Document:

EX-10.7

 Exhibit 10.7 

EXECUTION COPY 
  

 
  

MASTER REPURCHASE AND SECURITIES CONTRACT 

Dated as of August 30, 2017 

among 
 FS CREIT FINANCE WF-1 LLC, 
 as Seller 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Buyer 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE 1	 
	
	APPLICABILITY	 
			
	Section 1.01	  	Applicability	  	 	1	 
	
	ARTICLE 2	 
	
	DEFINITIONS AND INTERPRETATION	 
			
	Section 2.01	  	Definitions	  	 	1	 
	Section 2.02	  	Rules of Interpretation	  	 	33	 
	
	ARTICLE 3	 
	
	THE TRANSACTIONS	 
			
	Section 3.01	  	Procedures	  	 	34	 
	Section 3.02	  	Transfer of Purchased Assets; Servicing Rights	  	 	38	 
	Section 3.03	  	Maximum Amount	  	 	38	 
	Section 3.04	  	Early Repurchase Date; Mandatory Repurchases	  	 	38	 
	Section 3.05	  	Repurchase	  	 	39	 
	Section 3.06	  	Maturity Date, Maximum Amount and Funding Period Extension Options	  	 	40	 
	Section 3.07	  	Payment of Price Differential and Fees	  	 	41	 
	Section 3.08	  	Payment, Transfer and Custody	  	 	42	 
	Section 3.09	  	Repurchase Obligations Absolute	  	 	42	 
	Section 3.10	  	Future Funding Transactions	  	 	43	 
	
	ARTICLE 4	 
	
	MARGIN MAINTENANCE	 
			
	Section 4.01	  	Margin Deficit	  	 	44	 
	
	ARTICLE 5	 
	
	APPLICATION OF INCOME	 
			
	Section 5.01	  	Waterfall Account	  	 	45	 
	 Section 5.02
	  	 Before an Event of Default
	  	 	46	 

  
 -i- 

							
	 Section 5.03
	  	 After an Event of Default
	  	 	47	 
	 Section 5.04
	  	 Seller to Remain Liable
	  	 	47	 
	
	ARTICLE 6	 
	
	CONDITIONS PRECEDENT	 
			
	Section 6.01	  	Conditions Precedent to Initial Transaction	  	 	47	 
	 Section 6.02
	  	 Conditions Precedent to All Transactions
	  	 	49	 
	
	ARTICLE 7	 
	
	REPRESENTATIONS AND WARRANTIES OF SELLER	 
			
	Section 7.01	  	Seller	  	 	51	 
	Section 7.02	  	Repurchase Documents	  	 	51	 
	Section 7.03	  	Solvency	  	 	52	 
	Section 7.04	  	Taxes	  	 	52	 
	Section 7.05	  	True and Complete Disclosure	  	 	52	 
	Section 7.06	  	Compliance with Laws	  	 	52	 
	Section 7.07	  	Compliance with ERISA	  	 	53	 
	Section 7.08	  	No Default or Material Adverse Effect	  	 	53	 
	Section 7.09	  	Purchased Assets	  	 	54	 
	Section 7.10	  	Purchased Assets Acquired from Transferors	  	 	54	 
	Section 7.11	  	Transfer and Security Interest	  	 	55	 
	Section 7.12	  	No Broker	  	 	55	 
	Section 7.13	  	Separateness	  	 	55	 
	Section 7.14	  	Investment Company Act	  	 	55	 
	Section 7.15	  	Other Indebtedness	  	 	55	 
	Section 7.16	  	Location of Books and Records	  	 	56	 
	Section 7.17	  	Chief Executive Office; Jurisdiction of Organization	  	 	56	 
	Section 7.18	  	Anti-Money Laundering Laws and Anti-Corruption Laws	  	 	56	 
	Section 7.19	  	Sanctions	  	 	56	 
	
	ARTICLE 8	 
	
	COVENANTS OF SELLER	 
			
	Section 8.01	  	 Existence; Governing Documents; Conduct of Business
	  	 	56	 
	Section 8.02	  	 Compliance with Laws, Contractual Obligations and Repurchase Documents
	  	 	57	 
	Section 8.03	  	 Structural Changes
	  	 	57	 
	Section 8.04	  	 Protection of Buyer’s Interest in Purchased Assets
	  	 	57	 
	Section 8.05	  	 Actions of Seller Relating to Distributions, Indebtedness, Guarantee Obligations, Contractual
Obligations, Investments and Liens
	  	 	58	 
	Section 8.06	  	 Maintenance of Property, Insurance and Records
	  	 	59	 

  
 -ii- 

							
	Section 8.07	  	 Delivery of Income
	  	 	59	 
	Section 8.08	  	 Delivery of Financial Statements and Other Information
	  	 	59	 
	Section 8.09	  	 Delivery of Notices
	  	 	60	 
	Section 8.10	  	 Escrow Imbalance
	  	 	61	 
	Section 8.11	  	 Pledge Agreement
	  	 	61	 
	Section 8.12	  	 Taxes
	  	 	62	 
	Section 8.13	  	 Transaction with Affiliates
	  	 	62	 
	Section 8.14	  	 Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions
	  	 	62	 
	Section 8.15	  	 Compliance with Sanctions
	  	 	63	 
	
	ARTICLE 9	 
	
	SINGLE-PURPOSE ENTITY	 
			
	Section 9.01	  	Covenants Applicable to Seller	  	 	63	 
	
	ARTICLE 10	 
	
	EVENTS OF DEFAULT AND REMEDIES	 
			
	Section 10.01	  	Events of Default	  	 	65	 
	Section 10.02	  	Remedies of Buyer as Owner of the Purchased Assets	  	 	67	 
	
	ARTICLE 11	 
	
	SECURITY INTEREST	 
			
	Section 11.01	  	Grant	  	 	69	 
	Section 11.02	  	Effect of Grant	  	 	69	 
	Section 11.03	  	Seller to Remain Liable	  	 	70	 
	Section 11.04	  	Waiver of Certain Laws	  	 	70	 
	
	ARTICLE 12	 
	
	INCREASED COSTS; CAPITAL ADEQUACY	 
			
	Section 12.01	  	Market Disruption	  	 	70	 
	Section 12.02	  	Illegality	  	 	70	 
	Section 12.03	  	Breakfunding	  	 	71	 
	Section 12.04	  	Increased Costs	  	 	71	 
	Section 12.05	  	Capital Adequacy	  	 	71	 
	Section 12.06	  	Taxes	  	 	72	 
	Section 12.07	  	Payment and Survival of Obligations	  	 	75	 
	Section 12.08	  	Increased Costs Termination	  	 	75	 

  
 -iii- 

							
	
	ARTICLE 13	 
	
	INDEMNITY AND EXPENSES	 
			
	Section 13.01	  	Indemnity	  	 	75	 
	Section 13.02	  	Expenses	  	 	77	 
	
	ARTICLE 14	 
	
	INTENT	 
			
	Section 14.01	  	Safe Harbor Treatment	  	 	78	 
	Section 14.02	  	Liquidation	  	 	78	 
	Section 14.03	  	Qualified Financial Contract	  	 	78	 
	Section 14.04	  	Netting Contract	  	 	78	 
	Section 14.05	  	Master Netting Agreement	  	 	79	 
	
	ARTICLE 15	 
	
	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	 
	
	ARTICLE 16	 
	
	NO RELIANCE	 
	
	ARTICLE 17	 
	
	SERVICING	 
			
	Section 17.01	  	Servicing Rights	  	 	80	 
	Section 17.02	  	Accounts Related to Purchased Assets	  	 	81	 
	Section 17.03	  	Servicing Reports	  	 	82	 
	Section 17.04	  	Servicer Event of Default	  	 	82	 
	
	ARTICLE 18	 
	
	MISCELLANEOUS	 
			
	Section 18.01	  	 Governing Law
	  	 	82	 
	Section 18.02	  	 Submission to Jurisdiction; Service of Process
	  	 	82	 
	Section 18.03	  	 IMPORTANT WAIVERS
	  	 	83	 
	Section 18.04	  	 Integration; Severability
	  	 	84	 
	Section 18.05	  	 Single Agreement
	  	 	84	 
	Section 18.06	  	 Use of Employee Plan Assets
	  	 	84	 
	Section 18.07	  	 Survival and Benefit of Seller’s Agreements
	  	 	85	 

  
 -iv- 

							
	Section 18.08	  	 Assignments and Participations
	  	 	85	 
	Section 18.09	  	 Ownership and Hypothecation of Purchased Assets
	  	 	87	 
	Section 18.10	  	 Confidentiality
	  	 	87	 
	Section 18.11	  	 No Implied Waivers; Amendments
	  	 	88	 
	Section 18.12	  	 Notices and Other Communications
	  	 	88	 
	Section 18.13	  	 Counterparts; Electronic Transmission
	  	 	88	 
	Section 18.14	  	 No Personal Liability
	  	 	88	 
	Section 18.15	  	 Protection of Buyer’s Interests in the Purchased Assets; Further Assurances
	  	 	89	 
	Section 18.16	  	 Default Rate
	  	 	90	 
	Section 18.17	  	 Set-off
	  	 	90	 
	Section 18.18	  	 Seller’s Waiver of Set-off
	  	 	91	 
	Section 18.19	  	 Power of Attorney
	  	 	91	 
	Section 18.20	  	 Periodic Due Diligence Review
	  	 	92	 
	Section 18.21	  	 Time of the Essence
	  	 	92	 
	Section 18.22	  	 PATRIOT Act Notice
	  	 	92	 
	Section 18.23	  	 Successors and Assigns
	  	 	92	 
	Section 18.24	  	 Acknowledgement of Anti-Predatory Lending Policies
	  	 	93	 

  
 -v- 

 THIS MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of August 30, 2017 (this
“Agreement”), is made by and between FS CREIT FINANCE WF-1 LLC, a Delaware limited liability company (“Seller”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association (as more specifically defined below, “Buyer”). Seller and Buyer (each also a “Party”) hereby agree as follows: 

ARTICLE 1 
 APPLICABILITY

 Section 1.01    Applicability. Subject to the terms and conditions of the Repurchase Documents, from
time to time during the Funding Period and at the request of Seller, the Parties may enter into transactions in which Seller agrees to sell, transfer and assign to Buyer certain Assets and all related rights in, and interests related to, such Assets
on a servicing released basis, against the transfer of funds by Buyer representing the Purchase Price for such Assets, with a simultaneous agreement by Buyer to transfer such Assets to Seller for subsequent repurchase on the related Repurchase Date,
which date shall not be later than the Maturity Date, against the transfer of funds by Seller representing the Repurchase Price for such Assets. 

ARTICLE 2 
 DEFINITIONS
AND INTERPRETATION 
 Section 2.01    Definitions. 

“Accelerated Repurchase Date”: Defined in Section 10.02. 

“Account Control Agreement”: A deposit account control agreement in favor of Buyer with respect to any bank account related
to a Purchased Asset, in form and substance of Exhibit C hereto. 
 “Actual Knowledge”: With
respect to any Person, the actual knowledge of such Person without further inquiry or investigation; provided, that for the avoidance of doubt, such actual knowledge shall include the actual knowledge of such Person and each of its employees,
officers and directors. 
 “Advisor”: FS Real Estate Advisor, LLC, a Delaware limited liability company, together with its
successors and permitted assigns. 
 “Advisory Agreement”: The Advisory Agreement, dated as of March 10, 2017, by and
between Advisor and Guarantor. 
 “Affiliate”: With respect to any Person, any other Person directly or indirectly
Controlling, Controlled by, or under common Control with, such Person. 

 “Aggregate Amount Outstanding”: On each date of the determination thereof, the
total amount due and payable to Buyer by Seller in connection with all Transactions under this Agreement outstanding on such date. 

“Agreement”: The meaning set forth in the initial paragraph hereof. 

“Alternative Rate”: A per annum rate based on an index approximating the behavior of LIBOR, as determined by Buyer. 

“Anti-Corruption Law”: The U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act, the Canadian Corruption of Foreign
Public Officials Act or any other law applicable to Seller or any of its Affiliates that prohibits the bribery of foreign officials to gain a business advantage. 

“Anti-Money Laundering Laws”: The applicable laws or regulations in any jurisdiction in which Seller, Pledgor, Originator,
Guarantor or any Affiliates of Seller, Pledgor, Originator or Guarantor are located or doing business that relate to money laundering, any predicate crime to money laundering or any financial record keeping and reporting requirements related
thereto. 
 “Applicable Percentage”: For each Purchased Asset, the applicable percentage determined by Buyer for such
Purchased Asset on the Purchase Date therefor as specified in the most recent Confirmation entered into in respect of such Purchased Asset, but in no event greater than the Maximum Applicable Percentage for such Purchased Asset. 

“Appraisal”: An appraisal of the related Mortgaged Property conducted by an Independent Appraiser in accordance with the
Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended, and, in addition, certified by such Independent Appraiser as having been prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice of the Appraisal Foundation, addressed to (either directly or pursuant to a reliance letter in favor of Buyer or reliance language in such Appraisal running to the benefit of Buyer as a successor and/or assign) and reasonably satisfactory
to Buyer. 
 “Approved Representation Exception”: Any Representation Exception furnished by Seller to Buyer and approved in
writing by Buyer in its discretion prior to the related Purchase Date, or to the extent expressly waived in writing by Buyer at any time after the related Purchase Date. 

“Asset”: Any Whole Loan or Senior Interest, the Mortgaged Property for which is included in the categories for Types of
Mortgaged Property, but excluding (i) any distressed debt or (ii) any Equity Interest issued by a single purpose entity organized to issue collateralized debt or loan obligations. 

“Assignment and Acceptance”: Defined in Section 18.08(c). 

“Bailee”: With respect to any Transaction involving a Wet Mortgage Asset, (i) a national title insurance company or
nationally-recognized real estate counsel acceptable to Buyer or (ii) any other entity approved by Buyer, in its sole discretion, which may be a title company, 

  
 - 2 - 

 
escrow company or attorney in accordance with local law and practice in the appropriate jurisdiction of the related Wet Mortgage Asset. Buyer and Seller each agree that each of Stroock &
Stroock & Lavan LLP, Cassin & Cassin LLP, Ackerman Senterfitt LLP, Alston & Bird LLP, Winstead, P.C., Morrison & Foerster LLP, Sills, Cummis & Gross, P.C. and Arnold & Porter Kaye Scholer LLP is
an approved Bailee hereunder. 
 “Bankruptcy Code”: Title 11 of the United States Code, as amended. 

“Basic Mortgage Asset Documents”: Means the following original (except as otherwise permitted in
Section 2.01 of the Custodial Agreement), fully executed and complete documents (in each case together with an original general assignment, an original assignment or allonge, as applicable, of each such Basic Mortgage Asset
Document, executed in blank and, as applicable, an original assignment and assumption agreement or any similar document required by the terms of the applicable Purchased Asset Documents to effectuate an assignment of such Asset, executed by Seller
in blank): the Mortgage Note (or, in the case of a Senior Interest consisting of a participation interest, the related participation certificate, with a certified true and correct copy of the related Mortgage Note), the Mortgage, the assignment of
Mortgage, the assignment of leases and rents, if any, the assignment of assignment of leases and rents (if applicable) and the related security agreement (if applicable). 

“Blank Assignment Documents”: Defined in Section 6.02(l). 

“Book Value”: For each Purchased Asset, as of any date, an amount, as certified by Seller in the related Confirmation, equal
to the lesser of (a) the outstanding principal amount or par value thereof as of such date, and (b) the price that Seller initially paid or advanced in respect thereof plus any additional amounts advanced by or on behalf of Seller
that were funded in connection with Seller’s future funding obligations under the related Purchased Asset Documents and any write-ups of value to the extent such Purchased Asset was previously subject to
a write down (but in no event more than the price initially paid by Seller for such Purchased Asset, as reduced to account for all Principal Payments received and applied in accordance with Article 5), minus Principal Payments
received by Seller and as further reduced by losses realized and write-downs taken by Seller, together with all other reductions in the unpaid balance due in connection with the related Whole Loan (including, with respect to any Senior Interest that
is a participation, any reduction in the principal balance of the related Whole Loan). 
 “Business Day”: Any day other
than (a) a Saturday or a Sunday, (b) a day on which banks in the States of New York, Minnesota or North Carolina are authorized or obligated by law or executive order to be closed, (c) any day on which the New York Stock Exchange, the
Federal Reserve Bank of New York or Custodian is authorized or obligated by law or executive order to be closed, or (d) if the term “Business Day” is used in connection with the determination of LIBOR, a day on which dealings in
Dollar deposits are not carried on in the London interbank market. 
 “Buyer”: Wells Fargo Bank, National Association, in
its capacity as Buyer under this Agreement and the other Repurchase Documents, together with its successors and permitted assigns. 

  
 - 3 - 

 “Capital Lease Obligations”: With respect to any Person, the amount of all
obligations of such Person to pay rent or other amounts under a lease of property to the extent and in the amount that such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person. 

“Capital Stock”: Any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all member or other equivalent interests (certificated or uncertificated) in any limited liability
company, and any and all partnership or other equivalent interests in any partnership or limited partnership, and any and all warrants or options to purchase any of the foregoing. 

“Category”: With respect to each Purchased Asset, its status as either a Core Purchased Asset or a Flex Purchased Asset, as
applicable. 
 “Cause”: With respect to an Independent Director or Independent Manager, (i) acts or omissions by such
Independent Director or Independent Manager that constitute willful disregard of, or bad faith or gross negligence with respect to, such Independent Director or Independent Manager’s duties under the applicable
by-laws, limited partnership agreement or limited liability company agreement, (ii) that such Independent Director or Independent Manager has engaged in or has been charged with, or has been convicted of,
fraud or other acts constituting a crime of moral turpitude or dishonesty under any law applicable to such Independent Director or Independent Manager, (iii) that such Independent Director or Independent Manager is unable to perform his or her
duties as Independent Director or Independent Manager due to death, disability or incapacity, or (iv) that such Independent Director or Independent Manager no longer meets the definition of Independent Director or Independent Manager. 

“Change of Control”: Means (a) a change in Control of either Advisor or
Sub-Advisor from the Person or Persons who are directly or indirectly Controlling Advisor and Sub-Advisor, as applicable, on the date hereof; (b) if Advisor or a
replacement advisor acceptable to Buyer in its sole discretion is no longer the advisor of Guarantor, or if the Advisory Agreement is modified in any way that materially affects Seller, Pledgor, Originator, Guarantor or any of the Purchased Assets,
or that is material and adverse to the interests of Buyer, without the prior written consent of Buyer; (c) if Sub-Advisor or a replacement sub-advisor acceptable to
Buyer in its sole discretion is no longer the sub-advisor of Guarantor, or if the Sub-Advisory Agreement is modified in any way that materially affects Seller, Pledgor,
Originator, Guarantor or any of the Purchased Assets, or that is material and adverse to the interests of Buyer, without the prior consent of Buyer; (d) any “person” or “group” (within the meaning of Section 13(d) or
14(d) of the Exchange Act) other than FS Shareholder or Rialto Shareholder shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of a percentage of the total voting power of all classes of Capital Stock of Guarantor entitled to vote
generally in the election of directors, of 20% or more; (e) if Guarantor shall cease to directly own and Control, of record and beneficially, 100% of the outstanding Capital Stock of Pledgor; or (f) Pledgor shall cease to directly own and
Control, of record and beneficially, 100% of the outstanding Capital Stock of either Seller or Originator. 

  
 - 4 - 

 “Class”: With respect to an Asset, such Asset’s classification as one of
the following: Whole Loan or Senior Interest. 
 “Closing Certificate”: A true and correct certificate in the form of
Exhibit D-1, executed by a Responsible Officer of Seller. 

“Closing Date”: August 30, 2017. 

“Code”: The Internal Revenue Code of 1986, and the regulations promulgated and rulings issued thereunder, in each case as
amended, modified or replaced from time to time. 
 “Collection Account”: Any account established by a Servicer in
connection with the servicing of any Asset or Purchased Asset. 
 “Competitor”: Defined in the Fee Letter, which definition
is incorporated herein by reference. 
 “Confirmation”: A purchase confirmation in the form of
Exhibit B, duly completed, executed and delivered by Seller and Buyer in accordance with either Section 3.01 or Section 4.01(d). 

“Connection Income Taxes”: Other Connection Taxes that are imposed or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes. 
 “Contractual Obligation”: With respect to any Person, any provision of any
securities issued by such Person or any indenture, mortgage, deed of trust, deed to secure debt, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property or assets are bound
or are subject. 
 “Control”: With respect to any Person, the direct or indirect possession of the power to direct or cause
the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling,” “Controlled” and “under common Control” have correlative
meanings. 
 “Controlled Account Agreement”: A control agreement with respect to the Waterfall Account, dated as of the
date of this Agreement, among Seller, Buyer and Deposit Account Bank. 
 “Core Purchased Assets”: Defined in the Fee
Letter, which definition is incorporated herein by reference. 
 “Current Mark-to-Market Value”: For any Purchased Asset as of any date, the market value for such Purchased Asset as of such date as determined by Buyer in its sole discretion, taking into account such
criteria as and to the extent that Buyer deems appropriate, including as appropriate market conditions, credit quality, liquidity of position, decline in PPV or Debt Yield, eligibility for inclusion in structured finance or securitization
transactions, subordination, delinquency status and aging, which market value, in each case, may be determined to be zero. 

  
 - 5 - 

 “Custodial Agreement”: The Custodial Agreement, dated as of the date hereof,
among Buyer, Seller and Custodian, as the same may be amended, modified, waived, supplemented, extended, replaced or restated from time to time. 

“Custodian”: Wells Fargo Bank, National Association, or any successor permitted by the Custodial Agreement. 

“Debt Yield”: With respect to any Purchased Asset and for any relevant time period, the percentage equivalent of the quotient
obtained by dividing (i) the underwritten net cash flow for such period from the Mortgaged Properties securing such Purchased Asset, as determined by Buyer in its sole discretion, by (ii) the outstanding Purchase Price of such Purchased
Asset on the last day of such time period. 
 “Debt Yield Test”: Defined in the Fee Letter, which definition is
incorporated herein by reference. 
 “Default”: Any event that, with the giving of notice or the lapse of time, or both,
would become an Event of Default. 
 “Default Rate”: Defined in the Fee Letter, which definition is incorporated herein by
reference. 
 “Defaulted Asset”: Any Asset or Purchased Asset and, in the case of any Senior Interest, any related Whole
Loan, as applicable, (a) that is thirty (30) or more days (or, in the case of payments due at maturity, one (1) day) delinquent in the payment of principal, interest, fees, distributions or any other amounts payable under the related
Purchased Asset Documents, in each case, without regard to any waivers or modifications of, or amendments to, the related Purchased Asset Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related
Purchased Asset, unless consented to by Buyer in accordance with the terms of this Agreement, (b) for which there is a Representation Breach with respect to such Asset or Purchased Asset, other than an Approved Representation Exception,
(c) for which there is a non-monetary default under the related Purchased Asset Documents beyond any applicable notice or cure period in each case, without regard to any waivers or modifications of, or
amendments to, the related Purchased Asset Documents other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, (d) an Insolvency Event has occurred with respect to the Underlying
Obligor, (e) with respect to which there has been an extension, amendment, waiver, termination, rescission, cancellation, release or other modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any
material right or remedy of a holder (including all lending, corporate and voting rights, remedies, consents, approvals and waivers) of, any related loan or participation document (in each case including, without limitation, any such document with
respect to any Whole Loan related to any Senior Interest) that, in each case, has a material adverse effect on the value or cash-flow of such asset, as determined by Buyer, or (f) for which Seller or a
Servicer has received notice of the foreclosure or proposed foreclosure of any Lien on the related Mortgaged Property; provided that 

  
 - 6 - 

 
with respect to any Senior Interest, in addition to the foregoing such Senior Interest will also be considered a Defaulted Asset to the extent that the related Whole Loan would be considered a
Defaulted Asset as described in this definition provided, further, in each case, without regard to any waivers or modifications of, or amendments to, the related Purchased Asset Documents. 

“Deposit Account Bank”: Wells Fargo Bank, National Association, or any other bank reasonably approved by Buyer. 

“Derivatives Contract”: Any rate swap transaction, basis swap, credit derivative transaction, forward rate transaction,
commodity swap, commodity option, forward commodity contract, equity or equity index swap or option, bond or bond price or bond index swap or option or forward bond or forward bond price or forward bond index transaction, interest rate option,
forward foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot contract, or any other similar transaction or any combination of any
of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, including any obligations or liabilities thereunder. 

“Derivatives Termination Value”: With respect to any one or more Derivatives Contracts, after taking into account the effect
of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in the preceding clause (a), the amount(s) determined as the mark–to–market value(s) for such Derivatives Contracts, as determined based on one or more
mid–market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include Buyer). 

“Dollars” and “$”: Lawful money of the United States of America. 

“Early Repurchase Date”: Defined in Section 3.04. 

“Eligible Asset”: An Asset: 

(a)    that has been approved as a Purchased Asset by Buyer and that accrues interest at a floating rate
above LIBOR; 
 (b)    with respect to which no Representation Breach exists other than an Approved
Representation Exception; 
 (c)    that is not a Defaulted Asset; 

(d)    with respect to which there are no future funding obligations on the part of Seller other than any
future funding obligations expressly approved by Buyer which future funding obligations are and shall remain at all times, solely the obligations of Seller; 

(e)    that, as of the related Purchase Date, does not result in either the Debt Yield Test or the PPV Test
failing to be satisfied; 

  
 - 7 - 

 (f)    whose Mortgaged Property is not a hospitality
property, unless (i) Buyer has received a copy of the franchise agreement and related documents for operation of the hospitality property, all reports issued by the franchisor and a comfort letter from the franchisor running to the benefit of
successors and assigns of the lender, and (ii) the hospitality property is managed by a third-party manager under a management agreement and subordination of management agreement, all of which are
acceptable to Buyer; 
 (g)    where the underlying Mortgaged Property is located in the United States,
the Underlying Obligors are domiciled in the United States, and all obligations under the Asset and the Purchased Asset Documents are denominated and payable in Dollars; 

(h)    with respect to such Asset, none of the Underlying Obligors (and any of their respective Affiliates)
related to such Assets are Sanctioned Targets; 
 (i)    none of the related Equity Interests of any
Underlying Obligor are held, directly or indirectly, by Seller, Guarantor, Sub-Advisor, any Relevant Company or any of their respective Affiliates, if either of the following would result: (i) an actual
or potential conflict of interest, or (ii) an affiliation with an Underlying Obligor that results, or could reasonably be expected to result, in the loss or impairment of any material rights of the holder of the Asset; provided, Seller
shall disclose to Buyer before the Purchase Date each such Equity Interest that is held or is expected to be held by Seller, Guarantor, Sub-Advisor, any Relevant Company or any of their respective Affiliates,
whether or not, in respect of such holding, either of the circumstances set forth in the preceding clauses (i) or (ii) arise; 

(j)    that is secured by a perfected, first priority security interest in a related Mortgaged Property, as
determined by Buyer; 
 (k)    for which all Purchased Asset Documents and all related assignment
documents have been delivered to Custodian on a timely basis in accordance with the Custodial Agreement; 

(l)    as to which each Underlying Obligor or Servicer has delivered an executed Irrevocable Redirection
Notice to Buyer; 
 (m)    to the extent Servicer is not Buyer or one of its Affiliates, as to which all
escrows, reserves and other collateral accounts maintained by Servicer are subject to Account Control Agreements in favor of Buyer; 

(n)    that does not cause Seller to violate any of the Sub-Limits;

 (o)    that, in the case of any Hotel Asset, satisfies at all times the requirements for Core
Purchased Assets as specified in the definition thereof; and 
 (p)    at all times during the Interim
Period is a Core Purchased Asset that is not a Hotel Asset. 

  
 - 8 - 

 provided, that notwithstanding the failure of an Asset or Purchased Asset to conform to the requirements
of this definition, Buyer may, subject to such terms, conditions and requirements and Applicable Percentage adjustments as Buyer may require, designate in writing any such non-conforming Asset or Purchased
Asset as an Eligible Asset, which designation (1) may include a temporary or permanent asset specific waiver of one or more Eligible Asset requirements, and (2) shall not be deemed a waiver of the requirement that all other Assets and
Purchased Assets must be Eligible Assets (including any Assets that are similar or identical to the Asset or Purchased Asset subject to the waiver). 

“Eligible Assignee”: Any of the following Persons; (i) unless an Event of Default has occurred and is continuing,
(a) a bank, financial institution, pension fund, insurance company or similar Person or an Affiliate of any of the foregoing, (b) an Affiliate of Buyer that has a long term rating equivalent, at any time, of not less than investment grade,
by any Rating Agency, excluding, solely for purposes of clauses (a) and (b) of this definition, any Competitor, and (c) any other Person to which Seller has consented; provided, that such consent of Seller shall not be unreasonably
withheld, delayed or conditioned, or (ii) at any time that an Event of Default has occurred and is continuing, any Person designated by Buyer in Buyer’s sole discretion. 

“Environmental Laws”: Any federal, state, foreign or local statute, law, rule, regulation, ordinance, code, guideline,
written policy and rule of common law now or hereafter in effect, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to the environment, employee health and
safety or hazardous materials, including CERCLA, RCRA, the Federal Water Pollution Control Act, the Toxic Substances Control Act, the Clean Air Act, the Safe Drinking Water Act, the Oil Pollution Act of 1990, the Emergency Planning and the Community
Right-to-Know Act of 1986, the Hazardous Material Transportation Act, the Occupational Safety and Health Act, and any state and local or foreign counterparts or
equivalents. 
 “Equity Interests”: With respect to any Person, (a) any share, interest, participation and other
equivalent (however denominated) of Capital Stock of (or other ownership, equity or profit interests in) such Person, (b) any warrant, option or other right for the purchase or other acquisition from such Person of any of the foregoing,
(c) any security convertible into or exchangeable for any of the foregoing, and (d) any other ownership or profit interest in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether
or not such share, warrant, option, right or other interest is authorized but unissued on any date. 
 “ERISA”: The
Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any
subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 
 “ERISA Affiliate”: Any
trade or business (whether or not incorporated) that is a member of Seller’s, Pledgor’s, Originator’s or Guarantor’s controlled group or under common control with Seller, Pledgor or Guarantor, within the meaning of
Section 414 of the Code. 

  
 - 9 - 

 “Event of Default”: Defined in Section 10.01. 

“Exchange Act”: The Securities Exchange Act of 1934, as amended. 

