3 or Section 5.4, as applicable. 

  
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 Section 6.5 Eligibility Reserve Subaccount.  

6.5.1 Deposit of Eligibility Funds. If Borrower shall be required to make a prepayment in respect of any Property pursuant to
Section 2.4.2(a) (other than in the case of any Property that constitutes a Disqualified Property due to the occurrence of a Voluntary Action in respect thereof), Borrower shall have an option to deposit into a Subaccount established at
the Cash Management Bank to hold such funds (the “Eligibility Reserve Subaccount”) an amount equal to 100% of the Allocated Loan Amount for any such Property (“Eligibility Funds”), provided that Borrower provides
Lender with written notice of any such Eligibility Funds and, no later than the due date for the prepayment required under Section 2.4.2(a), delivers such Eligibility Funds with Lender for deposit to the Eligibility Reserve Subaccount.

 6.5.2 Release of Eligibility Funds. Provided no Default or Event of Default exists, Lender shall disburse the Eligibility
Funds with respect to a Property to Borrower upon (a) the sale of such Property and payment in full of the applicable Release Amount, (b) upon such Property becoming an Eligible Property or (c) upon the substitution of the applicable
Disqualified Property with a Substitute Property in accordance with the conditions of Section 2.4.2(a). 

Section 6.6 Cash Collateral.  

6.6.1 Cash Collateral Subaccount. If a Cash Sweep Period shall be continuing, all Available Cash (after payment of the Monthly
Budgeted Amount and any Approved Extraordinary Expenses in accordance with Section 2.6.3) shall be paid to Lender, which amounts shall be transferred by Lender into a Subaccount (the “Cash Collateral Subaccount”) to be
held by Lender as cash collateral for the Debt. Amounts on deposit from time to time in the Cash Collateral Subaccount pursuant to this Section 6.6.1 are referred to as the “Cash Collateral Funds”. Lender shall have the
right, but not the obligation, at any time during the continuance of an Event of Default, in its sole and absolute discretion to apply any and all Cash Collateral Funds then on deposit in the Cash Collateral Subaccount to the Debt, in such order and
in such manner as Lender shall elect in its sole and absolute discretion, including to make a prepayment of principal (together with the applicable Spread Maintenance Premium, Interest Shortfall and Breakage Costs, if any, applicable thereto) or any
other amounts due hereunder. 
 6.6.2 Withdrawal of Cash Collateral Funds. Provided no Default or an Event of Default
hereunder is continuing and there is an amount exceeding one percent (1%) of the Outstanding Principal Balance on deposit in the Cash Collateral Subaccount (the “Cash Collateral Floor”), Lender shall make disbursements from the
Cash Collateral Subaccount of Cash Collateral Funds in excess of the Cash Collateral Floor to pay costs and expenses in connection with the ownership, management and/or operation of the Properties to the extent such amounts are not otherwise paid
pursuant to Section 6.6.1 or by Manager pursuant to the Management Agreement for the following items: (a) Operating Expenses (including management fees, but subject to the Management Fee Cap) set forth in an Approved Annual Budget
(subject to a five percent (5%) variation for Operating Expenses in such Approved Annual Budget), (b)  

  
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emergency repairs and/or life-safety items (including applicable Capital Expenditures for such purpose), (c) Capital Expenditures set forth in an Approved Annual Budget (subject to a
five percent (5%) variation for Capital Expenditures in such Approved Annual Budget), (d) legal, audit and accounting costs associated with the Properties or Borrower, excluding legal fees incurred in connection with the enforcement of
Borrower’s rights pursuant to the Loan Documents, (e) payment of Debt Service on the Loan, (f) voluntary or mandatory prepayment of the Loan (together with any applicable Spread Maintenance Premium), including, without limitation, any
Debt Yield Cure Prepayment and (g) expenses and shortfalls relating to Restoration; provided, that no disbursements shall be made from the Cash Collateral Subaccount for any of the Operating Expenses or Capital
Expenditures described in the foregoing clauses (a) through (d) to the extent amounts for such Operating Expenses or Capital Expenditures have been distributed to Borrower from the Cash Management Account under
Section 2.6.3(j)(ii)(B), or may be distributed to Borrower from the Tax Subaccount, the Insurance Subaccount or the Capital Expenditure Subaccount, as applicable. 

6.6.3 Release of Cash Collateral Funds. Provided no Cash Sweep Period is continuing as of two consecutive Calculation Dates,
Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, the Lender is required to release the Cash Collateral Funds to
Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment. 
 6.6.4 Extraordinary
Expense. If, during any Cash Sweep Period, Borrower incurs or is required to incur an operating expense or capital expense which is not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower
shall promptly deliver to Lender in writing a reasonably detailed explanation of such Extraordinary Expense. If a Cash Sweep Period then exists, then such Extraordinary Expense shall be subject to Lender’s approval, which approval may not
be unreasonably withheld or delayed so long as no Event of Default then exists; provided, however, that during a Cash Sweep Period, so long as no Event of Default then exists, Lender shall be deemed to have approved any
Extraordinary Expense (other than fees paid to any Manager or any amounts paid to any Affiliates of Borrower) that (a) does not exceed (when aggregated with any and all other requested and unpaid Extraordinary Expenses covered by the same line
item of the Approved Annual Budget) ten percent (10%) of the monthly amount of the applicable line item set forth in the Approved Annual Budget for such month and (b) does not exceed (when aggregated with any and all other requested and
unpaid Extraordinary Expenses of the same type (i.e., Operating Expenses or Capital Expenditures)) five percent (5%) of the aggregate monthly amount of the Approved Annual Budget with respect to Operating Expenses or Capital Expenditures, as
applicable, for such month. Any Extraordinary Expense incurred by Borrower and approved (or deemed approved) by Lender is referred to herein as an (“Approved Extraordinary Expense”). Any amounts distributed to Borrower for
the payment of Approved Extraordinary Expenses pursuant to Section 6.6.4 shall be used by Borrower only to pay for such Approved Extraordinary Expenses or reimburse Borrower for such Approved Extraordinary Expenses, as applicable.

 Section 6.7 Advance Rent Funds. 

6.7.1 Deposits of Advance Rent Funds. In the event Borrower receives any Advance Rent, Borrower shall deposit (or cause to be
deposited) any such Advance Rent into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Advance Rent Subaccount”). Amounts deposited from time to time in the Advance Rent Subaccount pursuant to
this Section 6.7.1 are referred to herein as the “Advance Rent Funds”.  

  
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 6.7.2 Release of Advance Rent Funds. Provided no Event of Default has occurred and
is continuing, on each Payment Date, Lender shall disburse the applicable Advance Rent Funds to the Cash Management Account in accordance with the Advance Rent Disbursement Schedule. 

Section 6.8 Reserve Funds, Generally. 

(a) Notwithstanding anything to the contrary contained in this Article VI, disbursements of Reserve Funds to Borrower shall only
occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserve Funds to be
released to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserve Funds shall continue to be maintained in the Subaccounts until the next Reserve Release Date on which an amount equal to or greater than
the Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations. 
 (b) Borrower grants
to Lender a first-priority perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance
herewith, the Reserve Funds shall constitute additional security for the Debt. 
 (c) During the continuance of an Event of Default, Lender
may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion. 

(d) The Reserve Funds shall be held in an Eligible Account in cash or Permitted Investments as directed by Lender or Lender’s Servicer.
All interest on a Reserve Fund shall be added to and become a part thereof and shall be the sole property of Borrower. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on
the Reserve Funds credited or paid to Borrower. 
 (e) Borrower shall not, without obtaining the prior written consent of Lender, further
pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing
statements, except those naming Lender as the secured party, to be filed with respect thereto. 
 (f) Lender and Servicer shall
not be liable for any loss sustained on the investment of any funds constituting the Reserve Funds. Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims, demands,
liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for
which the Reserve Funds were established. Borrower shall assign to Lender all rights and claims Borrower may have against all persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds;
provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured. 

  
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 ARTICLE VII - DEFAULTS 

Section 7.1 Event of Default. 

(a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 

(i) if (A) the Debt is not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest
or principal due under the Note is not paid in full on the applicable Payment Date, (C) any prepayment of principal or Release Amount due under this Agreement or the Note is not paid when due or (D) any Spread Maintenance Premium, Interest
Shortfall or Breakage Costs is not paid when due, 
 (ii) if any deposit to the Reserve Funds is not made on the required
deposit date therefor, with such failure continuing for two (2) Business Days after Lender delivers written notice thereof to Borrower; 

(iii) if any other amount payable pursuant to this Agreement, the Note or any other Loan Document (other than as set
forth in the foregoing clauses (i) and (ii)) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document, with such failure continuing for ten (10) days after Lender delivers
written notice thereof to Borrower; 
 (iv) if the Policies are not (A) delivered to Lender within five
(5) days of Lender’s written request and (B) kept in full force and effect, each in accordance with the terms and conditions hereof; 

(v) a Transfer other than a Permitted Transfer occurs; 

(vi) if any certification, representation or warranty made by a Relevant Party herein or any other Loan Document,
other than a Property Representation, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material and adverse respect as of the date such
representation or warranty was made; provided, however, if any untrue certification, representation or warranty made after the Closing Date is susceptible of being cured, Borrower shall have the right to cure such
certification, representation or warranty within thirty (30) days after receipt of notice from Lender; 

(vii) if any Relevant Party shall make an assignment for the benefit of creditors; 

  
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 (viii) if a receiver, liquidator or trustee shall be appointed for any Relevant
Party, any Relevant Party shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented
to, or acquiesced in by, Relevant Party, or if any proceeding for the dissolution or liquidation of any Relevant Party shall be instituted, or if any Loan Party is substantively consolidated with any Person other than a Loan Party;
provided, however, if such appointment, adjudication, petition, proceeding or consolidation was involuntary and not consented to by such Relevant Party, upon the same not being discharged, stayed or dismissed within sixty
(60) days following its filing; 
 (ix) if any Loan Party attempts to assign its rights under this Agreement or any of
the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 
 (x) if any of the
assumptions contained in the Insolvency Opinion, or in any Additional Insolvency Opinion delivered to Lender in connection with the Loan, is or shall become untrue in any material respect; 

(xi) a breach of the covenants set forth in Sections 4.1.1, 4.1.2, 4.1.3, 4.1.4,
4.1.12, 4.1.19, 4.2.2, 4.2.3, 4.2.5, 4.2.8, 4.2.9, 4.2.11, 4.2.13, 4.2.14 or 4.2.15; 

(xii) if with respect to any Disqualified Property, Borrower fails to within the time periods specified in
Section 2.4.2(a) either: (A) pay the Release Amount in respect thereof, (B) substitute such Disqualified Property with a Substitute Property in accordance with Section 2.4.2(a) or (C) or deposit an amount equal
to 100% of the Allocated Loan Amount for the Disqualified Property in the Eligibility Reserve Subaccount in accordance with Section 2.4.2(a) and such failure continues for more than five (5) Business Days after written notice
thereof from Lender to Borrower; 
 (xiii) if, without Lender’s prior written consent, (i) any
Management Agreement is terminated (unless simultaneously therewith, Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1), or (ii) there is a default by Borrower under
any Management Agreement beyond any applicable notice or grace period that permits such Manager to terminate or cancel the applicable Management Agreement (unless, within thirty (30) days after the expiration of such notice or grace period,
Borrower and a new Qualified Manager enter into a Replacement Management Agreement in accordance with Section 4.2.1); 

(xiv) if any Loan Party, Sponsor, any Qualified Transferee, or any subsidiary of Sponsor or any Qualified Transferee that owns
a direct or indirect ownership interest in any Loan Party shall be convicted of a Patriot Act Offense by a court of competent jurisdiction; 

(xv) any failure on the part of any Borrower to duly observe or perform any of its covenants set forth in
Section 4.1.20 or the representation and warranty in Section 3.1.24 shall fail to be correct in respect of a Tenant of any Property and, in each case, Borrower fails to notify OFAC within five (5) Business Days of
Borrower or Manager obtaining knowledge that such Tenant is on any of the lists described in those sections and promptly take such steps as may be required by OFAC with respect to such Tenant; 

  
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 (xvi) if there shall be a default under any of the other Loan Documents beyond
any applicable cure periods contained in such Loan Documents, whether as to any Relevant Party or the Properties, or if any other such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity
of any portion of the Obligations or to permit Lender to accelerate the maturity of all or any portion of the Obligations; 

(xvii) if Borrower fails to obtain or maintain an Interest Rate Cap Agreement or replacement thereof in accordance with
Section 2.2.7; 
 (xviii) if any Loan Document or any Lien granted thereunder by any Relevant Party shall
(except in accordance with its terms or pursuant to Lender’s written consent), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the parties thereto or any Relevant
Party or any other party shall disaffirm or contest, in writing, in any manner such effectiveness, validity, binding nature or enforceability (other than as a result of the occurrence of the payment in full of the Obligations); 

(xix) one or more final judgments for the payment of $2,500,000 or more rendered against any Loan Party, and such amount is not
covered by insurance or indemnity or discharged, paid or stayed within sixty (60) days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal
have been extinguished; 
 (xx) Sponsor or any Qualified Transferee that executes and delivers a replacement guaranty
pursuant to Section 4.2.17(e) fails to comply with the Sponsor Financial Covenant; provided, that the foregoing shall not be an Event of Default if an Affiliate of the Borrower or such Qualified Transferee has
agreed in writing to be primarily liable for all obligations of the Sponsor or such Qualified Transferee, as applicable, under the Sponsor Guaranty and such Affiliate satisfies the Sponsor Financial Covenant; or 

(xxi) if any Relevant Party shall continue to be in Default under any of the other terms, covenants or conditions
of this Agreement or any other Loan Document not specified in clauses (i) through (xx) above, and such Default shall continue for ten (10) days after notice to
Borrower from Lender, in the case of any such Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice to Borrower from Lender in the case of any other such Default; provided,
however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such 30-day period, and provided further that Borrower shall have commenced to cure such Default within such 30-day
period and thereafter diligently and expeditiously proceeds to cure the same, such 30-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period
not to exceed ninety (90) days. 

  
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 (b) During the continuance of an Event of Default (other than an Event of Default
described in clauses (vii), (viii) or (ix) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such
action, without notice or demand, that Lender deems advisable to protect and enforce its rights against any Relevant Party and in and to any or all of the Properties, including, without limitation, declaring the Debt to be immediately due and
payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against the Relevant Parties and any or all of the Properties, including, without limitation, all rights or remedies available at law or
in equity; and upon any Event of Default described in clauses (vii), (viii) or (ix) above, the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and
automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

Section 7.2 Remedies. 

(a) During the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to
Lender against each Relevant Party under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, a Relevant Party or at law or in equity may be exercised by Lender at any time and from time to time, whether or
not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to
all or any part of any Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its
sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting
the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights,
remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Properties and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the
Debt or the Debt has been paid in full. 
 (b) With respect to Borrower and the Properties, nothing contained herein or in any other Loan
Document shall be construed as requiring Lender to resort to any Property for the satisfaction of any of the Debt in any preference or priority to any other Property, and Lender may seek satisfaction out of all of the Properties, or any part
thereof, in its absolute discretion in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Lien of the Mortgages and the other Collateral Documents in any manner and for any amounts secured by
the Mortgages and the other Collateral Documents then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Lien of one or more of the Mortgages and/or the other Collateral Documents to recover such delinquent payments or (ii) in the event
Lender elects to accelerate less than the entire 

  
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Outstanding Principal Balance of the Loan, Lender may foreclose the Lien of one or more of the Mortgages and/or the other Collateral Documents to recover so much of the principal balance of the
Loan as Lender may accelerate and such other sums secured by the Mortgages and the other Collateral Documents as Lender may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Mortgages and the other
Collateral Documents to secure payment of sums secured by the Collateral Documents and not previously recovered. 
 (c) During the
continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, Collateral Documents and other security documents (the “Severed Loan
Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly
after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. The Loan Parties
hereby absolutely and irrevocably appoint Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that
its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been
given to a Loan Party by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan
Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower
only as of the Closing Date. 
 (d) As used in this Section 7.2, a “foreclosure” shall include, without
limitation, any sale by power of sale. 
 Section 7.3 Remedies Cumulative; Waivers. The rights, powers and
remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or
otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or
power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver
of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

Section 7.4 Lender’s Right to Perform. If Borrower fails to perform any covenant or obligation contained herein and
such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as
provided hereunder, or under  

  
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any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties
and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Mortgages and the
other Collateral Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure. 