“Excluded Taxes”: Any of the following Taxes imposed on or with respect to Buyer or required to be withheld or deducted from
a payment to Buyer: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of Buyer being organized under the laws of, or having its principal
office or the office from which it books the Transactions located in, the jurisdiction imposing such Taxes (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on
amounts payable to or for the account of Buyer with respect to an interest in the Repurchase Obligations pursuant to a law in effect on the date on which such Buyer (i) acquires such interest in the Repurchase Obligations or (ii) changes
the office from which it books the Transactions, except in each case to the extent that, pursuant to Section 12.06, amounts with respect to such Taxes were payable either to such Buyer’s assignor immediately before
such Buyer became a Party hereto or to such Buyer immediately before it changed the office from which it books the Transactions, (c) Taxes attributable to Buyer’s failure to comply with Section 12.06(e) and
(d) any U.S. federal withholding Taxes imposed under FATCA. 
 “Extension Conditions”: Defined in
Section 3.06(a). 
 “Extension Fee”: Defined in the Fee Letter, which definition is incorporated
herein by reference. 
 “Extension Period”: Defined in Section 3.06(a). 

“Facility Debt Yield Test”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“FATCA”: 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. 

“FDIA”: Defined in Section 14.03. 

“FDICIA”: Defined in Section 14.04. 

“Fee Letter”: The fee and pricing letter, dated as of the date hereof, between Buyer and Seller, as amended, modified,
waived, supplemented, extended, restated or replaced from time to time. 
 “Fitch”: Fitch, Inc. or, if
Fitch, Inc. is no longer issuing ratings, another nationally recognized rating agency reasonably acceptable to Buyer. 

  
 - 10 - 

 “Flex Purchased Assets”: Defined in the Fee Letter, which definition is
incorporated herein by reference. 
 “Foreign Buyer”: A Buyer that is not a U.S. Person. 

“FS Shareholder”: Franklin Square Holdings, L.P., a Pennsylvania limited partnership, together with its successors and
permitted assigns. 
 “Funding Expiration Date”: Initial Funding Expiration Date, as such date may be extended pursuant to
Section 3.06(b). 
 “Funding Period”: The period from the Closing Date to but excluding the
Funding Expiration Date. 
 “Funding Period Extension Fee”: Defined in the Fee Letter, which definition is incorporated
herein by reference. 
 “Funding Period Extension Option”: Defined in Section 3.06(b). 

“Future Funding Amount”: With respect to any Purchased Asset for which a Future Funding Transaction has been requested by
Seller and approved by Buyer pursuant to Section 3.10, the product of (a) the amount that Seller is funding as a post-closing advance on the related Future Funding Date as
required by the related Purchased Asset Documents relating to such Purchased Asset, and (b) the Applicable Percentage for such Purchased Asset; provided, in no event shall the aggregate amount so requested by Seller exceed the amount of
future funding set forth on the related Confirmation for the initial Transaction relating to such Purchased Asset, minus all previous Future Funding Amounts funded by Buyer relating to such Purchased Asset. 

“Future Funding Confirmation”: Defined in Section 3.10(i). 

“Future Funding Date”: With respect to any Purchased Asset for which a Future Funding Transaction has been requested by
Seller and approved by Buyer, the date on which Seller is required to fund a Future Funding Amount pursuant to the Purchased Asset Documents relating to such Purchased Asset. 

“Future Funding Request Package”: With respect to one or more Future Funding Transactions, the following, to the extent
applicable and available, unless any such items were previously delivered to Buyer and have not been modified since the date of each such delivery: (a) the related request for advance, executed by the related Underlying Obligor (which shall
include evidence of Seller’s approval of the related Future Funding Transaction), and any other documents that require Seller to fund; (b) the related affidavit executed by the related Underlying Obligor which covers such issues as Buyer
shall request, and any other related documents; (c) the executed fund control agreement (or the executed escrow agreement, if funding through escrow); (d) certified copies of all relevant trade contracts; (e) the title policy
endorsement for the advance; (f) certified copies of any tenant leases; (g) certified copies of any service contracts; (h) updated financial statements, operating statements and rent rolls; (i) evidence of required insurance;
(j) engineering reports and updates to the engineering reports; (k) an updated Underwriting Package for the related Purchased Asset; and (l) copies of any additional documentation as required in connection therewith, or as otherwise
requested by Buyer. 

  
 - 11 - 

 “Future Funding Transaction”: Any Transaction approved by Buyer pursuant to
Section 3.10. 
 “GAAP”: Generally accepted accounting principles as in effect from time to time
in the United States, consistently applied. 
 “Governing Documents”: With respect to any Person, its articles or
certificate of incorporation or formation, by-laws, partnership, limited liability company, memorandum and articles of association, operating or trust agreement and/or other organizational, charter or
governing documents. 
 “Governmental Authority”: Any (a) national or federal government, (b) state, regional or
local or other political subdivision thereof, (c) central bank or similar monetary or regulatory authority, (d) Person, agency, authority, instrumentality, court, regulatory body, central bank or other body or entity exercising executive,
legislative, judicial, taxing, quasi-judicial, quasi-legislative, regulatory or administrative functions or powers of or pertaining to government, (e) court or arbitrator having jurisdiction over such Person, its Affiliates or its assets or
properties, (f) stock exchange on which shares of stock of such Person are listed or admitted for trading, (g) accounting board or authority that is responsible for the establishment or interpretation of national or international
accounting principles, in each case, whether foreign or domestic, and (h) supra-national body such as the European Union or the European Central Bank. 

“Ground Lease”: A ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any
unexercised extension options) of thirty (30) years or more from the Purchase Date of the related Asset, (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor or with
such consent given, (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated
until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so, (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease, and (e) such other
rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 

“Guarantee Agreement”: The Guarantee Agreement dated as of the date hereof, made by Guarantor in favor of Buyer. 

“Guarantee Obligation”: With respect to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of the obligations for which the guaranteeing person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness or any Contractual Obligations constituting Indebtedness (the “primary obligations”) of any other third Person (the “primary
obligor”) in any 

  
 - 12 - 

 
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation, or (2) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation, or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term “Guarantee Obligation”
shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation
relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation); and provided, further, that in the absence of any such stated amount or stated
liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum anticipated liability in respect thereof as reasonably determined by such Person. 

“Guarantor”: FS Credit Real Estate Income Trust, Inc., a Maryland corporation, together with its successors and permitted
assigns. 
 “Guarantor Materiality Threshold”: Defined in the Fee Letter, which definition is incorporated herein by
reference. 
 “Homebuilder”: Any Person that is listed on the most recent Builder 100 list published by Builder magazine,
ranked by revenues or closings (or if such list is no longer published, identified in such other published list or through such other means as is mutually agreed by Buyer and Seller). 

“Hotel Asset”: An Asset, the underlying Mortgaged Property for which is primarily for use as a hotel (as determined by Buyer
in its discretion in the case of mixed used property). 
 “Income”: With respect to any Purchased Asset, all of the
following (in each case with respect to the entire par amount of the Asset represented by such Purchased Asset and not just with respect to the portion of the par amount represented by the Purchase Price advanced against such Asset) without
duplication: (a) all Principal Payments, (b) all Interest Payments, and (c) all other income, distributions, receipts, payments, collections, prepayments, recoveries, proceeds (including insurance and condemnation proceeds) and other
payments or amounts of any kind paid, received, collected, recovered or distributed on, in connection with or in respect of such Purchased Asset, including Principal Payments, Interest Payments, principal and interest payments, prepayment fees,
extension fees, exit fees, defeasance fees, transfer fees, make whole fees, late charges, late fees and all other fees or charges of any kind or nature, premiums, yield maintenance charges, penalties, default interest, dividends, gains, receipts,
allocations, rents, interests, profits, payments in kind, returns or repayment of contributions, net sale, foreclosure, liquidation, securitization or other disposition proceeds, insurance payments, settlements and proceeds; provided, that
any amounts that under the applicable Purchased Asset Documents are 

  
 - 13 - 

 
required to be deposited into and held in escrow or reserve to be used for a specific purpose, such as taxes and insurance, shall not be included in the term “Income” unless and until
(i) an event of default exists under such Purchased Asset Documents, (ii) the holder of the related Purchased Asset has exercised or is entitled to exercise rights and remedies with respect to such amounts, (iii) such amounts are no
longer required to be held for such purpose under such Purchased Asset Documents, or (iv) such amounts may be applied to all or a portion of the outstanding indebtedness under such Purchased Asset Documents. 

“Indebtedness”: With respect to any Person and any date, all of the following with respect to such Person as of such date,
without duplication: (a) obligations in respect of money borrowed (including principal, interest, assumption fees, prepayment fees, yield maintenance charges, penalties, exit fees, contingent interest and other monetary obligations whether
choate or inchoate and whether by loan, the issuance and sale of debt securities or the sale of property or assets to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property or assets, or
otherwise), (b) obligations, whether or not for money borrowed (i) represented by notes payable, letters of credit or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or
similar instruments, (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as
full or partial payment for property or services rendered, or (iv) in connection with the issuance of Preferred Equity or trust preferred securities with a mandatory redemption or put feature, (c) Capital Lease Obligations,
(d) reimbursement obligations under any letters of credit or acceptances (whether or not the same have been presented for payment), (e) Off-Balance Sheet Obligations, (f) obligations to
purchase, redeem, retire, defease or otherwise make any payment in respect of any mandatory redeemable stock issued by such Person or any other Person (inclusive of forward equity contracts), valued at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends, (g) as applicable, all obligations of such Person (but not the obligations of others) in respect of any keep well arrangements, credit enhancements, contingent or future funding
obligations under any Purchased Asset or any obligation senior to any Purchased Asset, unfunded interest reserve amount under any Purchased Asset or any other obligation of such Person with respect to such Purchased Asset that is senior to such
Purchased Asset, purchase obligation, repurchase obligation, sale/buy-back agreement, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such
obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than mandatory redeemable stock)), (h) net obligations under any Derivatives Contract not entered into as a hedge against existing indebtedness,
in an amount equal to the Derivatives Termination Value thereof, (i) all Non-Recourse Indebtedness, recourse indebtedness and all indebtedness of other Persons that such Person has guaranteed or is
otherwise recourse to such Person, (j) all indebtedness of another Person secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien (other than, except with respect to
any Purchased Asset, any Liens granted pursuant to the Repurchase Documents) on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment obligation;
provided, that if such Person has not assumed or become liable for the payment of such indebtedness, then for the purposes of this definition the amount of such indebtedness shall not exceed the market value of the property subject to such
Lien, (k) all Guarantee Obligations in respect of any Indebtedness described in 

  
 - 14 - 

 
any other clause of this definition and, (l) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person or obligations of such
Person to pay the deferred purchase or acquisition price of property or assets, including contracts for the deferred purchase price of property or assets that include the procurement of services, and (m) indebtedness of general partnerships of
which such Person is liable as a general partner (whether secondarily or contingently liable or otherwise). 
 “Indemnified
Amounts”: Defined in Section 13.01(a). 
 “Indemnified Persons”: Defined in
Section 13.01(a). 
 “Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on
or with respect to any payment made by or on account of any obligation of Seller under any Repurchase Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Independent Appraiser”: A professional real estate appraiser that (i) is approved by Buyer in its sole discretion;
(ii) was not selected or identified by the Underlying Obligor and is not affiliated with the lender under the mortgage or the Underlying Obligor; (iii) if engaged by Seller or any of its Affiliates, Seller or such Affiliate, as applicable,
is a “financial services institution” within the meaning of the Interagency Guidelines on Evaluations and Appraisals, (iv) is a member in good standing of the American Appraisal Institute; (v) is certified or licensed in the
state where the subject Mortgaged Property is located and (vi) in each such case, has a minimum of seven years’ experience in the subject property type. 

“Independent Director” or “Independent Manager”: An individual who has prior experience as an independent
director, independent manager or independent member with at least three (3) years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company,
Stewart Management Company, Lord Securities Corporation, Puglisi & Associates or, if none of those companies is then providing professional Independent Directors or Independent Managers, another nationally recognized company approved by
Buyer, in each case that is not an Affiliate of Seller and that provides professional independent directors, independent managers and/or other corporate services in the ordinary course of its business, and which individual is duly appointed as
Independent Director or Independent Manager and is not, has never been, and will not while serving as Independent Director or Independent Manager be, any of the following: 

(a)    a member, partner, equity holder, manager, director, officer or employee of Seller, Pledgor, or any
of their respective equity holders or Affiliates (other than as an Independent Director or Independent Manager of Seller or Pledgor or an Affiliate of Seller or Pledgor that does not own a direct or indirect ownership interest in Seller or Pledgor
and that is required by a creditor to be a single purpose bankruptcy remote entity, provided, however, that such Independent Director or Independent Manager is employed by a company that routinely provides professional Independent
Directors or Independent Managers); 
 (b)    a creditor, supplier or service provider (including
provider of professional services) to Seller, Pledgor or any of their respective equity holders or Affiliates (other 

  
 - 15 - 

 
than through a nationally-recognized company that routinely provides professional Independent Directors, Independent Managers and/or other corporate
services to Seller, Pledgor, or any of their respective equity holders or Affiliates in the ordinary course of business); 

(c)    a family member of any such member, partner, equity holder, manager, director, officer, employee,
creditor, supplier or service provider; or 
 (d)    a Person who controls (whether directly, indirectly
or otherwise) any of the individuals described in the preceding clauses (a), (b) or (c). 
 An individual who otherwise satisfies
the preceding definition and satisfies subparagraph (a) by reason of being the Independent Director or Independent Manager of a Single Purpose Entity affiliated with Seller or Pledgor that does not own a direct or indirect ownership interest in
Seller or Pledgor shall be qualified to serve as an Independent Director or Independent Manager of Seller or Pledgor if the fees that such individual earns from serving as Independent Director or Independent Manager of Affiliates of Seller or
Pledgor in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 

“Initial Funding Expiration Date”: August 30, 2018, unless the Target Capital Trigger Date occurs prior to such
date, in which case the Initial Funding Expiration Date shall be August 30, 2019. 
 “Initial Maturity
Date”: August 30, 2018, unless the Target Capital Trigger Date occurs prior to such date, in which case the Initial Maturity Date shall be August 30, 2019. 

“Insolvency Action”: With respect to any Person, the taking by such Person of any action resulting in an Insolvency Event,
other than solely under clause (g) of the definition thereof. 
 “Insolvency Event”: With respect to any Person,
(a) the filing of a decree or order for relief by a court having jurisdiction in the premises with respect to such Person or any substantial part of its assets or property in an involuntary case under any applicable Insolvency Law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, or ordering the
winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) days, (b) the commencement by such Person of a
voluntary case under any applicable Insolvency Law now or hereafter in effect, (c) the consent by such Person to the entry of an order for relief in an involuntary case under any Insolvency Law, (d) the consent by such Person to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property, (e) the making by such Person of any general
assignment for the benefit of creditors, (f) the admission in a legal proceeding of the inability of such Person to pay its debts generally as they become due, (g) the failure by such Person generally to pay its debts as they become due,
or (h) the taking of action by such Person in furtherance of any of the foregoing. 

  
 - 16 - 

 “Insolvency Laws”: The Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insolvency Proceeding”: Any case, action or proceeding before any court or other Governmental Authority relating to any
Insolvency Event. 
 “Interest Expense”: With respect to any Person and for any relevant time period, the amount of total
interest expense incurred by such Person, and its consolidated Subsidiaries, including capitalized or accruing interest (but excluding interest funded under a construction loan), plus such Person’s proportionate share of interest expense
from the joint venture investments and unconsolidated Affiliates of such Person, all with respect to such period. 
 “Interest
Payments”: With respect to any Purchased Asset, all payments of interest, income, receipts, dividends, and any other collections and distributions received from time to time in connection with any such Purchased Asset. 

“Internal Control Event”: Fraud that involves management or other employees who have a significant role in, the internal
controls of Seller, Guarantor, Sub-Advisor or any Relevant Company over financial reporting. 

“Interim Period”: The period from the Closing Date to, but not including, the Target Capital Trigger Date. 

“Investment”: With respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such
Person, whether by means of (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, guaranty or credit enhancement of Indebtedness of, or
purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets
of another Person that constitute the business or a division or operating unit of another Person. Any binding commitment or option to make an Investment in any other Person shall constitute an Investment. Except as expressly provided otherwise, for
purposes of determining compliance with any covenant contained in this Agreement, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investment Company Act”: The Investment Company Act of 1940, as amended, restated or modified from time to time, including
all rules and regulations promulgated thereunder. 
 “Investor”: Any Person that is admitted to Seller as a member in
accordance with its applicable operating agreement or limited liability company agreement. 
 “Irrevocable Redirection
Notice”: A notice in form and substance acceptable to Buyer, sent by Seller, syndication agent or by Servicer on Seller’s behalf directing the remittance of all Income with respect to a Purchased Asset to the Waterfall Account and
executed by the applicable Underlying Obligor, Servicer, syndication agent or such other Person with respect to such Purchased Asset as may be acceptable to Buyer. 

  
 - 17 - 

 “IRS”: The United States Internal Revenue Service. 

“Knowledge”: With respect to any Person, means collectively (i) the Actual Knowledge of such Person, (ii) notice of
any fact, event, condition or circumstance that would cause a reasonably prudent Person to conduct an inquiry that would give such Person Actual Knowledge, whether or not such Person actually undertook such an inquiry, and (iii) all knowledge
that is imputed to a Person under any statute, rule, regulation, ordinance, or official decree or order. 
 “LIBOR”: The
rate of interest per annum determined by Buyer on the basis of the rate for deposits in Dollars for delivery on the first (1st) day of each Pricing Period, for a period approximately
equal to such Pricing Period, as reported on Reuters Screen LIBOR01 Page (or any successor page) at approximately 11:00 a.m., London time, on the Pricing Rate Determination Date (or if not so reported, then as determined by Buyer from another
recognized source or interbank quotation). Each calculation by Buyer of LIBOR shall be conclusive and binding for all purposes, absent manifest error. If the calculation of LIBOR results in a LIBOR rate of less than zero (0), LIBOR shall be
deemed to be zero (0) for all purposes of this Agreement.  

“Lien”: Any mortgage, statutory or other lien, pledge, charge, right, claim, adverse claim, attachment, levy, hypothecation,
assignment, deposit arrangement, security interest, UCC financing statement or encumbrance of any kind on or otherwise relating to any Person’s assets or properties in favor of any other Person or any preference, priority or other security
agreement or preferential arrangement of any kind. 
 “Margin Call”: Defined in Section 4.01(a).

 “Margin Deficit”: Defined in Section 4.01(a). 

“Market Value”: For any Purchased Asset as of any date, the lower of the Current Mark-to-Market Value and Book Value for such Purchased Asset as determined by Buyer in its sole discretion; provided, that the Market Value may be set at zero for any Purchased Asset with respect to
which: 
 (a)    the requirements of the definition of “Eligible Asset” are not satisfied, as
determined by Buyer; 
 (b)    a Representation Breach exists (other than an Approved Representation
Exception), as determined by Buyer; 
 (c)    any statement, affirmation or certification made or
information, document, agreement, report or notice delivered by Seller, Guarantor or any Relevant Company to Buyer is untrue in any material respect; 

  
 - 18 - 

 (d)    any Retained Interest, funding obligation or any other
obligation of any kind has been transferred to Buyer; 
 (e)    Seller fails to repurchase such Purchased
Asset by the Repurchase Date therefor; 
 (f)    an Insolvency Event has occurred with respect to any
(i) Underlying Obligor, or (ii) co-participant or other Person having an interest in such Purchased Asset or any related Mortgaged Property which is pari passu with the rights of Buyer in such
Purchased Asset; 
 (g)    a material adverse effect has occurred with respect to the related Mortgaged
Property or that such Purchased Asset is otherwise unlikely to make payments of interest or principal on a timely basis; 

(h)    all Purchased Asset Documents have not been delivered to Custodian within the time periods required
by this Agreement and the Custodial Agreement and such failure results in a Material Adverse Effect; 

(i)    any material Purchased Asset Document has been released from the possession of Custodian under the
Custodial Agreement to Seller for more than ten (10) days; or 
 (j)    Seller fails to deliver any
reports required hereunder where such failure adversely affects the Market Value thereof or Buyer’s ability to determine Market Value therefor. 

“Master Bill of Sale”: A Master Bill of Sale, dated as of the date hereof, between either (i) Originator as seller and
Pledgor as purchaser, or (ii) Pledgor as seller and Seller as purchaser, as the case may be. 
 “Material Adverse
Effect”: Any event, development or circumstance that has a material adverse effect on or material adverse change in or to (a) the property, assets, business, operations or financial condition of Guarantor and Seller taken together,
(b) the ability of Guarantor and Seller taken together to pay and perform the Repurchase Obligations, (c) the validity, legality, binding effect or enforceability of any Repurchase Document, or security interest granted hereunder or
thereunder, (d) the rights and remedies of Buyer or any Indemnified Person under any Repurchase Document, or (e) the perfection or priority of any Lien granted under any Repurchase Document. 

“Material Modification”: Any extension, amendment, waiver, termination, rescission, cancellation, release or any other
material modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any right or remedy of a holder (including all lending, corporate rights, remedies, consents, approvals and waivers) of, any Purchased Asset, or
Purchased Asset Document. 

  
 - 19 - 

 “Materials of Environmental Concern”: Any hazardous, toxic or harmful
substances, materials, wastes, pollutants or contaminants defined as such in or regulated under any Environmental Law. 
 “Maturity
Date”: The earliest of (a) the Initial Maturity Date, as such date may be extended pursuant to Section 3.06(a), (b) any Accelerated Repurchase Date, and (c) any date on which the Maturity Date shall
otherwise occur in accordance with the provisions hereof or Requirements of Law. 
 “Maximum Amount”: $75,000,000 unless
and until Seller elects to exercise, and Buyer approves either or both of the Upsize Options in Buyer’s sole discretion in accordance with all of the terms and conditions of Section 3.06(c), upon which election and
approval the Maximum Amount shall be increased up to either $150,000,000 or $200,000,000, as applicable, pursuant to the terms of such approval. The Maximum Amount shall not be increased by any Future Funding Transaction or reduced upon the
repurchase of any Purchased Assets prior to the earlier to occur of the Funding Expiration Date or the Maturity Date; provided, that on and after the earlier to occur of the Funding Expiration Date and the Maturity Date, the Maximum Amount on
any date shall be an amount equal to the sum of (a) the then-current Aggregate Amount Outstanding, and (b) the Applicable Percentage of those remaining future funding obligations that are scheduled and approved by Buyer in executed Future
Funding Confirmation(s) for the related Purchased Asset(s), as such amounts decline as Future Funding Transactions under Section 3.10 are funded, Purchased Assets are repurchased and Margin Deficits are satisfied, all in
accordance with the applicable terms of this Agreement. For the avoidance of doubt, no Transactions shall be entered into hereunder after the Funding Expiration Date other than scheduled Future Funding Transactions that have been approved by Buyer,
as evidenced by an executed Future Funding Confirmation. 
 “Maximum Applicable Percentage”: Defined in the Fee Letter,
which definition is incorporated herein by reference. 
 “Minimum Liquidity Amount”: Defined in the Fee Letter, which
definition is incorporated herein by reference. 
 “Moody’s”: Moody’s Investors Service, Inc. or, if
Moody’s Investors Service, Inc. is no longer issuing ratings, another nationally recognized rating agency reasonably acceptable to Buyer and Seller. 

“Mortgage”: Any mortgage, deed of trust, assignment of rents, security agreement and fixture filing, or other instruments
creating and evidencing a lien on real property and other property and rights incidental thereto. 
 “Mortgage Asset File”:
The meaning specified in the Custodial Agreement. 
 “Mortgage Loan Documents”: With respect to any Whole Loan, those
documents executed in connection with and/or evidencing or governing such Whole Loan, including, without limitation those that are required to be delivered to Custodian under the Custodial Agreement. 

  
 - 20 - 

 “Mortgage Note”: The original executed promissory note or other evidence of the
indebtedness of a Mortgagor with respect to a commercial mortgage loan. 
 “Mortgaged Property” In the case of a Whole Loan
or a Senior Interest, the real property (including all improvements, buildings, fixtures, building equipment and personal property thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other
collateral directly or indirectly securing repayment of the debt evidenced by (a) a Mortgage Note (in the case of a Whole Loan) or (b) the Mortgage Note evidencing an interest in the Whole Loan to which such Senior Interest relates (in the
case of a Senior Interest), in each case securing such Whole Loan. 
 “Mortgagee”: The record holder of a Mortgage Note
secured by a Mortgage. 
 “Mortgagor”: The obligor on a Mortgage Note, including any Person who has assumed or guaranteed
the obligations of the obligor thereunder. 
 “Multiemployer Plan”: A Plan that is a multiemployer plan as defined in
Section 4001(a)(3) of ERISA. 
 “Multifamily Asset”: An Asset with respect to which the underlying Mortgaged Property
consists of real property with five or more residential rental units (including mixed use multifamily/office and multifamily retail) as to which the majority of the underwritten revenue is from residential rental units. 

“Non-Recourse Indebtedness”: With respect to any Person and any date, indebtedness of
such Person as of such date for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, Insolvency Events,
non-approved transfers or other events) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 

“Non-Utilization Fee”: Defined in the Fee Letter, which definition is
incorporated herein by reference. 
 “Off-Balance Sheet Obligations”: With respect
to any Person and any date, to the extent not included as a liability on the balance sheet of such Person, all of the following with respect to such Person as of such date: (a) monetary obligations under any financing lease or so–called
“synthetic,” tax retention or off-balance sheet lease transaction that, upon the application of any Insolvency Laws, would be characterized as indebtedness, (b) monetary obligations under any
sale and leaseback transaction that does not create a liability on the balance sheet of such Person, or (c) any other monetary obligation arising with respect to any other transaction that (i) is characterized as indebtedness for tax
purposes but not for accounting purposes, or (ii) is the functional equivalent of or takes the place of borrowing but that does not constitute a liability on the balance sheet of such Person (for purposes of this clause (c), any
transaction structured to provide Tax deductibility as Interest Expense of any dividend, coupon or other periodic payment will be deemed to be the functional equivalent of a borrowing). 

“Originator”: FS CREIT Originator LLC, a Delaware limited liability company, together with its successors and permitted
assigns. 

  
 - 21 - 

 “Other Connection Taxes”: With respect to Buyer, Taxes imposed as a result of a
present or former connection between Buyer and the jurisdiction imposing such Taxes (other than a connection arising from Buyer having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Repurchase Document, or sold or assigned an interest in any Transaction or Repurchase Document). 

“Other Taxes”: Any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under any Repurchase Document or from the execution, delivery, performance, or enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Repurchase
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Participant”:
Defined in Section 18.08(b). 
 “Participant Register”: Defined in
Section 18.08(g). 
 “Party”: The meaning set forth in the preamble to this Agreement. 

“PATRIOT Act”: The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, as amended, modified or replaced from time to time. 
 “Period”: The Interim Period or the
Post-Interim Period, as applicable. 
 “Person”: An individual, corporation, limited liability company, business trust,
partnership, trust, unincorporated organization, joint stock company, sole proprietorship, joint venture, Governmental Authority or any other form of entity. 

“Plan”: An employee benefit plan established or maintained by Seller or any ERISA Affiliate during the five year period ended
prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement, been required to make contributions and that is covered by
Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. 
 “Plan Asset
Regulation”: The regulation of the United States Department of Labor at 29 C.F.R. § 2510.3 101 (as modified by Section 3(42) of ERISA). 

“Pledge Agreement”: The Pledge Agreement, dated as of the date hereof, between Buyer and Pledgor, as amended, modified,
waived, supplemented, extended, restated or replaced from time to time. 
 “Pledged Collateral”: Defined in the Pledge and
Security Agreement. 
 “Pledgor”: FS CREIT Finance Holdings LLC, a Delaware limited liability company, together with its
successors and permitted assigns. 

  
 - 22 - 

 “Post-Interim Period”: The period from and after the Target Capital Trigger
Date. 
 “Power of Attorney”: Defined in Section 18.19. 

“PPV Ratio”: With respect to any Purchased Asset as of any date, the ratio, expressed as a percentage, of the related
Purchase Price to the market value of the related Mortgaged Property, as determined by Buyer in its sole discretion. 
 “PPV
Test”: Defined in the Fee Letter, which definition is incorporated herein by reference. 
 “Preferred Equity”: A
performing current pay preferred equity position (with a put or synthetic maturity date structure replicating a debt instrument and excluding any perpetual preferred equity positions) evidenced by a stock share certificate or other similar ownership
certificate representing the entire equity ownership interest in entities that own income producing commercial real estate. 

“Price Differential”: For any Pricing Period or portion thereof and (a) for any Transaction outstanding, the sum of the
products, for each day during such Pricing Period or portion thereof, of (i) 1/360th of the Pricing Rate in effect for each Purchased Asset subject to such Transaction during such Pricing Period, times (ii) the outstanding Purchase Price
for such Purchased Asset on each such day, or (b) for all Transactions outstanding, the sum of the amounts calculated in accordance with the preceding clause (a) for all Transactions. 

“Pricing Margin”: Defined in Schedule A to the Fee Letter, which definition is incorporated herein by reference. 

“Pricing Period”: For any Purchased Asset, (a) in the case of the first Remittance Date for such Purchased Asset, the
period from the Purchase Date for such Purchased Asset to but excluding such Remittance Date, and (b) in the case of any subsequent Remittance Date, the one-month period commencing on and including the
prior Remittance Date and ending on but excluding such Remittance Date; provided, that no Pricing Period for a Purchased Asset shall end after the Repurchase Date for such Purchased Asset to the extent such Purchased Asset is actually
repurchased on such Repurchase Date. 
 “Pricing Rate”: For any Pricing Period, LIBOR for such Pricing Period plus the
applicable Pricing Margin, which shall be subject to adjustment and/or conversion as provided in Sections 12.01 and 12.02; provided, that while an Event of Default is continuing, the Pricing Rate shall be
the Default Rate. 
 “Pricing Rate Determination Date”: (a) In the case of the first Pricing Period for any Purchased
Asset, the related Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) Business Days prior to the Remittance Date on which such Pricing Period begins or on any other date as determined by
Buyer and communicated to Seller. The failure to communicate shall not impair Buyer’s decision to reset the Pricing Rate on any date. 

  
 - 23 - 

 “Principal Payments”: For any Purchased Asset, all payments and prepayments of
principal received for such Purchased Asset, including insurance and condemnation proceeds which are permitted by the terms of the Purchased Asset Documents to be applied to principal and are, in fact, so applied and recoveries of principal from
liquidation or foreclosure which are permitted by the terms of the Purchased Asset Documents to be applied to principal and are, in fact, so applied. 

“Purchase Agreement”: Any purchase agreement between Seller and any Transferor pursuant to which Seller purchased or acquired
an Asset which is subsequently sold to Buyer hereunder, which Purchase Agreement shall contain a grant of a security interest in favor of Seller and authorize the filing of UCC financing statements against the Transferor with respect to such Asset.

 “Purchase Date”: For any Purchased Asset, the date on which such Purchased Asset is purchased by Buyer from Seller in
connection with a Transaction as set forth in the related Confirmation. 
 “Purchase Date Compliance Certificate”: A true
and correct certificate in the form of Exhibit D-3, executed by a Responsible Officer of Guarantor. 

“Purchase Price”: For any Purchased Asset, (a) as of the Purchase Date and, as initially set forth in the related
Confirmation for such Purchased Asset, as such Confirmation may be updated by Buyer and Seller from time to time, an amount equal to the product of the Market Value of such Purchased Asset, times the Applicable Percentage for such Purchased Asset,
and (b) as of any other date, the amount described in the preceding clause (a), (i) increased by any Future Funding Amounts disbursed by Buyer to Seller or the related borrower with respect to such Purchased Asset and
(ii) reduced by any amount of Margin Deficit transferred by Seller to Buyer pursuant to Section 4.01 and applied to the Purchase Price of such Purchased Asset, (iii) reduced by any Principal Payments remitted to
the Waterfall Account and which were applied to the Purchase Price of such Purchased Asset by Buyer pursuant to clause fifth of Section 5.02, and (iv) reduced by any payments made by Seller in reduction of the
outstanding Purchase Price, in each case on such date of determination with respect to such Purchased Asset. 
 “Purchased Asset
Documents”: Individually or collectively, as the context may require, the related Mortgage Loan Documents and/or the related Senior Interest Documents. 

“Purchased Assets”: (a) For any Transaction, each Asset sold by Seller to Buyer in such Transaction, and (b) for
the Transactions in general, all Assets sold by Seller to Buyer, in each case including, to the extent relating to such Asset or Assets, all of Seller’s right, title and interest in and to (i) Purchased Asset Documents, (ii) Servicing
Rights, (iii) Servicing Files, (iv) mortgage guaranties and insurance (issued by Governmental Authorities or otherwise) and claims, payments and proceeds thereunder, (v) insurance policies, certificates of insurance and claims,
payments and proceeds thereunder, (vi) the principal balance of such Assets, not just the amount advanced, (vii) amounts and property from time to time on deposit in the Waterfall Account and the Waterfall Account itself,
(viii) collection, escrow, reserve, collateral or lock–box accounts and all amounts and property from time to time on deposit therein, to the extent of Seller’s or the holder’s interest therein, (ix) Income, (x) amounts
and property from time to time 

  
 - 24 - 

 
on deposit in the Collection Accounts, together with the Collection Accounts themselves, (xi) any Derivatives Contract entered into by Seller and the security interests of Seller in
Derivatives Contracts entered into by Underlying Obligors, (xii) rights of Seller under any letter of credit, guarantee, warranty, indemnity or other credit support or enhancement, (xiii) all of the Pledged Collateral and (xiv) all
supporting obligations of any kind, and (xv) all proceeds related to the sale, securitization or other disposition thereof; provided, that (A) Purchased Assets shall not include any obligations of Seller or any Retained Interests,
and (B) for purposes of the grant of security interest by Seller to Buyer set forth in Section 11.01, together with the other provisions of Article 11, Purchased Assets shall include all of
the following: general intangibles, accounts, chattel paper, deposit accounts, securities accounts, instruments, securities, financial assets, uncertificated securities, security entitlements and investment property (as such terms are defined in the
UCC) and replacements, substitutions, conversions, distributions or proceeds relating to or constituting any of the items described in the preceding clauses (i) through (xv). 

“Quarterly Compliance Certificate”: A true and correct certificate in the form of Exhibit D-2, executed by a Responsible Officer of Guarantor. 
 “Rating Agency” or
“Rating Agencies”: Each of Fitch, Moody’s and S&P. 
 “Register”: Defined in
Section 18.08(f). 
 “REIT”: A Person satisfying the conditions and limitations set forth in
Section 856(b), Section 856(c), and Section 857(a) of the Code and qualifying as a real estate investment trust, as defined in Section 856(a) of the Code. 

“REIT Transaction Entity”: Each of Seller, Pledgor, Originator, Guarantor, Advisor and
Sub-Advisor. 
 “Release”: Any generation, treatment, use, storage, transportation,
manufacture, refinement, handling, production, removal, remediation, disposal, presence or migration of Materials of Environmental Concern on, about, under or within all or any portion of any property or Mortgaged Property. 

“Release Amount”: With respect to any Purchased Asset, an amount equal to the lesser of (i) the Release Percentage
multiplied by the unpaid Purchase Price of the related Purchased Asset, and (ii) the Aggregate Amount Outstanding. 

“Release Percentage”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“Relevant Company”: Each of Pledgor, Advisor and Originator. 

“Remedial Work”: Any investigation, inspection, site monitoring, containment, clean–up, removal, response, corrective
action, mitigation, restoration or other remedial work of any kind or nature because of, or in connection with, the current or future presence, suspected presence, Release or threatened Release in or about the air, soil, ground water, surface water
or soil vapor at, on, about, under or within all or any portion of any property or Mortgaged Property of any Materials of Environmental Concern, including any action to comply with any applicable Environmental Laws or directives of any Governmental
Authority with regard to any Environmental Laws. 

  
 - 25 - 

 “Remittance Date”: The 16th
day of each month (or if such day is not a Business Day, the next following Business Day, or if such following Business Day would fall in the following month, the next preceding Business Day), or such other day as is mutually agreed to by Seller and
Buyer. 
 “REOC”: A Real Estate Operating Company within the meaning of Regulation
Section 2510.3-101(e) of the Plan Asset Regulations. 
 “Representation
Breach”: Any representation, warranty, certification, statement or affirmation made or deemed made by Seller, Pledgor, Originator, Advisor, Sub-Advisor or Guarantor in any Repurchase Document
(including in Schedule 1) or in any certificate, notice, report or other document delivered by Seller, Pledgor, Originator, Advisor, Sub-Advisor or Guarantor pursuant to any
Repurchase Document, that proves to be incorrect, false or misleading in any material respect when made or deemed made, without regard to any Knowledge or lack of Knowledge thereof by such Person; provided that no representation or warranty
with respect to which a related Approved Representation Exception exists shall constitute a Representation Breach. 

“Representation Exceptions”: With respect to each Purchased Asset, a written list prepared by Seller and delivered to Buyer
prior to the Purchase Date of such Purchased Asset specifying, in reasonable detail, the representations and warranties (or portions thereof) set forth in this Agreement (including in Schedule 1) that are not satisfied with respect to an
Asset or Purchased Asset. 
 “Repurchase Date”: For any Purchased Asset, the earliest to occur of (a) the Maturity
Date, without giving effect to any unexercised extensions thereof, (b) any Early Repurchase Date therefor, (c) the Business Day on which Seller is to repurchase such Purchased Asset as specified by Seller and agreed to by Buyer in the
related Confirmation, and (d) the date that is two (2) Business Days prior to the maturity date (under the related Purchased Asset Documents with respect to such Purchased Asset including, with respect to each Senior Interest that is a
participation, the related Whole Loan) for such Purchased Asset, without giving effect to any extension of such maturity date, whether by modification, waiver, forbearance or otherwise (other than extensions at the Underlying Obligor’s option
and which do not require consent of the lender(s) thereunder pursuant to the terms of the Purchased Asset Documents with respect to such Purchased Asset) other than extensions that have been approved by Buyer in writing in its sole discretion
without giving effect to any amendments other than those which have been similarly approved by Buyer in writing in its sole discretion; provided that, solely with respect to this clause (d), the settlement date with respect to such
Repurchase Date and Purchased Asset may occur two (2) Business Days thereafter as provided in Section 3.05). 

“Repurchase Documents”: Collectively, this Agreement, the Custodial Agreement, the Fee Letter, the Controlled Account
Agreement, the Servicing Agreement and any related sub-servicing agreements, the Pledge and Security Agreement, the Guarantee Agreement, all Account Control Agreements, all Shareholder Cash Collateral Account
Control Agreements, 

  
 - 26 - 

 
the Power of Attorney, all Confirmations, all UCC financing statements, amendments and continuation statements filed pursuant to any other Repurchase Document, and all additional documents,
certificates, agreements or instruments, the execution of which is required, necessary or incidental to or desirable for performing or carrying out any other Repurchase Document. 

“Repurchase Obligations”: All obligations of Seller to pay the Repurchase Price on the Repurchase Date and all other
obligations and liabilities of Seller to Buyer arising under or in connection with the Repurchase Documents, together with, without duplication, all interest and fees that accrue after the commencement by or against Seller, Guarantor or any Relevant
Company, or any Affiliate of Seller, Guarantor or any Relevant Company of any Insolvency Proceeding naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding (in each
case, whether due or accrued). 
 “Repurchase Price”: For any Purchased Asset as of any date, an amount equal to the sum of
(a) the outstanding Purchase Price as of such date (as increased by any Future Funding Amounts and any other additional funds advanced in connection with such Purchased Asset), (b) the accrued and unpaid Price Differential for such
Purchased Asset as of such date, (c) all other amounts that are, or otherwise would be, due and payable as of such date by Seller to Buyer under this Agreement or any Repurchase Document, (d) any accrued and unpaid fees and expenses and
accrued indemnity amounts, late fees, default interest, breakage costs and any other amounts owed by Seller or Guarantor to Buyer or any of its Affiliates under this Agreement, any Repurchase Document or otherwise and (e) unless, simultaneously
with such repurchase, all other amounts otherwise due and payable under this Agreement are being repaid in full in connection with the termination of this Agreement, any Release Amounts payable in connection with such Purchased Asset. 

“Required Cash Collateral”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“Requirements of Law”: With respect to any Person or property or assets of such Person and as of any date, all of the
following applicable thereto as of such date: all Governing Documents and existing and future laws, statutes, rules, regulations, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental
Authority (including Environmental Laws, ERISA, Anti-Corruption Laws, Anti-Money Laundering Laws, Sanctions, regulations of the Board of Governors of the Federal Reserve
System, and laws, rules and regulations relating to usury, licensing, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), judgments, decrees, injunctions, writs, awards
or orders of any court, arbitrator or other Governmental Authority. 
 “Responsible Officer”: With respect to any REIT
Transaction Entity, the chief executive officer, the chief financial officer, the chief accounting officer, the treasurer or the chief operating officer of the applicable REIT Transaction Entity, or such other officer designated as an authorized
signatory in the Governing Documents of the applicable REIT Transaction Entity. 

  
 - 27 - 

 “Retained Interest”: (a) With respect to any Purchased Asset, (i) all
duties, obligations and liabilities of Seller thereunder, including payment and indemnity obligations, (ii) all obligations of agents, trustees, servicers, administrators or other Persons under the documentation evidencing such Purchased Asset,
and (iii) if any portion of the Indebtedness related to such Purchased Asset is owned by another lender or is being retained by Seller, the interests, rights and obligations under such documentation to the extent they relate to such portion,
and (b) with respect to any Purchased Asset with an unfunded commitment on the part of Seller, all obligations to provide additional funding, contributions, payments or credits. 

“Rialto Shareholder”: Rialto Investments, LLC, a Delaware limited liability company, together with its successors and
permitted assigns. 
 “S&P”: Standard and Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. or, if Standard & Poor’s Ratings Services is no longer issuing ratings, another nationally recognized rating agency reasonably acceptable to Buyer and Seller. 

“Sanction” or “Sanctions”: Individually and collectively, any and all economic or financial sanctions, trade
embargoes and anti-terrorism laws imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the U.S.
State Department, the U.S. Department of Commerce, or through any existing or future Executive Order, (b) the United Nations Security Council, (c) the European Union, (d) the United Kingdom, or (e) any other Governmental
Authorities with jurisdiction over Seller or Guarantor or any of their Affiliates. 
 “Sanctioned Target”: Any Person,
group, sector, territory, or country that is the target of any Sanctions, including without limitation any legal entity that is deemed to be the target of any Sanctions based upon the direct or indirect ownership or control of such entity by any
other Sanctioned Target(s). 
 “Seller”: The Seller named in the preamble of this Agreement, together with its permitted
successors and assigns as permitted in accordance with the terms of this Agreement. 
 “Senior Interest”: (a) A senior
or a controlling pari passu participation interest in a Whole Loan (i) that is evidenced by a Senior Interest Note, (ii) that represents an undivided participation interest in part of the underlying Whole Loan and its proceeds,
(iii) that represents a pass through of a portion of the payments made on the underlying Whole Loan which lasts for the same length of time as such Whole Loan, and (iv) as to which there is no guaranty of payments to the holder of the
Senior Interest Note or other form of credit support for such payments, or (b) an “A note” in an “A/B structure” in a Whole Loan, in each case for which the Mortgaged Property has fully stabilized, as determined by Buyer.

 “Senior Interest Documents”: For any Senior Interest, the Senior Interest Note, together with any co-lender agreements, participation agreements and/or other intercreditor agreements or other documents governing or otherwise relating to such Senior Interest, and the Mortgage Loan Documents for the related Whole
Loan, and including, without limitation, those documents which are required to be delivered to Custodian under the Custodial Agreement (which documents so required to be delivered to Custodian shall only be required to include, for the avoidance of
doubt, copies of the Mortgage Loan Documents for the related Whole Loan). 

  
 - 28 - 

 “Senior Interest Note”: (a) The original executed promissory note,
participation or other certificate or other tangible evidence of a Senior Interest, (b) the related original Mortgage Note (or, if Seller cannot obtain the original, then a certified copy thereof), and (c) the related original
participation and/or intercreditor agreement, as applicable (or, if Seller cannot obtain the original, then a certified copy thereof with a lost note affidavit signed by a senior officer of Seller in such form as is acceptable to Buyer in its
discretion). 
 “Servicer”: For each Purchased Asset, as determined in accordance with
Article 17, either (a) Wells Fargo Bank, National Association, or its designee or, (b) a servicer acceptable to Buyer, servicing such Purchased Asset under a Servicing Agreement. 

“Servicer Event of Default”: With respect to a Servicer, any default or event of default (however defined) by such Servicer
under the Servicing Agreement. 
 “Servicing Agreement”: An agreement entered into by Buyer (if applicable), Seller and a
Servicer for the servicing of Purchased Assets, acceptable to Buyer. 
 “Servicing File”: With respect to any Purchased
Asset, the file retained and maintained by Seller or the related Servicer, including the originals or copies of all Purchased Asset Documents and other documents and agreements (i) relating to such Purchased Asset and/or the related Whole Loan,
(ii) relating to the origination and/or servicing and administration of such Purchased Asset and/or the related Whole Loan, or (iii) that are otherwise reasonably necessary for the ongoing administration and/or servicing of such Purchased
Asset and/or the related Whole Loan or for evidencing or enforcing any of the rights of the holder of such Purchased Asset or holders of interests therein, including, to the extent applicable, all servicing agreements, files, documents, records,
databases, computer tapes, insurance policies and certificates, appraisals, other closing documentation, payment history and other records relating to or evidencing the servicing of such Purchased Asset, which file shall be held by or on behalf of
Seller and/or a Servicer for and on behalf of Buyer. 
 “Servicing Rights”: With respect to any Purchased Asset, all right,
title and interest of Seller, Pledgor, Originator, Guarantor or any Affiliate of Seller, Pledgor, Originator, Guarantor or any other Person, in and to any and all of the following: (a) rights to service and/or
sub-service, and collect and make all decisions with respect to, the Purchased Assets and/or any related Whole Loans, (b) amounts received by Seller, Pledgor, Originator, Guarantor or any other Person,
for servicing and/or sub-servicing the Purchased Assets and/or any related Whole Loans, (c) late fees, penalties or similar payments as compensation with respect to the Purchased Assets and/or any related
Whole Loans, (d) agreements and documents creating or evidencing any such rights to service and/or sub-service (including, without limitation, all Servicing Agreements), together with all documents, files
and records relating to the servicing and/or sub-servicing of the Purchased Assets and/or any related Whole Loans, and rights of Seller, Pledgor, Originator, Guarantor or any other Person thereunder,
(e) escrow, reserve and similar amounts with respect to the Purchased Assets and/or any related Whole Loans, (f) rights to appoint, designate and retain any other servicers, sub-servicers, special
servicers, agents, custodians, trustees and liquidators with respect to the Purchased Assets and/or any related Whole Loans, and (g) accounts and other rights to payment related to the Purchased Assets and/or any related Whole Loans. 

  
 - 29 - 

 “Shareholder Cash Collateral Account Control Agreements”: The separate deposit
account control agreements between (i) FS Shareholder, Buyer, as secured party and Wells Fargo Bank, N.A., as account bank, and (ii) Rialto Shareholder, Buyer, as secured party and Wells Fargo Bank, N.A., as account bank, in each case into
which the Required Cash Collateral is required to be deposited on or before the Closing Date, each in form and substance acceptable to Bank. 

“Single Purpose Entity”: A corporation, limited partnership or limited liability company that, since the date of its
formation (unless otherwise indicated in this Agreement) and at all times on and after the date hereof, has complied with and shall at all times comply with the provisions of Article 9. 

“Solvent”: With respect to any Person at any time, having a state of affairs such that all of the following conditions are
met at such time: (a) the fair value of the assets and property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and
liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code, (b) the present fair salable value of the assets and property of such Person in an orderly liquidation of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and property and pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities) as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature, and (e) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s assets and property would constitute unreasonably small capital. 

“Structuring Fee”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“Sub-Advisor”: Rialto Capital Management, LLC, a Delaware limited liability
company, together with its successors and permitted assigns. 
 “Sub-Advisory
Agreement”: The Sub-Advisory Agreement, dated as of March 10, 2017, by and between Advisor and Sub-Advisor. 

“Sub-Limit”: Defined in the Fee Letter, which definition is incorporated herein by
reference. 
 “Subsidiary”: With respect to any Person, any corporation, partnership, limited liability company or other
entity (heretofore, now or hereafter established) of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions of such corporation, partnership, limited liability company or other entity (without 

  
 - 30 - 

 
regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 

“Target Capital Trigger Date”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“Taxes”: 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. 

“Transaction”: With respect to any Asset, the sale and transfer of such Asset from Seller to Buyer pursuant to the Repurchase
Documents against the transfer of funds from Buyer to Seller representing the Purchase Price or any additional Purchase Price for such Asset. 

“Transaction Request”: Defined in Section 3.01(a). 

“Transferor”: The seller of an Asset under a Purchase Agreement. 

“Type”: With respect to a Mortgaged Property underlying any Purchased Asset, such Mortgaged Property’s classification as
one of the following, as designated by Buyer in its sole discretion on the related Confirmation: multifamily, retail, office, industrial, hospitality or self-storage. 

“UCC”: The Uniform Commercial Code as in effect in the State of New York; provided, that, if, by reason of a
Requirement of Law, the perfection, effect on perfection or non-perfection or priority of the security interest in any Purchased Asset is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than New York, then “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority. 

“Underlying Obligor”: Individually and collectively, as the context may require, in the case of a Purchased Asset that is a
Whole Loan, the Mortgagor and each obligor and guarantor under such Purchased Asset, including (i) any Person who has not signed the related Mortgage Note but owns an interest in the related Mortgaged Property, which interest has been
encumbered to secure such Purchased Asset, and (ii) any other Person who has assumed or guaranteed the obligations of such Mortgagor under the Purchased Asset Documents relating to a Purchased Asset. 

“Underwriting Package”: With respect to one or more Assets, the internal document or credit committee memorandum (redacted to
protect confidential information) setting forth all material information relating to an Asset which is known and prepared by any REIT Transaction Entity for the evaluation of such Asset, to include at a minimum all the information required to be set
forth in the relevant Confirmation. In addition, the Underwriting Package shall include all of the following, to the extent applicable and available: 

  
 - 31 - 

 (a)    all Purchased Asset Documents required to be delivered
to Custodian under Section 2.01 of the Custodial Agreement; 
 (b)    an Appraisal, together with a
property condition report, a Phase I environmental report and, if appropriate, a seismic report; 

(c)    the current occupancy report, tenant stack and rent roll; 

(d)    at least two (2) years of property-level financial
statements; 
 (e)    the current financial statement of the Underlying Obligor; 

(f)    the Mortgage Asset File; 

(g)    third-party reports and
agreed-upon procedures, letters and reports (whether drafts or final forms), site inspection reports, market studies and other due diligence materials prepared by or on behalf of or delivered to Seller,
Guarantor or any Relevant Company; 
 (h)    aging of accounts receivable and accounts payable; 

(i)    copies of all Purchased Asset Documents not otherwise required to be delivered pursuant to
clause (a) above; 
 (j)    such further documents or information as Buyer may request; 

(k)    any and all agreements, documents, reports, or other information concerning the Purchased Assets
(including, without limitation, all of the related Purchased Asset Documents) received or obtained in connection with the origination of the Purchased Assets; 

(l)    any other material documents or reports concerning the Purchased Assets prepared or executed by or
on behalf of Seller, any Relevant Company or Guarantor; and 
 (m)    if the related Asset was acquired
by Seller from a third party, all documents, instruments and agreements received in respect of the closing of the acquisition transaction under the related Purchase Agreement. 

“Upsize Fee”: Defined in the Fee Letter, which definition is incorporated herein by reference. 

“Upsize Option”: Defined in Section 3.06(c). 

“U.S. Person”: Any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate”: Defined in Section 12.06(e). 

  
 - 32 - 

 “VCOC”: A “venture capital operating company” within the meaning of Section 2510.3-101(d) of the Plan Asset Regulations. 
 “Waterfall Account”: A
segregated non-interest bearing account established at Deposit Account Bank, in the name of Seller, pledged to Buyer and subject to a Controlled Account Agreement. 

“Wet Mortgage Asset”: An Eligible Asset for which (i) the scheduled origination date of the related Whole Loan is the
proposed Purchase Date set forth in the Transaction Request, (ii) Seller has delivered a Transaction Request pursuant to Section 3.01(g) hereof, and (iii) a complete Mortgage Asset File has not been delivered to
Custodian prior to the related Purchase Date. 
 “Whole Loan”: A LIBOR based floating rate performing commercial real
estate whole loan made to the related Underlying Obligor and secured primarily by a perfected, first priority Lien in the related underlying Mortgaged Property, including, without limitation with respect to any Senior Interest, the whole loan in
which Seller owns a Senior Interest. 
 Section 2.02    Rules of Interpretation. Headings are for
convenience only and do not affect interpretation. The following rules of this Section 2.02 apply unless the context requires otherwise. The singular includes the plural and conversely. A gender includes all genders. Where
a word or phrase is defined, its other grammatical forms have a corresponding meaning. A reference to an Article, Section, Subsection, Paragraph, Subparagraph, Clause, Annex, Schedule, Appendix, Attachment, Rider or Exhibit is, unless otherwise
specified, a reference to an Article, Section, Subsection, Paragraph, Subparagraph or Clause of, or Annex, Schedule, Appendix, Attachment, Rider or Exhibit to, this Agreement, all of which are hereby incorporated herein by this reference and made a
part hereof. A reference to a party to this Agreement or another agreement or document includes the party’s successors, substitutes or assigns in each case, permitted by the Repurchase Documents. A reference to an agreement or document is to
the agreement or document as amended, restated, modified, novated, supplemented or replaced, except to the extent prohibited by any Repurchase Document. A reference to legislation or to a provision of legislation includes a modification,
codification, replacement, amendment or reenactment of it, a legislative provision substituted for it and a rule, regulation or statutory instrument issued under it. A reference to writing includes a facsimile or electronic transmission and any
means of reproducing words in a tangible and permanently visible form. A reference to conduct includes an omission, statement or undertaking, whether or not in writing. A Default or Event of Default exists until it has been cured or waived in
writing by Buyer. The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context clearly requires or the language
provides otherwise. The word “including” is not limiting and means “including without limitation.” The word “any” is not limiting and means “any and all” unless the context clearly requires or the language
provides otherwise. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean “to but
excluding,” and the word “through” means “to and including.” The words “will” and “shall” have the same meaning and effect. A reference to day or days without further qualification means calendar days. A
reference to any time means New York time. This Agreement may use several different limitations, tests or measurements to 

  
 - 33 - 

 
regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their respective terms. Unless the context
otherwise clearly requires, all accounting terms not expressly defined herein shall be construed in accordance with GAAP, and all accounting determinations, financial computations and financial statements required hereunder shall be made in
accordance with GAAP, without duplication of amounts, and on a consolidated basis with all Subsidiaries. All terms used in Articles 8 and 9 of the UCC, and used but not specifically defined herein, are used herein as defined in such Articles 8 and
9. A reference to “fiscal year” and “fiscal quarter” means the fiscal periods of the applicable Person referenced therein. A reference to an agreement includes a security interest, guarantee, agreement or legally enforceable
arrangement whether or not in writing. A reference to a document includes an agreement (as so defined) in writing or a certificate, notice, instrument or document, or any information recorded in computer disk form. Whenever a Person is required to
provide any document to Buyer under the Repurchase Documents, the relevant document shall be provided in writing including in the form of a PDF attachment to electronic mail (unless originals are required) or printed form unless Buyer requests
otherwise. At the request of Buyer, the document shall be provided in computer disk form or both printed and computer disk form. The Repurchase Documents are the result of negotiations between the Parties, have been reviewed by counsel to Buyer and
counsel to Seller, and are the product of both Parties. No rule of construction shall apply to disadvantage one Party on the ground that such Party proposed or was involved in the preparation of any particular provision of the Repurchase Documents
or the Repurchase Documents themselves. Except where otherwise expressly stated, Buyer may give or withhold, or give conditionally, approvals and consents, and may form opinions and make determinations, in its sole and absolute discretion subject in
all cases to the implied covenant of good faith and fair dealing. Reference herein or in any other Repurchase Document to Buyer’s discretion, shall mean, unless otherwise expressly stated herein or therein, Buyer’s sole and absolute
discretion, and the exercise of such discretion shall be final and conclusive. In addition, whenever Buyer has a decision or right of determination, opinion or request, exercises any right given to it to agree, disagree, accept, consent, grant
waivers, take action or no action or to approve or disapprove (or any similar language or terms), or any arrangement or term is to be satisfactory or acceptable to or approved by Buyer (or any similar language or terms), the decision of Buyer with
respect thereto shall be in the sole and absolute discretion of Buyer, and such decision shall be final and conclusive, except as may be otherwise specifically provided herein. 

ARTICLE 3 
 THE
TRANSACTIONS 
 Section 3.01    Procedures. 

(a)    From time to time during the Funding Period, but not more frequently than four (4) times per week, with not
less than three (3) business days prior written notice to Buyer, Seller may request Buyer to enter into a proposed Transaction by sending Buyer a notice substantially in the form of Exhibit A (“Transaction
Request”), which Transaction Request shall: (i) describe the Transaction and each proposed Asset and any related Underlying Mortgaged Property and other security therefor in reasonable detail, (ii) transmit a complete Underwriting

  
 - 34 - 

 
Package for each proposed Asset, (iii) set forth the Representation Exceptions requested, if any, with respect to each proposed Asset, and (iv) indicate the amount of all then-currently unfunded future funding obligations, and the portion thereof for which Seller intends to submit Future Funding Transaction Requests under Section 3.10. Seller shall promptly
deliver to Buyer any supplemental materials requested at any time by Buyer. Buyer shall conduct such review of the Underwriting Package and each such Asset as Buyer determines appropriate. Buyer shall determine whether or not it is willing to
purchase any or all of the proposed Assets, and if so, on what terms and conditions. In connection with such review and determination, Buyer may also consider the pro forma effect that acquiring the proposed Purchased Asset would have on the
concentrations of specific asset categories. It is expressly agreed and acknowledged that Buyer is entering into the Transactions on the basis of all such representations and warranties and on the completeness and accuracy of the information
contained in the applicable Underwriting Package, and any incompleteness or inaccuracies in the related Underwriting Package will only be acceptable to Buyer if disclosed in writing to Buyer by Seller in advance of the related Purchase Date, and
then only if Buyer opts to purchase the related Purchased Asset from Seller notwithstanding such incompleteness and inaccuracies. In the event of a Representation Breach (other than an Approved Representation Exception), Seller shall, within two
(2) Business Days, repurchase the related Asset or Assets in accordance with Section 3.05. 

(b)    Buyer shall give Seller notice of the date when Buyer has received a complete Transaction Request, together with
the Underwriting Package, supplemental materials and any other documentation required pursuant to Section 3.01(a) or otherwise required under any Repurchase Documents. Buyer shall communicate to Seller a preliminary non-binding determination of whether or not it is willing to purchase any or all of such Assets, and if so, on what terms and conditions, (I) within five (5) Business Days after such date in connection
with the evaluation of a single proposed Purchased Asset, and (II) within ten (10) Business Days after such date in connection with the evaluation of two (2) or more proposed Purchased Assets, and if its preliminary determination is
favorable, by what date Buyer expects to communicate to Seller a final non-binding indication of its determination. In addition, Buyer shall provide such final,
non-binding determination to Seller (I) within five (5) Business Days thereafter in connection with the evaluation of a single proposed Purchased Asset, and (II) within ten (10) Business
Days thereafter in connection with the evaluation of two (2) or more Purchased Assets. If Buyer has not communicated its final non-binding indication to Seller by such date, Buyer shall automatically and
without further action be deemed to have determined not to purchase any such Asset. 
 (c)    If Buyer communicates to
Seller a final non-binding determination that it is willing to purchase any or all of such Assets, Seller shall deliver to Buyer an executed preliminary Confirmation for such Transaction, describing each such
Asset and its proposed Purchase Date, Market Value, Applicable Percentage, Purchase Price and such other terms and conditions as Buyer may require prior to the related Purchase Date. If Buyer requires changes to the preliminary Confirmation, Seller
shall make such changes and re-execute the preliminary Confirmation. If Buyer determines to enter into the Transaction on the terms described in the preliminary Confirmation, Buyer shall promptly execute and
return the same to Seller, which shall thereupon become effective as the Confirmation of the Transaction. Buyer’s approval of the purchase of an Asset on such terms and conditions as Buyer may require shall be evidenced only by its execution
and delivery of the related Confirmation. For the avoidance of doubt, 

  
 - 35 - 

 
Buyer shall not (i) be bound by any preliminary or final non-binding determination referred to above, (ii) be deemed to have approved the
purchase of an Asset by virtue of the approval or entering into by Buyer of a rate lock agreement, interest rate protection agreement, total return swap or any other agreement with respect to such Asset, or (iii) be obligated to purchase an
Asset notwithstanding a Confirmation executed by the Parties unless and until all applicable conditions precedent in Article 6 have been satisfied or waived by Buyer. 

(d)    Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction
covered thereby, and shall be construed to be cumulative to the extent possible, but in no way shall be construed as evidence of Buyer’s agreement to subsequently purchase additional amounts of, or other, Assets. If terms in a Confirmation are
inconsistent with terms in this Agreement with respect to a particular Transaction, the Confirmation shall prevail. Whenever the Applicable Percentage or any other term of a Transaction (other than the Pricing Rate, Market Value and outstanding
Purchase Price) with respect to an Asset is revised or adjusted in accordance with this Agreement, an amended and restated Confirmation reflecting such revision or adjustment and that is otherwise acceptable to the Parties shall be prepared by
Seller and executed by the Parties. 
 (e)    The fact that Buyer has conducted or has failed to conduct any partial or
complete examination or any other due diligence review of any Asset or Purchased Asset shall in no way affect any rights Buyer may have under the Repurchase Documents or otherwise with respect to any representations or warranties or other rights or
remedies thereunder or otherwise, including the right to determine at any time that such Asset or Purchased Asset is not an Eligible Asset. 