ARTICLE VIII - SPECIAL PROVISIONS 

Section 8.1 Securitization. 

8.1.1 Sale of Notes and Securitization. (a) Borrower acknowledges and agrees that Lender may sell all or any portion of the
Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership
interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a “Securitization”). Lender shall
promptly notify Borrower of any such sale of all or any portion of the Loan. Lender or its designee, acting solely for this purpose as an agent of Borrower, shall maintain a register (“Register”) for the recordation of the names and
addresses of the Lenders, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time. The entries in the Register shall be conclusive absent manifest error. The Register shall be
available for inspection by Borrower, at any reasonable time and from time to time upon reasonable prior notice. 
 (b) At the request of
Lender, and to the extent not already required to be provided by or on behalf of Borrower under this Agreement, Borrower shall provide information not in the possession of Lender which is in the possession or control of Borrower or its Affiliates or
which may be reasonably required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors and/or the Approved Rating Agencies in connection with
any such Securitization. Lender shall have the right to provide to investors, prospective investors and the Approved Rating Agencies any information in its possession that it is required to provide to such Persons pursuant to the Servicing
Agreement, including financial statements relating to Borrower, Sponsor and the Properties. Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Properties may be included in a private placement
memorandum, prospectus or other disclosure documents. Borrower agrees that Borrower, shall, at Lender’s request, cooperate with Lender’s efforts to arrange for a Securitization in accordance with the market standards to which Lender
customarily adheres and/or which may be required by prospective investors and/or the Approved Rating Agencies in connection with any such Securitization. Within a reasonable period of time following Lender’s request in connection with a
Securitization, Borrower agrees to review only those portions of the Disclosure Documents that relate to Borrower, Equity Owner, Sponsor, the Properties and the Loan, which is contained in the sections of the Disclosure Documents entitled “Risk
Factors,” “Special Considerations,” “Description of the Mortgage,” “Description of the Mortgage Loan and Mortgaged Properties,” “The Manager,” “The Borrower,” and “Certain Legal Aspects of
the 

  
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Mortgage Loan” (or sections similarly titled or covering similar subject matters) (collectively, the “Covered Disclosure Information”), and shall certify that the
factual statements and representations contained in the Covered Disclosure Information do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the
circumstances under which they were made, not misleading. 
 8.1.2 Securitization Costs. All reasonable third party
costs and expenses incurred by Borrower and Equity Owners in connection with Borrower’s complying with requests made under this Section 8.1 (including, without limitation, the fees and expenses of the Approved Rating Agencies, any
mortgage recording taxes, title insurance premiums and UCC insurance premiums) shall be paid by Borrower with respect to the Securitization on the Closing Date and otherwise as required by the Lender, except as otherwise provided herein. 

Section 8.2 Securitization Cooperation. 

(a) Borrower understands that certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization
and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act or the Exchange Act, or provided or made available to investors or prospective investors in the Securities, the Approved Rating Agencies,
and service providers relating to the Securitization. In the event that the Disclosure Document is required to be revised prior to the sale of all Securities, Borrower will cooperate with the holder of the Note in providing current information
necessary to keep the Disclosure Document accurate and complete in all material respects to the extent such information is in Borrower’s possession or control. 

(b) Notwithstanding anything to the contrary contained herein, Borrower shall have no obligation to act as depositor with respect to the Loan
or an issuer or registrant with respect to the Securities issued in any Securitization. 
 Section 8.3 Servicer. At the
option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are
collectively referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing
agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall not be
responsible for any set-up fees or any other initial costs relating to or arising under the Servicing Agreement. Borrower shall not be responsible for payment of the monthly master servicing fee due to the Servicer under the Servicing Agreement.
Notwithstanding the foregoing, Borrower shall pay all Trust Fund Expenses. For the avoidance of doubt, this Section 8.3 shall not be deemed to limit Borrower’s obligations under Section 9.13(a). 

  
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 ARTICLE IX - MISCELLANEOUS 

Section 9.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid
unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of
such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 9.2 Lender’s Discretion; Rating Agency Review Waiver.  

(a) Whenever pursuant to this Agreement Lender exercises any right given to it to approve or disapprove any matter, or any arrangement or term
is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole
discretion of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to this Agreement the Approved Rating Agencies are given any right to approve or disapprove any matter, or any arrangement or term is to be
satisfactory to the Approved Rating Agencies, the decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory or not satisfactory, based upon Lender’s determination of Rating Agency
criteria, shall be substituted therefor. 
 (b) Whenever, pursuant to this Agreement or any other Loan Documents, a Rating Agency
Confirmation is required from each Approved Rating Agency, in the event that any Approved Rating Agency “declines review”, “waives review” or otherwise indicates to Lender’s or Servicer’s satisfaction that no Rating
Agency Confirmation will or needs to be issued with respect to the matter in question (each, a “Review Waiver”), then the requirement to obtain a Rating Agency Confirmation from such Approved Rating Agency shall not apply with
respect to such matter; provided, however, if a Review Waiver occurs with respect to an Approved Rating Agency and Lender does not have a separate and independent approval right with respect to
the matter in question, then such matter shall require the written reasonable approval of Lender. It is expressly agreed and understood, however, that receipt of a Review Waiver (i) from any one Approved Rating Agency shall not be binding or
apply with respect to any other Approved Rating Agency and (ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which Rating Agency Confirmation is required.  

Section 9.3 Governing Law. 

(a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW
YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL
RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND

  
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THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED
STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO ANY MORTGAGE SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN
WHICH THE APPLICABLE INDIVIDUAL PROPERTY OR PROPERTIES COVERED BY SUCH MORTGAGE IS LOCATED TO THE EXTENT PROVIDED IN SUCH MORTGAGE, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK
SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING
AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. 
 Section 9.4 Modification, Waiver in Writing. No
modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the
same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein,
no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 9.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise,  

  
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or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement,
the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for
failure to effect prompt payment of any such other amount. 
 Section 9.6 Notices. All notices, consents, approvals and
requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return
receipt requested, or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, addressed as follows (or at such other address and Person as shall be designated from time to
time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	If to Lender:	  	JPMorgan Chase Bank, National Association
		  	383 Madison Avenue, Floor 31
		  	New York, New York 10179
		  	Attention: Noah Qua Noonan
		
	with a copy to:	  	Dentons US LLP
		  	1221 Avenue of the Americas
		  	New York, New York 10020
		  	 Attention: John Kim, Esq.
  

and
  

		  	Midland Loan Services, a Division of PNC Bank, National Association
		  	10851 Mastin Street, Suite 300
		  	Overland Park, Kansas 66210
		  	Attention: Executive Vice President – Division Head
		  	 Facsimile No. (913) 253-9001
  

and
  

		  	Andrascik & Tita LLC
		  	1425 Locust Street, Suite 26B
		  	Philadelphia, Pennsylvania 19102
		  	Attention: Stephanie M. Tita
		  	Email: Stephanie@kanlegal.com
		
	If to Borrower:	  	CSH 2016-1 Borrower, LLC
		  	8665 East Hartford Drive, Suite 200
		  	Scottsdale, Arizona 85255
		  	Attn: Ryan Berry

  
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 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case
of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. 

Section 9.7 Trial by Jury. BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER. 
 Section 9.8 Headings. The Article and/or
Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 9.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 Section 9.10 Preferences. Lender
shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or
proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been
received by Lender. 
 Section 9.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature
whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is
not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do
not specifically and expressly provide for the giving of notice by Lender to Borrower. 

  
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 Section 9.12 Remedies of Borrower. In the event that a claim or adjudication
is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or
promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment;
provided, however, that the foregoing shall not prevent Borrower from obtaining a monetary judgment against Lender if it is determined by a court of competent jurisdiction that Lender acted
with gross negligence, bad faith or willful misconduct. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 9.13 Expenses; Indemnity. 

(a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender
for all out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and
the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Borrower as to any legal matters arising under this
Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on
its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and
conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments,
waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Borrower; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement;
(vi) the filing and recording fees and expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender
pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or
affecting Borrower, this Agreement, the other Loan Documents, the Properties, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan
Documents or with respect to the Properties (including Trust Fund Expenses associated therewith), or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out”
or of any insolvency or bankruptcy proceedings or any other amounts required under Section 8.3; provided, however, that Borrower shall not be liable for the payment of any such
costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Rent Deposit Account or Cash
Management Account, as applicable. 

  
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 (b) Borrower shall indemnify, defend and hold harmless Lender and each of its respective
officers, directors, partners, employees, representatives, agents and Affiliates (the “Indemnified Persons”) from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims,
costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel in connection with any investigative, administrative or judicial proceeding commenced or threatened,
whether or not an Indemnified Person shall be designated a party thereto), that may be imposed on, incurred by, or asserted against any Indemnified Person in any manner relating to or arising out of (i) any breach by Borrower of its obligations
under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”);
provided, however, that Borrower shall not have any obligation to any Indemnified Person hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct
of such Indemnified Person. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that
it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Persons. 

(c) Borrower covenants and agrees to pay for or, if Borrower fails to pay, to reimburse Lender for, any fees and expenses incurred by any
Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions
of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or confirmation. 

(d) Borrower shall indemnify the Indemnified Persons against any liabilities to which any Indemnified Person may become subject in
connection with any indemnification to the Approved Rating Agencies in connection with issuing, monitoring or maintaining the Securities insofar as the liabilities arise out of or are based upon any untrue statement of any material
fact in any information provided by or on behalf of the Borrowers to the Approved Rating Agencies (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the
Covered Rating Agency Information required to be stated therein or necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading. 

Section 9.14 Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this
Agreement with the same effect as if set forth in the body hereof. 
 Section 9.15 Offsets, Counterclaims and
Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which
Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such
right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

  
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 Section 9.16 No Joint Venture or Partnership; No Third Party;
Beneficiaries. 
 (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents
be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Properties
other than that of mortgagee, beneficiary or lender. 
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender
and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations
contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in
accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such
conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 

Section 9.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media
intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, JPMorgan Chase Bank, National Association or any of their Affiliates (with respect to the Loan and the
Securitization of the Loan only) shall be subject to the prior written approval of Lender and JPMorgan Chase Bank, National Association in their sole discretion. Lender shall have the right to publicly describe the Loan in general terms advertising
and public communications of all kinds, including press releases, direct mail, newspapers, magazines, journals, e-mail, or internet advertising or communications. Details such as the addresses of the Properties, the amount of the Loan, the date of
the closing and descriptions of the size/locations of the Properties shall only be included subject to Borrower’s approval in advance. Notwithstanding the foregoing, Borrower’s approval shall not be required for the publication by Lender
of notice of the Loan and the Securitization of the Loan by means of a customary tombstone advertisement, which, for the avoidance of doubt, may include the amount of the Loan, the amount of securities sold, the number of Properties as of the
Closing Date, the settlement date and the parties involved in the transactions contemplated hereby and the Securitization. 

Section 9.18 Cross Default; Cross Collateralization; Waiver of Marshalling of Assets.  

(a) Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Properties and in
reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Property taken separately. Borrower agrees that the Mortgages are and will be
cross-

  
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collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which
secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all
of the Properties as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance. 

(b) To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the
assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and agrees not to assert any right
under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under
the Loan Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every
other claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower which would require the separate sale
of the Properties or require Lender to exhaust its remedies against any Property or any combination of the Properties before proceeding against any other Property or combination of Properties; and further in the event of such foreclosure Borrower
does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties. 

Section 9.19 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this
Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan
Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and
advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the
exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest
any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges
that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 

Section 9.20 Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors,
brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement other than J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC. Borrower hereby agrees to
indemnify,  

  
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defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way
relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The provisions of this Section 9.20 shall survive the expiration and
termination of this Agreement and the payment of the Debt. 
 Section 9.21 Prior Agreements. This Agreement and
the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower
and Lender are superseded by the terms of this Agreement and the other Loan Documents. 
 Section 9.22 Document
Delivery. Borrower will deliver to Lender all documents required to be delivered under this Agreement in an electronic format reasonably agreed by Lender and Borrower. 

Section 9.23 Counterparts. This Agreement may be executed in any number of 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. Copies of originals, including copies delivered by facsimile, pdf or other electronic means shall have the same import and effect as original
counterparts and shall be valid, enforceable and binding for purposes of this Agreement. 
 Section 9.24 State Specific
Provisions. 
 9.24.1 Arizona. The following Arizona provisions are not intended to, and do not, limit the express
choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement
and the other Loan Documents, Arizona law is held to govern any Mortgage encumbering a Property located in Arizona or any other Loan Document: 

(a) Each Loan Party hereby expressly waives, to the extent permitted by law, any and all defenses and discharges available to a surety,
guarantor or accommodation co-obligor, including, without limitation, the benefits of Arizona Revised Statutes Sections 12-1641 through 12-1646 and Rule 17(f) of the Arizona Rules of Civil Procedure, and, to the extent permitted by law, the
benefits, if any, of Arizona Revised Statutes Section 33-814, in each case as amended, and any successor statutes or rules, or any similar statute.

(b) Anything to the contrary herein or elsewhere notwithstanding, the Equity Owner Guaranty and the Sponsor Guaranty and all
obligations arising under any of them are not and shall not be secured in any manner whatsoever, including by any Mortgage or by any lien encumbering any Property; provided, however, that any environmental indemnity
provisions set forth in this Agreement or any Environmental Indemnity shall be so secured, except as to the obligations of Sponsor and the Equity Owner and subject to the rights of Lender to proceed on an unsecured basis thereunder pursuant to
applicable law. 

  
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 9.24.2 California. The following California provisions do not limit the express
choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and
the other Loan Documents, California law is held to govern this Agreement, any Mortgage Document encumbering a Property located in California or any other Loan Document: 

(a) Waiver of Offset. Notwithstanding anything contained herein to the contrary, no portion of any of the Obligations
shall be or be deemed to be offset or compensated by all or any part of any claim, cause of action, counterclaim, or cross-claim, whether liquidated or unliquidated, that Borrower may have or claim to have against any other Relevant Party. Borrower
hereby waives, to the fullest extent permitted by applicable law, the benefits of California Code of Civil Procedure Section 431.70.  

(b) Insurance Notice. Lender hereby notifies Borrower of the provisions of Section 2955.5(a) of the California Civil
Code, which reads as follows: 
 “No lender shall require a borrower, as a condition of receiving or maintaining
a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.” 

This disclosure is being made by Lender to Borrower pursuant to Section 2955.5(b) of the California Civil Code. Borrower hereby acknowledges receipt of
this disclosure and acknowledges that this disclosure has been made by Agent before execution of the Note. 
 (c) Access to
Properties. Lender’s rights under Section 4.1.5 of this Agreement shall be deemed to include, without limitation, its rights under California Civil Code Section 2929.5, as such provisions may be amended from time to
time. 
 (d) Anything to the contrary herein or elsewhere notwithstanding, in no event shall Borrower have any liability or other
obligation under or with respect to the Sponsor Guaranty, the Equity Owner Guaranty or the Borrower TRS Guaranty, and such guaranties shall not be deemed to be secured by any Mortgage encumbering any Property in California. 

9.24.3 Colorado. The following Colorado provisions are not intended to, and do not, limit the express choice of New York law set
forth in Section 9.3 of this Agreement or as set forth in the other Loan Documents, except that Colorado law shall govern any Mortgage encumbering a Property located in Colorado and the process for default and foreclosure thereof. 

 (a) No agreements, conditions, provisions or stipulations contained in this Agreement or in any of the other Loan Documents, or any
Event of Default, or any exercise by Lender of the right to accelerate the payment of the maturity of principal and interest, any fees, or other amount due hereunder, or to exercise any option whatsoever, contained in this Agreement or any of the
other Loan Documents, or the arising of any contingency whatsoever, shall entitle Lender to collect, in any event, interest exceeding the maximum authorized by C.R.S. § 5-12-101 et seq., and in no event shall Borrower be obligated to pay
interest exceeding such rate, including on any judgment amount, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel Borrower to pay a rate of interest exceeding
the maximum allowed by law, shall be without binding force or effect, at law or in equity, to the extent only of the excess of interest over such maximum interest allowed by law. 