(f)    No Transaction shall be entered into if (i) any Margin Deficit, Default or Event of Default has occurred and
is continuing, or would exist as a result of such Transaction, (ii) the Repurchase Date for the Purchased Assets subject to such Transaction would be later than the Maturity Date, (iii) the proposed Purchased Asset does not qualify as an
Eligible Asset, (iv) after giving effect to such Transaction, the Aggregate Amount Outstanding would exceed the Maximum Amount, and no additional Transactions other than Future Funding Transactions pursuant to
Section 3.10 shall be entered into after the Funding Expiration Date, (v) if Buyer determines not to enter into any such Transaction for any reason or for no reason, (vi) all Purchased Asset Documents have not
been delivered to Custodian in accordance with the applicable provisions of this Agreement and the Custodial Agreement, or (vii) the Facility Debt Yield Test is then-currently being breached. 

(g)    In addition to the foregoing provisions of this Section 3.01, solely with respect to any
Wet Mortgage Asset, a copy of the related Transaction Request shall be delivered by Seller to Bailee no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the requested Purchase Date, to be held in escrow by Bailee
on behalf of Buyer pending finalization of the Transaction. 

  
 - 36 - 

 (h)    Notwithstanding any of the foregoing provisions of this
Section 3.01 or any contrary provisions set forth in the Custodial Agreement, solely with respect to any Wet Mortgage Asset: 

(i)    by 10:00 a.m. (New York City time) on the related Purchase Date, Seller or Bailee shall deliver
signed .pdf copies of the Purchased Asset Documents to Custodian via electronic mail, and Seller shall deliver the appropriate written third-party wire transfer instructions to Buyer; 

(ii)    not later than 11:00 a.m. (New York City time) on the related Purchase Date, (A) Bailee
shall deliver an executed .pdf copy of the Bailee Agreement (as such term is defined in the Custodial Agreement) to Seller, Buyer and Custodian by electronic mail and (B) if Buyer has previously received the trust receipt in accordance with
Section 3.01(b) of the Custodial Agreement, determined that all other applicable conditions in this Agreement, including without limitation those set forth in Section 6.02 hereof, have been satisfied, and otherwise has
agreed to purchase the related Wet Mortgage Asset, Buyer shall (I) execute and deliver a .pdf copy of the related Confirmation to Seller and Bailee via electronic mail and (II) wire funds in the amount of the related Purchase Price for the
related Wet Mortgage Asset in accordance with the wire transfer instructions that were previously delivered to Buyer by Seller; and 

(iii)    within three (3) Business Days after the applicable Purchase Date with respect to any Wet
Mortgage Asset, Seller shall deliver, or cause to be delivered (A) to Custodian, the complete original Mortgage Asset File with respect to such Wet Mortgage Asset, pursuant to and in accordance with the terms of the Custodial Agreement, and
(B) to Buyer, the complete original Underwriting Package with respect to the related Wet Mortgage Assets purchased by Buyer; provided, that if Seller cannot deliver, or cause to be delivered within three (3) Business Days,
(A) any Basic Mortgage Asset Document to Custodian that is required by its terms to be recorded, due to a delay caused solely by the public recording office where such document or instrument has been delivered for recordation, then Seller shall
deliver to Custodian (x) within three (3) Business Days of the applicable Purchase Date, a copy thereof (certified by Seller to be a true and complete copy of the original thereof submitted for recording) and (y) within thirty
(30) days of the applicable Purchase Date, either the original of such document, or a photocopy thereof, with official evidence of submission for recording (including stamp-filed copies, if applicable)
thereon and (B) any document in the Mortgage Asset File other than a Basic Mortgage Asset Document, due to an unavoidable delay outside the control of Seller, then Seller shall deliver to Custodian within thirty (30) days of the applicable
Purchase Date, either the original of such document, or a photocopy thereof certified by Seller to be a true and correct copy of the original. For the avoidance of doubt (A) Seller shall, in all cases, deliver the original Mortgage Note or in
the case of a Senior Interest consisting of a participation interest, the original participation certificate to Buyer, in each case within three (3) Business Days of the applicable Purchase Date and (B) Buyer may, but shall not obligated
to, consent to such later date for delivery of any part of the Mortgage Asset File as Buyer as Buyer sees fit, in Buyer’s sole discretion. 

  
 - 37 - 

 Section 3.02    Transfer of Purchased Assets; Servicing Rights.
On the Purchase Date for each Purchased Asset, and subject to the satisfaction of all applicable conditions precedent in Article 6, (a) ownership of and title to such Purchased Asset shall be transferred to and vest in
Buyer or its designee against the simultaneous transfer of the Purchase Price to the account of Seller specified in Annex I (or if not specified therein, in the related Confirmation or as directed by Seller), and
(b) Seller hereby sells, transfers, conveys and assigns to Buyer on a servicing-released basis all of Seller’s right, title and interest (except with respect to any Retained Interests) in and to such
Purchased Asset, together with all related Servicing Rights. Subject to this Agreement, during the Funding Period Seller may sell to Buyer, repurchase from Buyer and re-sell Eligible Assets to Buyer, but
Seller may not substitute other Eligible Assets for Purchased Assets. Buyer has the right to designate each Servicer of the Purchased Assets. The Servicing Rights and other servicing provisions under this Agreement are not severable from or to be
separated from the Purchased Assets under this Agreement; and, such Servicing Rights and other servicing provisions of this Agreement constitute (a) “related terms” under this Agreement within the meaning of Section 101(47)(A)(i)
of the Bankruptcy Code and/or (b) a security agreement or other arrangement or other credit enhancement related to the Repurchase Documents. 

Section 3.03    Maximum Amount. The Aggregate Amount Outstanding as of any date of determination shall not
exceed the Maximum Amount. If the Aggregate Amount Outstanding as of any date of determination exceeds the Maximum Amount, Seller shall, within two (2) Business Days, pay to Buyer an amount necessary to reduce the Aggregate Amount Outstanding
to an amount equal to or less than the Maximum Amount. 
 Section 3.04    Early Repurchase Date; Mandatory
Repurchases. Seller may terminate any Transaction with respect to any or all Purchased Assets and repurchase such Purchased Assets on any date prior to the Repurchase Date (an “Early Repurchase Date”); provided, that
(a) Seller irrevocably notifies Buyer at least three (3) Business Days before the proposed Early Repurchase Date identifying the Purchased Asset(s) to be repurchased and the Repurchase Price thereof, (b) Seller delivers a certificate
from a Responsible Officer of Seller in form and substance satisfactory to Buyer certifying that no Margin Deficit, Default or Event of Default has occurred and is continuing, or would exist as a result of such repurchase, there are no other Liens
on the remaining Purchased Assets or Pledged Collateral other than Liens granted pursuant to the Repurchase Documents, and such repurchase would not cause Seller to violate the Facility Debt Yield Test, or, if the Facility Debt Yield Test was then
not in compliance, would improve the level of noncompliance, (c) if the Early Repurchase Date is not a Remittance Date, Seller pays to Buyer any amount due under Section 12.03, and (d) Seller pays to Buyer any
Exit Fee due in accordance with Section 3.08, and Seller thereafter complies with Section 3.05; provided further, if any of the events described in
Section 12 result in Buyer’s election to use the Alternative Rate or Buyer’s request for additional amounts, then Seller shall have the option to notify Buyer in writing of its intent to terminate this Agreement
and all of the Transactions and repurchase all of the Purchased Assets without payment of any Exit Fees no later than five (5) Business Days after such notice is given to Buyer, and such repurchase by Seller shall be otherwise conducted
pursuant to and in accordance with this Section 3.04 and each of the other applicable terms of this Agreement. Notwithstanding the foregoing, should any Margin Deficit exist after giving effect to any repurchase under this
Section 3.04, Seller shall also pay the amount of each related Margin Deficit to Buyer at the same time that Seller pays the related Repurchase Price to Buyer hereunder. 

  
 - 38 - 

 In addition to other rights and remedies of Buyer under any Repurchase Document, Seller shall, in
accordance with the procedures set forth in Section 3.05, within two (2) Business Days, repurchase any Purchased Asset that no longer qualifies as an Eligible Asset, as determined by Buyer. 

No additional advance, future funding or any other additional funding shall be permitted in connection with any Purchased Asset, other than
pursuant to either (i) a new Transaction Request submitted in accordance with the terms of Section 3.01 or (ii) a new Future Funding Confirmation submitted in accordance with the terms of
Section 3.10. 
 Section 3.05    Repurchase. On the Repurchase Date for each
Purchased Asset, Seller shall transfer to Buyer the Repurchase Price for such Purchased Asset as of the Repurchase Date and, so long as no Event of Default or unsatisfied Margin Deficit has occurred and is continuing (unless the repurchase of such
Purchased Asset would cure such Event of Default or Margin Deficit, as applicable, in all respects and otherwise meets the requirements of this Agreement), Buyer shall transfer to Seller such Purchased Asset, whereupon such Transaction with respect
to such Purchased Asset shall terminate; provided, however, that, with respect to any Repurchase Date that occurs on the second Business Day prior to the maturity date (under the related Purchased Asset Documents with respect to such
Purchased Asset) for such Purchased Asset by reason of clause (d) of the definition of “Repurchase Date”, settlement of the payment of the Repurchase Price and such amounts may occur up to the second Business Day after such Repurchase
Date; provided, further, that Buyer shall have no obligation to transfer to Seller, or release any interest in, such Purchased Asset until Buyer’s receipt of payment in full of the Repurchase Price therefor. So long as no Default
or Event of Default has occurred and is continuing and no Margin Deficit that is due and payable remains unpaid, upon receipt by Buyer of the Repurchase Price and all other amounts due and owing to Buyer and its Affiliates under this Agreement and
each other Repurchase Document as of such Repurchase Date, upon Buyer’s confirmation of the receipt of the Repurchase Price for a Purchased Asset on the Repurchase Date therefor, the security interest of Buyer in such Purchased Asset shall be
released. Any such completed transfer or release shall be without recourse to Buyer and without representation or warranty by Buyer, except that Buyer shall represent to Seller, to the extent that good title was transferred and assigned by Seller to
Buyer hereunder on the related Purchase Date, that Buyer is the sole owner of such Purchased Asset, free and clear of any other interests or Liens caused by Buyer’s actions or inactions. Any Income with respect to such Purchased Asset received
by Buyer or Deposit Account Bank after payment of the Repurchase Price therefor shall be remitted to Seller. Notwithstanding the foregoing, on or before the Maturity Date, Seller shall repurchase all Purchased Assets by paying to Buyer the
outstanding Repurchase Price therefor and all other outstanding Repurchase Obligations. Notwithstanding any provision to the contrary contained elsewhere in any Repurchase Document, at any time during the continuance of an unsatisfied Margin
Deficit, or an uncured Default or Event of Default, Seller shall only be permitted to repurchase a Purchased Asset in connection with a full payoff of all amounts due in respect of such Purchased Asset by the Underlying Obligor or a sale of such
Purchased Asset, if Seller shall pay directly to Buyer an amount equal to the greater of (y) one-hundred percent (100%) of the net proceeds paid in connection with the relevant payoff and (z) one
hundred percent (100%) of 

  
 - 39 - 

 
the net proceeds received by Seller in connection with the sale of such Purchased Asset, plus an amount equal to the related unpaid Margin Deficit, if any, provided that Seller shall have
the right to repurchase any Purchased Asset under this Section 3.05 if such repurchase would cure the related Default, Event of Default or Margin Deficit, as applicable. The portion of all such net proceeds in excess of the
then-current Repurchase Price of the related Purchased Asset shall be applied by Buyer to reduce any other amounts due and payable to Buyer, as determined in its discretion, under this Agreement. 

Section 3.06    Maturity Date, Maximum Amount and Funding Period Extension Options. 

(a)    Maturity Date Extension Options. At the request of Seller delivered to Buyer in writing no earlier than
ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the
then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on three (3) successive occasions (each such
one-year extension period, an “Extension Period”). Any extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by
Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the
then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in
this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, and (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date. If the
Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the
then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied. Notwithstanding the foregoing, if the Funding Expiration Date is extended pursuant to
Section 3.06(b), upon the satisfaction of the conditions and the payment of the fee set forth therein, the Maturity Date shall automatically be extended for an additional one-year
period, without the satisfaction of any conditions other than those set forth in Section 3.06(b), or the payment of any additional fee pursuant to this Section 3.06(a). 

(b)    Funding Period Extension Option. At the request of Seller delivered to Buyer in writing no later than
ninety (90) days before the first anniversary of the Closing Date, so long as the Target Capital Trigger Date has not occurred, Buyer may in its sole and absolute discretion grant one extension of the Initial Funding Expiration Date for a
period of one (1) year by giving notice approving such extension request before the expiration of the Initial Funding Expiration Date (the “Funding Period Extension Option”). The failure of Buyer to so deliver such notice to
Seller approving the requested extension of the Initial Funding Expiration Date shall be deemed to be Buyer’s determination not to extend the Initial Funding Expiration Date. Any request for extension of the Initial Funding Expiration Date
shall be deemed to be denied if any of the following has occurred and is continuing as of the Initial Funding Expiration Date: (i) a Default or Event of Default has occurred and is continuing, (ii) the Facility Debt Yield Test is not
satisfied, (iii) an accrued and unpaid Margin Deficit exists, or (iv) Seller has not made a timely written request to extend the Initial Funding Period as provided in this Section 3.06(b). In connection with the
exercise of the Initial Funding Period Extension Option, Seller shall pay to Buyer the Initial Funding Period Extension Fee before the date that the Funding Period Extension Option is exercised. 

  
 - 40 - 

 (c)    Maximum Amount Upsize Option. At any time after the Target
Capital Trigger Date has occurred, Seller may request up to two (2) separate increases of the Maximum Amount. The first increase, if requested, shall be for an increase of the Maximum Amount from $75,000,000 to either $150,000,000 or
$200,000,000 and shall propose an effective date for the requested increase that is no later than the last day of the Funding Period. If the first such request resulted in an approval of the Maximum Amount being increased to $150,000,000, then
Seller may submit a second request to increase the Maximum Amount from $150,000,000 to $200,000,000. Each request for an increase of the Maximum Amount (each, an “Upsize Option”), shall be effected by delivery of written notice to
Buyer, which shall include, in the case of the notice delivered in connection with the first such Upsize Option, evidence satisfactory to Buyer of the occurrence of the Target Capital Trigger Date, with such supporting details as Buyer may require.
Any Upsize Option may be approved or denied by Buyer, in its sole discretion. The failure of Buyer to deliver notice to Seller approving the requested increase in the Maximum Amount shall be deemed to be Buyer’s determination not to increase
the Maximum Amount. Any request for increase of the Maximum Amount will be deemed to be denied if any of the following has occurred and is continuing as of the proposed effective date of the related increase in the Maximum Amount: (i) a Default
or Event of Default has occurred and is continuing, (ii) the Facility Debt Yield Test is not satisfied or (iii) an accrued and unpaid Margin Deficit exists. In connection with any exercise of an Upsize Option, Seller shall pay to Buyer the
Upsize Fee on or before the effective date of each related increase in the Maximum Amount. 

Section 3.07    Payment of Price Differential and Fees. 

(a)    Notwithstanding that Buyer and Seller intend that each Transaction hereunder constitute a sale to Buyer of the
Purchased Assets subject thereto, Seller shall pay to Buyer the accrued value of the Price Differential for each Purchased Asset on each Remittance Date. Buyer shall give Seller notice of the Price Differential and any fees and other amounts due
under the Repurchase Documents on or prior to the second (2nd) Business Day preceding each Remittance Date; provided, that Buyer’s failure to deliver such notice shall not affect (i) the accrual of such obligations in
accordance with this Agreement or (ii) Seller’s obligation to pay such amounts. If the Price Differential includes any estimated Price Differential, Buyer shall recalculate such Price Differential after the Remittance Date and, if
necessary, make adjustments to the Price Differential amount due on the following Remittance Date. 
 (b)    Seller
shall pay to Buyer all fees and other amounts as and when due as set forth in this Agreement including, without limitation: 

(i)    the Structuring Fee, which shall be due and payable by Seller in accordance with the terms and
provisions set forth in Section 2 of the Fee Letter, which are hereby incorporated by reference; 

  
 - 41 - 

 (ii)    the
Non-Utilization Fee, which shall be due and payable by Seller in accordance with the terms and provisions set forth in Section 3 of the Fee Letter, which are hereby incorporated by reference; 

(iii)    the Extension Fee, Upsize Fee and Funding Period Extension Fee, each of which shall be due and
payable by Seller as set forth in Section 3.06; and 
 (iv)    the Exit Fee,
which shall be due and payable by Seller in accordance with the terms and provisions set forth in Section 3 of the Fee Letter, which are hereby incorporated by reference. 

Section 3.08    Payment, Transfer and Custody. 

(a)    Unless otherwise expressly provided herein, all amounts required to be paid or deposited by Seller, Guarantor or
any other Person under the Repurchase Documents shall be paid or deposited in accordance with the terms hereof no later than 3:00 p.m. on the Business Day when due, in immediately available Dollars and without deduction, set-off or counterclaim, and if not received before such time shall be deemed to be received on the next Business Day. Whenever any payment under the Repurchase Documents shall be stated to be due on a day other
than a Business Day, such payment shall be made on the next following Business Day, and such extension of time shall in such case be included in the computation of such payment. Seller shall, to the extent permitted by Requirements of Law, pay to
Buyer interest in connection with any amounts not paid when due under the Repurchase Documents, which interest shall be calculated at a rate equal to the Default Rate, until all such amounts are received in full by Buyer. Amounts payable to Buyer
and not otherwise required to be deposited into the Waterfall Account shall be deposited into an account of Buyer. Seller shall have no rights in, rights of withdrawal from, or rights to give notices or instructions regarding Buyer’s account or
the Waterfall Account or any Collection Account. 
 (b)    Any Purchased Asset Documents not delivered to Buyer or
Custodian on the relevant Purchase Date and subsequently received or held by or on behalf of Seller are and shall be held in trust by Seller or its agent for the benefit of Buyer as the owner thereof until so delivered to Buyer or Custodian. Seller
or its agent shall maintain a copy of such Purchased Asset Documents and the originals of the Purchased Asset Documents not delivered to Buyer or Custodian. The possession of Purchased Asset Documents by Seller or its agent is in a custodial
capacity only at the will of Buyer for the sole purpose of assisting the related Servicer with its duties under the Servicing Agreement. Each Purchased Asset Document retained or held by or on behalf of Seller or its agent shall be segregated on
Seller’s books and records from the other assets of Seller or its agent, and the books and records of Seller or its agent shall be marked to reflect clearly the sale of the related Purchased Asset to Buyer on a
servicing-released basis. Seller or its agent shall release its custody of the Purchased Asset Documents only in accordance with written instructions from Buyer, unless such release is required as incidental
to the servicing of the Purchased Assets by Servicer or is in connection with a repurchase of any Purchased Asset by Seller, in each case in accordance with the Custodial Agreement. 

Section 3.09    Repurchase Obligations Absolute. All amounts payable by Seller under the Repurchase Documents
shall be paid without notice, demand, counterclaim, set-off, 

  
 - 42 - 

 
deduction or defense (as to any Person and for any reason whatsoever) and without abatement, suspension, deferment, diminution or reduction (as to any Person and for any reason whatsoever), and
the Repurchase Obligations shall not be released, discharged or otherwise affected, except as expressly provided herein, by reason of: (a) any damage to, destruction of, taking of, restriction or prevention of the use of, interference with the
use of, title defect in, encumbrance on or eviction from, any Purchased Asset, the Pledged Collateral or related Mortgaged Property, (b) any Insolvency Proceeding relating to Seller, any Underlying Obligor or any other loan participant under a
Senior Interest, or any action taken with respect to any Repurchase Document, Purchased Asset Document by any trustee or receiver of Seller, any Underlying Obligor or any other loan participant under a Senior Interest, or by any court in any such
proceeding, (c) any claim that Seller has or might have against Buyer under any Repurchase Document or otherwise, (d) any default or failure on the part of Buyer to perform or comply with any Repurchase Document or other agreement with
Seller, (e) the invalidity or unenforceability of any Purchased Asset, Repurchase Document or Purchased Asset Document, or (f) any other occurrence whatsoever, whether or not similar to any of the foregoing, and whether or not Seller has
notice or Knowledge of any of the foregoing. The Repurchase Obligations shall be full recourse to Seller and limited recourse to Guarantor to the extent of, and subject to, the specified full-recourse
provisions set forth in the Guarantee Agreement. This Section 3.09 shall survive the termination of the Repurchase Documents and the payment in full of the Repurchase Obligations. 

Section 3.10    Future Funding Transactions. Buyer’s agreement to enter into any Future Funding
Transaction is subject to the satisfaction of the following conditions precedent, both immediately prior to entering into such Future Funding Transaction and also after giving effect to the consummation thereof: 

(i)    Seller shall give Buyer written notice of each Future Funding Transaction, together with a signed,
written confirmation in the form of Exhibit I attached hereto prior to the related Future Funding Date (each, a “Future Funding Confirmation”), signed by a Responsible Officer of Seller. Each Future Funding
Confirmation shall identify the related Whole Loan, shall identify Buyer and Seller, shall set forth the requested Future Funding Amount, and shall be executed by both Buyer and Seller; provided, however, that Buyer shall not be liable
to Seller if it inadvertently acts on a Future Funding Confirmation that has not been signed by a Responsible Officer of Seller. Each Future Funding Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Future
Funding Transaction covered thereby, and shall be construed to be cumulative to the extent possible. If terms in a Future Funding Confirmation are inconsistent with terms in this Agreement with respect to a particular Future Funding Transaction,
other than with respect to the Applicable Percentage and Maximum Applicable Percentage set forth in such Future Funding Confirmation, this Agreement shall prevail. 

(ii)    For each proposed Future Funding Transaction, no less than five (5) Business Days prior to the
proposed Future Funding Date, Seller shall deliver to Buyer a Future Funding Request Package. Buyer shall have the right to conduct an additional due diligence investigation of the Future Funding Request Package and/or the related Whole Loan or
Senior Interest as Buyer determines. Buyer shall be entitled to make a 

  
 - 43 - 

 
determination, in the exercise of its sole and absolute discretion whether, in the case of a Future Funding Transaction, it shall or shall not advance the requested Future Funding Amount. If
Buyer determines not to advance a requested Future Funding Amount with respect to any Purchased Asset, Seller shall promptly satisfy all future funding obligations with respect to each Purchased Asset as and when required pursuant to the related
Purchased Asset Documents, together with the terms of this Agreement. Prior to the approval of each proposed Future Funding Transaction by Buyer, Buyer shall have determined, in its sole and absolute discretion, that (A) all of the applicable
conditions precedent for a Transaction, as described in Section 6.02, have been met by Seller, (B) the Debt Yield Test, the Facility Debt Yield Test and PPV Test are all in compliance both before and after giving
effect to the proposed Transaction, (C) the related Purchased Asset is not a Defaulted Asset and (D) all related conditions precedent set forth in the related Purchased Asset Documents have been satisfied. Notwithstanding any other
provision herein or otherwise, Buyer shall have no obligation to enter into any Future Funding Transaction (even with respect to any Purchased Asset identified on the applicable Purchase Date as having future funding obligations). Any determination
to enter into a Future Funding Transaction shall be made in Buyer’s sole and absolute discretion. 

(iii)    Upon the approval by Buyer of a particular Future Funding Transaction, Buyer shall deliver to
Seller a signed copy of the related Future Funding Confirmation described in clause (i) above, on or before the related Future Funding Date. On the related Future Funding Date, which shall occur no later than three (3) Business Days after
the final approval of the Future Funding Transaction by Buyer (a) if an escrow agreement has been established in connection with such Future Funding Transaction, Buyer shall remit the related Future Funding Amount to the related escrow account,
(b) if the terms of the Purchased Asset Documents provide for a reserve account in connection with future advances, Buyer shall remit the related Future Funding Amount to the applicable reserve account and (c) otherwise, Buyer shall remit
the related Future Funding Amount directly to the related Underlying Obligor. 
 ARTICLE 4 

MARGIN MAINTENANCE 

Section 4.01    Margin Deficit. 

(a)    With respect to any Purchased Asset, if on any date an amount equal to the product of the Applicable Percentage for
such Purchased Asset, multiplied by the applicable Market Value is less than the outstanding Purchase Price for such Purchased Asset as of such date (the excess, if any, a “Margin Deficit”), then Seller shall, within two (2)
Business Days after notice from Buyer (a “Margin Call”) either (i) transfer immediately available funds to Buyer in an amount at least equal to such Margin Deficit, or (ii) repurchase the related Purchased Assets in
accordance with Section 3.04 to the extent necessary to fully cure the related Margin Deficit such that, after giving effect to such payments and/or repurchases, such related Margin Deficit shall be reduced to zero;
provided that, prior to the occurrence and during the continuance of a Default or an Event of Default, Buyer shall not make any Margin Call to the extent the related Margin Deficit resulted solely from interest rate changes and/or credit
spread movements. Buyer shall apply the funds received in satisfaction of a Margin Deficit to the Repurchase Obligations in such manner as Buyer determines. 

  
 - 44 - 

 (b)    At any time Buyer notifies Seller in writing that Seller has failed to
satisfy the Facility Debt Yield Test, Seller shall, as soon as practicable, and in no event later than two (2) Business Days from the date of such notice, either (i) transfer immediately available funds to Buyer, which Buyer shall apply to
reduce the outstanding Purchase Price of one or more of the Purchased Assets in the amount Buyer determines is necessary to cure the related breach or (ii) repurchase the related Purchased Assets in accordance with
Section 3.04 to the extent necessary to fully cure the related breach of the Facility Debt Yield Test such that, after giving effect to such payments and/or repurchases, the related breach of the Facility Debt Yield Test
shall be satisfied. Buyer shall apply the funds received in pursuant to this Section 4.01(b) to reduce the Repurchase Prices of one or more of the Purchased Assets that contributed to the breach by Seller of the Facility
Debt Yield Test in such manner and in such amounts as Buyer determines in its sole discretion. 
 (c)    Buyer’s
election not to deliver, or to forbear from delivering, a margin deficit notice at any time there is a Margin Deficit shall not waive or be deemed to waive the Margin Deficit or in any way limit, stop or impair Buyer’s right to deliver a notice
of Margin Deficit at any time when the same or any other Margin Deficit exists. Buyer’s rights relating to Margin Deficits under this Section 4.01 are cumulative and in addition to and not in lieu of any other rights
of Buyer under the Repurchase Documents or Requirements of Law. 
 (d)    All cash transferred to Buyer pursuant to this
Section 4.01 with respect to a Purchased Asset shall be deposited into the Waterfall Account, except as directed by Buyer, and notwithstanding any provision in Section 5.02 to the contrary, shall
be applied to reduce the Purchase Price of such Purchased Asset. Immediately after the satisfaction by Seller of each Margin Call hereunder, Seller and Buyer shall execute and deliver the appropriate amended and restated Confirmations. 

ARTICLE 5 
 APPLICATION
OF INCOME 
 Section 5.01    Waterfall Account. The Waterfall Account shall be established at Deposit
Account Bank. Buyer shall have sole dominion and control (including, without limitation, “control” within the meaning of Section 9-104(a)(2) of the UCC) over the Waterfall Account, and Buyer
shall have “control” within the meaning of Section 9-104(a)(2) of the UCC over the Waterfall Account pursuant to the terms of the Controlled Account Agreement. Neither Seller nor any Person
claiming through or under Seller shall have any claim to or interest in the Waterfall Account. All Income received by Seller, Buyer, any Servicer or Deposit Account Bank in respect of the Purchased Assets, shall be transferred, subject to the
applicable provisions of the Servicing Agreement, directly into the Waterfall Account within two (2) Business Days of receipt thereof and shall be applied to and remitted by Deposit Account Bank in accordance with this
Article 5. 

  
 - 45 - 

 Section 5.02    Before an Event of Default. If no Event of
Default has occurred and is continuing, all Income described in Section 5.01 and deposited into the Waterfall Account during each Pricing Period shall be applied by Deposit Account Bank by no later than the next following
Remittance Date in the following order of priority: 
 first, to pay to Buyer an amount equal to the Price
Differential accrued with respect to all Purchased Assets as of such Remittance Date; 
 second, to pay to Buyer an
amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; 

third, to pay to Buyer an amount sufficient to eliminate any outstanding Margin Deficit or to cure existing breaches of
the Facility Debt Yield Test (without limiting Seller’s obligation to satisfy a Margin Deficit in a timely manner as required by Section 4.01 or to cure the existing breaches of either the Debt Yield Test or the PPV
Test); 
 fourth, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement
and any Servicing Agreement; 
 fifth, to pay to Buyer, the Applicable Percentage of any Principal Payments (to the
extent actually deposited into the Waterfall Account), to be applied to reduce the outstanding Purchase Price of Purchased Assets, as Buyer shall determine; 

sixth, to pay to Buyer all Release Amounts, to be applied by Buyer to reduce the then-current unpaid Repurchase Prices
of one or more of the remaining Purchased Assets, as Buyer shall determine in its discretion; 
 seventh, to pay to
Buyer any other amounts due and payable from Seller to Buyer under the Repurchase Documents; 
 eighth, (i) if
the remaining amount on deposit in the Waterfall Account, after application of all amounts remitted pursuant to clauses first through seventh above, is less than or equal to the Minimum Liquidity Amount, then all such remaining amounts
shall be retained on deposit in the Waterfall Account and no such remaining amounts shall be remitted to Seller pursuant to clause ninth below, and (ii) if the remaining amount on deposit in the Waterfall Account, after application of
all amounts remitted pursuant to clauses first through seventh above, is greater than the Minimum Liquidity Amount, then an amount equal to the Minimum Liquidity Amount shall be retained on deposit in the Waterfall Account before any
amounts are remitted to Seller pursuant to clause ninth below; and 
 ninth, to pay to Seller any
remainder on deposit in the Waterfall Account in excess of the Minimum Liquidity Amount, if any, for Seller’s own account, subject, however, to the covenants and other requirements of the Repurchase Documents; provided that, if
any Default has occurred and is continuing on such Remittance Date, all amounts otherwise payable to Seller hereunder shall be retained in the Waterfall Account 

  
 - 46 - 

 
until the earlier of (x) the day on which Buyer provides written notice to the Deposit Account Bank that such Default has been cured to the satisfaction of Buyer, and no other Default or
Event of Default has occurred and is continuing, at which time the Deposit Account Bank shall apply all such amounts pursuant to Section 5.02, without regard for the proviso in this priority ninth; and
(y) the day that is ten (10) Business Days after the occurrence of the applicable Default, at which time the Deposit Account Bank shall apply all such amounts pursuant to Section 5.03. 

Section 5.03    After an Event of Default. If either an Event of Default has occurred and is continuing, or if
Buyer is required to do so pursuant to priority ninth in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit Account Bank, on the Business Day
next following the Business Day on which each amount of Income is so deposited, in the following order of priority: 

first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such
date; 
 second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified
Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; 

third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any
Servicing Agreement; 
 fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased
Assets (to be applied in such order and in such amounts as determined by Buyer, until the Aggregate Amount Outstanding has been reduced to zero); and 

fifth, to pay to Buyer all other Repurchase Obligations due to Buyer. 

Section 5.04    Seller to Remain Liable. If the amounts remitted to Buyer as provided in
Sections 5.02 and 5.03 are insufficient to pay all amounts due and payable from Seller to Buyer under this Agreement or any Repurchase Document on a Remittance Date, a Repurchase Date or Maturity Date, whether
due to the occurrence of an Event of Default or otherwise, Seller shall remain liable to Buyer for payment of all such amounts when due. 

ARTICLE 6 
 CONDITIONS
PRECEDENT 
 Section 6.01    Conditions Precedent to Initial Transaction. Buyer shall not be obligated
to enter into any Transaction or purchase any Asset until the following conditions have been satisfied or waived by Buyer, on and as of the Closing Date and the first Purchase Date: 

(a)    Buyer has received the following documents, each dated the Closing Date or as of the first Purchase Date unless
otherwise specified: (i) each Repurchase Document duly executed and delivered by the parties thereto, (ii) an official good standing certificate or its 

  
 - 47 - 

 
documentary equivalent dated a recent date with respect to Seller, Pledgor and Guarantor, (iii) certificates of a Responsible Officer of each of Seller, Pledgor and Guarantor with respect to
attached copies of the Governing Documents and applicable resolutions of Seller, Pledgor and Guarantor, and the incumbencies and signatures of officers of Seller, Pledgor and Guarantor executing the Repurchase Documents to which each is a party,
evidencing the authority of Seller and Guarantor with respect to the execution, delivery and performance thereof, (iv) a Closing Certificate, (v) an executed Power of Attorney, (vi) such opinions from counsel to Seller, Pledgor and
Guarantor as Buyer may require, including with respect to corporate matters (including, without limitation, the valid existence and good standing of Seller, Pledgor and Guarantor), the due authorization, execution, delivery and enforceability of
each of the Repurchase Documents, non-contravention, no governmental consents or approvals required other than those that have been obtained, no violation of law, validly granted and perfected security
interests in the Purchased Assets, the Pledged Collateral and any other collateral pledged pursuant to the Repurchase Documents, Investment Company Act matters, true sale matters for all Purchased Assets transferred by Originator to Pledgor, and by
Pledgor to Seller from time to time, each pursuant to the applicable Master Bill of Sale, and substantive non-consolidation and the applicability of Bankruptcy Code safe harbors (including Buyer’s related
liquidation, termination and offset rights), (vii) a duly completed Quarterly Compliance Certificate, (viii) such opinions from counsel to Custodian as Buyer may require, and (ix) all other documents, certificates, information,
financial statements, reports, approvals and opinions of counsel as Buyer may require; 
 (b)    (i) UCC financing
statements have been filed against Seller, Pledgor and Originator in all filing offices required by Buyer, (ii) Buyer has received such searches of UCC filings, tax liens, judgments, pending litigation and other matters relating to Seller and
the Purchased Assets as Buyer may require, and (iii) the results of such searches are satisfactory to Buyer; 

(c)    Buyer has received payment from Seller of all fees and expenses then payable under
Section 3.07(b), the related provisions of the Fee Letter and all expenses due and payable as contemplated by Section 13.02, together with any other fees and expenses otherwise due and payable
pursuant to any of the other Repurchase Documents, in each case to the extent invoiced by Buyer at least one (1) Business Day prior to the Closing Date; 

(d)    Buyer has completed to its satisfaction such due diligence (including, Buyer’s “Know Your Customer”,
Anti-Corruption Laws, Sanctions and Anti-Money Laundering Laws diligence) and modeling as Buyer may require; and 

(e)    FS Shareholder and Rialto Shareholder shall each have deposited the Required Cash Collateral, net of any fees and
expenses of closing this Agreement and the related Repurchase Documents, into separate deposit accounts established on the books and records of Buyer, in each of such deposit accounts Buyer shall have been granted an individual security interest and
each of which shall be subject to separate Shareholder Cash Collateral Account Control Agreements; and 
 (f)    Seller
shall have deposited the Minimum Liquidity Amount into the Waterfall Account; and 

  
 - 48 - 

 (g)    Buyer has received approval from its internal credit committee and all
other necessary approvals required for Buyer, to enter into this Agreement and consummate Transactions hereunder. 

Section 6.02    Conditions Precedent to All Transactions. Buyer shall not be obligated to enter into any
Transaction, purchase any Asset, or be obligated to take, fulfill or perform any other action hereunder, until the following additional conditions have been satisfied or waived by Buyer, with respect to each Asset on and as of the Purchase Date
(including the first Purchase Date) therefor: 
 (a)    Buyer has received the following documents for each prospective
Purchased Asset: (i) a Transaction Request, (ii) an Underwriting Package, (iii) a Confirmation, (iv) if the prospective Purchased Asset is not serviced by Buyer or an Affiliate of Buyer, copies of the related Servicing
Agreements, (v) Irrevocable Redirection Notices, (vi) a trust receipt and other items required to be delivered under the Custodial Agreement, (vi) with respect to any Wet Mortgage Asset, a Bailee Agreement (as defined in the Custodial
Agreement), (vii) the related Servicing Agreement, if a copy was not previously delivered to Buyer, (viii) a duly completed Purchase Date Compliance Certificate and (ix) all other documents, certificates, information, financial
statements, reports, approvals and opinions of counsel as Buyer may require; 
 (b)    immediately before such
Transaction and immediately after giving effect thereto and to the intended use thereof, no Representation Breach (including with respect to any Purchased Asset), Default, Event of Default, Margin Deficit or Material Adverse Effect shall have
occurred and is continuing, and the Facility Debt Yield Test, the Debt Yield Test and PPV Test are all in compliance with respect to both the proposed Transaction and each other Purchased Asset; 

(c)    Buyer has completed its due diligence review of the Underwriting Package, Purchased Asset Documents and such other
documents, records and information as Buyer deems appropriate, and the results of such reviews are satisfactory to Buyer; 

(d)    Buyer has (i) determined that such Asset is an Eligible Asset, (ii) approved the purchase of such Asset,
(iii) obtained all necessary internal credit and other approvals for such Transaction, and (iv) executed the Confirmation; 

(e)    immediately after giving effect to such Transaction, the Aggregate Amount Outstanding does not exceed the Maximum
Amount; 
 (f)    the Repurchase Date specified in the Confirmation is not later than the Maturity Date; 

(g)    Seller has satisfied all requirements and conditions and has performed all covenants, duties, obligations and
agreements contained in the other Repurchase Documents to be performed by such Person on or before the Purchase Date; 

(h)    to the extent the related Purchased Asset Documents contain notice, cure and other provisions in favor of a pledgee
under a repurchase or warehouse facility, and without prejudice to the sale treatment of such Asset to Buyer, Buyer has received satisfactory evidence that Seller has given notice to the applicable Persons of Buyer’s interest in such Asset and
otherwise satisfied any other applicable requirements under such pledgee provisions so that Buyer is entitled to the rights and benefits of a pledgee under such pledgee provisions; 

  
 - 49 - 

 (i)    any license, registration or other similar certification or official
document available to Seller from the jurisdiction where the related Underlying Mortgaged Property is located, to the extent necessary for Seller to enforce its rights and remedies under the related Purchased Asset Documents; 

(j)    if requested by Buyer, such opinions from counsel to Seller, Pledgor and Guarantor as Buyer may require, including,
without limitation, with respect to the perfected security interest in the Purchased Assets, the Pledged Collateral and any other collateral pledged pursuant to the Repurchase Document, and true sale opinions for each Purchased Asset purchased by or
transferred to Seller from an affiliated entity other than with respect to Purchased Assets transferred pursuant to a Master Bill of Sale; 

(k)    no Change of Control has occurred unless such Change of Control has been approved by Buyer; 

(l)    Custodian (or a bailee) shall have received executed blank assignments of all Purchased Asset Documents in
appropriate form for recording, to the extent such documents are required to be recorded, in the jurisdiction in which the underlying real estate is located, together with executed blank assignments of all Purchased Asset Documents (the
“Blank Assignment Documents”); 
 (m)    Neither Advisor nor any of its Subsidiaries have defaulted
beyond any applicable grace period in paying any amount or performing any obligation due to Buyer or any Affiliate of Buyer under any other financing, hedging, security or other agreement (other than under this Agreement) between Advisor or any of
its Subsidiaries, and Buyer or any Affiliate of Buyer; and 
 (n)    no Insolvency Event has occurred with respect to
either Advisor or Sub-Advisor; 
 Each Confirmation delivered by Seller shall constitute a
certification by Seller that all of the conditions precedent in this Article 6 have been satisfied (or expressly waived by Buyer in writing) other than those set forth in Sections 6.01(a)(viii),
(d) and (e) and Sections 6.02(c) and (d). 
 The failure of Seller to satisfy (or obtain
an express waiver in writing of) any of the conditions precedent in this Article 6 with respect to any Transaction or Purchased Asset shall, unless such failure was set forth in an exceptions schedule to the relevant
Confirmation or otherwise waived in writing by Buyer on or before the related Purchase Date, give rise to the right of Buyer at any time to rescind the related Transaction, whereupon Seller shall, within two (2) Business Days, pay to Buyer the
Repurchase Price of such Purchased Asset. 

  
 - 50 - 

 ARTICLE 7 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants, on and as of the date of this Agreement, each Purchase Date, and at all times when any Repurchase Document or
Transaction is in full force and effect, as follows: 
 Section 7.01    Seller. Seller has been duly
organized and validly exists in good standing as a corporation, limited liability company or limited partnership, as applicable, under the laws of the jurisdiction of its incorporation, organization or formation. Seller (a) has all requisite
power, authority, legal right, licenses and franchises, (b) is duly qualified to do business in all jurisdictions necessary, and (c) has been duly authorized by all necessary action, to (w) own, lease and operate its properties and
assets, (x) conduct its business as presently conducted, (y) execute, deliver and perform its obligations under the Repurchase Documents to which it is a party, and (z) originate, service, acquire, own, sell, assign, pledge and
repurchase the Purchased Assets, except with respect to licenses, franchises and qualifications to do business in clauses (a) and (b) to the extent failure to obtain any such license, franchise or qualification would not have a Material
Adverse Effect. Seller’s exact legal name is set forth in the preamble and signature pages of this Agreement. Seller’s location (within the meaning of Article 9 of the UCC), and the office where Seller keeps all records (within the
meaning of Article 9 of the UCC) relating to the Purchased Assets is at the address of Seller referred to in Annex 1. Seller has not changed its name or location within the past twelve (12) months. Seller’s
organizational identification number is 6398285 and its tax identification number is 81-4446064. Seller is a one hundred percent (100%) direct and wholly-owned
Subsidiary of Pledgor. The fiscal year of Seller ends on December 31st of each calendar year. Seller has no Indebtedness, Contractual Obligations or Investments other than (a) ordinary
trade payables, (b) in connection with Assets acquired or originated for the Transactions, and (c) under the Repurchase Documents. Seller has no Guarantee Obligations. Seller has no Subsidiaries. 

Section 7.02    Repurchase Documents. Each Repurchase Document to which Seller is a party has been duly
executed and delivered by Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms, except as such enforceability may be limited by Insolvency Laws and general principles of
equity. The execution, delivery and performance by Seller of each Repurchase Document to which it is a party do not and will not (a) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default
under, any (i) Governing Document, Indebtedness, Guarantee Obligation or Contractual Obligation applicable to Seller or any of its properties or assets, (ii) Requirements of Law, or (iii) approval, consent, judgment, decree, order or
demand of any Governmental Authority, or (b) result in the creation of any Lien (other than with respect to any Purchased Asset, any Liens granted pursuant to the Repurchase Documents) on any of the properties or assets of Seller. All
approvals, authorizations, consents, orders, filings, notices or other actions of any Person or Governmental Authority required for the execution, delivery and performance by Seller of the Repurchase Documents to which it is a party and the sale of
and grant of a security interest in each Purchased Asset to Buyer, have been obtained, effected, waived or given and are in full force and effect. The execution, delivery and performance of the Repurchase Documents do not require compliance by
Seller with any “bulk sales” or similar law. 

  
 - 51 - 

 
There is no material litigation, proceeding or investigation pending or, to the Knowledge of Seller threatened, against Seller, any Relevant Company, Guarantor,
Sub-Advisor or any of their respective Subsidiaries before any Governmental Authority (a) asserting the invalidity of any Repurchase Document, (b) seeking to prevent the consummation of any
Transaction, or (c) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect. 

Section 7.03    Solvency. None of Seller, Guarantor, Sub-Advisor or any
Relevant Company is or has ever been the subject of an Insolvency Proceeding. Each of Seller, Guarantor, Sub-Advisor and each Relevant Company is Solvent and the Transactions do not and will not render Seller,
Guarantor, Sub-Advisor or any Relevant Company not Solvent. Seller is not entering into the Repurchase Documents or any Transaction with the intent to hinder, delay or defraud any creditor of Seller,
Guarantor, Sub-Advisor or any Relevant Company. Seller has received or will receive reasonably equivalent value for the Repurchase Documents and each Transaction. Seller has adequate capital for the normal
obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. 

Section 7.04    Taxes. Guarantor is maintaining its books and records as if it is a REIT and Guarantor shall
elect to be treated as a REIT in its initial tax return. Originator is a taxable REIT subsidiary of Pledgor. Seller is a disregarded entity of Guarantor for U.S. federal income tax purposes. Seller, Pledgor, Originator and Guarantor have each timely
filed all required federal tax returns and all other material tax returns, domestic and foreign, required to be filed by them and have (for all prior fiscal years and for the current fiscal year to date) paid all federal and other material taxes
(including mortgage recording taxes), assessments, fees, and other governmental charges (whether imposed with respect to their income or any of their properties or assets) which have become due and payable, other than any such taxes, assessments,
fees, or other governmental charges that are being contested in good faith by appropriate proceedings diligently conducted and for which appropriate reserves have been established in accordance with GAAP. There is no material suit or claim relating
to any such taxes now pending or, to the Knowledge of Seller, threatened by any Governmental Authority which is not being contested in good faith as provided above. 

Section 7.05    True and Complete Disclosure. The information, reports, certificates, documents, financial
statements, operating statements, forecasts, books, records, files, exhibits and schedules furnished by or on behalf of Seller to Buyer in connection with the Repurchase Documents and the Transactions, when taken as a whole, 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 misleading. All written information furnished after the date
hereof by or on behalf of Seller to Buyer in connection with the Repurchase Documents and the Transactions will be true, correct and complete in all material respects, or in the case of projections will be based on reasonable estimates prepared and
presented in good faith, in each case, on the date as of which such information is stated or certified. 

Section 7.06    Compliance with Laws. Seller, Pledgor, Originator and Guarantor have complied in all respects
with all Requirements of Laws, and except for instances of 

  
 - 52 - 

 
non-compliance that would not have a material adverse effect, no Purchased Asset contravenes any Requirements of Laws. None of Seller, Guarantor nor any
Subsidiaries of Seller or Guarantor, nor to the knowledge of Seller or Guarantor, any Affiliates of Seller or Guarantor (i) is in violation of any Sanctions or (ii) is a Sanctioned Target. The proceeds of any Transaction have not been and
will not be used, directly or indirectly, to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Target or otherwise in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.
Neither Seller nor any Affiliate of Seller (a) is a “broker” or “dealer” as defined in, or could be subject to a liquidation proceeding under, the Securities Investor Protection Act of 1970, or (b) is subject to
regulation by any Governmental Authority limiting its ability to incur the Repurchase Obligations. No properties presently or previously owned or leased by Seller or any of its Affiliates, or to the Knowledge of Seller, Pledgor, Originator or
Guarantor any of their respective predecessors, contain or previously contained any Materials of Environmental Concern that constitute or constituted a violation of Environmental Laws. Seller, Pledgor, Originator and Guarantor each have no Knowledge
of any violation, alleged violation, non-compliance, liability or potential liability of Seller, Pledgor, Originator or Guarantor under any Environmental Law. Materials of Environmental Concern have not been
Released, on properties presently or previously owned or leased by Seller or any of its Affiliates, in violation of Environmental Laws. Seller and all Affiliates of Seller are in compliance with the Foreign Corrupt Practices Act of 1977, as amended,
and any foreign counterpart thereto. Neither Seller nor any Affiliate of Seller has made, offered, promised or authorized a payment of money or anything else of value (a) in order to assist in obtaining or retaining business for or with, or
directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to any foreign official, foreign political party, party official or candidate for foreign political office, or
(c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to Seller, any Affiliate of Seller or any other Person, in violation of the Foreign Corrupt Practices Act, as amended. 

Section 7.07    Compliance with ERISA. (a) None of Seller, Pledgor, Originator or Guarantor has any
employees as of the date of this Agreement. 
 (b)    Each of Seller, Pledgor, Originator and Guarantor either
(i) qualifies as a VCOC or a REOC, (ii) complies with an exception set forth in the Plan Asset Regulations such that the assets of such Person would not be subject to Title I of ERISA and/or Section 4975 of the Code, or
(iii) does not hold any “plan assets” within the meaning of the Plan Asset Regulations that are subject to ERISA. 

(c)    Assuming that no portion of the Purchased Assets are funded by Buyer with “plan assets” within the meaning
of the Plan Asset Regulations, none of the transactions contemplated by the Repurchase Documents will constitute a nonexempt prohibited transaction (as such term is defined in Section 4975 of the Code or Section 406 of ERISA) that could
subject the Buyer to any tax or penalty or prohibited transactions imposed under Section 4975 of the Code or Section 502(i) of ERISA. 

Section 7.08    No Default or Material Adverse Effect. No Default or Event of Default has occurred and is
continuing. No default or event of default (however defined) exists under any Indebtedness, Guarantee Obligations or Contractual Obligations of Seller. Seller 

  
 - 53 - 

 
believes that it is and will be able to pay and perform each agreement, duty, obligation and covenant contained in the Repurchase Documents and Purchased Asset Documents to which it is a party,
and that it is not subject to any agreement, obligation, restriction or Requirements of Law that would unduly burden its ability to do so or could reasonably be expected to have a Material Adverse Effect. Seller has no Knowledge of any actual or
prospective development, event or other fact that could reasonably be expected to have a Material Adverse Effect. No Internal Control Event has occurred. In all instances where Servicer is not Buyer or one of its Affiliates, Seller has delivered to
Buyer all underlying servicing agreements (or provided Buyer with access to a service, internet website or other system where Buyer can successfully access such agreements) with respect to the Purchased Assets, and to Seller’s Knowledge no
material default or event of default (however defined) exists thereunder. 
 Section 7.09    Purchased
Assets. Each Purchased Asset is an Eligible Asset. Each representation and warranty of Seller set forth in the Repurchase Documents (including in Schedule 1 applicable to the Class of such Purchased Asset) and the
Purchased Asset Documents with respect to each Purchased Asset is true and correct. The review and inquiries made on behalf of Seller in connection with the next preceding sentence have been made by Persons having the requisite expertise, knowledge
and background to verify such representations and warranties. Seller has complied with all requirements of the Custodial Agreement with respect to each Purchased Asset, including delivery to Custodian of all required Purchased Asset Documents.
Seller has no Actual Knowledge of any fact that could reasonably lead it to expect that any Purchased Asset will not be paid in full. No Purchased Asset is or has been the subject of any compromise, adjustment, extension, satisfaction,
subordination, rescission, setoff, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Purchased Asset or otherwise, by Seller or any
Affiliate of Seller, any Transferor, any Underlying Obligor, Guarantor or any other Person. No procedures believed by Seller to be adverse to Buyer were utilized by Seller in identifying or selecting the proposed Purchased Assets for sale to Buyer.
The purchase of each proposed Purchased Asset was underwritten in accordance with and satisfies applicable standards established by Seller or any Affiliate of Seller. None of the Purchased Asset Documents has any marks or notations indicating that
it has been sold, assigned, pledged, encumbered or otherwise conveyed to any Person other than Buyer. If any Purchased Asset Document requires the holder or transferee of the related Purchased Asset to be a qualified transferee, qualified
institutional lender or qualified lender (however defined), Seller meets such requirement. Assuming that Buyer also meets such requirement, the assignment and pledge of such Purchased Asset to Buyer pursuant to the Repurchase Documents do not
violate such Purchased Asset Document. Seller and all Affiliates of Seller have sold and transferred all Servicing Rights with respect to the Purchased Assets to Buyer. 

Section 7.10    Purchased Assets Acquired from Transferors. With respect to each Purchased Asset purchased by
Seller or an Affiliate of Seller from a Transferor, (a) such Purchased Asset was acquired and transferred pursuant to a Purchase Agreement, (b) such Transferor received reasonably equivalent value in consideration for the transfer of such
Purchased Asset, (c) no such transfer was made for or on account of an antecedent debt owed by such Transferor to Seller or an Affiliate of Seller, (d) no such transfer is or may be voidable or subject to avoidance under the Bankruptcy
Code and (e) if Seller acquired the Purchased Asset from an Affiliate other than with respect to Purchased Assets transferred (I) by Originator to 

  
 - 54 - 

 
Pledgor, and (II) by Pledgor to Seller, each pursuant to the Master Bill of Sale, Seller has delivered to Buyer an opinion of counsel regarding the true sale of the purchase of such Asset by
Seller and, if such Asset was acquired by Seller’s Affiliate from another Affiliate, the true sale of the purchase of the Asset by the Affiliate of Seller from the Transferor Affiliate, which opinions shall be in form and substance satisfactory
to Buyer. Seller or such Affiliate of Seller has been granted a security interest in each such Purchased Asset, filed one or more UCC financing statements against the Transferor to perfect such security interest, and assigned such financing
statements in blank and delivered such assignments to Buyer or Custodian. 
 Section 7.11    Transfer and
Security Interest. The Repurchase Documents constitute a valid and effective transfer to Buyer of all right, title and interest of Seller in, to and under all Purchased Assets (together with all related Servicing Rights), free and clear of any
Liens. With respect to the protective security interest granted by Seller in Section 11.01, upon the delivery of the Confirmations and the Purchased Asset Documents to Custodian, the execution and delivery of the Controlled
Account Agreement and the filing of the UCC financing statements as provided herein, such security interest shall be a valid first priority perfected security interest to the extent such security interest can be perfected by possession, filing or
control under the UCC. Upon receipt by Custodian of each Purchased Asset Document required to be endorsed in blank by Seller and payment by Buyer of the Purchase Price for the related Purchased Asset, Buyer shall either own such Purchased Asset and
the related Purchased Asset Documents or have a valid first priority perfected security interest in such Purchased Asset Document. The Purchased Assets constitute the following, as defined in the UCC: a general intangible, instrument, investment
property, security, deposit account, financial asset, uncertificated security, securities account, or security entitlement. Seller has not sold, assigned, pledged, granted a security interest in, encumbered or otherwise conveyed any of the Purchased
Assets to any Person other than pursuant to the Repurchase Documents. Seller has not authorized the filing of and is not aware of any UCC financing statements filed against Seller as debtor that include the Purchased Assets, other than any financing
statement that has been terminated or filed pursuant to this Agreement. 
 Section 7.12    No Broker. Neither
Seller nor any Affiliate of Seller has dealt with any broker, investment banker, agent or other Person, except for Buyer or an Affiliate of Buyer, who may be entitled to any commission or compensation in connection with any Transaction. 

Section 7.13    Separateness. Seller is in compliance with the requirements of
Article 9. 
 Section 7.14    Investment Company Act. None of Seller, Pledgor,
Originator or Guarantor is required to be registered as an “investment company”, or is “controlled” by an entity that is required to register as an “investment company”, each within the meaning of the Investment Company
Act. Seller is exempt from the registration requirements of the Investment Company Act pursuant to an exemption other than the exemptions set forth in Section 3(c)(1) or 3(c)(7) of the Investment Company Act. 

Section 7.15    Other Indebtedness. Seller has no Indebtedness other than indebtedness as evidenced by this
Agreement or as otherwise permitted under Section 9.01. 

  
 - 55 - 

 Section 7.16    Location of Books and Records. The location where
Seller keeps its books and records, including all computer tapes and records relating to the Purchased Assets is its chief executive office. 

Section 7.17    Chief Executive Office; Jurisdiction of Organization. On the Closing Date, each of
Seller’s, Pledgor’s, Originator’s and Guarantor’s chief executive office, is, and has been, located at 201 Rouse Boulevard, Philadelphia, PA 19112. On the Closing Date, the jurisdiction of organization of (y) Seller,
Pledgor and Originator is Delaware and (z) Guarantor is Maryland. Each of Seller, Pledgor, Originator and Guarantor shall provide Buyer with thirty (30) days advance notice of any change in its principal office or place of business or
jurisdiction. None of Seller, Pledgor, Originator or Guarantor has a trade name. During the preceding five (5) years, none of Seller, Pledgor, Originator or Guarantor has been known by or done business under any other name, corporate or
fictitious, except for Pledgor, who was formerly known as “FS CREIT Originator LLC”, and none of Seller, Pledgor, Originator or Guarantor has filed or had filed against it any bankruptcy receivership or similar petitions or made any
assignments for the benefit of creditors. 
 Section 7.18    Anti-Money Laundering Laws and Anti-Corruption
Laws. The operations of each of Seller, Pledgor, Originator and Guarantor are, and have been, conducted at all times in compliance with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws. No litigation, regulatory or
administrative proceedings of or before any court, tribunal or agency with respect to any Anti-Money Laundering Laws or Anti-Corruption Laws have been started or (to the best of its knowledge and belief) threatened against each of Seller and
Guarantor or to the knowledge of Seller or Guarantor, any Affiliates of Seller or Guarantor. 

Section 7.19    Sanctions. None of Seller, Guarantor, any Subsidiaries of Seller or Guarantor and, to the
knowledge of Seller or Guarantor, no Affiliates of Seller or Guarantor (a) is a Sanctioned Target, (b) is controlled by or is acting on behalf of a Sanctioned Target, or (c) to the best knowledge of Seller or Guarantor after due
inquiry, is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. To Seller’s knowledge, no Investor is a Sanctioned Target. 

ARTICLE 8 
 COVENANTS OF
SELLER 
 From the date hereof until the Repurchase Obligations (other than indemnities and other contingent obligations) are
indefeasibly paid in full and the Repurchase Documents are terminated, Seller shall perform and observe the following covenants, which shall be given independent effect (so that if a particular action or condition is prohibited by any covenant, the
fact that it would be permitted by an exception to or be otherwise within the limitations of another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists): 

Section 8.01    Existence; Governing Documents; Conduct of Business. Seller shall (a) preserve and
maintain its legal existence, (b) qualify and remain qualified in good standing in each jurisdiction where the failure to be so qualified would have a Material Adverse 

  
 - 56 - 

 
Effect, (c) comply with its Governing Documents, including all single purpose entity provisions, and (d) not modify, amend or terminate its Governing Documents. Seller shall
(a) continue to engage in the same (and no other) general lines of business as presently conducted by it, (b) maintain and preserve all of its material rights, privileges, licenses and franchises necessary for the operation of its
business, and (c) maintain Seller’s status as a qualified transferee, permitted assignee or qualified lender, in each case, entitled to hold, assign and transfer each related Purchased Asset pursuant to the applicable terms of the related
Purchased Asset Documents. Seller shall not (A) change its name, organizational number, tax identification number, fiscal year, method of accounting, identity, structure or jurisdiction of organization (or have more than one such jurisdiction),
move the location of its principal place of business and chief executive office (as defined in the UCC) from the location referred to in Section 7.17, or (B) move, or consent to Custodian moving, the Purchased Asset
Documents from the location thereof on the applicable Purchase Date for the related Purchased Asset, unless in each case Seller has given at least thirty (30) days prior notice to Buyer and has taken all actions required under the UCC to
continue the first priority perfected security interest of Buyer in the Purchased Assets. Seller shall enter into each Transaction as principal, unless Buyer agrees before a Transaction that Seller may enter into such Transaction as agent for a
principal and under terms and conditions disclosed to Buyer. 
 Section 8.02    Compliance with Laws, Contractual
Obligations and Repurchase Documents. Seller shall comply in all material respects with each and every Requirements of Law, including those relating to any Purchased Asset and to the reporting and payment of taxes. No part of the proceeds of any
Transaction shall be used for any purpose that violates Regulation T, U or X of the Board of Governors of the Federal Reserve System. Seller shall maintain the Custodial Agreement and Controlled Account Agreement in full force and effect.
Seller shall not directly or indirectly enter into any agreement that would be violated or breached by any Transaction or the performance by Seller of any Repurchase Document. 

Section 8.03    Structural Changes. Seller shall not enter into any merger or consolidation, or liquidate, wind
up or dissolve, or sell all or substantially all of its assets or properties, or permit any changes in the ownership of the Equity Interests of Seller, without the consent of Buyer. Seller shall ensure that all Equity Interests of Seller shall
continue to be directly owned by the owner or owners thereof as of the date hereof. Seller shall ensure that neither the Equity Interests of Seller nor any property or assets of Seller shall be pledged to any Person other than Buyer. Other than the
transfer of Purchased Assets in accordance with the terms of a Master Bill of Sale and purchases and sales of Assets in compliance with the terms hereof, Seller shall not enter into any transaction with an Affiliate of Seller unless (a) Seller
notifies Buyer of such transaction at least ten (10) days before entering into it, and (b) such transaction is on market and arm’s length terms and conditions, as demonstrated in Seller’s notice. 

Section 8.04    Protection of Buyer’s Interest in Purchased Assets. With respect to each
Purchased Asset, Seller shall take all action necessary or required by the Repurchase Documents, Purchased Asset Documents and each and every Requirements of Law, or requested by Buyer, to perfect, protect and more fully evidence the security
interest granted in the Purchase Agreements and Buyer’s ownership of and first priority perfected security interest in such Purchased Asset and related Purchased Asset Documents, including executing or causing to be

  
 - 57 - 

 
executed (a) such other instruments or notices as may be necessary or appropriate and filing and maintaining effective UCC financing statements, continuation statements and assignments and
amendments thereto, and (b) all documents necessary to both collaterally and absolutely and unconditionally assign all rights (but none of the obligations) of Seller under each Purchase Agreement, in each case as additional collateral security
for the payment and performance of each of the Repurchase Obligations. Seller shall (a) not assign, sell, transfer, pledge, hypothecate, grant, create, incur, assume or suffer or permit to exist any security interest in or Lien (other than,
except with respect to any Purchased Asset, any Liens granted pursuant to the Repurchase Documents) on any Purchased Asset to or in favor of any Person other than Buyer, (b) defend such Purchased Asset against, and take such action as is
necessary to remove, any such Lien, and (c) defend the right, title and interest of Buyer in and to all Purchased Assets against the claims and demands of all Persons whomsoever. Notwithstanding the foregoing, if Seller grants a Lien on any
Purchased Asset in violation of this Section 8.04 or any other Repurchase Document, Seller shall be deemed to have simultaneously granted an equal and ratable Lien on such Purchased Asset in favor of Buyer to the extent
such Lien has not already been granted to Buyer; provided, that such equal and ratable Lien shall not cure any resulting Event of Default. Seller shall not materially amend, modify, waive or terminate any provision of any Purchase Agreement
or Servicing Agreement. Seller shall not, or permit any Servicer to, extend, amend, waive, terminate, rescind, cancel, release or otherwise modify the material terms of or any collateral, guaranty or indemnity for, or exercise any material right or
remedy of a holder (including all lending, corporate and voting rights, remedies, consents, approvals and waivers) of, any Purchased Asset, Purchased Asset Document, without the prior written consent of Buyer. Seller shall use appropriate
documentation to evidence the interests granted to Buyer hereunder. Seller shall not take any action to cause any Purchased Asset that is not evidenced by an instrument or chattel paper (as defined in the UCC) to be so evidenced. If a Purchased
Asset becomes evidenced by an instrument or chattel paper, the same shall be, within two (2) Business Days, delivered to Custodian on behalf of Buyer, together with endorsements required by Buyer. 