  
 - 137 - 

 (b) Notwithstanding any provision of this Agreement or the Loan Documents to the contrary
Borrower have not have any liability or other obligation under or with respect to the Sponsor Guaranty or the Equity Owner Guaranty, and such guaranties shall not be deemed to be secured by any Deed of Trust encumbering any Property in Colorado.

 9.24.4 Florida. The following Florida provision does not limit the express choice of New York law set forth in
Section 9.3 of this Agreement and as set forth in the other Loan Documents, and is set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents,
Florida law is held to govern this Agreement, any Mortgage Document encumbering a Property located in Florida or any other Loan Document: 

(a) The parties acknowledge and agree that the Default Rate provided for herein shall also be the rate of interest payable on any judgments
entered in favor of Lender in connection with the loan evidenced hereby. 
 9.24.5 Georgia. The following Georgia provisions
are not intended to, and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the
choice of law provisions contained in this Agreement and the other Loan Documents, Georgia law is held to govern any Mortgage encumbering a Property located in Georgia or any other Loan Document: 

(a) Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where Borrower or any other Relevant Party
is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,” “attorneys’ fees” and other words of
similar import, are not, and shall not be statutory attorneys’ fees under O.C.G.A. § 13-1-11, (ii) if, under any circumstances a Relevant Party is required to pay any or all of Lender’s or Servicer’s attorneys’ fees and
expenses, howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or Servicer at customary hourly rates actually charged to Lender or Servicer
for the work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced, under O.C.G.A. § 13-1-11. 

9.24.6 Nevada. The following Nevada provisions are not intended to, and do not, limit the express choice of New York law set
forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan
Documents, Nevada law is held to govern any Mortgage encumbering a Property located in Nevada or any other Loan Document: 

  
 - 138 - 

 (a) Notwithstanding anything contained herein to the contrary, no portion of any of the
Obligations shall be or be deemed to be offset or compensated by all or any part of any claim, cause of action, counterclaim, or cross-claim, whether liquidated or unliquidated, that Borrower may have or claim to have against any other Loan Party.

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 - 139 - 

 (b) Borrower hereby expressly (i) waives, to the extent permitted by law, any right it may
have to prepay any Loan in whole or in part, without penalty, upon acceleration of the Maturity Date; and (ii) agrees that if a prepayment of any or all of any Loan is made, Borrower shall be obligated to pay, concurrently therewith, any fees
applicable thereto. By initialing this provision in the space provided below, the Loan Parties hereby declare that the Lenders’ agreement to make the subject Loan at the Interest Rate and for the term set forth herein constitutes adequate
consideration, given individual weight by the undersigned, for this waiver and agreement. 
 BORROWER’S INITIALS AS TO CLAUSE
(b) ABOVE:              
 (c) To the extent applicable,
nothing herein or in Section 40.509 of the Nevada Revised Statutes (“NRS”) shall be deemed to limit the right of Lender to recover, in accordance with NRS 40.508 (as such section may be amended from time to time), any
costs, expenses, liabilities or damages, including attorneys’ fees and costs, incurred by the Lender and arising from the breach of any covenant, obligation, liability, representation or warranty contained in any environmental indemnity
agreement given to the Lender in connection with the Loans, or any order, consent decree or settlement relating to the cleanup of hazardous substances or any other “environmental provision” (as defined in NRS 40.502) relating to any
Property or any portion thereof or the right of the Lender to waive, in accordance with NRS 40.512 (as such section may be amended from time to time), the security of any Mortgage as to any Property that is “environmentally impaired”
(as such term is defined in NRS 40.503), and as to any personal property attached to such parcel, and thereafter to exercise against Borrower, to the extent permitted by NRS 40.512, the rights and remedies of any unsecured creditor,
including reduction of any of the Lender’s claims against Borrower to judgment, and any other rights and remedies permitted by law. Lender and Borrower expressly agree that Lender may recover interest at the Default Rate on the amount
advanced to cure or mitigate the breach under any “environmental provision” (as defined in NRS 40.502). 
 9.24.7 North
Carolina. The following North Carolina provisions are not intended to, and do not, limit the express choice of New York law set forth in Section 9.3 of this Agreement and as set forth in the other Loan Documents, and are set
forth herein, if and to the extent that, notwithstanding the choice of law provisions contained in this Agreement and the other Loan Documents, North Carolina law is held to govern any Mortgage encumbering a Property located in North Carolina or any
other Loan Document: 
 (a) Notwithstanding anything contained in this Agreement or any other Loan Document, in any instance where
Borrower or any other Relevant Party is required to reimburse Lender for any legal fees or expenses incurred by Lender or Servicer, (i) “reasonable attorneys’ fees,” “reasonable counsel’s fees,”
“attorneys’ fees” and other words of similar import, are not, and shall not be statutory attorneys’ fees under NCGS § 6-21.2 , (ii) if, under any circumstances a Relevant Party is required to pay any or all of
Lender’s or Servicer’s attorneys’ fees and expenses, howsoever described or referenced, such Relevant Party shall be responsible only for reasonable legal fees and out of pocket expenses actually incurred by Lender or Servicer at
customary hourly rates actually charged to Lender or Servicer for the work done, and (iii) no Relevant Party shall be liable under any circumstances for additional attorneys’ fees or expenses, howsoever described or referenced, under NCGS
§ 6-21.2. 

  
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 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 141 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	CSH 2016-1 BORROWER, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Arik Prawer

	Name:	 	Arik Prawer
	Title:	 	Chief Financial Officer, Treasurer and Executive Vice President

 [SIGNATURE PAGE TO LOAN AGREEMENT] 

 
			
	LENDER:
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America
		
	By:	 	 /s/ Noah Qua

	Name:	 	Noah Qua
	Title:	 	Executive Director

 [SIGNATURE PAGE TO LOAN AGREEMENT]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIS AGREEMENT
IS NOT, AND SHALL NOT BE DEEMED, A SOLICITATION FOR CONSENTS TO ANY PLAN PURSUANT TO SECTIONS 1125 AND 1126 OF THE BANKRUPTCY CODE OR A SOLICITATION TO TENDER OR EXCHANGE OF ANY OF THE NOTES OR BONDS ISSUED PURSUANT TO THE SGN INDENTURE. EACH
CONSENTING SGN CREDITOR’S VOTE ON THE PLANS SHALL NOT BE SOLICITED UNTIL THE CONSENTING SGN CREDITORS HAVE RECEIVED THE DISCLOSURE STATEMENTS AND RELATED BALLOT(S), AS APPROVED BY THE BANKRUPTCY COURT 

RESTRUCTURING SUPPORT AND FORBEARANCE AGREEMENT 

This Restructuring Support and Forbearance Agreement dated as of June 6, 2016 (as amended, supplemented, or otherwise modified from time
to time, this “Agreement”), among: (i) Caesars Entertainment Operating Company, Inc. (“CEOC”), on behalf of itself and each of the debtors in the Chapter 11 Cases (collectively, the “Company”),
(ii) Caesars Entertainment Corporation (“CEC,” and together with the Company, the “Caesars Parties”), and (iii) each of the undersigned noteholders, each of which is the holder of, or the investment
advisor or the investment manager to a holder or holders of SGN Claims (as defined below) (and in such capacity having the power to bind such holder with respect to any SGN Claims identified on its signature page hereto) (including any permitted
assignees under this Agreement, collectively, the “Consenting SGN Creditors,” and together with the Caesars Parties, each referred to as a “Party” and collectively referred to as the “Parties”). All
capitalized terms not defined herein shall have the meanings ascribed to them in the May 27 CEOC Plan (as defined below). 

RECITALS: 

WHEREAS, before the date hereof, the Parties and their representatives have engaged in arm’s-length, good-faith negotiations
regarding a potential restructuring of the Company’s indebtedness and other obligations pursuant to the terms and conditions of this Agreement and the terms and conditions set forth on the term sheet attached hereto (the
“Restructuring”) (which term sheet is expressly incorporated by reference herein and made a part of this Agreement as if fully set forth herein (as such term sheet may be modified in accordance with Section 15 hereof,
the “Restructuring Term Sheet”)); 
 WHEREAS, if effected, the Restructuring will resolve all SGN Claims between the
Consenting SGN Creditors and the Caesars Parties, including any litigation-related claims against the Company and CEC that arise from SGN Debt; 

WHEREAS, the Restructuring will be implemented through the Plans (as defined below); and 

WHEREAS, the Parties have agreed to take certain actions in support of the Restructuring on the terms and conditions set forth in this
Agreement. 

 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for
other valuable consideration, the receipt and sufficiency of which each of the Parties hereby acknowledges, each Party, intending to be legally bound hereby, agrees as follows: 

1. Definitions; Rules of Construction. 

(a) Definitions. The following terms shall have the following definitions: 

“105 Injunction Order” means an order of the Bankruptcy Court or any other court of competent jurisdiction temporarily
enjoining all or some of the Caesars Cases. 
 “Additional Consideration” means any consideration provided by or on behalf
of the Caesars Parties or their Affiliates in connection with the Restructuring or entry into this Agreement to any holder of SGN Debt in its capacity as such, that exceeds or is superior to that contemplated by this Agreement, including, without
limitation, the granting of any guaranty, and/or the allocation of any rights or opportunities (whether investment, commercial, management, advisory or otherwise) related to the Company or the Restructuring. 

“Affiliate” means, with respect to any Person, any other Person (whether now or hereinafter in existence) which directly or
indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”)
shall mean, with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise or through intermediaries) of such Person. 
 “Agreement” has the meaning set forth in the preamble hereof. 

“Agreement Effective Date” has the meaning set forth in Section 15(f) hereof. 

“Alternative Proposal” means any plan of reorganization or liquidation, proposal, offer, transaction, dissolution, winding
up, liquidation, reorganization, merger, consolidation, business combination, joint venture, partnership, sale of material assets or equity interests or restructuring (other than the Restructuring) involving CEC or the Company and its controlled
subsidiaries. 
 “Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§101 et seq. 

“Bankruptcy Court” means the United States Bankruptcy Court for the Northern District of Illinois and whichever court of
competent jurisdiction in which a chapter 11 case commenced by a CEC Bankruptcy Event to which CEC has not consented, if any, is filed. For the avoidance of doubt, any CEC Chapter 11 Case commenced by CEC shall be filed in the United States
Bankruptcy Court for the Northern District of Illinois and CEC shall move to transfer venue of any chapter 11 case commenced by a CEC Bankruptcy Event to which CEC has not consented to the United States Bankruptcy Court for the Northern District of
Illinois. 

  
 2 

 “Business Day” means any day other than Saturday, Sunday, and any day that is a
legal holiday or a day on which banking institutions in New York, New York are authorized by law or other governmental action to close. 

“Caesars Cases” means the cases captioned (a) Wilmington Savings Fund Society, FSB, solely in its capacity as
successor Indenture Trustee for the 10% Second-Priority Senior Secured Notes due 2018, on behalf of itself and derivatively on behalf of Caesars Entertainment Operating Company, Inc. v. Caesars Entertainment Corporation, et. al., Case
No. 10004-VCG (Del. Ch.), (b) MeehanCombs Global Credit Opportunities Master Fund, LP, et. al. v. Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc., No. 14-cv-7097 (S.D.N.Y.),
(c) Frederick Barton Danner v. Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc., No. 14-cv-7973 (S.D.N.Y.), (d) BOKF, N.A., solely in its capacity as successor Indenture Trustee for the
12.75% Second-Priority Senior Secured Notes due 2018 v. Caesars Entertainment Corporation, Case No. 15-cv-01561 (S.D.N.Y.), (e) UMB Bank, N.A. solely in its capacity as Indenture Trustee under those certain indentures, dated as of
June 10, 2009, governing Caesars Entertainment Operating Company, Inc.’s 11.25% Notes due 2017; dated as of February 14, 2012, governing Caesars Entertainment Operating Company, Inc.’s 8.5% Senior Secured Notes due 2020; dated
August 22, 2012, governing Caesars Entertainment Operating Company. Inc.’s 9% Senior Secured Notes due 2020; dated February 15, 2013, governing Caesars Entertainment Operating Company, Inc.’s 9% Senior Secured Notes due 2020
v. Caesars Entertainment Corporation, Case No. 15-cv-04634 (S.D.N.Y.), (f) Wilmington Trust, N.A., solely in its capacity as successor Indenture Trustee for the 10.75% Notes due 2016 v. Caesars Entertainment
Corporation, Case No. 15-cv-08280 (S.D.N.Y.), and (g) all claims in, and causes of action relating to, the Caesars Cases otherwise described in clauses (a)–(f) above. 

“Caesars Parties” has the meaning set forth in the preamble hereof. 

“CEC” has the meaning set forth in the preamble hereof. 

“CEC Bankruptcy Event” means the filing against CEC of an involuntary bankruptcy petition. 

“CEC Chapter 11 Case” means, if applicable, a voluntary chapter 11 case filed by CEC or a chapter 11 case commenced by a CEC
Bankruptcy Event to which CEC has consented. 
 “CEC Confirmation Order” means, if applicable, entry by the Bankruptcy
Court of an order confirming a CEC Plan that is materially consistent with the Agreement and the Restructuring Term Sheet and otherwise reasonably satisfactory to the Requisite Consenting SGN Creditors and CEC 

“CEC Disclosure Statement” means, if applicable, CEC’s disclosure statement, including any exhibits, appendices, related
documents, ballots, and procedures related to the solicitation of votes to accept or reject a CEC Plan, in each case, as amended, supplemented, or otherwise modified from time to time in accordance with the terms hereof, in respect of a CEC Plan and
that is prepared and distributed in accordance with, among other things, sections 1125, 1126(b), and 1145 of the Bankruptcy Code, Rule 3018 of the Federal Rules of Bankruptcy 

  
 3 

 
Procedure, and other applicable law, each of which shall be materially consistent with this Agreement and the Restructuring Term Sheet and shall otherwise be reasonably acceptable to the
Requisite Consenting SGN Creditors (as evidenced by their written approval, which approval may be conveyed in writing by electronic mail) and CEC. 

“CEC Petition Date” means, if applicable, the date on which CEC commences a CEC Chapter 11 Case. 

“CEC Plan” means, if applicable, a chapter 11 plan of reorganization for CEC through which the Restructuring may be effected
(as amended, supplemented, or otherwise modified from time to time), and which must be materially consistent with this Agreement and the Restructuring Term Sheet and shall otherwise be reasonably acceptable to the Requisite Consenting SGN Creditors
(as evidenced by their written approval, which approval may be conveyed in writing by electronic mail) and CEC. 
 “CEC Termination
Event” has the meaning set forth in Section 11 hereof. 
 “CEC Transactions” means the transactions
consummated pursuant to, in contemplation of, or in connection with (a) the Amended and Restated Credit Agreement, dated as of November 14, 2012, among CEOC, as borrower, and CEC, as lenders, and (b) the Global Intercompany Note,
dated as of January 28, 2008, among CEC and certain Affiliates. 
 “CEOC” has the meaning set forth in the preamble
hereof. 
 “CEOC Confirmation Order” means the entry by the Bankruptcy Court of an order confirming the CEOC Plan that is
materially consistent with the Agreement and the Restructuring Term Sheet and otherwise reasonably satisfactory to the Requisite Consenting SGN Creditors and the Company. 

“CEOC Disclosure Statement” means the Company’s disclosure statement, including any exhibits, appendices, related
documents, ballots, and procedures related to the solicitation of votes to accept or reject the CEOC Plan, in each case, as amended, supplemented, or otherwise modified from time to time in accordance with the terms hereof, in respect of the CEOC
Plan and that is prepared and distributed in accordance with, among other things, sections 1125, 1126(b), and 1145 of the Bankruptcy Code, Rule 3018 of the Federal Rules of Bankruptcy Procedure, and other applicable law, each of which shall be
materially consistent with this Agreement and shall otherwise be reasonably acceptable to the Requisite Consenting SGN Creditors (as evidenced by their written approval, which approval may be conveyed in writing by electronic mail) and the Company.

 “CEOC Plan” means the joint chapter 11 plan of reorganization for the Company through which the Restructuring will be
effected (as amended, supplemented, or otherwise modified from time to time), and which must be materially consistent with this Agreement and the Restructuring Term Sheet and shall otherwise be reasonably acceptable to the Requisite Consenting SGN
Creditors (as evidenced by their written approval, which approval may be conveyed in writing by electronic mail), CEC and the Company. 