Section 8.05    Actions of Seller Relating to Distributions, Indebtedness, Guarantee Obligations, Contractual
Obligations, Investments and Liens. Seller shall not declare or make any payment on account of, or set apart assets for, a sinking or similar fund for the purchase, redemption, defeasance, retirement or other acquisition of any Equity Interest
of Seller, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller; provided that Seller shall be entitled to distribute
to Pledgor any and all Income paid to Seller under Section 5.02 so long as no Default or Event of Default has occurred and is continuing. Seller shall not contract, create, incur, assume or permit to exist any Indebtedness,
Guarantee Obligations, Contractual Obligations or Investments, except to the extent (a) arising or existing under the Repurchase Documents, (b) existing as of the Closing Date, as referenced in the financial statements delivered to Buyer
prior to the Closing Date, and any renewals, refinancings or extensions thereof in a principal amount not exceeding that outstanding as of the date of such renewal, refinancing or extension, (c) incurred after the Closing Date to originate or
acquire Assets to provide funding with respect to Assets, and (d) permitted by the terms of Section 9.01. Seller shall not (a) create, incur, assume or permit to exist any Lien on or with respect to any of its
property or assets (including the Purchased Assets) of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter acquired, and, except with respect to any Purchased Asset, any Liens granted pursuant to the
Repurchase Documents, or (b) except as provided in the preceding clause (a), grant, allow or enter into any agreement or arrangement with any Person that prohibits or restricts or purports to prohibit or restrict the granting of any Lien
on any of the foregoing. 

  
 - 58 - 

 Section 8.06    Maintenance of Property, Insurance and Records.
Seller shall (a) keep all property useful and necessary in its business in good working order and condition, (b) maintain insurance on all its properties in accordance with customary and prudent practices of companies engaged in the same
or a similar business, and (c) furnish to Buyer upon reasonable request information and certificates with respect to such insurance. Seller shall maintain and implement administrative and operating procedures (including the ability to recreate
records evidencing the Purchased Assets if the original records are destroyed) and shall keep and maintain all documents, books, records and other information (including with respect to the Purchased Assets) that are reasonably necessary or
advisable in the conduct of its business. 
 Section 8.07    Delivery of Income. Seller shall and, pursuant
to Irrevocable Redirection Notices shall cause the Underlying Obligors under the Purchased Assets and all other applicable Persons to, remit all Income in respect of the Purchased Assets into the Waterfall Account in accordance with
Section 5.01 hereof on the day the related payments are due. Seller (a) shall, and shall cause each Servicer to, comply with and enforce each Irrevocable Redirection Notice, (b) shall not amend, modify, waive,
terminate or revoke any Irrevocable Redirection Notice without Buyer’s consent, and (c) shall take all reasonable steps to enforce each Irrevocable Redirection Notice. In connection with each principal payment or prepayment under a
Purchased Asset, Seller shall provide or cause to be provided to Buyer and Servicer sufficient detail to enable Buyer and Servicer to identify the Purchased Asset to which such payment applies. If Seller receives any rights, whether in addition to,
in substitution of, as a conversion of, or in exchange for any Purchased Assets, or otherwise in respect thereof, Seller shall accept the same as Buyer’s agent, hold the same in trust for Buyer and, within two (2) Business Days, deliver
the same to Buyer or its designee in the exact form received, together with duly executed instruments of transfer, stock powers or assignment in blank and such other documentation as Buyer shall reasonably request. If any Income is received by
Seller, Pledgor, Originator, Guarantor or any Affiliate of Seller, Pledgor, Originator or Guarantor, Seller shall directly deposit such Income into the Waterfall Account within two (2) Business Days after receipt, and, until so paid or
delivered, hold such Income in trust for Buyer, segregated from other funds of Seller. 

Section 8.08    Delivery of Financial Statements and Other Information. Seller shall deliver the following to
Buyer, as soon as available and in any event within the time periods specified: 
 (a)    within sixty (60) days
after the end of each fiscal quarter of Guarantor other than the last fiscal quarter of each such fiscal year, (i) the unaudited balance sheets of Guarantor as at the end of such period, (ii) the related unaudited statements of income,
retained earnings, stockholders equity and cash flows for such period and the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, and (iii) a duly
completed Quarterly Compliance Certificate; 

  
 - 59 - 

 (b)    within ninety (90) days after the end of each fiscal year of
Guarantor, (i) the audited balance sheets of Guarantor as at the end of such fiscal year, (ii) the related statements of income, retained earnings and cash flows for such year, setting forth in each case in comparative form the figures for
the previous year, (iii) an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern and shall state that said financial statements
fairly present the financial condition and results of operations of Guarantor as at the end of and for such fiscal year in accordance with GAAP, and (iv) a duly completed Quarterly Compliance Certificate; 

(c)    all reports submitted to Guarantor by independent certified public accountants in connection with each annual,
interim or special audit of the books and records of Guarantor made by such accountants, including any management letter commenting on Guarantor’s internal controls; 

(d)    with respect to each Purchased Asset and related Underlying Mortgaged Property serviced by a Servicer other than
Wells Fargo Bank, National Association: (i) within thirty (30) days after the end of each fiscal quarter of Seller, a quarterly report of the following: delinquency, loss experience, internal risk rating, surveillance, rent roll, occupancy
and other property-level information, and (ii) within ten (10) days after receipt or preparation thereof by Seller or any Servicer, remittance, servicing, securitization, exception and other reports,
operating and financial statements and rent rolls of all Underlying Obligors, and modifications or updates to the items contained in the Underwriting Materials; 

(e)    all prepared financial statements, reports, notices, material information and other documents relating to the
Purchased Assets or any of them that Guarantor either files with, or sends, delivers or presents to, any Governmental Authority, promptly after the delivery or filing thereof. For purposes of this Section 8.08, any
information that is publicly available on the website of any Governmental Authority or is available to the general public on Guarantor’s website shall be deemed to have been “delivered” to Buyer; 

(f)    any other material agreements, documents or other information not included in an Underwriting Package which is
related to Seller or the Purchased Assets, as soon as practicable after the discovery thereof by Seller, Guarantor or any Affiliate of Seller or Guarantor; and 

(g)    such other information regarding the financial condition, operations or business of Seller, Guarantor or any
Underlying Obligor as Buyer may reasonably request. 
 Section 8.09    Delivery of Notices. Seller shall,
within two (2) Business Days, notify Buyer of the occurrence of any of the following of which Seller has Knowledge, together with a certificate of a Responsible Officer of Seller setting forth details of such occurrence and any action Seller
has taken or proposes to take with respect thereto: 
 (a)    a Representation Breach other than an Approved
Representation Exception; 
 (b)    any of the following: (i) with respect to any Purchased Asset or related
Underlying Mortgaged Property: material change in Market Value (as determined in Seller’s 

  
 - 60 - 

 
reasonable judgment), material loss or damage, material licensing or permit violations or, to Seller’s, Pledgor’s, Originator’s or Guarantor’s Actual Knowledge, potential
violations of any Requirements of Law, or, to Seller’s, Pledgor’s, Originator’s or Guarantor’s Knowledge, any discharge of or damage from Materials of Environmental Concern or any other actual or expected event or change in
circumstances that could reasonably be expected to result in a default or material decline in value or cash flow, and (ii) with respect to Seller: violation of Requirements of Law, material decline in the value of Seller’s assets or
properties, an Internal Control Event or other event or circumstance that could reasonably be expected to have a Material Adverse Effect; 

(c)    the existence of any Default, Event of Default or material default under or related to a Purchased Asset, Purchased
Asset Document, Indebtedness, Guarantee Obligation or Contractual Obligation of Seller; 
 (d)    the resignation or
termination of any Servicer (other than Buyer or an Affiliate of Buyer) under any Servicing Agreement with respect to any Purchased Asset; 

(e)    the establishment of a public rating by any Rating Agency applicable to Seller, Pledgor, Originator or Guarantor,
and any downgrade in or withdrawal of such rating once established; 
 (f)    the commencement of, settlement of or
material judgment in any litigation, action, suit, arbitration, investigation or other legal or arbitrable proceedings before any Governmental Authority, or any material suit or claim relating to any federal or other material Taxes, whether pending
or, to the Knowledge of Seller, Guarantor, Sub-Advisor or any Relevant Company, threatened by any Governmental Authority, that (i) affects Seller, Guarantor,
Sub-Advisor any Relevant Company, any Purchased Asset, the Pledged Collateral or any Mortgaged Property, (ii) questions or challenges the validity or enforceability of any Repurchase Document,
Transaction, Purchased Asset or Purchased Asset Document, or (iii) individually or in the aggregate, could reasonably be likely to have a Material Adverse Effect; 

(g)    for each change in the Book Value of any Purchased Asset (but not more frequently than once in each calendar month),
the amount of each such change, which notice shall also indicate the percentage of each such change (if any) caused by a change in credit spreads; and 

(h)    each change in the location of its principal place of business and chief executive office, from the location
referred to in Section 7.17. 
 Section 8.10    Escrow Imbalance. Seller shall, no
later than five (5) Business Days after learning of any material overdraw, deficit or imbalance in any escrow or reserve account relating to a Purchased Asset, correct and eliminate the same. 

Section 8.11    Pledge Agreement. Seller shall not take any direct or indirect action inconsistent with the
Pledge Agreement or the security interest granted thereunder to Buyer in the Pledged Collateral. Seller shall not permit any additional Persons to acquire Equity Interests in Seller other than the Equity Interests owned by Pledgor and pledged to
Buyer on the Closing Date, and Seller shall not permit any sales, assignments, pledges or transfers of the Equity Interests in Seller other than to Buyer. 

  
 - 61 - 

 Section 8.12    Taxes. Following its initial election to be
treated as a REIT, Guarantor will continue to be a REIT. Seller will continue to be a disregarded entity of Guarantor for U.S. federal income tax purposes. Seller and Guarantor will each timely file all required federal tax returns and all other
material tax returns, domestic and foreign, required to be filed by them and will timely pay all federal and other material taxes (including mortgage recording taxes), assessments, fees, and other governmental charges (whether imposed with respect
to their income or any of their properties or assets) which become due and payable, other than any such taxes, assessments, fees, or other governmental charges that are being contested in good faith by appropriate proceedings diligently conducted
and for which appropriate reserves are established in accordance with GAAP. Seller will provide Buyer with written notice of any material suit or claim relating to any such taxes, whether pending or, to the Knowledge of Seller, threatened by any
Governmental Authority. 
 Section 8.13    Transaction with Affiliates. None of Seller, Pledgor, Originator
or Guarantor will, directly or indirectly, (i) make any investment in an Affiliate (whether by means of share purchase; capital contribution; loan, advance or any other extension of credit, including repurchase agreements, securities lending
transactions or any transaction involving a Derivatives Contract; deposit, or otherwise including any agreement or commitment to enter into any of the foregoing) or (ii) transfer, sell, lease, assign or otherwise dispose of any tangible or
intangible property to an Affiliate or enter into any other transaction, directly or indirectly, with or for the benefit of any Affiliate (including, without limitation, guarantees and assumptions of obligations of an Affiliate) except, in each
case, (a) in compliance with the Repurchase Documents, the Investment Company Act and any other Requirements of Law and (b) otherwise on arms’-length terms, including pursuant to a Master Bill of Sale or other Purchase Agreement. 

Section 8.14    Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 

(a)    The proceeds of any Transaction shall not be used, directly or indirectly, for any purpose which would breach any
applicable Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. 
 (b)    Seller, Pledgor, Originator and
Guarantor shall (i) conduct its business in compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions; and (ii) maintain policies and procedures designed to promote and achieve compliance with applicable
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. 
 (c)    The repurchase of any Purchased Asset or any
other payment due to Buyer under this Agreement or any other Repurchase Document shall not be funded, directly or indirectly, with proceeds derived from a transaction that would be prohibited by Anti-Corruption Laws, Anti-Money Laundering Laws or
Sanctions, or in any manner that would cause Seller or Guarantor or, to the knowledge of Seller or Guarantor, any Affiliates of Seller or Guarantor to be in breach of any Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions. 

  
 - 62 - 

 (d)    With respect to the Purchased Assets that were originated by Seller or
any Affiliate of Seller, Seller has conducted the customer identification and customer due diligence required in connection with the origination of each Purchased Asset for purposes of complying with all Anti-Money Laundering Laws, and will maintain
sufficient information to identify each such customer for purposes of such Anti-Money Laundering Laws. 

Section 8.15    Compliance with Sanctions. The proceeds of any Transaction hereunder will not, directly or
indirectly, be used to lend, contribute, or otherwise be made available (i) to fund any activities or business of or with a Sanctioned Target, or (ii) be used in any manner that would be prohibited by Sanctions or would otherwise cause
Buyer to be in breach of any Sanctions. Seller or Guarantor shall notify the Buyer in writing not more than three (3) Business Day(s) after becoming aware of any breach of Section 7.19 or this
Section 8.15. 
 ARTICLE 9 

SINGLE-PURPOSE ENTITY 

Section 9.01    Covenants Applicable to Seller. Seller shall (a) own no assets, and shall not engage in
any business, other than the assets and transactions specifically contemplated by this Agreement and any other Repurchase Document; (b) not incur any Indebtedness or other obligation, secured or unsecured, direct or indirect, absolute or
contingent (including guaranteeing any obligation), other than (I) with respect to the Purchased Asset Documents and the Retained Interests, (II) commitments to make loans which may become Eligible Assets, and (III) as otherwise
permitted under this Agreement; (c) not make any loans or advances to any Affiliate or any other Person and shall not acquire obligations or securities of its Affiliates, in each case other than in connection with the origination or acquisition
of Assets for purchase under the Repurchase Documents; (d) pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets; (e) comply with the provisions of its Governing
Documents; (f) do all things necessary to observe organizational formalities and to preserve its existence, and shall not amend, modify, waive provisions of or otherwise change its Governing Documents with respect to the matters set forth in
this Article 9; (g) maintain all of its books, records and bank accounts separate from those of any other Person; (h) maintain separate financial statements, showing its assets and liabilities separate and apart from those of any other
Person and not have its assets listed on any financial statement of any other Person; provided, however, that Seller’s assets may be included in a consolidated financial statement of its Affiliate provided that
(I) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of Seller from such Affiliate and to indicate that Seller’s assets and credit are not available to satisfy the debts and other
obligations of such Affiliate or any other Person and (II) such assets shall also be listed on Seller’s own separate balance sheet; (i) file its own tax returns separate from those of any other Person, except to the extent that Seller
is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under Requirements of Law; (j) be, and at all times shall hold itself out to the public as, a legal entity separate and distinct from any
other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own 

  
 - 63 - 

 
name, and shall not identify itself or any of its Affiliates as a division of the other; (k) 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; (l) to the fullest extent permitted by law, not engage in or suffer any Change of Control, dissolution, winding up, liquidation, consolidation or merger in whole or in
part or convey or transfer all or substantially all of its properties and assets to any Person (except as contemplated herein); (m) not commingle its funds or other assets with those of any Affiliate or any other Person; (n) maintain its
properties, assets and accounts separate from those of any Affiliate or any other Person, (o) not guarantee any obligation of any Person, including any Affiliate, become obligated for the debts of any other Person, or hold out its credit or
assets as being available pay the obligations of any other Person, (p) not, without the prior unanimous written consent of all of its Independent Directors or Independent Managers, take any Insolvency Action, (q) (I) have at all times
at least one (1) Independent Director or Independent Manager whose vote is required to take any Insolvency Action, and (II) provide Buyer with up-to-date
contact information for each such Independent Director or Independent Manager; (r) have Governing Documents that provide that for so long as any Repurchase Obligations remain outstanding, (I) the Independent Manager or Independent Director
may be removed only for Cause, (II) that Buyer be given at least five (5) Business Days prior notice of the removal and/or replacement of any Independent Director or Independent Manager, together with the name and contact information of
the replacement Independent Director or Independent Manager and evidence of the replacement’s satisfaction of the definition of Independent Director or Independent Manager, (III) that, to the fullest extent permitted by law, and
notwithstanding any duty otherwise existing at law or in equity, any Independent Director or Independent Manager shall consider only the interests of Seller, including its respective creditors, in acting or otherwise voting on the Insolvency Action,
and (IV) that, except for duties to Seller as set forth in the immediately preceding clause (including duties to the holders of the Equity Interests in Seller or Seller’s respective creditors solely to the extent of their respective
economic interests in Seller, but excluding (A) all other interests of the holders of the Equity Interests in Seller, (B) the interests of other Affiliates of Seller, and (C) the interests of any group of Affiliates of which Seller is
a part), the Independent Directors or Independent Managers shall not have any fiduciary duties to the holders of the Equity Interests in Seller, any officer or any other Person bound by the Governing Documents; provided, however, the
foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing; provided, further, in each case under this sub-clause 9.01(r), that Seller shall not be in breach of
this covenant if an Independent Director or Independent Manager resigns, is unable to serve as an Independent Manager or is otherwise incapacitated so long as Seller and/or its governing body replaces such Independent Director or Independent Manager
as soon as practicable thereafter; (s) except for capital contributions or capital distributions permitted under the terms and conditions of its Governing Documents and properly reflected on the books and records of Seller, not enter into any
transaction with an Affiliate of Seller except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length transaction; (t) maintain a sufficient number of
employees in light of contemplated business operations and pay the salaries of its own employees, if any, only from its own funds; (u) use separate stationary, invoices and checks bearing its own name; (v) allocate fairly and reasonably
any overhead expenses that are shared with an Affiliate, including for shared office space and for services performed by an employee of an Affiliate; (w) except pursuant to the Repurchase Documents, not pledge its assets to secure the
obligations of any other Person; and (x) not form, acquire or hold any Subsidiary or own any Equity Interest in any other entity. Seller has complied with the covenants set forth in this Section 9.01 since the date of
its formation. 

  
 - 64 - 

 ARTICLE 10 

EVENTS OF DEFAULT AND REMEDIES 

Section 10.01    Events of Default. Each of the following events shall be an “Event of
Default”: 
 (a)    Seller fails to make a payment of (i) Margin Deficit pursuant to
Section 4.01(a), any payment pursuant to Section 4.01(b) or Repurchase Price (other than Price Differential) when due, whether by acceleration or otherwise, (ii) Price Differential within one
(1) Business Day of when due, or (iii) any other amount within two (2) Business Days of when due, in each case under the Repurchase Documents; 

(b)    Seller fails to observe or perform in any material respect any other Repurchase Obligation of Seller under the
Repurchase Documents or Purchased Asset Documents to which Seller is a party, and (except in the case of a failure to perform or observe the Repurchase Obligations of Seller under Section 8.04 and 18.08(a)) such
failure continues unremedied for five (5) Business Days after the earlier of receipt of notice thereof from Buyer or the discovery of such failure by Seller; provided, however, in the case of any such failure to observe or perform
the obligations set forth in Sections 8.04, 8.07 or the first sentence of Section 8.02 that are susceptible to cure but cannot be cured within such five (5) Business Days through the
exercise of reasonable diligence, if Seller commences such cure within the initial five (5) Business Day period and diligently prosecutes same to completion, such period of five (5) Business Days shall be extended for such additional
period of time as may be reasonably necessary to cure same, but in no event shall such extended period exceed an additional twenty (20) days in total; 

(c)    any Representation Breach (other than a Representation Breach arising out of the representations and warranties set
forth in Schedule 1 which shall be considered solely for purposes of determining Market Value, whether a Purchased Asset qualifies as an Eligible Asset and whether or not Seller must repurchase a Purchased Asset pursuant to
Section 3.04) exists and continues unremedied for five (5) Business Days after the earlier of receipt of notice thereof from Buyer or the discovery of such failure by Seller; provided, however, in the
case of any such failure which is susceptible to cure but cannot be cured within such five (5) Business Days through the exercise of reasonable diligence, if Seller commences such cure within the initial five (5) Business Day period and
diligently prosecutes same to completion, such period of five (5) Business Days shall be extended for such additional period of time as may be reasonably necessary to cure same, but in no event shall such extended period exceed an additional
twenty (20) days in total; 
 (d)    Seller, Pledgor, Originator or Guarantor defaults beyond any applicable grace
period in paying any amount or performing any obligation under any Indebtedness, Guarantee Obligation or Contractual Obligation with an outstanding amount of at least $250,000 with respect to Seller, Originator or Pledgor, or the Guarantor
Materiality Threshold with respect to Guarantor; 

  
 - 65 - 

 (e)    Seller, any Relevant Company or Guarantor defaults beyond any
applicable grace period in paying any amount or performing any obligation due to Buyer or any Affiliate of Buyer under any other financing, hedging, security or other agreement (other than under this Agreement) between Seller, Guarantor, any
Relevant Company or any Subsidiary of Seller, Guarantor or any Relevant Company, and Buyer or any Affiliate of Buyer; 

(f)    an Insolvency Event occurs with respect to Seller, Guarantor, Sub-Advisor or
any Relevant Company; 
 (g)    a Change of Control occurs; 

(h)    a final judgment or judgments for the payment of money in excess of $250,000 with respect to Seller, Originator or
Pledgor, or the Guarantor Materiality Threshold with respect to Guarantor, in the aggregate is entered against Seller, Pledgor, Originator or Guarantor by one or more Governmental Authorities and the same is not satisfied, discharged (or provision
has not been made for such discharge) or bonded, or a stay of execution thereof has not been procured, within ten (10) Business Days from the date of entry thereof; 

(i)    a Governmental Authority takes any action to (i) condemn, seize or appropriate, or assume custody or control
of, all or any substantial part of the property of Seller, (ii) displace the management of Seller or curtail its authority in the conduct of the business of Seller, (iii) terminate the activities of Seller as contemplated by the Repurchase
Documents, or (iv) remove, limit or restrict the approval of Seller of the foregoing as an issuer, buyer or a seller of securities, and in each case such action is not discontinued or stayed within thirty (30) days; 

(j)    Seller, Pledgor, Originator or Guarantor admits that it is not Solvent or is not able or not willing to perform any
of the Repurchase Obligations, or obligations in respect of any of its Indebtedness with an aggregate unpaid balance in excess of $250,000 with respect to Seller, Originator or Pledgor, or the Guarantor Materiality Threshold with respect to
Guarantor; 
 (k)    any material provision of the Repurchase Documents, any right or remedy of Buyer or obligation,
covenant, agreement or duty of Seller thereunder, or any Lien, security interest or control granted under or in connection with the Repurchase Documents, Pledged Collateral or Purchased Assets terminates, is declared null and void, ceases to be
valid and effective, ceases to be the legal, valid, binding and enforceable obligation of Seller or any other Person, or the validity, effectiveness, binding nature or enforceability thereof is contested, challenged, denied or repudiated by Seller
or any Affiliate thereof, in each case directly, indirectly, in whole or in part; 
 (l)    Buyer ceases for any reason
to have a valid and perfected first priority security interest in any Purchased Asset or any Pledged Collateral; 

(m)    Seller, Pledgor, Originator or Guarantor is required to register as an “investment company” (as defined in
the Investment Company Act) or the arrangements contemplated by the Repurchase Documents shall require registration of Seller, Guarantor or any Relevant Company as an “investment company”; 

  
 - 66 - 

 (n)    Seller or Guarantor engages in any conduct or action where
Buyer’s prior consent is expressly required by any Repurchase Document and Seller or Guarantor fails to obtain such consent; 

(o)    Seller or Servicer (but only to the extent that Buyer or one of its Affiliates is not Servicer) fails to deposit to
the Waterfall Account all Income and other amounts actually received as required by Section 8.07 within the time periods such funds are required to be deposited; 

(p)    Guarantor’s audited annual financial statements or the notes thereto or other opinions or conclusions stated
therein are qualified or limited by reference to the status of Guarantor as a “going concern” or a reference of similar import, other than a qualification or limitation expressly related to Buyer’s rights in the Purchased Assets; 

(q)    Guarantor breaches any of the obligations, covenants, terms or conditions set forth in the Guarantee Agreement; 

(r)    any Material Modification is made to any Purchased Asset or any Purchased Asset Document without the prior written
consent of Buyer; 
 (s)    at any time the total amount on deposit in the Waterfall Account is less than the Minimum
Liquidity Amount and Seller fails to cure such circumstance within one (1) Business Day after either receiving notice of the related shortfall or otherwise becoming aware of such shortfall; and 

(t)    either FS Shareholder or Rialto Shareholder default under or fail at any time to satisfy all requirements of the
applicable Shareholder Cash Collateral Account Control Agreements. 
 Section 10.02    Remedies of Buyer as
Owner of the Purchased Assets. If an Event of Default has occurred and is continuing, at the option of Buyer, exercised by notice to Seller (which option shall be deemed to be exercised, even if no notice is given, automatically and immediately
upon the occurrence of an Event of Default under Section 10.01(f)), the Repurchase Date for all Purchased Assets shall be deemed automatically and immediately to occur (the date on which such option is exercised or deemed
to be exercised, the “Accelerated Repurchase Date”). If Buyer exercises or is deemed to have exercised the foregoing option: 

(a)    All Repurchase Obligations shall become immediately due and payable on and as of the Accelerated Repurchase Date.

 (b)    All amounts in the Waterfall Account and all Income paid after the Accelerated Repurchase Date shall be
retained by Buyer and applied in accordance with Article 5. 

  
 - 67 - 

 (c)    Buyer may complete any assignments, allonges, endorsements, powers or
other documents or instruments executed in blank and otherwise obtain physical possession of all Purchased Asset Documents and all other instruments, certificates and documents then held by or on behalf of Custodian under the Custodial Agreement.
Buyer may obtain physical possession of all Servicing Files, Servicing Agreements and other files and records of Seller or any Servicer. Seller shall deliver to Buyer such assignments and other documents with respect thereto as Buyer shall request.

 (d)    Buyer may immediately, at any time, and from time to time, exercise either of the following remedies with
respect to any or all of the Purchased Assets: (i) sell such Purchased Assets on a servicing-released basis and/or without providing any representations and warranties on an “as-is where is”
basis, in a recognized market and by means of a public or private sale at such price or prices as Buyer accepts, and apply the net proceeds thereof in accordance with Article 5, or (ii) retain such Purchased Assets and give Seller
credit against the Repurchase Price for such Purchased Assets (or if the amount of such credit exceeds the Repurchase Price for such Purchased Assets, to credit against Repurchase Obligations due and any other amounts (without duplication) then
owing to Buyer by any other Person pursuant to any Repurchase Document, in such order and in such amounts as determined by Buyer), in an amount equal to the market value of such Purchased Assets, as such market value is determined by Buyer on the
date of the related Event of Default. Until such time as Buyer exercises either such remedy with respect to a Purchased Asset, Buyer may hold such Purchased Asset for its own account and retain all Income with respect thereto. 

(e)    The Parties agree that the Purchased Assets are of such a nature that they may decline rapidly in value, and may not
have a ready or liquid market. Accordingly, Buyer shall not be required to sell more than one Purchased Asset on a particular Business Day, to the same purchaser or in the same manner. Buyer may determine whether, when and in what manner a Purchased
Asset shall be sold, it being agreed that both a good faith public and a good faith private sale shall be deemed to be commercially reasonable. Buyer shall not be required to give notice to Seller or any other Person prior to exercising any remedy
in respect of an Event of Default. If no prior notice is given, Buyer shall give notice to Seller of the remedies exercised by Buyer promptly thereafter. 

(f)    Seller shall be liable to Buyer for (i) any amount by which the Repurchase Obligations due to Buyer exceed the
aggregate of the net proceeds and credits referred to in the preceding clause (d), (ii) the amount of all actual out-of-pocket expenses, including reasonable legal
fees and expenses, actually incurred by Buyer in connection with or as a consequence of an Event of Default, (iii) any costs and losses payable under Section 12.03, and (iv) any other actual loss, damage, cost or
expense resulting from the occurrence of an Event of Default. 
 (g)    Buyer shall be entitled to an injunction, an
order of specific performance or other equitable relief to compel Seller to fulfill any of its obligations as set forth in the Repurchase Documents, including this Article 10, if Seller fails or refuses to perform its
obligations as set forth herein or therein. 
 (h)    Seller hereby appoints Buyer as attorney-in-fact of Seller for purposes of carrying out the Repurchase Documents, including executing, endorsing and recording any 

  
 - 68 - 

 
instruments or documents and taking any other actions that Buyer deems necessary or advisable to accomplish such purposes, which appointment is coupled with an interest and is irrevocable;
provided, however, Buyer shall have no rights to exercise the foregoing grant of such power of attorney unless an Event of Default has occurred and is continuing. 

(i)    Buyer may, without prior notice to Seller, exercise any or all of its
set-off rights including those set forth in Section 18.17 and pursuant to any other Repurchase Document. This Section 10.02(i) shall be without prejudice and
in addition to any right of set-off, combination of accounts, Lien or other rights to which Buyer is at any time otherwise entitled. 

(j)    All rights and remedies of Buyer under the Repurchase Documents, including those set forth in
Section 18.17, are cumulative and not exclusive of any other rights or remedies that Buyer may have and may be exercised at any time when an Event of Default has occurred and is continuing. Such rights and remedies may be
enforced without prior judicial process or hearing. Seller agrees that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at
arm’s-length. Seller hereby expressly waives any defenses Seller might have to require Buyer to enforce its rights by judicial process or otherwise arising from the use of nonjudicial process, disposition
of any or all of the Purchased Assets, or any other election of remedies. 
 ARTICLE 11 

SECURITY INTEREST 

Section 11.01    Grant. Buyer and Seller intend that the Transactions be sales to Buyer of the Purchased
Assets and not loans from Buyer to Seller secured by the Purchased Assets. However, to preserve and protect Buyer’s rights with respect to the Purchased Assets and under the Repurchase Documents if any Governmental Authority recharacterizes any
Transaction with respect to a Purchased Asset as other than a sale, and as security for Seller’s performance of the Repurchase Obligations, Seller hereby grants to Buyer a present Lien on and security interest in all of the right, title and
interest of Seller in, to and under the Purchased Assets (which for this purpose shall be deemed to include the items described in the proviso in the definition thereof). 

Section 11.02    Effect of Grant. If any circumstance described in Section 11.01
occurs, (a) this Agreement shall also be deemed to be a security agreement as defined in the UCC, (b) Buyer shall have all of the rights and remedies provided to a secured party by Requirements of Law (including the rights and remedies of
a secured party under the UCC and the right to set off any mutual debt and claim) and under any other agreement between Buyer and Seller, (c) without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of
the liquidation of the Purchased Assets against all of the Repurchase Obligations, without prejudice to Buyer’s right to recover any deficiency, (d) the possession by Buyer or any of its agents, including Custodian, of the Purchased Asset
Documents, the Purchased Assets and such other items of property as constitute instruments, money, negotiable documents, securities or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting such security
interest under the UCC and Requirements of Law, and (e) notifications to Persons (other than Buyer) holding such property, and acknowledgments, receipts or confirmations from 

  
 - 69 - 

 
Persons (other than Buyer) holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents (as
applicable) of the secured party for the purpose of perfecting such security interest under the UCC and Requirements of Law. The security interest of Buyer granted herein shall be, and Seller hereby represents and warrants to Buyer that it is, a
first priority perfected security interest. For the avoidance of doubt, (i) each Purchased Asset secures the Repurchase Obligations of Seller with respect to all other Transactions and all other Purchased Assets, and (ii) if an Event of
Default has occurred and is continuing, no Purchased Asset will be released from Buyer’s Lien or transferred to Seller until the Repurchase Obligations are indefeasibly paid in full. Notwithstanding the foregoing, the Repurchase Obligations
shall be full recourse to Seller. 
 Section 11.03    Seller to Remain Liable. Buyer and Seller agree that
the grant of a security interest under this Article 11 shall not constitute or result in the creation or assumption by Buyer of any Retained Interest or other obligation of Seller or any other Person in connection with any
Purchased Asset, whether or not Buyer exercises any right with respect thereto. Seller shall remain liable under the Purchased Assets and the Purchased Asset Documents to perform all of Seller’s duties and obligations thereunder to the same
extent as if the Repurchase Documents had not been executed. 
 Section 11.04    Waiver of Certain Laws.
Seller agrees, to the extent permitted by Requirements of Law, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in
force in any locality where any Purchased Assets may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Purchased Assets or any part thereof, or the final and
absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and Seller, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the
benefit of all such laws and any and all right to have any of the properties or assets constituting the Purchased Assets marshaled upon any such sale, and agrees that Buyer or any court having jurisdiction to foreclose the security interests granted
in this Agreement may sell the Purchased Assets as an entirety or in such parcels as Buyer or such court may determine. 
 ARTICLE 12

 INCREASED COSTS; CAPITAL ADEQUACY 

Section 12.01    Market Disruption. If prior to any Pricing Period, Buyer determines that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR for such Pricing Period, Buyer shall give prompt notice thereof to Seller, whereupon the Pricing Rate for such Pricing Period, and for all
subsequent Pricing Periods until such notice has been withdrawn by Buyer, shall be the Alternative Rate. 

Section 12.02    Illegality. If the adoption of or any change in any Requirements of Law or in the
interpretation or application thereof after the date hereof shall make it unlawful for Buyer to effect or continue Transactions as contemplated by the Repurchase Documents, (a) any 

  
 - 70 - 

 
commitment of Buyer hereunder to enter into new Transactions shall be terminated and the Maturity Date shall be deemed to have occurred, (b) the Pricing Rate shall be converted automatically
to the Alternative Rate on the last day of the then current Pricing Period or within such earlier period as may be required by Requirements of Law, and (c) if required by such adoption or change, the Maturity Date shall be deemed to have
occurred. 
 Section 12.03    Breakfunding. In the event of (a) the failure by Seller to terminate any
Transaction after Seller has given a notice of termination pursuant to Section 3.04, (b) any payment to Buyer on account of the outstanding Repurchase Price, including a payment made pursuant to
Section 3.04 but excluding a payment made pursuant to Section 5.02, on any day other than a Remittance Date (based on the assumption that Buyer funded its commitment with respect to the Transaction
in the London Interbank Eurodollar market and using any reasonable attribution or averaging methods that Buyer deems appropriate and practical), (c) any failure by Seller to sell Eligible Assets to Buyer after Seller has notified Buyer of a
proposed Transaction and Buyer has agreed to purchase such Eligible Assets in accordance with this Agreement, or (d) any conversion of the Pricing Rate to the Alternative Rate because LIBOR is not available for any reason on a day that is not
the last day of the then-current Pricing Period, Seller shall compensate Buyer for the cost and expense, if any, attributable to such event, but excluding lost profits. A certificate of Buyer setting forth any amount or amounts that Buyer is
entitled to receive pursuant to this Section 12.03 shall be delivered to Seller and shall be conclusive to the extent calculated in good faith and absent manifest error. Seller shall pay Buyer the amount shown as due on any
such certificate within ten (10) days after receipt thereof. 
 Section 12.04    Increased Costs. If
the adoption of, or any change in, any Requirements of Law or in the interpretation or application thereof by any Governmental Authority, or compliance by Buyer with any request or directive (whether or not having the force of law) from any central
bank or other Governmental Authority having jurisdiction over Buyer made after the date of this Agreement, shall: (a) subject Buyer to any Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through
(d) of the definition of “Excluded Taxes” or (iii) 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, (b) impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit
by, or any other acquisition of funds by, any office of Buyer, or (c) impose on Buyer (other than Taxes) any other condition; and the result of any of the preceding clauses (a), (b) and (c) is to increase the cost to Buyer, by an
amount that Buyer deems to be material, of entering into, continuing or maintaining Transactions, or to reduce any amount receivable under the Repurchase Documents in respect thereof, then, in any such case, upon not less than thirty
(30) days’ prior written notice to Seller, Seller shall pay to Buyer such additional amount or amounts as reasonably necessary to fully compensate Buyer for such increased cost or reduced amount receivable; provided, however,
that Buyer shall not treat Seller differently than other similarly situated customers in requiring the payment of such amount or amounts; provided, further, that Seller shall have no obligation for increased costs arising more than
18 months after the Maturity Date. 
 Section 12.05    Capital Adequacy. If Buyer determines that any
change in a Requirement of Law or internal policy regarding capital requirements has or would have the 

  
 - 71 - 

 
effect of reducing the rate of return on Buyer’s capital as a consequence of this Agreement or its obligations under the Transactions hereunder to a level below that which Buyer could have
achieved but for such change in a Requirement of Law or internal policy (taking into consideration Buyer’s policies with respect to capital adequacy), then from time to time Seller will promptly upon demand pay to Buyer such additional amount
or amounts as will compensate Buyer for any such reduction suffered. In determining any additional amounts due under this Section 12.05, Buyer shall treat Seller in the same manner it treats other similarly situated sellers
in facilities with substantially similar assets. Buyer will provide Seller with no less than thirty (30) days prior notice of the implementation of any change or event pursuant to which additional amounts are due or will become due under this
Section 12.05; provided, further, that Seller shall have no obligation to pay additional amounts for any period more than 18 months after the Maturity Date. 

Section 12.06    Taxes. 

(a)    Any and all payments by or on account of any obligation of Seller under any Repurchase Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then Seller shall make (or cause to be made) such deduction or
withholding and shall timely pay (or cause to be timely paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Seller 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 12.06) Buyer receives an amount equal
to the sum it would have received had no such deduction or withholding been made in respect of such Indemnified Taxes. 

(b)    Seller shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 (c)    Seller shall indemnify Buyer, within ten (10) Business Days after written demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 12.06) payable or paid by Buyer or required to be withheld or deducted from a payment
to Buyer, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to Seller by Buyer shall be conclusive absent manifest error. 
 (d)    As soon as
practicable after any payment of Taxes by Seller to a Governmental Authority pursuant to this Section 12.06, Seller shall deliver to Buyer 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 Buyer. 

(e)    (i) If Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Repurchase Document, Buyer shall deliver to 

  
 - 72 - 

 
Seller, at the time or times reasonably requested by Seller, such properly completed and executed documentation reasonably requested by Seller as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, Buyer, if reasonably requested by Seller, shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will enable Seller to determine whether
or not Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Section 12.06(e)(ii)(A), Section 12.06(e)(ii)(B) and Section 12.06(e)(ii)(D) below) shall not be required if in Buyer’s reasonable judgment
such completion, execution or submission would subject Buyer to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Buyer. 

(i)    Without limiting the generality of the foregoing: 

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

 (B)    if Buyer is a Foreign Buyer, it shall, to the extent it is legally entitled to do so, deliver
to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a Party under this Agreement (and from time to time thereafter upon the reasonable request of Seller), whichever of the following is
applicable: 
 (I)    in the case of a Foreign Buyer claiming the benefits of an income tax treaty to
which the United States is a party, (x) with respect to payments of interest under any Repurchase Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) 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 Repurchase Document, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable)
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; 

(II)    executed copies of IRS Form W-8ECI; 

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

  
 - 73 - 

 (IV)    to the extent a Foreign Buyer is not the beneficial
owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate or IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Buyer is a partnership and one or more direct or indirect partners of such Foreign Buyer are claiming the portfolio interest exemption, such Foreign Buyer may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner; 
 (C)    if Buyer is a Foreign Buyer, it
shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a Party under this Agreement (and from time to time thereafter upon the
reasonable request of Seller), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as
may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made; and 

(D)    if a payment made to Buyer under any Repurchase Document would be subject to U.S. federal
withholding Tax imposed by FATCA if Buyer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Code, as applicable), Buyer shall deliver to Seller at the time
or times prescribed by law and at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by Seller as may be necessary for Seller to comply with its obligations under FATCA and to determine that Buyer has complied with Buyer’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (D), “FATCA” shall include all amendments made to FATCA after the date of this Agreement. 
 Buyer agrees
that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Seller in writing of its legal inability to do so. 

(f)    If any Party determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 12.06 (including by the payment of additional amounts pursuant to this Section 12.06), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 12.06 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 12.06(f) (plus any penalties, interest or other

  
 - 74 - 

 
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 12.06(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 12.06(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 Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 12.06(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)    For the avoidance of doubt, for purposes of this Section 12.06, the term “applicable
law” includes FATCA. 
 Section 12.07    Payment and Survival of Obligations. Buyer may at any time
send Seller a notice showing the calculation of any amounts payable pursuant to this Article 12, and Seller shall pay such amounts to Buyer within ten (10) Business Days after Seller receives such notice. Each
Party’s obligations under this Article 12 shall survive any assignment of rights by, or the replacement of the Buyer, the termination of the Transactions and the repayment, satisfaction or discharge of all obligations
under any Repurchase Document. 
 Section 12.08    Increased Costs Termination. If any of the events
described in Article 12 result in Buyer’s election to use the Alternative Rate or Buyer’s request for additional amounts, then Seller shall have the option to notify Buyer in writing of its intent to terminate
this Agreement and all of the Transactions and repurchase all of the Purchased Assets without payment (except as provided in the Fee Letter) of any Exit Fees no later than five (5) Business Days after such notice is given to Buyer, and such
repurchase by Seller shall be conducted pursuant to and in accordance with Section 3.05. The election by Seller to terminate the Transactions in accordance with this Section 12.08 shall not relieve
Seller for liability with respect to any additional amounts or increased costs actually incurred by Buyer prior to the actual repurchase of the Purchased Assets. 

ARTICLE 13 
 INDEMNITY
AND EXPENSES 
 Section 13.01    Indemnity. 

(a)    Seller shall release, defend, indemnify and hold harmless Buyer, Affiliates of Buyer and its and their respective
officers, directors, shareholders, partners, members, owners, employees, agents, attorneys, Affiliates and advisors (each an “Indemnified Person” and collectively the “Indemnified Persons”), against, and shall hold
each Indemnified Person harmless from any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, fees, costs, expenses (including reasonable legal fees, charges, and disbursements of any counsel for any such
Indemnified Person and expenses), penalties or fines of any kind that may be imposed on, incurred by or asserted against any such Indemnified Person (collectively, the 

  
 - 75 - 

 
“Indemnified Amounts”) in any way relating to, arising out of or resulting from or in connection with (i) the Repurchase Documents, the Purchased Asset Documents, the
Purchased Assets, the Pledged Collateral, the Transactions, any Mortgaged Property or related property, or any action taken or omitted to be taken by any Indemnified Person in connection with or under any of the foregoing, or any transaction
contemplated hereby or thereby, or any amendment, supplement or modification of, or any waiver or consent under or in respect of any Repurchase Document, any Transaction, any Purchased Asset, any Purchased Asset Document, or any Pledged Collateral,
(ii) any claims, actions or damages by an Underlying Obligor or lessee with respect to a Purchased Asset, (iii) any violation or alleged violation of, non–compliance with or liability under any Requirements of Law, (iv) ownership
of, Liens on, security interests in or the exercise of rights or remedies under any of the items referred to in the preceding clause (i), (v) any accident, injury to or death of any person or loss of or damage to property occurring in, on
or about any Mortgaged Property or on the adjoining sidewalks, curbs, parking areas, streets or ways, (vi) any use, nonuse or condition in, on or about, or possession, alteration, repair, operation, maintenance or management of, any Mortgaged
Property or on the adjoining sidewalks, curbs, parking areas, streets or ways, (vii) any failure by Seller to perform or comply with any Repurchase Document, Purchased Asset Document or Purchased Asset, (viii) performance of any labor or
services or the furnishing of any materials or other property in respect of any Mortgaged Property or Purchased Asset, (ix) any claim by brokers, finders or similar Persons claiming to be entitled to a commission in connection with any lease or
other transaction involving any Repurchase Document, Purchased Asset or Mortgaged Property, (x) the execution, delivery, filing or recording of any Repurchase Document, Purchased Asset Document or any memorandum of any of the foregoing,
(xi) any Lien or claim arising on or against any Purchased Asset or related Mortgaged Property under any Requirements of Law or any liability asserted against Buyer or any Indemnified Person with respect thereto, (xii) (1) a past,
present or future violation or alleged violation of any Environmental Laws in connection with any Mortgaged Property by any Person or other source, whether related or unrelated to Seller or any Underlying Obligor, (2) any presence of any
Materials of Environmental Concern in, on, within, above, under, near, affecting or emanating from any Mortgaged Property in violation of Environmental Law, (3) the failure to timely perform any Remedial Work required under the Purchased Asset
Documents or pursuant to Environmental Law, (4) any past, present or future activity by any Person or other source, whether related or unrelated to Seller or any Underlying Obligor in connection with any actual, proposed or threatened use,
treatment, storage, holding, existence, disposition or other release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from any Mortgaged Property of any
Materials of Environmental Concern at any time located in, under, on, above or affecting any Mortgaged Property, in each case, in violation of Environmental Law, (5) any past, present or future actual Release (whether intentional or
unintentional, direct or indirect, foreseeable or unforeseeable) to, from, on, within, in, under, near or affecting any Mortgaged Property by any Person or other source, whether related or unrelated to Seller or any Underlying Obligor, in each case,
in violation of Environmental Law, (6) the imposition, recording or filing or the threatened imposition, recording or filing of any Lien on any Mortgaged Property with regard to, or as a result of, any Materials of Environmental Concern or
pursuant to any Environmental Law, or (7) any misrepresentation or failure to perform any obligations pursuant to any Repurchase Document or Purchased Asset Document relating to environmental matters in any way, or (xiii) Seller’s

  
 - 76 - 

 
conduct, activities, actions and/or inactions in connection with, relating to or arising out of any of the foregoing clauses of this Section 13.01, that, in each case,
results from anything whatsoever other than any Indemnified Person’s gross negligence or intentional misconduct, as determined by a court of competent jurisdiction pursuant to a final, non-appealable
judgment. In any suit, proceeding or action brought by an Indemnified Person in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset, Seller shall defend, indemnify and hold such
Indemnified Person harmless from and against all expense, loss or damage suffered by reason of any defense, set-off, counterclaim, recoupment or reduction of liability whatsoever of the account debtor or
Underlying Obligor arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such account debtor or Underlying Obligor from Seller. In the case
of an investigation, litigation or other proceeding to which the indemnity in this Section 13.01 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by Seller,
an Indemnified Person or any other Person or any Indemnified Person is otherwise a party thereto and whether or not any Transaction is entered into. This Section 13.01(a) shall not apply with respect to Taxes other than any
Taxes that represent losses, claims or damages arising from any non-Tax claim. 

(b)    If for any reason the indemnification provided in this Section 13.01 is unavailable to
the Indemnified Person or is insufficient to hold an Indemnified Person harmless, even though such Indemnified Person is entitled to indemnification under the express terms thereof, then Seller shall contribute to the amount paid or payable by such
Indemnified Person as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative benefits received by such Indemnified Person on the one hand and Seller on the other hand, the relative fault of
such Indemnified Person, and any other relevant equitable considerations. 
 (c)    An Indemnified Person may at any
time send Seller a notice showing the calculation of Indemnified Amounts, and Seller shall pay such Indemnified Amounts to such Indemnified Person within ten (10) Business Days after Seller receives such notice. The obligations of Seller under
this Section 13.01 shall apply (without duplication) to Eligible Assignees and Participants and survive the termination of this Agreement. 

Section 13.02    Expenses. Seller shall promptly on demand pay to or as directed by Buyer all third-party out-of-pocket costs and expenses (including legal and, after the occurrence of a Default or an Event of Default, accounting
and advisory fees and expenses) incurred by Buyer in connection with (a) the development, evaluation, preparation, negotiation, execution, consummation, delivery and administration of, and any amendment, supplement or modification to, or
extension, renewal or waiver of, the Repurchase Documents and the Transactions, (b) any Asset or Purchased Asset, including due diligence, inspection, testing, review, recording, registration, custody, care, insurance or preservation,
(c) the enforcement of the Repurchase Documents or the payment or performance by Seller of any Repurchase Obligations, and (d) any actual or attempted sale, exchange, enforcement, collection, compromise or settlement relating to the
Purchased Assets. 

  
 - 77 - 

 ARTICLE 14 

INTENT 

Section 14.01    Safe Harbor Treatment. The Parties intend (a) for each Transaction to qualify for the
safe harbor treatment provided by the Bankruptcy Code and for Buyer to be entitled to all of the rights, benefits and protections afforded to Persons under the Bankruptcy Code with respect to a “repurchase agreement” as defined in
Section 101(47) of the Bankruptcy Code (to the extent that a Transaction has a maturity date of less than one (1) year) and a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and that payments and
transfers under this Agreement constitute transfers made by, to or for the benefit of a financial institution, financial participant or repo participant within the meaning of Section 546(e) or 546(f) of the Bankruptcy Code, (b) the
Guarantee Agreement and the Pledge Agreement each constitute a security agreement or arrangement or other credit enhancement within the meaning of Section 101 of the Code related to a “securities contract” as defined in
Section 741(7)(A)(xi) of the Bankruptcy Code and, to the extent that the Guarantee Agreement and the Pledge Agreement relate to a Transaction that has a maturity date of less than one (1) year, a “repurchase agreement” as that
term is defined in Section 101(47)(A)(v) of the Bankruptcy Code, and (c) that Buyer (for so long as Buyer is a “financial institution,” “financial participant,” “repo participant,” “master netting
participant” or other entity listed in Section 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code) shall be entitled to the “safe harbor” benefits and protections afforded under the Bankruptcy Code with
respect to a “repurchase agreement,” “securities contract” and a “master netting agreement,” including (x) the rights, set forth in Article 10 and in Sections 555, 559 and 561 of the
Bankruptcy Code, to liquidate the Purchased Assets and terminate this Agreement, and (y) the right to offset or net out as set forth in Article 10 and Section 18.17 and in
Sections 362(b)(6), 362(b)(7), 362(b)(27), 362(o) and 546 of the Bankruptcy Code. 

Section 14.02    Liquidation. The Parties intend that Buyer’s right to liquidate Purchased Assets
delivered to it in connection with Transactions hereunder or to exercise any setoff and netting rights under Section 18.17 or any other remedies pursuant to Articles 10 and 11 and as
otherwise provided in the Repurchase Documents is a contractual right to liquidate such Transactions as described in Sections 555, 559 and 561 of the Bankruptcy Code. 

Section 14.03    Qualified Financial Contract. The Parties intend that if a Party is an “insured
depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any
rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

Section 14.04    Netting Contract. The Parties acknowledge and agree that this Agreement constitutes a
“netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction shall
constitute a “covered contractual payment entitlement” or “covered contractual payment obligation,” respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial
institution” as that term is defined in FDICIA). 

  
 - 78 - 

 Section 14.05    Master Netting Agreement. The Parties intend
that this Agreement, the Guarantee Agreement and the Pledge Agreement constitutes a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code. 

ARTICLE 15 
 DISCLOSURE
RELATING TO CERTAIN FEDERAL PROTECTIONS 
 The Parties acknowledge that they have been advised and understand that: 

(a)    if one of the Parties is a broker or dealer registered with the Securities and Exchange Commission under
Section 14 of the Exchange Act, the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 do not protect the other Party with respect to any Transaction; 

(b)    if one of the Parties is a government securities broker or a government securities dealer registered with the
Securities and Exchange Commission under Section 14C of the Exchange Act, the Securities Investor Protection Act of 1970 will not provide protection to the other Party with respect to any Transaction; 

(c)    if one of the Parties is a financial institution, funds held by or on behalf of the financial institution pursuant
to any Transaction are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable; and 

(d)    if one of the Parties is an “insured depository institution” as that term is defined in
Section 1813(c)(2) of Title 12 of the United States Code, funds held by or on behalf of the financial institution pursuant to any Transaction are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation, the
Savings Association Insurance Fund or the Bank Insurance Fund, as applicable. 
 ARTICLE 16 

NO RELIANCE 
 Each Party
acknowledges, represents and warrants to the other Party that, in connection with the negotiation of, entering into, and performance under, the Repurchase Documents and each Transaction: 

(a)    It is not relying (for purposes of making any investment decision or otherwise) on any advice, counsel or
representations (whether written or oral) of the other Party, other than the representations expressly set forth in the Repurchase Documents; 

(b)    It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the
extent that it has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based on its own judgment and on any advice from such advisors as it has deemed
necessary and not on any view expressed by the other Party; 

  
 - 79 - 

 (c)    It is a sophisticated and informed Person that has a full
understanding of all the terms, conditions and risks (economic and otherwise) of the Repurchase Documents and each Transaction and is capable of assuming and willing to assume (financially and otherwise) those risks; 

(d)    It is entering into the Repurchase Documents and each Transaction for the purposes of managing its borrowings or
investments or hedging its underlying assets or liabilities and not for purposes of speculation; 
 (e)    It is not
acting as a fiduciary or financial, investment or commodity trading advisor for the other Party and has not given the other Party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits
(either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Repurchase Documents or any Transaction; and 

(f)    No partnership or joint venture exists or will exist as a result of the Transactions or entering into and performing
the Repurchase Documents. 
 ARTICLE 17 

SERVICING 
 This Article 17
shall apply to all Purchased Assets. 
 Section 17.01    Servicing Rights. Buyer is the owner of all
Servicing Rights. Without limiting the generality of the foregoing, Buyer shall have the right to hire or otherwise engage any Person to service or sub-service all or part of the Purchased Assets,
provided, however, (except when an Event of Default has occurred and is continuing) Seller may designate one or more Servicers to be selected by Buyer, so long as each such Servicer is reasonably acceptable to Buyer, and each such
Person shall have only such servicing obligations with respect to such Purchased Assets as are approved by Buyer. Notwithstanding the preceding sentence, Buyer agrees with Seller as follows with respect to the servicing of the Purchased Assets: 

(a)    Each Servicer shall service the Purchased Assets on behalf of Buyer. Each Servicing Agreement shall contain
provisions which are consistent with this Article 17 and must otherwise be in form and substance satisfactory to Buyer, it being understood that (i) in all cases where an Affiliate of Seller is the Servicer, the related Servicing
Agreement shall be in the form approved by Buyer, and (ii) in all cases where Wells Fargo Bank, National Association is the Servicer, the related Servicing Agreement shall be in the form attached hereto as Exhibit G. 

(b)    Unless they have previously done so, contemporaneously with the execution of this Agreement on the Closing Date,
Buyer will enter into, and cause each Servicer to enter into, a Servicing Agreement. Each Servicing Agreement, where the Servicer is not 

  
 - 80 - 

 
Buyer or an Affiliate of Buyer, shall automatically terminate on the 30th day following its execution and at the end of each thirty (30) day period thereafter, unless, in each case, Buyer
shall agree, by prior written notice to the related Servicer to be delivered on or before the Remittance Date immediately preceding each such scheduled termination date, to extend the termination date an additional thirty (30) days. Neither
Seller nor the related Servicer may assign its rights or obligations under the related Servicing Agreement without the prior written consent of Buyer. 

(c)    Seller shall not and shall not direct or otherwise permit any Servicer to (i) make any Material Modification
without the prior written consent of Buyer or (ii) take any action which would result in a violation of the obligations of any Person under the related Servicing Agreement, this Agreement or any other Repurchase Document, or which would
otherwise be inconsistent with the rights of Buyer under the Repurchase Documents. Buyer, as owner of the Purchased Assets, shall own all related servicing and voting rights and, as owner, shall act as servicer with respect to the Purchased Assets,
subject to an interim revocable option from Buyer in favor of Seller, which is hereby granted, to direct each related Servicer, so long as no Default or Event of Default has occurred and is continuing; provided, however, that Seller
cannot give any direction or take any action that could materially adversely affect the value or collectability of any amounts due with respect to the Purchased Assets without the consent of Buyer. Such revocable option is not evidence of any
ownership or other interest or right of Seller in any Purchased Asset. 
 (d)    The servicing fee payable to each
Servicer shall be payable as a servicing fee in accordance with this Agreement and each Servicing Agreement, including without limitation pursuant to priority fourth of Section 5.02 or priority third of
Section 5.03, as applicable. 
 (e)    Upon the occurrence and during the continuance of an
Event of Default under this Agreement, in addition to all of the other rights and remedies of Buyer and each related Servicer under each Servicing Agreement, this Agreement and the other Repurchase Documents (and in addition to the provisions of
each Servicing Agreement providing for termination of each such Servicing Agreement pursuant to its terms), (i) for the avoidance of doubt, the right, if any, of each Servicer to direct the servicing of the Purchased Assets shall immediately
and automatically cease to exist, and (ii) for each Servicing Agreement where Servicer is not Buyer or one of its Affiliates, Buyer may at any time terminate the related Servicing Agreement immediately upon the delivery of a written termination
notice from either Buyer or the related Servicer to Seller. Seller shall pay all expenses associated with any such termination, including without limitation any fees and expenses required in connection with the transfer of servicing to the related
Servicer and/or a replacement Servicer. 
 Section 17.02    Accounts Related to Purchased Assets. To the
extent that Servicer is not Buyer or one of its Affiliates, Seller shall cause Servicer to enter into the contractual arrangements with Buyer and Seller that are necessary, as determined by Buyer, in order to create a perfected security interest in
favor of Buyer in all such accounts, including, without limitation, an Account Control Agreement in form and substance reasonably acceptable to Buyer. 

  
 - 81 - 

 Section 17.03    Servicing Reports. Seller shall deliver (or
cause each Servicer to deliver) to Buyer and Custodian a monthly remittance report in the form of the attached Exhibit H on or before the second Business Day immediately preceding each monthly Remittance Date containing servicing information,
including those fields reasonably requested by Buyer from time to time, on an asset by asset basis and in the aggregate, with respect to the Purchased Assets for the month (or any portion thereof) before the date of such report. 

Section 17.04    Servicer Event of Default. If an Event of Default or Servicer Event of Default has occurred
and is continuing, Buyer shall have the right at any time thereafter to terminate the related Servicing Agreement and transfer servicing of the related Purchased Assets to Buyer or its designee, at no cost or expense to Buyer, it being agreed that
Seller will pay any fees and expenses required to terminate such Servicing Agreement and transfer servicing to Buyer or its designee. 

ARTICLE 18 

MISCELLANEOUS 

Section 18.01    Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT. 
 Section 18.02    Submission to Jurisdiction; Service of Process.
Each Party irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the Repurchase Documents, or for recognition or enforcement of any judgment,
and each Party irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such State court or, to the fullest extent permitted by applicable law, in such Federal court. Each
Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or the other Repurchase
Documents shall affect any right that Buyer may otherwise have to bring any action or proceeding arising out of or relating to the Repurchase Documents against Seller or its properties in the courts of any jurisdiction. Seller irrevocably and
unconditionally waives, to the fullest extent permitted by Requirements of Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to the Repurchase Documents in any court
referred to above, and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Each Party irrevocably consents to service of process in the manner provided for notices in
Section 18.12. Nothing in this Agreement will affect the right of any Party hereto to serve process in any other manner permitted by applicable law. 

  
 - 82 - 

 Section 18.03    IMPORTANT WAIVERS. 

(a)    SELLER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A
COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY BUYER OR ANY INDEMNIFIED PERSON. 
 (b)    TO
THE EXTENT PERMITTED BY REQUIREMENTS OF LAW, EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THEM, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT
OF, CONNECTED WITH OR RELATED TO THE REPURCHASE DOCUMENTS, THE PURCHASED ASSETS, THE PLEDGED COLLATERAL, THE TRANSACTIONS, ANY DEALINGS OR COURSE OF CONDUCT BETWEEN THEM, OR ANY STATEMENTS (WRITTEN OR ORAL) OR OTHER ACTIONS OF EITHER PARTY. NEITHER
PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

(c)    TO THE EXTENT PERMITTED BY REQUIREMENTS OF LAW, EACH PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY
LITIGATION WHATSOEVER INVOLVING ANY INDEMNIFIED PERSON, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH
WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND REGARDLESS OF THE FORM OF THE CLAIM OF ACTION. NO INDEMNIFIED PERSON OR OTHER PARTY SHALL BE LIABLE FOR
ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH ANY REPURCHASE DOCUMENT OR THE
TRANSACTIONS. 
 (d)    SELLER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF BUYER OR AN INDEMNIFIED PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BUYER OR AN INDEMNIFIED PERSON WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS SECTION 18.03 IN THE EVENT OF LITIGATION OR OTHER CIRCUMSTANCES. THE SCOPE OF SUCH WAIVERS IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE REPURCHASE DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY. 

  
 - 83 - 

 (e)    EACH PARTY ACKNOWLEDGES THAT THE WAIVERS IN THIS
SECTION 18.03 ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT SUCH PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE REPURCHASE DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO RELY ON SUCH
WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE REPURCHASE DOCUMENTS. EACH PARTY FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL AND
OTHER RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 (f)    THE WAIVERS IN THIS
SECTION 18.03 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE REPURCHASE DOCUMENTS. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (g)    THE PROVISIONS OF THIS
SECTION 18.03 SHALL SURVIVE TERMINATION OF THE REPURCHASE DOCUMENTS AND THE INDEFEASIBLE PAYMENT IN FULL OF THE REPURCHASE OBLIGATIONS. 