  
 4 

 “CES” means Caesars Enterprise Services, LLC and its subsidiaries (whether now
or hereinafter in existence). 
 “Chapter 11 Cases” means the voluntary chapter 11 cases titled Caesars Entertainment
Operating Company, Inc., et. al., Case No. 15-01145 (Bankr. N.D. Ill.). 
 “Claim” means all claims held on
account of indebtedness issued by CEOC pursuant to the Credit Agreement, the First Lien Indentures, the Second Lien Indentures, the SGN Indenture, or the Unsecured Indentures, or any other claim (as that term is defined by section 101(5) of the
Bankruptcy Code), in each case, other than any claim for which the holder (x) does not have the right to control voting or (y) is not permitted by a preexisting contractual obligation or operation of law to vote in favor of the
Restructuring. For the avoidance of doubt (i) “Claim” shall not include any claims in respect of derivatives related to or referencing indebtedness and (ii) without limiting Section 13 hereof, if the holder of a claim
ceases to have the right to control voting with respect to such claim, such claim shall no longer be deemed a “Claim” for purposes of this Agreement, unless and until such holder subsequently acquires the right to control voting with
respect to such claim. 
 “Claim Holder” refers to each Consenting SGN Creditor and each Caesars Party, to the extent such
Caesars Party, as of the date of execution of this Agreement, either (a) is a beneficial owner of SGN Claims or (b) has investment or voting discretion with respect to SGN Claims and has the power and authority to bind the beneficial
owner(s) of such SGN Claims to the terms of this Agreement. 
 “Company” has the meaning set forth in the preamble hereof.

 “Company Termination Event” has the meaning set forth in Section 10 hereof. 

“Confidential Claims Information” has the meaning set forth in Section 5(a)(iv) hereof. 

“Confirmation Orders” means the CEOC Confirmation Order and the CEC Confirmation Order. 

“Consenting SGN Creditors” has the meaning set forth in the preamble hereof. 

“Credit Agreement” means the Third Amended and Restated Credit Agreement, dated as of July 25, 2014, among CEC, CEOC, as
borrower, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent. 

“Creditor Termination Event” has the meaning set forth in Section 8 hereof. 

“Creditor Termination Right” has the meaning set forth in Section 8 hereof. 

“Definitive Documentation” means the Plans, Disclosure Statements, the Confirmation Orders, any supplements or exhibits
thereto, and any court filings in (a) the Chapter 11 Cases or (b) a CEC Chapter 11 Case, and any other documents or exhibits related to or contemplated in the foregoing (but not, for the avoidance of doubt, any professional retention
motions or applications), that could be reasonably expected to affect the interests of holders of SGN Claims, in their capacities as such. 

  
 5 

 “Disclosure Statements” means the CEOC Disclosure Statement and the CEC
Disclosure Statement. 
 “Effective Date” means the date upon which all conditions precedent to the effectiveness of the
Plans, as applicable, have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and on which the Restructuring and the other transactions to occur on the Effective Date pursuant to the Plans, as
applicable, become effective or are consummated. 
 “Executory Contracts and Unexpired Leases” means any contracts or
unexpired leases to which the Company is a party that are subject to assumption or rejection under sections 365 or 1123 of the Bankruptcy Code. 

“Fiduciary Outs” has the meaning set forth in Section 11(d) hereof. 

“First Lien Bank Debt” means indebtedness incurred by the Company pursuant to the Credit Agreement. 

“First Lien Bank Documents” means the “Loan Documents” as defined in the Credit Agreement. 

“First Lien Bond Debt” means indebtedness incurred by the Company pursuant to the First Lien Indentures. 

“First Lien Indentures” means (i) the Indenture dated as of June 10, 2009, as it may have been amended and
supplemented from time to time, governing CEOC’s 11.25% Senior Secured Notes due 2017, (ii) the Indenture dated as of February 14, 2012, as it may have been amended and supplemented from time to time, governing CEOC’s 8.5% Senior
Secured Notes due 2020, (iii) the Indenture dated as of August 22, 2012, as it may have been amended and supplemented from time to time, governing CEOC’s 9% Senior Secured Notes due 2020 and (iv) the Indenture dated as of
February 15, 2013, as it may have been amended and supplemented from time to time, governing CEOC’s 9% Senior Secured Notes due 2020. 

“Forbearance Defaults” means defaults or Events of Default alleged in or in connection with (a) the May 2014
Transactions, (b) the Services Transactions, (c) the CEC Transactions, (d) the Incurrence Transactions, (e) the Restricted Transactions, (f) the Caesars Cases, and (g) any actions taken pursuant to and in compliance
with the terms of this Agreement. 
 “Forbearance Termination Event” has the meaning set forth in Section 3(a)
hereto. 
 “Incurrence Transactions” means the transactions consummated pursuant to, in contemplation of, or in connection
with the Incremental Facility Amendment and Term B-7 Agreement, dated as of June 11, 2014, among CEC, Caesars Operating Escrow LLC, the Incremental Lenders party thereto, Bank of America, N.A., Credit Suisse AG, Cayman Islands Branch, and upon
the assumption of the Term B-7 Loans, CEOC. 

  
 6 

 “May 27 CEOC Plan” means the Debtors’ Second Amended Joint Plan of
Reorganization [ECF. No. 3832] filed on May 27, 2016, as may be amended or modified from time to time in a manner not inconsistent with this Agreement. 

“May 2014 Transactions” means the transactions consummated pursuant to, in contemplation of, or in connection with the
Transaction Agreement dated as of March 1, 2014, as amended, by and among CEC, CEOC, Caesars License Company, LLC, Harrah’s New Orleans Management Company, Corner Investment Company, LLC, 3535 LV Corp., Parball Corporation, JCC Holding
Company II, LLC, Caesars Acquisition Company, and Caesars Growth Partners, LLC. 
 “Non-Debtor Subsidiaries” means Caesars
Growth Partners, LLC, Caesars Entertainment Resort Properties, LLC, and each of their respective subsidiaries. 
 “Note Purchase and
Support Agreement” means that certain agreement entered into by CEC, CEOC, and certain holders of the 6.50% Senior Notes due 2016 and 5.7% Notes due 2017, dated August 12, 2014. 

“Outside Date” means October 31, 2017; provided, that the Parties shall negotiate in good faith a reasonable
extension of the Outside Date if (x) the Parties have otherwise complied with the terms of this Agreement and the Restructuring Term Sheet and (y) all other events and actions necessary for the occurrence of the Effective Date and
consummation of the Restructuring have occurred other than the delivery, release, or receipt of regulatory or licensing approvals or a court order necessary for the occurrence of the Effective Date and consummation of the Restructuring. 

“Parties” has the meaning set forth in the preamble hereof. 

“Person” means an individual, a partnership, a joint venture, a limited liability company, a corporation, a trust, an
unincorporated organization, a group or any legal entity or association. 
 “Plans” means the CEOC Plan and the CEC Plan.

 “Qualified Marketmaker” means an entity that holds itself out to the public or applicable private markets as standing
ready in the ordinary course of business to purchase from customers and sell to customers claims against the Company, in its capacity as a dealer or market maker in claims against the Company. 

“Requisite Consenting SGN Creditors” means, as of any time of determination, the Consenting SGN Creditors holding greater
than two-thirds of the aggregate amount of all SGN Claims held at such time by all of the Consenting SGN Creditors; provided that any SGN Claims held by any of the Caesars Parties and/or their respective Affiliates shall not be included in
the foregoing calculation. 

  
 7 

 “Restricted Transactions” means the transactions consummated pursuant to, in
contemplation of, or in connection with the Note Purchase and Support Agreement. 
 “Restructuring” has the meaning set
forth in the recitals hereof. 
 “Restructuring Support Party” means each of (i) CEC and (ii) the Consenting SGN
Creditors, together with the respective Affiliates, subsidiaries, managed funds, representatives, officers, directors, agents, and employees of each of the foregoing, in each case to the extent controlled by such Restructuring Support Party. 

“Restructuring Support Period” means the period commencing on the date this Agreement becomes effective in accordance with
Section 15(f) hereof and ending on the earlier of (i) the date on which this Agreement is terminated with respect to any Party, and (ii) the Effective Date. 

“Restructuring Term Sheet” has the meaning set forth in the recitals hereof. 

“Second Lien Bond Debt” means indebtedness incurred by the Company pursuant to the Second Lien Indentures. 

“Second Lien Indentures” means the indentures governing CEOC’s (a) 10.00% second-priority senior secured notes due
2015, (b) 10.00% second-priority senior secured notes due 2018, and (c) 12.75% second-priority senior secured notes due 2018. 

“Securities Act” has the meaning set forth in Section 7(c) hereof. 

“Services Transactions” means the transactions consummated pursuant to, in contemplation of, or in connection with the
Omnibus License and Enterprise Services Agreement, dated May 20, 2014, by and among CES, CEOC, CERP, Caesars Growth Properties Holdings, LLC, Caesars License Company, LLC, and Caesars World, Inc. 

“SGN Claim” means a Claim in respect of SGN Debt. 

“SGN Debt” means indebtedness incurred by the Company pursuant to the SGN Indenture. 

“SGN Indenture” means the indenture governing CEOC’s (a) 10.75% senior unsecured notes due 2016 and (b) 10.75%
/ 11.5% senior toggle notes due 2018. 
 “SGN Intercreditor Agreement” means that certain intercreditor agreement dated as
of January 28, 2008 by and among Bank of America, N.A. in its capacity as administrative agent and collateral agent and inter alia U.S. Bank National Association in its capacity as trustee on the SGN Debt. 

“SGN Fees and Expenses” means all reasonable and documented fees and expenses of the Trustee, including but not limited to
fees and expenses incurred by the SGN Professionals in their representation of the Trustee and/or holders of SGN Debt in connection with the Chapter 11 Cases. 

  
 8 

 “SGN Professionals” means White & Case LLP, Pryor Cashman LLP, Novack
and Macey LLP, Foley & Lardner LLP, and GLC Advisors & Co., LLC (“GLC”), engaged by the Trustee and/or Consenting SGN Creditors in connection with the Chapter 11 Cases, and such other legal, consulting,
financial, and/or other professional advisors as may be retained with the prior written consent of the Company and CEC; provided, however, that GLC’s fees shall not exceed $750,000.00. 

“Termination Events” has the meaning set forth in Section 11 hereto. 

“Transfer” has the meaning set forth in Section 13 hereto. 

“Transferee” has the meaning set forth on Exhibit C hereto. 

“Trustee” shall mean Wilmington Trust, National Association, solely in its capacity as successor Indenture Trustee for the
10.75% senior unsecured notes due 2016. 
 “Unsecured Debt” means indebtedness incurred by the Company pursuant to the
Unsecured Indentures. 
 “Unsecured Indentures” means the indentures governing CEOC’s (a) 6.5% senior notes due
2016 and (b) 5.75% senior notes due 2017. 
 “Wilmington Trust Case” means Wilmington Trust, N.A., solely in its
capacity as successor Indenture Trustee for the 10.75% Notes due 2016 v. Caesars Entertainment Corporation, Case No. 15-cv-08280 (S.D.N.Y.). 

(b) Rules of Construction. Other than as contained within Section 29, each reference in this Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to this Agreement and the Restructuring Term Sheet, taken as a whole. 

2. Commitment of Restructuring Support Parties. 

(a) Affirmative Covenants. Subject to the terms and conditions hereof, for the duration of the Restructuring Support Period, each
Restructuring Support Party shall: 
 (i) negotiate in good faith the Definitive Documentation, in form and substance consistent in all
material respects with this Agreement (including the Restructuring Term Sheet, which, for the avoidance of doubt, shall be binding on all the Parties upon the effectiveness of this Agreement), and as otherwise reasonably acceptable to the Requisite
Consenting SGN Creditors, the Company, and CEC (in respect of CEC, to the extent such Definitive Documents could be reasonably expected to affect the interests of CEC, which, for the avoidance of doubt, include but are not limited to a CEC
Disclosure Statement, a CEC Plan, and a CEC Confirmation Order); 
 (ii) consent to those actions contemplated by this Agreement or
otherwise required to be taken to effectuate the Restructuring, including entering into all documents and agreements necessary to consummate the Restructuring, in each case, to which such Restructuring Support Party is to be a party; 

  
 9 

 (iii) support the Restructuring and vote in favor of the Plans, when properly solicited to do so
under the Bankruptcy Code, all SGN Claims now or hereafter beneficially owned by such Restructuring Support Party or for which it now or hereafter serves as the nominee, investment manager, or advisor for beneficial holders of such SGN Claims (and
not withdraw or revoke its tender, consent, or vote with respect to the Plans); provided that the foregoing may be waived by the Company in the Chapter 11 Cases or by CEC in a CEC Chapter 11 Case, each in its sole discretion;
provided, further, that, following the termination of this Agreement with respect to a Consenting SGN Creditor, such vote will be deemed null and void ab initio, and, absent any further action by any Consenting SGN Creditor,
such vote to accept the Plan shall be deemed to be a vote against the Plan , but only to the extent this Agreement has terminated other than on account of a breach by such Consenting SGN Creditor, it being understood and agreed that no Restructuring
Support Party shall enter into any arrangement whereby it transfers voting rights for the purpose of avoiding any obligations under this Agreement; 

(iv) as soon as practicable after the Agreement Effective Date, each Consenting SGN Creditor, on its own behalf with respect to the SGN
Claims held by such Party, but, for the avoidance of doubt, not purporting to represent any requisite majority of holders of SGN Claims, shall instruct the Trustee to immediately, and use its commercially reasonable efforts to, seek a mutually
agreed stay with CEC in respect of the Wilmington Trust Case; 
 (v) support the mutual release and exculpation provisions to be provided
in the Plans; 
 (vi) instruct the Trustee to support any motion filed by the Company seeking a 105 Injunction Order and take no action,
directly or indirectly, to object to or otherwise delay the entry of a 105 Injunction order; and 
 (vii) instruct the Trustee to request a
stay of the Trustee’s appeal of the Bankruptcy Court’s denial of its motion objecting to certain claims [Docket No. 3773] and take no action, directly or indirectly, to oppose or delay such stay, provided that the Consenting
SGN Creditors shall be under no obligation to so instruct the Trustee to stay such appeal until the later of (a) such time as the holders of First Lien Notes Claims and Prepetition Credit Agreement Claims have agreed to support a plan of
reorganization that includes the waiver of the turnover provisions of the SGN Intercreditor Agreement or (b) June 30, 2016. 
 (b)
Negative Covenants. Subject to the terms and conditions hereof, for the duration of the Restructuring Support Period, each Restructuring Support Party shall not: 

(i) seek, solicit, support, vote its SGN Claims for, or consent to, an Alternative Proposal; 

(ii) take any action materially inconsistent with the transactions expressly contemplated by this Agreement, or that would materially delay
or obstruct the consummation of the Restructuring, including, without limitation, commencing, or joining with any Person in commencing, any litigation or involuntary case for relief under the Bankruptcy Code against the Company or CEC; 

  
 10 

 (iii) direct the Trustee to resume prosecution of the Wilmington Trust Case during the term of
this Agreement; 
 (iv) take any action to object to any motion filed by the Company seeking a 105 Injunction Order; or 

Subject in all respects as may otherwise be provided for under the applicable documents governing the intercreditor relationships among the parties thereto,
nothing in this Agreement shall prohibit any Restructuring Support Party from (x) appearing as a party-in-interest in any matter arising in the Chapter 11 Cases or a CEC Chapter 11 Case so long as such appearance and the positions advocated in
connection therewith are not inconsistent with this Agreement or the Restructuring, and do not hinder, delay, or prevent consummation of the Restructuring, and (y) enforcing any right, remedy, condition, consent, or approval requirement under
this Agreement or any Definitive Documentation entered into in connection with the Restructuring; provided that, in each case, any such action is not materially inconsistent with such Restructuring Support Party’s obligations
hereunder. 
 3. Consenting SGN Creditors’ Forbearance. 

(a) Until the termination of this Agreement (the “Forbearance Termination Event”), each Consenting SGN Creditor agrees to
forbear from exercising its default-related rights and remedies (as well as any setoff rights and remedies) under the SGN Indenture or applicable law, against the Company and CEC and, with respect to each, their property and interests in property.

 (b) Upon the occurrence of a Forbearance Termination Event, the agreement of the Consenting SGN Creditors hereunder to forbear from
exercising rights and remedies in respect of the Forbearance Defaults, shall immediately terminate without requirement of any demand, presentment, protest, or notice of any kind, all of which the Company and CEC hereby waive (to the extent permitted
by applicable law). 
 (c) The Company agrees that, upon the occurrence of, and at any time after the occurrence of, a Forbearance
Termination Event, the Consenting SGN Creditors or the Trustee, as applicable, may proceed, subject to the terms of the SGN Indenture, and applicable law, to exercise any or all rights and remedies under the SGN Indenture, applicable law, and/or in
equity, including, without limitation, the rights and remedies on account of the Forbearance Defaults, all of which rights and remedies are fully reserved. The Caesars Parties agree that following any Forbearance Termination Event, the Caesars
Parties waive any ability to claim that the Restructuring Support Period gave rise to any purported delay by the Consenting SGN Creditors, or the Trustee, in pursuing any remedies on account of the Forbearance Defaults. 

(d) The Caesars Parties agree that, prior to the termination of this Agreement with respect to any particular Consenting SGN Creditor, the
Caesars Parties shall not commence any litigation or interpose any claim arising from or in any way related to the SGN Debt against the Trustee or any such Consenting SGN Creditor. The Consenting SGN Creditors agree that,

  
 11 

 
prior to the termination of this Agreement with respect to any particular Caesars Party, the Consenting SGN Creditors shall not commence any litigation or interpose or join in any claim arising
from or in any way relating to the SGN Debt against any such Caesars Party, including, without limitation, in connection with any of the Caesars Cases. 

(e) For the avoidance of doubt, and notwithstanding anything herein, the forbearance set forth in this Section 3 shall not
constitute a waiver with respect to any defaults or any events of defaults under the SGN Indenture and shall not bar the Trustee or any Consenting SGN Creditor from filing a proof of claim or taking action to establish the amount of such SGN Claim.

 4. Stay of Wilmington Trust Case. 

Within 3 Business Days of executing this Agreement, each Consenting SGN Creditor shall sign the applicable instruction letter attached hereto as Exhibit
D affirmatively instructing the Trustee to execute the stipulation attached to such instruction letter, seek to mutually stay the prosecution of the Wilmington Trust Case (and, for the avoidance of doubt, shall not direct the Trustee to
prosecute the Wilmington Trust Case during the term of this Agreement, other than to assert claims or causes of action that may be subject to a statute of limitations or similar defense and are not subject to a tolling agreement reasonably
satisfactory to the Consenting SGN Creditors, the Trustee, and CEC); provided that the instruction letter to the Trustee shall be delivered only upon its execution by Consenting SGN Creditors beneficially owning or controlling with the
power to vote in favor of the Plans holding at least 50.1% of the outstanding amount of the SGN Debt as of such date. 
 5. Covenants
of Caesars Parties. 
 (a) Affirmative Covenants of the Caesars Parties. Subject to the terms and conditions hereof, for the
duration of the Restructuring Support Period, each of the Caesars Parties shall: 
 (i) (A) support and complete the Restructuring and all
transactions contemplated under the Restructuring Term Sheet and this Agreement, (B) negotiate in good faith the Definitive Documentation necessary to effectuate the Restructuring, on the terms and subject to the conditions set forth in this
Agreement, (C) use its commercially reasonable efforts to obtain any and all required governmental, regulatory, licensing, Bankruptcy Court, or other approvals (including, without limitation, any necessary third-party consents) necessary to the
implementation or consummation of the Restructuring; (D) use its commercially reasonable efforts to lift or otherwise reverse the effect of any injunction or other order or ruling of a court or regulatory body that would impede the consummation
of a material aspect of the Restructuring, (E) operate the Company and CEC in the ordinary course consistent with industry practice, taking into account the Restructuring and the commencement of the Chapter 11 Cases and a CEC Chapter 11 Case,
and (F) cooperate in good faith with the Consenting SGN Creditors in connection with the implementation of this Agreement, including in connection with obtaining a stay of the Wilmington Trust Case; 

  
 12 

 (ii) promptly notify or update White & Case LLP upon becoming aware of any of the
following occurrences: (A) an additional person becomes a Consenting SGN Creditor after the date of this Agreement; (B) a Termination Event has occurred; (C) material developments, negotiations or proposals relating to the Caesars
Cases, the Forbearance Defaults, and any other case or controversy that may be commenced against such Caesars Party in a court of competent jurisdiction or brought before a state or federal regulatory, licensing, or similar board, authority, or
tribunal that would reasonably be expected to materially impede or prevent consummation of the Restructuring; 
 (iii) cause the Trustee
and the Consenting SGN Creditors to be included in the mutual release and exculpation provisions to be provided in the Plans; and 
 (iv)
unless the Caesars Party obtains the prior written consent of a Consenting SGN Creditor: (x) use the information regarding any SGN Claims owned at any time by such Consenting SGN Creditor (the “Confidential Claims Information”)
solely in connection with this Agreement (including any disputes relating thereto); and (y) except as required by law, rule, or regulation or by order of a court or as requested or required by the Securities and Exchange Commission or by any
other federal or state regulatory, judicial, governmental, or supervisory authority or body, keep the Confidential Claims Information strictly confidential and not disclose the Confidential Claims Information to any other Person; provided,
however, that the Caesars Parties may combine the Confidential Claims Information provided to the Caesars Parties by a Consenting SGN Creditor with the corresponding data provided to the Company by the other Consenting SGN Creditors and
disclose such combined data on an aggregate basis. In the event that any of the Caesars Parties is required (by law, rule, regulation, deposition, interrogatories, requests for information or documents in legal or administrative proceedings,
subpoena, civil investigative demand or other similar process, or by any governmental, judicial, regulatory, or supervisory body) to disclose the Confidential Claims Information or the contents thereof, the Caesars Parties shall, to the extent
legally permissible, provide affected Consenting SGN Creditors with prompt notice of any such request or requirement so that such Consenting SGN Creditors may seek a protective order or other appropriate remedy and/or waive compliance with the
provisions of this section. If, in the absence of a protective order or other remedy or the receipt of a waiver from a Consenting SGN Creditor, a Caesars Party believes that it is nonetheless, following consultation with counsel, required to
disclose the Confidential Claims Information, such Caesars Party may disclose only that portion of the Confidential Claims Information that it believes, following consultation with counsel, it is required to disclose, provided that it exercises
reasonable efforts to preserve the confidentiality of the Confidential Claims Information, including, without limitation, by marking the Confidential Claims Information “Confidential – Attorneys’ Eyes Only” and by reasonably
cooperating with the affected Consenting SGN Creditor to obtain an appropriate protective order or other reliable assurance that confidential and attorneys’ eyes only treatment will be accorded the Confidential Claims Information. In no event
shall this Agreement be construed to impose on a Consenting SGN Creditor an obligation to disclose the price for which it acquired or disposed of any SGN Claim. The Caesars Parties’ obligations under this Section 5(a)(iv) shall
survive termination of this Agreement; 
 (v) use commercially reasonable efforts to enter into a restructuring support agreement (whether
an original or amended restructuring support agreement) dated on or 

  
 13 

 
after the date of this Agreement with certain holders of First Lien Notes Claims, certain holders of Prepetition Credit Agreements Claims, and the Unsecured Creditors Committee, each of which
shall not, and any Plan contemplated therein shall not, (1) adversely affect the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement or (2) impair the ability of CEOC to provide the
recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement; 
 (vi) following the Agreement
Effective Date, CEC shall pay all SGN Fees and Expenses up to $150,000 per month accruing on and after the Agreement Effective Date in cash in full on a monthly basis promptly upon receipt of invoice from each SGN Professional, which shall include
for the avoidance of doubt any SGN Fees and Expenses actually incurred during the term of the Agreement. The Company shall, subject to a final order of the Bankruptcy Court, pay in cash in full any SGN Fees and Expenses over $150,000 per month, but
less than $500,000 per month incurred on and after the Agreement Effective Date on a monthly basis promptly upon receipt of invoice from each SGN Professional (such $500,000 per month limitation to be calculated on a cumulative basis) (the
“Fee Cap”); provided that: (a) if the Company, after good faith efforts, cannot receive a final order from the Bankruptcy Court, CEC will pay such fees and expenses on or before the Effective Date; and (b) to the
extent that such SGN Fees and Expenses exceed the Fee Cap as a result of litigation relating to confirmation, the Parties shall agree to a reasonable increase in such Fee Cap. 

(vii) All SGN Fees and Expenses incurred prior to the Agreement Effective Date shall be paid in cash in full by the Company on the earlier of
(A) the entry of a final order of the Bankruptcy Court allowing the Company to pay such fees and expenses or (B) the Effective Date, subject to a final order of the Bankruptcy Court; provided that if the Company, after good faith
efforts, cannot receive a final order from the Bankruptcy Court, CEC will pay such fees and expenses on or before the Effective Date. 

(viii) The Company shall promptly amend the most recently filed CEOC Plan to reflect the terms of this Agreement and the Restructuring Term
Sheet. 
 (b) Negative Covenants of the Caesars Parties. Subject to the terms and conditions hereof, for the duration of the
Restructuring Support Period, each of the Caesars Parties (except with the prior written consent of the Requisite Consenting SGN Creditors), shall not, directly or indirectly: 

(i) (A) publicly announce its intention not to pursue the Restructuring; (B) suspend or revoke the Restructuring; or
(C) execute any agreements, instruments, or other documents (including any modifications or amendments to any Definitive Documentation) necessary to effectuate the Restructuring that, in whole or in part, are not substantially consistent
with this Agreement, or are not otherwise reasonably acceptable to the Requisite Consenting SGN Creditors and the Caesars Parties; and 

(ii) take any action or omit to take any action, or incur, enter into, or suffer any transaction, arrangement, condition, matter, or
circumstance, that (in any such case) materially impairs, or would reasonably be expected to materially impair, the ability of CEC to perform its obligations under the Restructuring relative to its ability to perform its obligations

  
 14 

 
under the Restructuring as of the date of this Agreement (after giving effect to the consummation of the Restructuring as if the Restructuring had been consummated on the date of this Agreement)
other than CEC’s commencement of a CEC Chapter 11 Case. 
 In the event any Caesars Party receives and determines to pursue an Alternative Proposal in
an exercise of its fiduciary duties as set forth by Section 21 hereof, such Caesars Party shall promptly notify the Consenting SGN Creditors, the SGN Professionals, and the other Caesars Party of the existence and material terms of such
Alternative Proposal; provided that such Caesars Party may withhold the material terms of such Alternative Proposal from any Consenting SGN Creditor(s) who do not agree to applicable reasonable and customary confidentiality
restrictions with respect thereto and/or who are in breach of this Agreement. After receipt of the material terms of such Alternative Proposal, the Requisite Consenting SGN Creditors and the Caesars Party that has not determined to pursue an
Alternative Proposal shall have three (3) Business Days after notice by the other Caesars Party to propose changes to the terms of this Agreement, including the Restructuring Term Sheet and any exhibits thereto. The Caesars Party that has
determined to pursue an Alternative Proposal shall keep the Consenting SGN Creditors and the other Caesars Party informed of any amendments, modifications or developments with respect to such Alternative Proposal and any material information related
to such Alternative Proposal, and, to the extent an Alternative Proposal is amended in any material respect, the Requisite Consenting SGN Creditors and the Caesars Party that has not determined to pursue an Alternative Proposal shall have three
(3) Business Days from any such amendment to propose changes to the terms of this Agreement. 
 (c) Additional Covenants in Respect
of CES. The Company and CEC shall use commercially reasonable efforts to cause, subject to the terms and conditions hereof and for the duration of the Restructuring Support Period, CES (except with the prior written consent of the Requisite
Consenting SGN Creditors) (i) to operate its business in the ordinary course, and (ii) to preserve and maintain intact all material assets, properties, and other interests (including, without limitation, intellectual property interests and
intangible assets, such as reward programs and customer lists) that are currently owned, licensed, used, or enjoyed by the Company. 
 (d)
Additional Affirmative Covenants of the Caesars Parties. Subject to the terms and conditions hereof, for the duration of the Restructuring Support Period, the Company and CEC after a CEC Petition Date, as applicable, shall to the extent
permitted by the Bankruptcy Court and applicable law, cause the signature pages attached to this Agreement to be redacted to the extent this Agreement is filed on the docket maintained in the Chapter 11 Cases or a CEC Chapter 11 Case, posted on the
Company’s or CEC’s website, or otherwise made publicly available. 
 (e) Additional Negative Covenants of the Caesars
Parties. Subject to the terms and conditions hereof, for the duration of the Restructuring Support Period, the Company and CEC, as applicable (except with the prior written consent of the Requisite Consenting SGN Creditors) shall not, directly
or indirectly: 
 (i) take any action in connection with the Restructuring that violates this Agreement; 

  
 15 

 (ii) to the extent it would materially impair the rights of the Consenting SGN Creditors or the
Company’s or CEC’s ability to consummate the Restructuring, and other than as required by the Plans, amend or propose to amend its respective certificate or articles of incorporation, bylaws, or comparable organizational documents; 

(iii) pay or make any payment, transfer, or other distribution (whether in cash, securities, or other property) of or in respect of principal
of or interest on any funded indebtedness of the Company that is expressly subordinate in right of payment to the SGN Debt, or any payment or other distribution (whether in cash, securities, or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation, or termination in respect of any such funded indebtedness that is not contemplated by the Restructuring Term Sheet; 

(iv) enter into any transaction, or proposed settlement (other than as contemplated by this Agreement and/or the Restructuring Term Sheet or
as previously disclosed to the SGN Professionals prior to the date hereof) of any claim, litigation, dispute, controversy, cause of action, proceeding, appeal, determination, investigation, matter, or otherwise, that will materially impair the
Company’s or CEC’s ability to consummate the Restructuring or the value that CEC is committing to provide to holders of SGN Debt in accordance with this Agreement and/or the Restructuring Term Sheet; or 

(v) amend or modify the May 27 CEOC Plan (or any subsequently filed or amended CEOC Plan), including Article IV.A.10 of the Plan
(as amended in accordance with the Restructuring Term Sheet, the “Waiver of Turnover Provisions”), in a way that adversely impacts, or materially impairs CEOC’s ability to provide, the recoveries available to the holders of SGN
Claims under the CEOC Plan as contemplated by this Agreement. 
 (f) The Company and CEC each acknowledge that it has reviewed this
Agreement and has decided to enter into this Agreement on the terms and conditions set forth herein and in the Restructuring Term Sheet in the exercise of its fiduciary duties. 

6. Mutual Representations, Warranties and Covenants. 

(a) Each of the Parties, severally and not jointly, represents and warrants to each other Party that the following statements are true,
correct, and complete as of the date hereof (or, if later, the date that such Party (or if such Party is a Transferee, such Transferee) first became or becomes a Party): 

(i) it is validly existing and in good standing under the laws of the state of its organization, and this Agreement is a legal, valid, and
binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability; 
 (ii) except as expressly provided in this Agreement or in the
Bankruptcy Code (if applicable) or as may be required for disclosure by the Securities and Exchange Commission, no material consent or approval of, or any registration or filing with, any other Person is required for it to carry out the
Restructuring contemplated by, and perform its obligations under, this Agreement; 

  
 16 

 (iii) except as expressly provided in this Agreement or the Bankruptcy Code (if applicable), it
has all requisite organizational power and authority to enter into this Agreement and to carry out the Restructuring contemplated by, and perform its obligations under, this Agreement; 

(iv) the execution and delivery by it of this Agreement, and the performance of its obligations hereunder, have been duly authorized by all
necessary organizational action on its part; 
 (v) it has been represented by counsel in connection with this Agreement and the
transactions contemplated by this Agreement; and 
 (vi) the execution, delivery, and performance by such Party of this Agreement does not
and will not (1) violate any provision of law, rule, or regulation applicable to it or any of its subsidiaries or its charter or bylaws (or other similar governing documents) or those of any of its subsidiaries, (2) conflict with, result
in a breach of, or constitute (with or without notice or lapse of time or both) a default under any material debt for borrowed money to which it or any of its subsidiaries is a party, or (3) violate any order, writ, injunction, decree, statute,
rule, or regulation; provided that, (x) the foregoing shall not apply with respect to any Caesars Party on account of any defaults arising from the commencement of the Chapter 11 Cases, a CEC Chapter 11 Case, or the pendency
of the Restructuring and (y) nothing in this Section 6(a)(vi) shall, or shall be deemed to, waive, limit, or otherwise impair each of the Caesars Party’s respective ability to exercise its fiduciary duties as set forth by
Section 21 hereof. 
 (b) The Caesars Parties represent and warrant to the Consenting SGN Creditors that there are no pending
agreements (oral or written) or understandings that are not public or have been filed with the Bankruptcy Court with respect to any Alternative Proposal. 

(c) Each Caesars Party, severally and not jointly, on behalf of itself and its Affiliates, represents, warrants and covenants that it has not
offered, and will not offer, any Additional Consideration to any holder of SGN Claims without making such Additional Consideration with respect to such SGN Claim otherwise available to Consenting SGN Creditors in respect of their applicable SGN
Claims, on a pro rata basis in the manner contemplated in Section 35 in this Agreement. 
 7. Ownership of
Claims. Each Claim Holder, severally and not jointly, represents and warrants as follows: 
 (a) as of the date of this Agreement,
it (i) is either (A) the sole beneficial owner of the principal amount of SGN Claims set forth below its signature hereto, or (B) has sole investment or voting discretion with respect to the principal amount of SGN Claims set forth
below its signature hereto and has the power and authority to bind the beneficial owner(s) of such SGN Claims to the terms of this Agreement, (ii) has full power and authority to act on behalf of, vote, and consent to matters concerning such
SGN Claims and dispose of, exchange, assign, and transfer such SGN Claims,; in each case except as this provision may be specifically waived, in writing by the Company, and (iii) holds no SGN Claims that are not identified below its signature
hereto; 

  
 17 

 (b) other than pursuant to this Agreement, such SGN Claims that are subject to
Section 7(a) hereof are free and clear of any pledge, lien, security interest, charge, claim, equity, option, proxy, voting restriction, right of first refusal or other limitation on disposition or encumbrance of any kind, that would
adversely affect in any way such Consenting SGN Creditor’s performance of its obligations contained in this Agreement at the time such obligations are required to be performed; and 

(c) (i) it is either (A) a qualified institutional buyer as defined in Rule 144A of the Securities Act, (B) an institutional
accredited investor (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act of 1933, as amended (the “Securities Act”), (C) a non-U.S. person under Regulation S under the Securities Act, or (D) the
foreign equivalent of (A) or (B) above, and (ii) any securities of any Caesars Party acquired by the applicable Claim Holder in connection with the Restructuring will have been acquired for investment and not with a view to
distribution or resale in violation of the Securities Act. 
 8. Termination by Consenting SGN Creditors. The Requisite
Consenting SGN Creditors may terminate this Agreement (each, a “Creditor Termination Right”), in each case, upon delivery of written notice to the Caesars Parties in accordance with Section 27 hereof at any time upon,
after the occurrence of, and during the continuation of, any of the following events (each, a “Creditor Termination Event”): 

(a) the termination of this Agreement by any of the Caesars Parties, or the breach by any of the Caesars Parties of any of their obligations,
representations, warranties, or covenants set forth in this Agreement in any material respect, which breach remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties of written notice of such breach from
the Requisite Consenting SGN Creditors; 
 (b) the issuance, promulgation, or enactment by any governmental entity, including any regulatory
or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof to be unenforceable or enjoining or otherwise restricting the consummation of a material
portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties
and the Consenting SGN Creditors of written notice of such event; 
 (c) a trustee under section 1104 of the Bankruptcy Code or an
examiner (with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code) shall have been appointed in the Chapter 11 Cases or a CEC Chapter 11 Case; 

(d) the Chapter 11 Cases or a CEC Chapter 11 Case are, or is, converted to cases under chapter 7 of the Bankruptcy Code or the Chapter 11
Cases or a CEC Chapter 11 Case shall have been dismissed, in each case, by order of the Bankruptcy Court, which order has not otherwise been stayed; 

  
 18 

 (e) if any of the Definitive Documentation necessary to effectuate the Restructuring (including
any amendment or modification thereof) filed with the Bankruptcy Court or otherwise finalized, or has become effective, shall contain terms and conditions that are not materially consistent with this Agreement or shall otherwise not be on terms
reasonably acceptable to the Requisite Consenting SGN Creditors, the Company, and CEC, and such material inconsistency remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties and the Consenting SGN
Creditors of written notice of such material inconsistency; 
 (f) a Caesars Party or any of their respective Affiliates files any motion or
pleading with the Bankruptcy Court that is not materially consistent with this Agreement and such motion or pleading has not been withdrawn within two (2) Business Days of each of the Caesars Party’s and the applicable filing Party’s
receiving written notice from the Requisite Consenting SGN Creditors that such motion or pleading is materially inconsistent with this Agreement, unless such motion or pleading does not seek, and could not result in, relief that would have any
adverse impact on the interest of holders of SGN Claims in connection with the Restructuring; 
 (g) the Company or CEC executes a letter of
intent (or similar document) stating its intention to pursue an Alternative Proposal; 
 (h) other than pursuant to any relief sought by the
Company that is not materially inconsistent with its obligations hereunder, the Bankruptcy Court grants relief terminating, annulling, or modifying the automatic stay (as set forth in section 362 of the Bankruptcy Code) with regard to any assets of
the Company having an aggregate fair market value in excess of $5,000,000 without the written consent of the Requisite Consenting SGN Creditors; 

(i) a CEC Bankruptcy Event unless consented to by CEC within fifteen days of such CEC Bankruptcy Event; 

(j) if Article VIII.C (“Third-Party Release”) of the May 27 CEOC Plan (or any
subsequently filed or amended CEOC Plan) is amended or modified in a way that materially adversely impacts the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement; 

(k) if the Waiver of Turnover Provisions is amended or modified in any way; 

(l) the termination of any restructuring support agreement (whether an original or amended restructuring support agreement) dated on or after
the date of this Agreement with certain holders of First Lien Notes Claims, certain holders of Prepetition Credit Agreements Claims, or the Unsecured Creditors Committee, unless any such agreement is reconstituted within 14 days in a manner that
does not adversely affect the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement; 

(m) if any of the classes comprising the First Lien Notes Claims and Prepetition Credit Agreements Claims do not vote to accept the CEOC Plan;

  
 19 

 (n) if the Caesars Parties have not entered into a restructuring support agreement with the
Unsecured Creditors’ Committee by June 30, 2016, which agreement shall not, and any plan contemplated therein shall not, (1) adversely affect the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by
this Agreement or (2) impair the ability of CEOC to provide the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement 

(o) if the CEOC Plan is amended in a way that (1) adversely affect the recoveries available to the holders of SGN Claims under the CEOC
Plan as contemplated by this Agreement or (2) impairs the ability of CEOC to provide the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement; or 

(p) the Effective Date has not occurred by the Outside Date. 

9. Mutual Termination. This Agreement may be terminated by mutual agreement among (a) the Caesars Parties, and (b) the
Requisite Consenting SGN Creditors. 
 10. Company Termination Events. This Agreement may be terminated by delivery to the
other Parties of a written notice, delivered in accordance with Section 27 of this Agreement, by the Company upon the occurrence of any of the following events (each a “Company Termination Event”): 

(a) the breach by any Restructuring Support Party of any of the obligations, representations, warranties, or covenants of such Restructuring
Support Party set forth in this Agreement in any respect that materially and adversely affects the Company’s interests in connection with the Restructuring, which breach remains uncured for a period of five (5) Business Days after the
receipt by such breaching Restructuring Support Party from the Company of written notice of such breach; provided that, with respect to a breach by one or more Consenting SGN Creditors, the foregoing shall apply only if (x) such
breaching Consenting SGN Creditor(s) hold(s) in excess of 4.0% of SGN Claims held by all Consenting SGN Creditors, (y) non-breaching Consenting SGN Creditors with power to vote in favor of the Plans do not then hold at least 66.66% of aggregate
SGN Debt (measured by face value), or (z) such breach would otherwise have a material adverse effect on the Restructuring; 
 (b) the
issuance, promulgation, or enactment by any governmental entity, including any regulatory or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof
to be unenforceable or enjoining or otherwise restricting the consummation of a material portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains
uncured for a period of five (5) Business Days after the receipt by the Caesars Parties and the Consenting SGN Creditors of written notice of such event; provided that the Caesars Parties have otherwise complied with their
obligations under Section 5(a)(i)(C) of this Agreement; 
 (c) the exercise by the Company of its fiduciary duties as set forth
by Section 21 hereof (the “Company Fiduciary Out”); 

  
 20 

 (d) any Party other than the Company and its Affiliates files any motion or pleading with the
Bankruptcy Court that is not materially consistent with this Agreement and such motion or pleading has not been withdrawn or corrected within seven (7) Business Days of such Party receiving written notice from the Company that such motion or
pleading is materially inconsistent with this Agreement, or CEC and/or any of its Affiliates (other than the Company) obtains relief with respect to any motion or pleading with the Bankruptcy Court that is not substantially consistent with this
Agreement; 
 (e) if any of the Definitive Documentation (including any amendment or modification thereof) that is filed with the Bankruptcy
Court or otherwise finalized, or has become effective, shall contain terms and conditions that are not materially consistent with this Agreement or shall otherwise not be on terms reasonably acceptable to the Company, and such material and adverse
inconsistency remains uncured for a period of five (5) Business Days after the receipt by the Restructuring Support Parties of written notice of such material inconsistency; 

(f) a trustee under section 1104 of the Bankruptcy Code or an examiner (with expanded powers beyond those set forth in
section 1106(a)(3) and (4) of the Bankruptcy Code) shall have been appointed in the CEC Chapter 11 Case; 
 (g) the CEC
Chapter 11 Case is converted to cases under chapter 7 of the Bankruptcy Code or the CEC Chapter 11 Case shall have been dismissed, in each case, by order of the Bankruptcy Court, which order has not otherwise been stayed; 

(h) the Effective Date has not occurred by the Outside Date; or 

11. CEC Termination Events. This Agreement may be terminated by delivery to the other Parties of a written notice, delivered in
accordance with Section 27 of this Agreement, by CEC upon the occurrence of any of the following events (each a “CEC Termination Event,” and together with the Creditor Termination Events and Company Termination Events,
the “Termination Events”): 
 (a) the breach by the Company of any of its obligations, representations, warranties, or
covenants set forth in this Agreement in any respect that materially and adversely affects CEC’s interests in connection with the Restructuring, which breach remains uncured for a period of five (5) Business Days after the receipt by the
Company of written notice of such breach from CEC; 
 (b) the breach by any other Restructuring Support Party (other than CEC) of any of the
obligations, representations, warranties, or covenants of such Restructuring Support Party set forth in this Agreement in any respect that materially and adversely affects CEC’s interests in connection with the Restructuring, which breach
remains uncured for a period of five (5) Business Days after the receipt by such breaching Restructuring Support Party from CEC of written notice of such breach; provided that, with respect to a breach by one or more Consenting
SGN Creditors, the foregoing shall apply only if (x) such breaching Consenting SGN Creditor(s) hold(s) in excess of 4.0% of SGN Claims held by all Consenting SGN Creditors, (y) non-breaching Consenting SGN Creditors with power to vote in
favor of the Plans do not then hold at least 66.66% of aggregate SGN Debt (measured by face value), or (z) such breach would otherwise have a material adverse effect on the Restructuring; 

  
 21 

 (c) the issuance, promulgation, or enactment by any governmental entity, including any regulatory
or licensing authority or court of competent jurisdiction, of any statute, regulation, ruling or order declaring this Agreement or any material portion hereof to be unenforceable or enjoining or otherwise restricting the consummation of a material
portion of the Restructuring (including with respect to the regulatory approvals or tax treatment contemplated by the Restructuring), which action remains uncured for a period of five (5) Business Days after the receipt by the Caesars Parties
and the Consenting SGN Creditors of written notice of such event; provided that the Caesars Parties have otherwise complied with their obligations under Section 5(a)(i)(C) of this Agreement; 

(d) the exercise by CEC of its fiduciary duties as set forth by Section 21 hereof (the “CEC Fiduciary Out,” and
together with the Company Fiduciary Out, the “Fiduciary Outs”); 
 (e) any Party other than CEC files any motion or
pleading with the Bankruptcy Court in the Chapter 11 Cases or a CEC Chapter 11 Case that is not materially consistent with this Agreement and such motion or pleading has not been withdrawn or corrected within seven (7) Business Days of such
Party receiving written notice from CEC that such motion or pleading is materially inconsistent with this Agreement; 
 (f) if any of the
Definitive Documentation necessary to effectuate the Restructuring (including any amendment or modification thereof) filed with the Bankruptcy Court or otherwise finalized, or has become effective, shall contain terms and conditions that are not
materially consistent with this Agreement or shall otherwise not be on terms reasonably acceptable to the Requisite Consenting SGN Creditors and the Caesars Parties, and such material and adverse inconsistency remains uncured for a period of five
(5) Business Days after the receipt by the Caesars Parties and the Consenting SGN Creditors of written notice of such material inconsistency; 

(g) a trustee under section 1104 of the Bankruptcy Code or an examiner (with expanded powers beyond those set forth in
section 1106(a)(3) and (4) of the Bankruptcy Code) shall have been appointed in the Chapter 11 Cases; 
 (h) the Chapter 11
Cases are converted to cases under chapter 7 of the Bankruptcy Code or the Chapter 11 Cases shall have been dismissed, in each case, by order of the Bankruptcy Court, which order has not otherwise been stayed; 

(i) the Effective Date has not occurred by the Outside Date; 

(j) the Wilmington Trust Case is not stayed within 5 days of the Agreement Effective Date or such stay is not at any time in place after such
date, which date may be extended by the mutual agreement of (a) the Caesars Parties and (b) the Requisite Consenting SGN Creditors; 

  
 22 

 (k) if the Caesars Parties have not entered into a restructuring support
agreement with the Unsecured Creditors’ Committee by June 30, 2016, which agreement shall not, and any Plan contemplated therein shall not, (1) adversely affect the recoveries available to the holders of SGN Claims under the CEOC Plan
as contemplated by this Agreement or (2) impair the ability of CEOC to provide the recoveries available to the holders of SGN Claims under the CEOC Plan as contemplated by this Agreement; or 

(l) a 105 Injunction Order in form and substance acceptable to CEC is at any time not in effect following June 15, 2016. 

12. Termination. 

(a) No Party may exercise any of its respective termination rights as set forth in Section 8, Section 10, or
Section 11 hereof, as applicable, if such Party has failed to perform or comply in all material respects with the terms and conditions of this Agreement (unless such failure to perform or comply arises as a result of another Party’s
actions or inactions), with such failure to perform or comply causing, or resulting in, the occurrence of the Termination Event specified herein. 

(b) Upon the termination of this Agreement pursuant to Section 8, Section 9, Section 10, or
Section 11 hereof, all Parties shall be released from their commitments, undertakings, and agreements under or related to this Agreement, and there shall be no liability or obligation on the part of any Party. 

(c) Notwithstanding Section 12(b) hereof, in no event shall any termination of this Agreement relieve a Party from
(i) liability for its breach or non-performance of its obligations hereunder prior to the termination date, including but not limited to CEC’s obligations to pay the SGN Fees and Expenses, and (ii) obligations under this Agreement
which by their terms expressly survive a termination date; provided, however, that, notwithstanding anything to the contrary contained herein, any Termination Event (including any automatic termination) may be waived in accordance with
the procedures established by Section 15 hereof, in which case such Termination Event so waived shall be deemed not to have occurred, this Agreement consequently shall be deemed to continue in full force and effect, and the rights and
obligations of the Parties shall be restored, subject to any modification set forth in such waiver. 
 (d) Upon a Termination Event that
releases a Consenting SGN Creditor from its commitments, undertakings, and agreements under or related to this Agreement (as set forth in Section 12(b)), unless otherwise agreed to in writing by such Consenting SGN Creditor, any and all
votes, approvals, or consents delivered by such Consenting SGN Creditor and, as applicable, its Affiliates, subsidiaries, managed funds, representatives, agents, and/or employees in connection with the Restructuring prior to such termination date
shall be deemed, for all purposes, to be null and void ab initio from the first instance, and, absent any further action by any Consenting SGN Creditor, with respect to any such vote to accept the Plan, such vote shall be deemed to be a vote against
the Plan. 
 13. Transfer of SGN Claims. The Restructuring Support Parties agree, with the exception of the permitted
transfers and purchases enumerated in (a) below, that no 

  
 23 

 
Restructuring Support Party will, directly or indirectly, sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to
purchase, or otherwise transfer or dispose of, any economic, voting or other rights in or to, by operation of law or otherwise (collectively, “Transfer”), all or any portion of its SGN Claims now or hereafter owned, and no such
Transfer will be effective, unless the transferee executes and provides to the Company and counsel to the Consenting SGN Creditors a transfer agreement in the form attached hereto as Exhibit C within two (2) Business Days of the
execution of an agreement (or trade confirmation) in respect of such Transfer. For the avoidance of doubt, the Caesars Parties agree that any such transfer agreement shall be included in the definition of “Confidential Claims
Information” in Section 5(a)(iv) hereof. In addition to the foregoing Transfer, the following Transfers shall be permitted: 

(a) any Transfer by one Consenting SGN Creditor to another Consenting SGN Creditor. 

Any Transfer of any Restructuring Support Party’s SGN Claims that does not comply with the foregoing shall be deemed void ab initio;
provided, however, for the avoidance of doubt, that upon any purchase, acquisition, or assumption by any Restructuring Support Party of any SGN Claims, such SGN Claims shall automatically be deemed to be subject to all the terms of
this Agreement. The restrictions in this Agreement are in addition to any Transfer restrictions in the SGN Indenture and in the event of a conflict the Transfer restrictions contained in this Agreement shall control; provided, however,
that nothing herein shall restrict, waive, or suspend any consent right the Company may have with respect to any Transfer; and provided further that nothing herein shall restrict in any way any transfer by a Consenting SGN Creditor of Claims that it
owns other than SGN Claims. 
 Notwithstanding the foregoing, a Qualified Marketmaker, acting solely in its capacity as such, that acquires any SGN Claim
subject to this Agreement shall not be required to execute a Transfer Agreement or otherwise agree to be bound by the terms and conditions set forth herein if, and only if, such Qualified Marketmaker sells or assigns such SGN Claim within ten
(10) Business Days of its acquisition and the purchaser or assignee of such SGN Claim is a Consenting SGN Creditor \or an entity that executes and provides a Transfer Agreement in accordance with the terms set forth herein; provided
that if a Qualified Marketmaker, acting solely in its capacity as such, acquires First Lien Bond Debt, First Lien Bank Debt, Second Lien Bond Debt, SGN Debt, or Unsecured Debt from an entity who is not a Consenting SGN Creditor with respect
to such debt (collectively, “Qualified Unrestricted Claims”), such Qualified Marketmaker may Transfer any right, title or interest in such Qualified Unrestricted Claims without the requirement that the transferee execute a Transfer
Agreement; provided further that unless waived by the Company in writing any such Qualified Marketmaker that is a Party to this Agreement shall otherwise be subject to the terms and conditions of this Agreement (including Section 2(a)(iii)
hereof) with respect to Qualified Unrestricted Claims pending the completion of any such Transfer. 
 Notwithstanding anything herein to the contrary:
(a) to the extent that a Restructuring Support Party effects the Transfer of all of its SGN Claims in accordance with this Agreement, such Restructuring Support Party shall cease to be a Party to this Agreement in all respects and shall have no
further obligations hereunder; provided, however, that if such Restructuring Support 

  
 24 

 
Party acquires a SGN Claim at any point thereafter, it shall be deemed to be a Party to this Agreement on the same terms as if it had not effected a Transfer of all of its SGN Claims; and
(b) unless waived by the Company in writing, subject to Section 2(a)(ii) hereof, to the extent that a Restructuring Support Party effects the Transfer of a SGN Claim that it holds as a participant (and not grantor) pursuant to a
participation agreement with voting provisions substantially similar to those set forth in the form of participation agreement produced by the Loan Syndications & Trading Association, the transferee thereof shall not be required to execute
a Transfer Agreement. 
 14. Cooperation. 

(a) The Company in the Chapter 11 Cases shall use commercially reasonable efforts to provide to counsel for the other Parties (a) drafts
of all material motions, applications (other than applications seeking to retain professional advisors), and other documents the Company intends to file with the Bankruptcy Court, no less than three (3) Business Days before the date when the
Company intends to file any such document unless such advance notice is impossible or impracticable under the circumstances, in which case the Company shall notify telephonically or by electronic mail counsel to the other Parties to advise them of
the documents to be filed and the facts that make the provision of advance copies no less than three (3) Business Days before submission impossible or impracticable, and shall provide such copies as soon as reasonably possible thereafter, and
(b) copies of all material documents actually filed by the Company with the Bankruptcy Court promptly but not later than one (1) day after such filing. 

(b) CEC in a CEC Chapter 11 Case shall use commercially reasonable efforts to provide to counsel for the other Parties (a) drafts of all
material motions, applications (other than applications seeking to retain professional advisors), and other documents CEC intends to file with the Bankruptcy Court, no less than three (3) Business Days before the date when CEC intends to file
any such document unless such advance notice is impossible or impracticable under the circumstances, in which case CEC shall notify telephonically or by electronic mail counsel to the other Parties to advise them of the documents to be filed and the
facts that make the provision of advance copies no less than three (3) Business Days before submission impossible or impracticable, and shall provide such copies as soon as reasonably possible thereafter, and (b) copies of all material
documents actually filed by CEC with the Bankruptcy Court promptly but not later than one (1) day after such filing. 
 15.
Amendments. No amendment, modification, waiver, or other supplement of the terms of this Agreement (including the Restructuring Term Sheet) shall be valid unless such amendment, modification, waiver, or other supplement is in writing and
has been signed by the Caesars Parties and the Requisite Consenting SGN Creditors; provided, however, that: 
 (a) no such
consents shall be required from any Consenting SGN Creditor with respect to any modification or amendment of any other agreement, document or other instrument implementing the Restructuring, regarding the treatment of Claims other than with respect
to SGN Claims, so long as it would not, reasonably construed, have an adverse impact on the interests of holders of SGN Claims (including with respect to the form or value of recoveries to be provided on account of such SGN Claims pursuant to the
Restructuring), in their capacities as such, in connection with the Restructuring; 

  
 25 

 (b) any amendment to this Agreement to (i) the defined terms “Consenting SGN
Creditors” or “Requisite Consenting SGN Creditors” or (ii) Section 15 hereof shall require the written consent of the Company, CEC and each Consenting SGN Creditor; 

(c) any amendment that would materially and adversely affect any Consenting SGN Creditor that is a holder of SGN Claims, solely in its
capacity as such, in a manner that is disproportionate to any other holder of SGN Claims, solely in its capacity as such, shall require the prior written consent of the adversely affected Consenting SGN Creditor; 

(d) for the avoidance of doubt, any waiver of the conditions to the effectiveness of this Agreement set forth in Section 16 hereof
may be waived only upon the express written consent of each of the Caesars Parties; 
 (e) the Company in the Chapter 11 Cases may waive
application of the representations and warranties set forth by Section 7(a)(ii) and Section 7(a)(iii) hereof in all or in part with respect to any Consenting SGN Creditor in its sole discretion, but in consultation with CEC;
and 
 (f) CEC in a CEC Chapter 11 Case may waive application of the representations and warranties set forth by
Section 7(a)(ii) and Section 7(a)(iii) hereof in all or in part with respect to any Consenting SGN Creditor in its sole discretion, but in consultation with the Company. 

16. Conditions to Effectiveness. This Agreement (and the obligations of all Parties hereunder) shall not become effective or
enforceable against or by any of the Parties until the first date that this Agreement shall have been executed by (i) the Caesars Parties, and (ii) Consenting SGN Creditors beneficially owning or controlling with the power to vote in favor
of the Plans at least 66.7% of the aggregate outstanding amount of the Company’s obligations under the SGN Indenture (the date upon which this Agreement becomes so effective, the “Agreement Effective Date”); provided,
further, that if the conditions to effectiveness set forth in the preceding sentence are not satisfied, or waived by the Caesars Parties in their sole discretion, on or before June 30, 2016, which date may be extended one time for a
further 30 days at the sole discretion of the Caesars Parties, this Agreement automatically shall be null and void ab initio and of no force or effect. 

17. Entire Agreement. This Agreement, including the Restructuring Term Sheet, constitutes the entire agreement of the Parties
with respect to the subject matter of this Agreement, and supersedes all other prior negotiations, agreements and understandings, whether written or oral, among the Parties with respect to the subject matter of this Agreement; provided,
however, that any confidentiality agreement executed by any Restructuring Support Party shall survive this Agreement and shall continue to be in full force and effect in accordance with its terms. 

18. Survival of Agreement. Each of the Parties acknowledges and agrees that this Agreement is being executed in connection with
negotiations concerning a possible restructuring of the Company, and (a) the exercise of the rights granted in this Agreement (including giving of notice of termination) shall not be a violation of the automatic stay provisions of section 362
of 

  
 26 

 
the Bankruptcy Code and (b) the Company hereby waives its right to assert a contrary position in the Chapter 11 Cases, with respect to the foregoing. The Parties further acknowledge and
agree that in the event of a CEC Bankruptcy Event or a CEC Chapter 11 Case, (a) the exercise of the rights granted in this Agreement (including giving of notice of termination) shall not be a violation of the automatic stay provisions of
section 362 of the Bankruptcy Code with respect to any CEC bankruptcy and (b) CEC hereby waives its right to assert a contrary position in any such bankruptcy with respect to the foregoing and agrees that it will cooperate fully with Consenting
SGN Creditors and the Company in obtaining a modification of the automatic stay to the extent necessary to permit Consenting SGN Creditors and the Company to exercise their rights under this Agreement. 

19. No Waiver of Participation and Preservation of Rights. If the transactions contemplated herein are not consummated, or
following the occurrence of the termination of this Agreement, if applicable, nothing herein shall be construed as a waiver by any Party of any or all of such Party’s rights, remedies, claims, and defenses and the Parties expressly reserve any
and all of their respective rights, remedies, claims and defenses. 
 20. Counterparts. This Agreement may be executed in one
or more counterparts, each of which, when so executed, shall constitute the same instrument and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf). 

21. Caesars Parties Fiduciary Duties. 

(a) Nothing in this Agreement shall otherwise require the Company or CEC or any directors, officers, or members of the Company
or CEC, each in its capacity as a director, officer, or member of the Company or CEC, to take any action, or to refrain from taking any action, to the extent inconsistent with its or their fiduciary obligations under applicable law (as reasonably
determined by them in good faith after consultation with legal counsel). 
 (b) All Consenting SGN Creditors reserve all
rights they may have, including the right (if any) to challenge any exercise by the Company or CEC of its respective fiduciary duties. 

22. Headings. The headings of the Sections, paragraphs, and subsections of this Agreement are inserted for convenience only and
shall not affect the interpretation hereof. 
 23. Relationship Among Parties. Notwithstanding anything herein to the
contrary, the duties and obligations of the Restructuring Support Parties under this Agreement shall be several, not joint. No Restructuring Support Party shall, as a result of its entering into and performing its obligations under this Agreement,
be deemed to be part of a “group” (as that term is used in section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) with any of the other Restructuring Support Parties. It
is understood and agreed that no Consenting SGN Creditor has any duty of trust or confidence in any kind or form with any other Consenting SGN Creditor, and, except as expressly provided in this Agreement, there are no commitments among or between
them. In this regard, it is understood and agreed that any Consenting SGN Creditor may trade in the Claims or other debt 

  
 27 

 
or equity securities of the Company without the consent of the Company or any other Consenting SGN Creditor, subject to applicable securities laws, the terms of this Agreement, and the terms of
the First Lien Bank Documents, the First Lien Indentures, the Second Lien Indentures, the SGN Indenture, and the Unsecured Indentures; provided, however, that no Consenting SGN Creditor shall have any responsibility for any such
trading to any other entity by virtue of this Agreement. No prior history, pattern, or practice of sharing confidences among or between the Consenting SGN Creditors shall in any way affect or negate this understanding and agreement. 

24. Specific Performance; Remedies Cumulative. It is understood and agreed by the Parties that, without limiting any other
remedies available at law or equity, money damages would be an insufficient remedy for any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a
remedy of any such breach, including, without limitation, an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder, without the necessity of proving the
inadequacy of money damages as a remedy. Each of the Parties hereby waives any defense that a remedy at law is adequate and any requirement to post bond or other security in connection with actions instituted for injunctive relief, specific
performance, or other equitable remedies. 
 25. No Commitment. No Restructuring Support Party shall be obligated to fund or
otherwise be committed to provide funding in connection with the Restructuring, except pursuant to a separate commitment letter or definitive documentation relating specifically to such funding, if any, that has been (i) executed by such
Restructuring Support Party and (ii) approved by the Bankruptcy Court, as necessary, along with the satisfaction of any conditions precedent to such funding requirements. 

26. Governing Law and Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction. Each of the Parties hereby agrees that the Bankruptcy Court shall have exclusive jurisdiction
of all matters arising out of or in connection with this Agreement. 
 27. Notices. All notices, requests, documents
delivered, and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally, by facsimile transmission, mailed (first class postage prepaid) or by electronic mail
(“e-mail”) to the Parties at the following addresses, facsimile numbers, or e-mail addresses: 
 If to the Company: 

Caesars Entertainment Operating Company, Inc. 

One Caesars Palace Drive 
 Las
Vegas, NV 89109 
 Attn: General Counsel 

  
 28 

 With a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

601 Lexington Ave 
 New York, NY
10022 

			
	Attn:	 	Paul M. Basta, P.C.
		 	Nicole L. Greenblatt, P.C.

			
	E-mail Address:	  	paul.basta@kirkland.com
		  	ngreenblatt@kirkland.com

 Facsimile: (212) 446 4900 

-and- 
 Kirkland & Ellis
LLP 
 300 North LaSalle 

Chicago, IL 60654 

			
	Attn:	 	David R. Seligman, P.C.
		 	Joseph M. Graham

			
	E-mail Address:	  	dseligman@kirkland.com
		  	joe.graham@kirkland.com

 Facsimile: (312) 862-2200 

If to CEC: 
 Caesars Entertainment
Corp. 
 One Caesars Palace Drive 

Las Vegas, NV 89109 
 Attn:
General Counsel 
 With a copy to (which shall not constitute notice): 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019 

			
	Attn:	 	Jeffrey D. Saferstein
		 	Samuel E. Lovett

			
	Telephone: (212) 373-3000
	Facsimile (212) 373-2053
	E-mail Address:	  	jsaferstein@paulweiss.com
		  	slovett@paulweiss.com

 -and- 

Milbank, Tweed, Hadley & McCloy LLP 

601 South Figueroa Street, 30th Floor 

Los Angeles, CA 90017 

			
	Attn:	 	Paul S. Aronzon
		 	Thomas R. Kreller

 Telephone: (213) 892-4000 

Fax: (213) 629-5063 

			
	Email Address:	  	paronzon@milbank.com
		  	tkreller@milbank.com

  
 29 

 If to a Consenting SGN Creditor, to the address set forth beneath such lender’s signature
block, 
 with a copy to (which shall not constitute notice): 

White & Case LLP 
 1155
Avenue of the Americas 
 New York, NY 10036 

			
	Attn:	 	Thomas E Lauria
		 	J. Christopher Shore

 Telephone: (212) 819-8200 

Facsimile: (212) 354-8113 

			
	E-mail Address:	  	tlauria@whitecase.com
		  	cshore@whitecase.com

 28. Third-Party Beneficiaries. Unless expressly stated herein, the terms and provisions of this
Agreement are intended solely for the benefit of the Parties hereto and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person. 

29. Conflicts Between the Restructuring Term Sheet and this Agreement. In the event of any conflict among the terms and
provisions in the Restructuring Term Sheet and this Agreement, the terms and provisions of this Agreement shall control. 
 30.
Settlement Discussions. This Agreement is part of a proposed settlement of matters that could otherwise be the subject of litigation among the Parties hereto. Nothing herein shall be deemed an admission of any kind. Pursuant to Federal
Rule of Evidence 408 and any applicable state rules of evidence, this Agreement and all negotiations relating thereto shall not be admissible into evidence in any proceeding other than to prove the existence of this Agreement or in a proceeding to
enforce the terms of this Agreement. 
 31. Good-Faith Cooperation; Further Assurances. The Parties shall cooperate with each
other in good faith in respect of matters concerning the implementation and consummation of the Restructuring. 
 32. Access.
The Company and CEC will promptly provide the SGN Professionals reasonable access, upon reasonable notice, during normal business hours to relevant properties, books, contracts (including any Executory Contracts and Unexpired Leases), commitments,
records, management and executive personnel, and advisors of the Company (other than with respect to materials subject to attorney-client privilege or where granting such access is prohibited by law);
provided, however, that the Company’s or CEC’s obligations hereunder shall be conditioned upon such Party being party to an appropriate confidentiality agreement or undertaking. 

  
 30 

 33. Qualification on Consenting SGN Creditor Representations. The Parties
acknowledge that all representations, warranties, covenants, and other agreements made by any Consenting SGN Creditor that is a separately managed account of an investment manager are being made only with respect to the SGN Claims managed by such
investment manager (in the amount identified on the signature pages hereto), and shall not apply to (or be deemed to be made in relation to) any SGN Claims that may be beneficially owned by such Consenting SGN Creditor that are not held through
accounts managed by such investment manager. 
 34. Publicity. The Company shall use its commercially reasonable efforts to
submit drafts to the SGN Professionals of any press releases and public documents that constitute disclosure of the existence or terms of this Agreement or any amendment to the terms of this Agreement at least three (3) Business Days prior to
making any such disclosure, and shall afford them a reasonable opportunity under the circumstances to comment on such documents and disclosures and shall incorporate any such reasonable comments in good faith. 

35. Additional Consideration. To the extent that a holder of SGN Claims, in its capacity as such, receives Additional
Consideration in connection with the Restructuring, such Additional Consideration shall be made available to all Consenting SGN Creditors, in their capacities as such, on the same terms and on a pro rata basis in accordance with their
respective SGN Claims holdings. Any Consenting SGN Creditor that is not accorded such Additional Consideration shall have the right to terminate this Agreement upon three (3) Business Days’ written notice to the Parties in accordance with
Section 27 hereof; provided that such termination shall only be with respect to the terminating Consenting SGN Creditor, and not with respect to any non-terminating Parties. 

36. CEC Bankruptcy or Similar Proceeding. Except as otherwise provided herein, nothing herein shall be construed to limit or
impair in any way a Consenting SGN Creditor’s, the Company’s, or the Trustee’s ability to appear in or take any other action to protect its interests (or, in the case of the Trustee, the interests of its beneficiaries) in connection
with any proceeding related to a CEC Chapter 11 Case to the extent not inconsistent with the terms hereof. 
 [Signature Pages Follow]

  
 31 

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

  

			
	CAESARS ENTERTAINMENT OPERATING COMPANY, INC., on behalf of itself and each of the debtors in the Chapter 11 Cases
		
	By:	 	 /s/ Randall S. Eisenberg

		 	Name: Randall S. Eisenberg
		 	Title: Chief Restructuring Officer

 
			
	
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Eric Hession

	Name:	 	Eric Hession
	Title:	 	CFO

  
 32 

 Exhibit A 
  

			
	SGN Claims	  	 Regardless of whether Class G votes to accept or reject the Plan, on the Effective Date, each holder of a SGN Claim shall receive its pro
rata share of (a) $116,810,000 in New CEC Convertible Notes, (b) 4.122% of New CEC Common Equity on a fully-diluted basis (giving effect to the issuance of the New CEC Convertible Notes but not taking into account any dilution from any New CEC
Capital Raise). If the Company is successful in its objection titled Debtors’ Omnibus Objection to Unmatured Interest Asserted in (A) Claim Number 2849 filed by Delaware Trust Company, (B) Claim Number 3269 filed by Wilmington Savings Fund
Society, FSB, and (C) Claim Number 3344 filed by BOKF, N.A. [Docket No. 3915], then to the extent that the recovery (in a percentage) for Classes H, I and J increases as a result of an “Improved Recovery Event” under the CEOC Plan,
then the recovery (in a percentage) to Class G shall increase by the same percentage, and the “Reduced Claim Adjustment” under the CEOC Plan for Holders of Second Lien Note Claims shall be further adjusted accordingly. The May 27 CEOC
Plan (or any subsequently filed or amended CEOC Plan), including Article III.B.7, shall be amended accordingly.
  

The Waiver of Turnover Provisions in the May 27 CEOC Plan (or any subsequently filed or amended CEOC Plan) shall be in effect on the Effective
Date, and shall be amended to read as follows: “The Holders of First Lien Notes Claims and Prepetition Credit Agreement Claims, and their respective trustees and/or agents, waive their rights to turnover under the Subsidiary Guaranteed Notes
Intercreditor Agreement.”
  
 Article IV.I of the May 27 CEOC Plan (or any
subsequently filed or amended CEOC Plan) shall be amended to read as follows:
  

1.      Subsidiary-Guaranteed Notes
Settlement.
  
 The Plan recoveries available to the Holders of Subsidiary-Guaranteed Notes Claims pursuant to the Plan have been made available pursuant to a settlement by and among CEOC, each Subsidiary Guarantor, the Holders of
Subsidiary-Guaranteed Notes Claims, CEC, the Consenting First Lien Bank Lenders, and the Consenting First Lien Noteholders (including with respect to the waiver of turnover provisions under the Subsidiary-Guaranteed Notes Intercreditor Agreement set forth in Article IV.A.10 hereof). As more fully set forth in the SGN RSA, by the
Subsidiary-Guaranteed

  
 33 

			
		  	 Notes Settlement, (a) the Holders of Prepetition Credit Agreement Claims and First Lien Notes Claims, and their respective trustees and/or
agents, waive their rights to turnover under the Subsidiary-Guaranteed Notes Intercreditor Agreement, and such waiver shall be in effect on the Effective Date and (b) regardless of whether Class G votes to
accept or reject the Plan, on the Effective Date, each holder of a SGN Claim shall receive its pro rata share of (i) $116,810,000 in New CEC Convertible Notes and (ii) 4.122% of New CEC Common Equity on a fully-diluted basis (giving effect to the
issuance of the New CEC Convertible Notes but not taking into account any dilution from any New CEC Capital Raise). Confirmation of the Plan shall constitute the Bankruptcy Court’s approval, pursuant to Bankruptcy Rule 9019 and section 1123 of
the Bankruptcy Code, of the Subsidiary-Guaranteed Notes Settlement.
  

The term “Confirmation Order” as used in the May 27 CEOC Plan (or any subsequently filed or amended CEOC Plan) shall be amended to read as
follows after the words “reasonably acceptable to the Debtors, CEC, the Requisite Consenting SGN Creditors (only with respect to their treatment and recovery) ...”.

 
 Article IX.B of the May 27 CEOC Plan (or any subsequently filed or amended CEOC
Plan) shall be amended to read as follows: “Without limiting the respective rights of each party to the Restructuring Support Agreements, the Debtors, with the reasonable consent of CEC, the Requisite Consenting Bond Creditors, the Requisite
Consenting Bank Creditors, and the Requisite Consenting SGN Creditors (only with respect to their treatment and recovery), may waive any of the conditions...”
  

The following defined terms shall be added to the May 27 CEOC Plan (or any subsequently filed or amended CEOC Plan):

 

•       “Requisite Consenting SGN Creditors” shall have the meaning
ascribed to such term in the SGN RSA.
  

•       “SGN RSA” shall mean the Restructuring Support and
Forbearance Agreement (including all term sheets and exhibits thereto) dated as of June     , 2016, as amended, amended and restated, supplemented, or otherwise modified from time to time, by and between CEOC on behalf of
itself and each of the Debtors, CEC, and the Consenting SGN Creditors (as defined therein) party thereto from time to time.

  
 34 

			
		  	The definition of “Subsidiary Guaranteed Notes Settlement” in the May 27 CEOC Plan (or any subsequently filed or amended CEOC Plan) shall be amended as follows: “...means the settlement set forth in Article
IV.1 of the Plan.”

  
 35 

 Exhibit B  

[INTENTIONALLY OMITTED] 

  
 1 

 Exhibit C 

Transfer Agreement 

PROVISION FOR TRANSFER AGREEMENT 

The undersigned (“Transferee”) (a) hereby acknowledges that it has read and understands the Restructuring Support and
Forbearance Agreement, dated as of [            ], 2016 (the “Agreement”),1 by and among the Caesars Parties and each
of the Consenting SGN Creditors party thereto, (b) desires to acquire the SGN Claims described below (the “Transferred Claims”) from one of the Restructuring Support Parties (the “Transferor”) and
(c) hereby irrevocably agrees to be bound by the terms and conditions of the Agreement to the same extent Transferor was thereby bound with respect to the Transferred Claims, and shall be deemed a Consenting SGN Creditor for all purposes under
the Agreement. 
 The Transferee hereby specifically and irrevocably agrees (i) to be bound by the terms and conditions of the SGN
Indenture and the Agreement, to the same extent applicable to the Transferred Claims, (ii) to be bound by the vote of the Transferor if cast prior to the effectiveness of the transfer of the Transferred Claims, except as otherwise provided
in the Agreement and (iii) that each of the Parties shall be an express third-party beneficiary of this Provision for Transfer Agreement and shall have the same recourse against the Transferee under the Agreement as such Party would have had
against the Transferor with respect to the Transferred Claims. 
 Date Executed:            ,

  

			
	  

	Print name of Transferee
	
	  

	Name:
	Title:
		
	Address:	 	  

	  

	  

	Attention:	 	  

	Telephone:	 	  

	Facsimile:	 	  

  

	1 	Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

  
 2 

			
	 Principal Amount Held

	 Claim
	  	Amount
		  	
		  	
		  	
		  	
		  	
		  	

  
 3 

 Exhibit D 

Instruction Letter for 10.75% Senior Unsecured Notes due 2016 

Wilmington Trust, National Association 
 1100 North Market
Street, Rodney Square North 
 Wilmington, DE 19801 
 Telephone:
(302) 651-8541 
 Facsimile: (302) [            ] 

Attn: [                    ] 

Reference is made to the Indenture, February 1, 2008, among CEOC, subsidiary Note Guarantors2
thereto, and the Trustee, providing for the issuance of 10.75% Senior Notes due 2016 (the “Notes”), as amended, amended and restated, supplemented, or otherwise modified from time to time (the
“Indenture”). Pursuant to Section 6.05 of the Indenture, the undersigned, constituting holders (collectively, the “Majority Holders”) of a majority in principal amount of outstanding Notes, hereby direct
you, solely in your capacity as successor trustee under the Indenture (solely in such capacity, “you”): (a) to execute and file a stipulation substantially in the form of the stipulation annexed as an exhibit hereto (the
“Stipulation”) providing for a stay of the prosecution of the case titled Wilmington Trust, National Association, solely in its capacity as successor Indenture Trustee for the 10.75% Notes due 2016 v. Caesars Entertainment
Corporation, Case No. 15-cv-08280 (S.D.N.Y.) (the Wilmington Trust Case”); and (b) to discontinue the prosecution of the Wilmington Trust Case, except as may be necessary or appropriate to seek approval of the Stipulation
or to assert claims or causes of action that may be subject to a statute of limitations or similar defense and are not subject to a tolling agreement reasonably satisfactory to the you, holders of a majority in principal amount of outstanding Notes,
and the defendants in the Wilmington Trust Case.
 Certain, but not all, of the Majority Holders that are signatories below may have previously provided
directions (the “Previous Directions”) to you regarding, inter alia, prosecution of the Wilmington Trust Case. For the sake of clarity, the directions stated in this letter, upon delivery to you by the Majority Holders,
shall constitute additional directions to you. In addition, this letter shall constitute a revocation of any Previous Directions given to you pursuant to any other direction letter or agreement, to the fullest extent the directions herein are
inconsistent therewith. 
 Each undersigned holder hereby represents, warrants and certifies that, as of the date hereof, (i) such holder is either
(A) the sole beneficial owner of the principal amount of Notes set forth below its signature hereto, or (B) has sole investment or voting discretion with respect to the principal amount of Notes set forth below its signature hereto and has
the power and authority to bind the beneficial owner(s) of such Notes to the terms of this letter, (ii) such holder has full power and authority to act on behalf of, vote, and consent to matters concerning such Notes, (iii) this letter has
been duly authorized, executed and delivered by an authorized officer or director thereof, and (iv) the Trustee has not provided any advice to such holder regarding this letter or any direction contained herein. 

 

	2 	Capitalized terms not defined herein shall have the meanings ascribed to them in the Indenture, unless otherwise indicated. 

  
 4 

 This letter may be executed in one or more counterparts, each of which, when so executed, shall constitute the
same instrument and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf). 

[SIGNATURE PAGES FOLLOW] 

  
 5 

							
	Noteholder
		
	  
	 	,
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 
							
			
	Address:	 		 	  

		 		 	  

		 		 	  

							
	
	Principal Amount of Notes held:
			
	($)	 	  
	 	

  
 6 

					
	UNITED STATES DISTRICT COURT	  		  	
	SOUTHERN DISTRICT OF NEW YORK	  		  	
			
	  
	  		  	
	WILMINGTON TRUST, NATIONAL	  	)	  	
	ASSOCIATION, solely in its capacity as successor	  	)	  	
	Indenture Trustee for the 10.75% Notes due 2016,	  	)	  	
		  	)	  	
	Plaintiff,	  	)	  	Case No. 1:15-cv-08280-JSR
		  	)	  	
	 v.
	  	)	  	
		  	)	  	
	CAESARS ENTERTAINMENT CORPORATION,	  	)	  	
		  	)	  	
	Defendant,	  	)	  	
		  	)	  	
	  
	  		  	

 STIPULATION AND [PROPOSED] ORDER 

WHEREAS, Plaintiff Wilmington Trust, National Association in its capacity as successor Indenture Trustee for the Notes
(“Wilmington Trust”) brings this action on behalf of the holders (the “Noteholders”) of Caesars Entertainment Operating Company’s (“CEOC”) 10.75% Senior Unsecured Notes due 2016 (the “Notes”),; 

WHEREAS, on [            ], 2016, Defendant Caesars Entertainment
Corporation (“CEC”), CEOC, and certain Noteholders collectively holding in excess of 50.1% of the outstanding Notes entered into a Restructuring Support and Forbearance Agreement (“RSA”) respecting CEOC’s indebtedness on the
Notes; 
 WHEREAS, pursuant to the RSA, the Noteholders have directed Wilmington Trust to seek a stay of this action brought on their
behalf; 
 WHEREAS, CEC agrees that a stay of this action is appropriate; 

WILMINGTON TRUST AND CEC HEREBY STIPULATE, by and through their respective attorneys of record, subject to Court approval, that this
action 

 
shall be stayed until further agreement of the parties to this action or Order of the Court; provided, however, that Wilmington Trust shall not be stayed from asserting claims or causes of
action that may be subject to a statute of limitations or similar defense and are not subject to a tolling agreement reasonably satisfactory to Wilmington Trust, CEC, and the Consenting SGN Creditors (as defined in the RSA). 

[Signature Pages Follow] 

			
	Dated:	  	Wilmington, Delaware
		  	[            ], 2016

 
	
	
	  

	WHITE & CASE LLP
	
	J. Christopher Shore
	Harrison L. Denman
	White & Case LLP
	1155 Avenue of the Americas
	New York, NY 10036
	Telephone: (212) 819-8200
	Facsimile: (212) 354-8113
	
	-and-
	
	Thomas E Lauria
	Jason Zakia
	White & Case LLP
	Southeast Financial Center, Suite 4900
	200 South Biscayne Blvd.
	Miami, FL 33131
	Telephone: (305) 371-2700
	Facsimile: (305) 358-5744
	
	-and-
	
	PRYOR CASHMAN LLP
	
	Seth H. Lieberman
	Patrick Sibley
	Pryor Cashman LLP
	7 Times Square
	New York, NY 10036
	Telephone: (212) 421-4100
	Facsimile: (212) 326-0806
	
	Attorneys for Plaintiff Wilmington Trust, National
	Association, solely in its capacity as successor Indenture Trustee under the Indenture

 
			
	PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
		
	By:	 	
	
	  

	Lewis R. Clayton (lclayton@paulweiss.com)
	Michael E. Gertzman (mgertzman@paulweiss.com)
	Jonathan H. Hurwitz (jhurwitz@paulweiss.com)
	1285 Avenue of the Americas
	New York, New York 10019-6064
	Tel: (212) 373-3000
	Fax: (212) 757-3990
	
	-and-
	
	FRIEDMAN KAPLAN SEILER & ADELMAN LLP
	
	Eric Seiler (eseiler@fklaw.com)
	Philippe Adler (padler@fklaw.com)
	Jason C. Rubinstein (jrubinstein@fklaw.com)
	7 Times Square
	New York, NY 10036-6516
	Tel: (212) 833-1100
	Fax: (212) 833-1250
	
	Attorneys for Defendant Caesars Entertainment Corporation

  

	
	IT IS SO ORDERED this     day of             , 2016
	
	   

	Hon. Jed S. Rakoff, U.S.D.J.

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