Section 18.04    Integration; Severability. The Repurchase Documents supersede and integrate all previous
negotiations, contracts, agreements and understandings (whether written or oral), between the Parties relating to a sale and repurchase of Purchased Assets and the other matters addressed by the Repurchase Documents, and contain the entire final
agreement of the Parties relating to the subject matter thereof. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 18.05    Single Agreement. Seller agrees that (a) each Transaction is in consideration of and in
reliance on the fact that all Transactions constitute a single business and contractual relationship, and that each Transaction has been entered into in consideration of the other Transactions, (b) a default by it in the payment or performance
of any its obligations under a Transaction shall constitute a default by it with respect to all Transactions, (c) Buyer may set off claims and apply properties and assets held by or on behalf of Buyer with respect to any Transaction against the
Repurchase Obligations owing to Buyer with respect to other Transactions, and (d) payments, deliveries and other transfers made by or on behalf of Seller with respect to any Transaction shall be deemed to have been made in consideration of
payments, deliveries and other transfers with respect to all Transactions, and the obligations of Seller to make any such payments, deliveries and other transfers may be applied against each other and netted. 

Section 18.06    Use of Employee Plan Assets. No assets of an employee benefit plan subject to any provision
of ERISA shall be used by either Party in a Transaction. 

  
 - 84 - 

 Section 18.07    Survival and Benefit of Seller’s
Agreements. The Repurchase Documents and all Transactions shall be binding on and shall inure to the benefit of the Parties and their successors and permitted assigns. All of Seller’s representations, warranties, agreements and indemnities
in the Repurchase Documents shall survive the termination of the Repurchase Documents and the payment in full of the Repurchase Obligations, and shall apply to and benefit all Indemnified Persons, Buyer and its successors and assigns, Eligible
Assignees and Participants. No other Person shall be entitled to any benefit, right, power, remedy or claim under the Repurchase Documents. 

Section 18.08    Assignments and Participations. 

(a)    None of Guarantor, Pledgor, Originator, Seller or any of their respective Affiliates shall sell, assign or transfer
any of their respective rights or the Repurchase Obligations or delegate any of their respective duties under this Agreement or any other Repurchase Document without the prior written consent of Buyer, and any attempt to do so without such consent
shall be null and void. 
 (b)    Buyer may at any time, without the consent of Seller, Pledgor, Originator, Guarantor
or any of their respective Affiliates, sell participations to any Person other than a natural person, Seller, Pledgor, Originator, Guarantor or any of their respective Affiliates or, at all times prior to the occurrence and during the continuance of
a Default or an Event of Default, a Competitor (a “Participant”), in all or any portion of Buyer’s rights and/or obligations under the Repurchase Documents; provided that, as conditions to the sale of such
participations, (i) Buyer’s obligations under the Repurchase Documents shall remain unchanged, (ii) Buyer shall remain solely responsible to Seller for the performance of such obligations, (iii) Seller shall continue to deal
solely and directly with Buyer in connection with Buyer’s rights and obligations under the Repurchase Documents, and (iv) each Participant agrees to be bound by the confidentiality provisions set forth in
Section 18.10; provided, that, so long as no Event of Default has occurred and is continuing, Buyer shall retain full decision-making authority under the Repurchase Documents.
No Participant shall have any right to approve any amendment, waiver or consent with respect to any Repurchase Document, except to the extent that the Repurchase Price or Price Differential of any Purchased Asset would be reduced or the Repurchase
Date of any Purchased Asset would be postponed. Each Participant shall be entitled to the benefits of Article 12 (subject to the requirements and limitations therein, including the requirements under
Section 12.06(e) (it being understood that the documentation required under Section 12.06(e) shall be delivered to the participating Buyer)) and Article 13 to the same
extent as if it had acquired its interest by assignment pursuant to Section 18.08(c), provided that such Participant shall not be entitled to receive any greater payment under Section 12.04
or Section 12.06 than its participating Buyer would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from the adoption of or any change in any Requirements of Law or
in the interpretation or application thereof by a Governmental Authority or compliance by Buyer or such Participant with a request or directive (whether or not having the force of law) from a central bank or other Governmental Authority having
jurisdiction over Buyer or such Participant, in each case made or issued after the Participant acquired the applicable participation. To the extent permitted by Requirements of Law, each Participant shall also be entitled to the benefits of
Sections 10.02(i) and 18.17 to the same extent as if it had acquired its interest by assignment pursuant to Section 18.08(c). 

  
 - 85 - 

 (c)    Buyer may at any time, without the consent of Seller, Pledgor,
Originator or Guarantor, but upon notice to Seller, sell and assign to any Eligible Assignee (or, notwithstanding any other provision herein or in any other Repurchase Document, if an Event of Default has occurred and is continuing, to any Person,
without any other restriction), all or any portion of all of the rights and obligations of Buyer under the Repurchase Documents. Each such assignment shall be made pursuant to an Assignment and Acceptance substantially in the form of
Exhibit F (an “Assignment and Acceptance”). From and after the effective date of such Assignment and Acceptance, (i) such Eligible Assignee shall be a Party and, to the extent provided therein, have
the rights and obligations of Buyer under the Repurchase Documents with respect to the percentage and amount of the Repurchase Price allocated to it, (ii) Buyer shall, to the extent provided therein, be released from such obligations (and, in
the case of an Assignment and Acceptance covering all or the remaining portion of Buyer’s rights and obligations under the Repurchase Documents, Buyer shall cease to be a Party), (iii) the obligations of Buyer shall be deemed to be so
reduced, and (iv) Buyer will give prompt written notice thereof (including identification of the Eligible Assignee and the amount of Repurchase Price allocated to it) to each Party (but Buyer shall not have any liability for any failure to
timely provide such notice). Any sale or assignment by Buyer of rights or obligations under the Repurchase Documents that does not comply with this Section 18.08(c) shall be treated for purposes of the Repurchase Documents
as a sale by such Buyer of a participation in such rights and obligations in accordance with Section 18.08(b). 

(d)    Seller shall cooperate with Buyer in connection with any such sale and assignment of participations or assignments
and shall enter into such restatements of, and amendments, supplements and other modifications to, the Repurchase Documents to give effect to any such sale or assignment; provided, that none of the foregoing shall change any economic or other
material term of the Repurchase Documents in a manner adverse to Seller without the consent of Seller. 
 (e)    Buyer
shall have the right to partially or completely syndicate any or all of its rights under this Agreement and the other Repurchase Documents to any Eligible Assignee. 

(f)    Buyer, acting solely for this purpose as a non-fiduciary agent of Seller,
shall maintain a copy of each Assignment and Acceptance and a register for the recordation of the names and addresses of the Eligible Assignees that become Parties hereto and, with respect to each such Eligible Assignee, the aggregate assigned
Purchase Price and applicable Price Differential (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Parties shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Buyer for all purposes of this Agreement. The Register shall be available for inspection by the Parties at any reasonable time and from time to time upon reasonable prior notice. 

(g)    If Buyer sells a participation of its rights hereunder, it shall, acting solely for this purpose as a non-fiduciary agent of Seller, maintain a register on which it enters the name and address of each Participant and, with respect to each such Participant, the aggregate participated Purchase Price and applicable
Price Differential, and any other interest in any obligations under the Repurchase Documents (the “Participant Register”); provided that no Party shall have any obligation to disclose all or any portion of the Participant
Register (including the 

  
 - 86 - 

 
identity of any Participant or any information relating to a Participant’s interest in any obligations under any Repurchase Document) to any Person except to the extent that such disclosure
is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and the participating Party shall treat each Person whose name is recorded in the Participant Register as the owner of the applicable participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

Section 18.09    Ownership and Hypothecation of Purchased Assets. Title to all Purchased Assets shall pass to
and vest in Buyer on the applicable Purchase Dates and, subject to the terms of the Repurchase Documents, Buyer or its designee shall have free and unrestricted use of all Purchased Assets and be entitled to exercise all rights, privileges and
options relating to the Purchased Assets as the owner thereof, including rights of subscription, conversion, exchange, substitution, voting, consent and approval, and to direct any servicer or trustee. Buyer or its designee may, at any time, without
the consent of Seller, Pledgor, Originator, Guarantor or any of their respective Affiliates, engage in repurchase transactions with the Purchased Assets or otherwise sell, pledge, repledge, transfer, hypothecate, or rehypothecate the Purchased
Assets, all on terms that Buyer may determine; provided, that (i) no such transaction shall affect the obligations of Buyer to transfer the Purchased Assets to Seller on the applicable Repurchase Dates free and clear of any pledge, Lien,
security interest, encumbrance, charge or other adverse claim, and (ii) at all times prior to the occurrence and during the continuance of an Event of Default, no such transaction may be made with or to a Competitor. In the event Buyer engages
in a repurchase transaction with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, Buyer shall have the right to assign to Buyer’s counterparty any of the applicable representations or warranties
herein and the remedies for breach thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction. Seller shall not, notwithstanding any other provision herein, have any obligation or liability for costs incurred by
Buyer in connection with any Transaction described in this Section 18.09. 

Section 18.10    Confidentiality. All information regarding the terms set forth in any of the Repurchase
Documents or the Transactions shall be kept confidential and shall not be disclosed by either Party to any Person except (a) to the Affiliates of such Party or its or their respective directors, officers, employees, agents, advisors, attorneys,
accountants and other representatives who are informed of the confidential nature of such information and instructed to keep it confidential, (b) to the extent requested by any regulatory authority, stock exchange, government department or
agency, or required by Requirements of Law, (c) to the extent required to be included in the financial statements of either Party or an Affiliate thereof, (d) to the extent required to exercise any rights or remedies under the Repurchase
Documents, Purchased Assets or Mortgaged Properties, (e) to the extent required to consummate and administer a Transaction, (f) in the event any Party is legally compelled to make pursuant to deposition, interrogatory, request for
documents, subpoena, civil investigative demand or similar process by court order of a court of competent jurisdiction, and (g) to any actual or prospective eligible Participant or Eligible Assignee that agrees to comply with this
Section 18.10; provided, that, except with respect to the disclosures by Buyer under clause (g) of this Section 18.10, no such disclosure made with respect to any Repurchase Document
shall include a copy of such Repurchase Document to the extent that a summary would suffice, but if it is necessary for a copy of any Repurchase Document to be disclosed, all pricing and other economic terms set forth therein shall be redacted
before disclosure. 

  
 - 87 - 

 Section 18.11    No Implied Waivers; Amendments. No failure on
the part of Buyer to exercise, or delay in exercising, any right or remedy under the Repurchase Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy thereunder preclude any further exercise
thereof or the exercise of any other right. The rights and remedies in the Repurchase Documents are cumulative and not exclusive of any rights and remedies provided by law. Application of the Default Rate after an Event of Default shall not be
deemed to constitute a waiver of any Event of Default or Buyer’s rights and remedies with respect thereto, or a consent to any extension of time for the payment or performance of any obligation with respect to which the Default Rate is applied.
Except as otherwise expressly provided in the Repurchase Documents, no amendment, waiver or other modification of any provision of the Repurchase Documents shall be effective without the signed agreement of Seller and Buyer. Any waiver or consent
under the Repurchase Documents shall be effective only if it is in writing and only in the specific instance and for the specific purpose for which given. 

Section 18.12    Notices and Other Communications. Unless otherwise provided in this Agreement, all notices,
consents, approvals, requests and other communications required or permitted to be given to a Party hereunder shall be in writing and sent prepaid by hand delivery, by certified or registered mail, by expedited commercial or postal delivery service,
or by facsimile or email if also sent by one of the foregoing, to the address for such Party specified in Annex I or such other address as such Party shall specify from time to time in a notice to the other Party. Any of
the foregoing communications shall be effective when delivered, if such delivery occurs on a Business Day; otherwise, each such communication shall be effective on the first Business Day following the date of such delivery. A Party receiving a
notice that does not comply with the technical requirements of this Section 18.12 may elect to waive any deficiencies and treat the notice as having been properly given. 

Section 18.13    Counterparts; Electronic Transmission. Any Repurchase Document may be executed in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which shall together constitute but one and the same instrument. The Parties agree that this Agreement, any documents to be delivered pursuant
to this Agreement, any other Repurchase Document and any notices hereunder may be transmitted between them by email and/or facsimile. The Parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute
original signatures and are binding on all parties. 
 Section 18.14    No Personal Liability. No
administrator, incorporator, Affiliate, owner, member, partner, stockholder, officer, director, employee, agent or attorney of Buyer, any Indemnified Person, Seller, Pledgor, Originator or Guarantor, as such, shall be subject to any recourse or
personal liability under or with respect to any obligation of Buyer, Seller, Pledgor, Originator or Guarantor under the Repurchase Documents, whether by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any
statute or otherwise; it being expressly agreed that the obligations of Buyer, Seller, Pledgor, Originator or Guarantor under the Repurchase Documents are solely their respective corporate, limited liability company or partnership obligations, as
applicable, and that any such recourse or personal liability is hereby expressly waived. This Section 18.14 shall survive the termination of the Repurchase Documents and the repayment in full of the Repurchase Obligations.

  
 - 88 - 

 Section 18.15    Protection of Buyer’s Interests
in the Purchased Assets; Further Assurances. 
 (a)    Seller shall take such action as necessary to cause the
Repurchase Documents and/or all financing statements and continuation statements and any other necessary documents covering the right, title and interest of Buyer to the Purchased Assets to be promptly recorded, registered and filed, and at all
times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect such right, title and interest. Seller shall deliver to Buyer
file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. Seller shall execute any and
all documents reasonably required to fulfill the intent of this Section 18.15. 

(b)    Seller will promptly at its expense execute and deliver such instruments and documents and take such other actions
as Buyer may reasonably request from time to time in order to perfect, protect, evidence, exercise and enforce Buyer’s rights and remedies under and with respect to the Repurchase Documents, the Transactions and the Purchased Assets. Seller,
Pledgor, Originator and Guarantor shall, promptly upon Buyer’s request, deliver documentation in form and substance satisfactory to Buyer which Buyer deems necessary or desirable to evidence compliance with all applicable “know your
customer” due diligence checks. 
 (c)    If Seller fails to perform any of its Repurchase Obligations, then Buyer
may (but shall not be required to) perform or cause to be performed such Repurchase Obligation, and the costs and expenses incurred by Buyer in connection therewith shall be payable by Seller. Without limiting the generality of the foregoing, if
Seller fails to perform any of its Repurchase Obligations, Seller authorizes Buyer, at the option of Buyer and the expense of Seller, at any time and from time to time, to take all actions and pay all amounts that Buyer deems necessary or
appropriate to protect, enforce, preserve, insure, service, administer, manage, perform, maintain, safeguard, collect or realize on the Purchased Assets and Buyer’s Liens and interests therein or thereon and to give effect to the intent of the
Repurchase Documents. No Default or Event of Default shall be cured by the payment or performance of any Repurchase Obligation by Buyer on behalf of Seller. Buyer may make any such payment in accordance with any bill, statement or estimate procured
from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax Lien, title or claim except to the
extent such payment is being contested in good faith by Seller in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

(d)    Without limiting the generality of the foregoing, Seller will no earlier than six (6) months or later than
three (3) months before the fifth (5th) anniversary of the date of filing of each UCC financing statement filed in connection with to any Repurchase Document or any Transaction,
(i) deliver and file or cause to be filed an appropriate continuation statement with respect to such financing statement (provided that Buyer may elect to file such continuation statement), and (ii) if requested by Buyer, deliver or
cause to be delivered to Buyer an opinion of 

  
 - 89 - 

 
counsel, in form and substance reasonably satisfactory to Buyer, confirming and updating the security interest opinion delivered pursuant to Section 6.01(a) with respect
to perfection and otherwise to the effect that the security interests hereunder continue to be enforceable security interests, subject to no prior Liens, which opinion may contain usual and customary assumptions, limitations and exceptions. 

(e)    Except as provided in the Repurchase Documents, the sole duty of Buyer, Custodian or any other designee or agent of
Buyer with respect to the Purchased Assets shall be to use reasonable care in the custody, use, operation and preservation of the Purchased Assets in its possession or control. Buyer shall incur no liability to Seller or any other Person for any act
of Governmental Authority, act of God or other destruction in whole or in part or negligence or wrongful act of custodians or agents selected by Buyer with reasonable care, or Buyer’s failure to provide adequate protection or insurance for the
Purchased Assets. Buyer shall have no obligation to take any action to preserve any rights of Seller in any Purchased Asset against prior parties, and Seller hereby agrees to take such action. Buyer shall have no obligation to realize upon any
Purchased Asset except through proper application of any distributions with respect to the Purchased Assets made directly to Buyer or its agent(s). So long as Buyer and Custodian shall act in good faith in their handling of the Purchased Assets,
Seller waives or is deemed to have waived the defense of impairment of the Purchased Assets by Buyer and Custodian. 

(f)    At Buyer’s election (at Buyer’s sole cost and expense) and at any time during the term of this Agreement,
Buyer may complete and record any or all of the Blank Assignment Documents as further evidence of Buyer’s ownership interest in the related Purchased Assets. 

Section 18.16    Default Rate. To the extent permitted by Requirements of Law, Seller shall pay interest at
the Default Rate on the amount of all Repurchase Obligations not paid when due under the Repurchase Documents until such Repurchase Obligations are paid or satisfied in full. 

Section 18.17    Set-off. In addition to any rights now or
hereafter granted under the Repurchase Documents, Requirements of Law or otherwise, Guarantor and Seller hereby grant to Buyer and each Indemnified Person, to secure repayment of the Repurchase Obligations, and Guarantor hereby grants to Buyer and
each Indemnified Person, to secure repayment of the Guaranteed Obligations (as defined in the Guarantee Agreement), a right of set-off upon any and all of the following: monies, securities, collateral or other
property of Seller and Guarantor and any proceeds from the foregoing, now or hereafter held or received by Buyer, any Affiliate of Buyer or any Indemnified Person, for the account of Seller or Guarantor, whether for safekeeping, custody, pledge,
transmission, collection or otherwise, and also upon any and all deposits (general, specified, special, time, demand, provisional or final) and credits, claims or Indebtedness of Seller or Guarantor at any time existing, and any obligation owed by
Buyer or any Affiliate of Buyer to Seller or Guarantor and to set–off against any Repurchase Obligations or Indebtedness owed by Seller or Guarantor and any Indebtedness owed by Buyer or any Affiliate of Buyer to Seller or Guarantor, in each
case whether direct or indirect, absolute or contingent, matured or unmatured, whether or not arising under the Repurchase Documents and irrespective of the currency, place of payment or booking office of the amount or obligation and in each case at
any time held or owing by Buyer, any Affiliate of Buyer or any Indemnified 

  
 - 90 - 

 
Person to or for the credit of Seller or Guarantor, without prejudice to Buyer’s right to recover any deficiency. Each of Buyer, each Affiliate of Buyer and each Indemnified Person is hereby
authorized upon any amount becoming due and payable by Seller or Guarantor to Buyer or any Indemnified Person under the Repurchase Documents, the Repurchase Obligations or otherwise or upon the occurrence and during the continuance of an Event of
Default, without notice to Seller or Guarantor, any such notice being expressly waived by Seller and Guarantor to the extent permitted by any Requirements of Law, to set–off, appropriate, apply and enforce such right of set–off against any
and all items hereinabove referred to against any amounts owing to Buyer or any Indemnified Person by Seller or Guarantor under the Repurchase Documents and the Repurchase Obligations, irrespective of whether Buyer, any Affiliate of Buyer or any
Indemnified Person shall have made any demand under the Repurchase Documents and regardless of any other collateral securing such amounts, and in all cases without waiver or prejudice of Buyer’s rights to recover a deficiency. Seller and
Guarantor shall be deemed directly indebted to Buyer and the other Indemnified Persons in the full amount of all amounts owing to Buyer and the other Indemnified Persons by Seller and Guarantor under the Repurchase Documents and the Repurchase
Obligations and Guarantor shall be deemed directly indebted to Buyer and the other Indemnified Persons in the full amount of all amounts owing to Buyer and the other Indemnified Persons by Guarantor under the Guarantee Agreement, and Buyer and the
other Indemnified Persons shall be entitled to exercise the rights of set–off provided for above. ANY AND ALL RIGHTS TO REQUIRE BUYER OR OTHER INDEMNIFIED PERSONS TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO THE PURCHASED ASSETS OR
OTHER INDEMNIFIED PERSONS UNDER THE REPURCHASE DOCUMENTS, PRIOR TO EXERCISING THE FOREGOING RIGHT OF SET–OFF, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY SELLER AND GUARANTOR. 

Buyer or any Indemnified Person shall promptly notify the affected Seller or Guarantor after any such
set-off and application made by Buyer or such Indemnified Person, provided that the failure to give such notice shall not affect the validity of such set–off and application. If an amount or
obligation is unascertained, Buyer may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other party when the amount or obligation
is ascertained. Nothing in this Section 18.17 shall be effective to create a charge or other security interest. This Section 18.17 shall be without prejudice and in addition to any right of set-off, combination of accounts, Lien or other rights to which Buyer is at any time otherwise entitled. 

Section 18.18    Seller’s Waiver of Set-off.
Seller hereby waives any right of set-off it may have or to which it may be or become entitled under the Repurchase Documents or otherwise against Buyer, any Affiliate of Buyer, any Indemnified Person or their
respective assets or properties. 
 Section 18.19    Power of Attorney. Seller hereby authorizes Buyer to
file such financing statement or statements relating to the Purchased Assets without Seller’s signature thereon as Buyer, at its option, may deem appropriate. Seller hereby appoints Buyer as Seller’s agent and attorney in fact to
(a) following a Default or an Event of Default, execute any such financing statement or statements in Seller’s name and to perform all other acts which Buyer deems appropriate to perfect and preserve its ownership interest in and/or the
security interest 

  
 - 91 - 

 
granted hereby, if applicable, and (b) following an Event of Default, protect, preserve and realize upon the Purchased Assets in accordance with the terms of this Agreement and the other
Repurchase Documents, including, but not limited to, the right to endorse notes, complete blanks in documents, transfer servicing (including, but not limited, to sending “good-bye letters” to any
Mortgagor with respect to Purchased Assets which are Whole Loans, each to be in a form acceptable to Buyer), and sign assignments on behalf of such Seller as its agent and attorney in fact. 

This agency and power of attorney is coupled with an interest and is irrevocable without Buyer’s consent. Seller shall pay the filing
costs for any financing statement or statements prepared pursuant to this Section 18.19. In addition, Seller shall execute and deliver to Buyer a power of attorney in the form and substance of
Exhibit E hereto (“Power of Attorney”). 
 Section 18.20    Periodic
Due Diligence Review. Buyer may perform continuing due diligence reviews with respect to any or all of the Purchased Assets, Seller, Pledgor, Originator and Guarantor, including ordering new third party reports, for purposes of, among other
things, verifying compliance with the representations, warranties, covenants, agreements, duties, obligations and specifications made under the Repurchase Documents or otherwise. Upon reasonable prior notice to Seller, unless a Default or Event of
Default has occurred and is continuing, in which case no notice is required, Buyer or its representatives may during normal business hours inspect any properties and examine, inspect and make copies of the books and records of Seller, Pledgor,
Originator and Guarantor, the Purchased Asset Documents and the Servicing Files. Seller shall make available to Buyer one or more knowledgeable financial or accounting officers and representatives of the independent certified public accountants of
Seller for the purpose of answering questions of Buyer concerning any of the foregoing. Seller shall cause Servicer to cooperate with Buyer by permitting Buyer to conduct due diligence reviews of the Servicing Files; provided, however, that unless a
Default or Event of Default has occurred and is continuing, such right of inspection shall be limited to two (2) inspections per calendar year. Buyer may purchase Purchased Assets from Seller based solely on the information provided by Seller
to Buyer in the Underwriting Package and the representations, warranties, duties, obligations and covenants contained herein, and Buyer may at any time conduct a partial or complete due diligence review on some or all of the Purchased Assets,
including ordering new credit reports and new Appraisals on the Mortgaged Properties and otherwise re-generating the information used to originate and underwrite such Purchased Assets. Buyer may underwrite
such Purchased Assets itself or engage a mutually acceptable third-party underwriter to do so. 

Section 18.21    Time of the Essence. Time is of the essence with respect to all obligations, duties,
covenants, agreements, notices or actions or inactions of the parties under the Repurchase Documents. 

Section 18.22    PATRIOT Act Notice. Buyer hereby notifies Seller that Buyer is required by the PATRIOT Act to
obtain, verify and record information that identifies Seller. 
 Section 18.23    Successors and Assigns.
Subject to the foregoing, the Repurchase Documents and any Transactions shall be binding upon and shall inure to the benefit of the Parties and their successors and permitted assigns. 

  
 - 92 - 

 Section 18.24    Acknowledgement of Anti-Predatory Lending
Policies. Seller and Buyer each have in place internal policies and procedures that expressly prohibit their purchase of any high cost mortgage loan. 

[ONE OR MORE UNNUMBERED SIGNATURE PAGES FOLLOW] 

  
 - 93 - 

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

					
	SELLER:
	
	FS CREIT FINANCE WF-1 LLC
		
	By:	 	/s/ William Goebel
		 	Name:	 	William Goebel
		 	Title:	 	Chief Financial Officer
	
	BUYER:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:	 	/s/ Michael P. Duncan
		 	Name:	 	Michael P. Duncan
		 	Title:	 	Vice President

 I.    Schedule 1(a) 

REPRESENTATIONS AND WARRANTIES 

RE: PURCHASED ASSETS CONSISTING OF WHOLE LOANS 

Seller represents and warrants to Buyer, with respect to each Purchased Asset which is a Whole Loan, that except as specifically disclosed to Buyer in an
Approved Representation Exception for such Purchased Asset as of the related Purchase Date for each such Purchased Asset by Buyer from Seller and as of the date of each Transaction hereunder and at all times while the Repurchase Documents or any
Transaction hereunder is in full force and effect the representations set forth on this Schedule 1(a) shall be true and correct in all material respects. For purposes of this Schedule 1(a) and the representations and
warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to a Purchased Asset which is a Whole Loan if and when Seller has taken or caused to be taken action such that the event,
circumstance or condition that gave rise to such breach no longer affects such Purchased Asset or has repurchased such Purchased Asset in accordance with the terms of the Agreement. 

The Whole Loan is a performing Whole Loan secured by a first priority security interest in a commercial or multifamily property. All documents
comprising the Servicing File will be or have been delivered to Buyer with respect to each Whole Loan by the deadlines set forth in the Agreement and the Custodial Agreement. 

Such Whole Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law relating to such
Whole Loan. 
 Immediately prior to the sale, transfer and assignment to Buyer thereof, no Mortgage Note or Mortgage was subject to any
assignment (other than assignments to Seller), participation or pledge, and Seller had good and marketable title to, and was the sole owner and holder of, such Whole Loan, and Seller is transferring such Whole Loan free and clear of any and all
liens, pledges, encumbrances, charges, security interests or any other ownership interests of any nature encumbering such Whole Loan, except to the extent otherwise permitted in this Agreement (including Permitted Liens, as such term is defined in
the related Purchased Asset Documents) and Title Exceptions (as such term is defined below). Upon consummation of the purchase contemplated to occur in respect of such Whole Loan on the related Purchase Date therefor, Seller will have validly and
effectively conveyed to Buyer all legal and beneficial interest in and to such Whole Loan free and clear of any pledge, lien, encumbrance or security interest. There are no participation agreements affecting such Whole Loan. Seller has full right
and authority to sell, assign and transfer each Whole Loan, and the assignment to Buyer, other than as disclosed to Buyer in writing prior to the related Purchase Date. 

No fraudulent acts were committed by Seller in connection with its acquisition or origination of such Whole Loan nor were any fraudulent acts
committed by any other Person in connection with the origination of such Whole Loan. 

  
 Sch 1(a)-1 

 All information contained in the related Underwriting Package (or as otherwise provided to Buyer)
in respect of such Whole Loan is accurate and complete in all material respects. Seller has made available to Buyer for inspection, with respect to such Whole Loan, true, correct and complete Purchased Asset Documents, which Purchased Asset
Documents have not been amended, modified, supplemented or restated since the related date of origination. 
 Except as included in the
Underwriting Package, Seller is not a party to any document, instrument or agreement, and there is no document, instrument or agreement that by its terms modifies or materially affects the rights and obligations of any holder of such Whole Loan and
Seller has not consented to any material change or waiver to any term or provision of any such document, instrument or agreement and no such change or waiver exists. 

Such Whole Loan is presently outstanding, the proceeds thereof have been fully disbursed as of the Purchase Date therefor pursuant to the
terms of the related Purchased Asset Documents and, except for amounts held in escrow or reserve accounts, there is no requirement for any future advances thereunder. 

Seller has full right, power and authority to sell and assign such Whole Loan, and such Whole Loan or any related Mortgage Note has not been
cancelled, satisfied or rescinded in whole or in part nor has any instrument been executed that would effect a cancellation, satisfaction or rescission thereof. 

Other than consents and approvals obtained as of the related Purchase Date or those already granted in the related Purchased Asset Documents,
and assuming that Buyer and any other transferees comply with customary restrictions in the Purchased Asset Documents limiting assignees to “Qualified Transferees” or similar transfer restriction provisions in the Purchased Asset
Documents, no consent or approval by any Person is required in connection with Seller’s sale and/or Buyer’s acquisition of such Whole Loan, for Buyer’s exercise of any rights or remedies in respect of such Whole Loan (except for
compliance with applicable Requirements of Law in connection with the exercise of any rights or remedies by Buyer) or for Buyer’s sale, pledge or other disposition of such Whole Loan. No third party holds any “right of first refusal”,
“right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 

No consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having
jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Whole Loan, other than recordation of assignments of each Mortgage and assignment of leases securing the related Whole Loan in the applicable real
estate records where the Mortgaged Properties are located and the filing of UCC-3 assignments in all applicable filing offices. 

Seller has not received written notice of any outstanding material liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind for which the holder of such Whole Loan is or may become obligated under the Purchased Asset Documents. 

  
 Sch 1(a)-2 

 Seller has not advanced funds, or received any advance of funds from a party other than the
Mortgagor relating to such Whole Loan or the related Mortgage Note, directly or indirectly, for the payment of any amount required by such Whole Loan or the related Mortgage Note, and no funds have been received from any Person other than such
Mortgagor, for or on account of payments due on such Whole Loan. 
 Each related Mortgage Note, Mortgage, assignment of leases (if a
document separate from the Mortgage), guaranty and other agreement executed by the related Mortgagor, guarantor or other obligor in connection with such Whole Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or
other obligor (subject to any non-recourse provisions therein and any state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except
(i) that certain provisions contained in such Purchased Asset Documents are or may be unenforceable in whole or in part under applicable state or federal laws, but neither the application of any such laws to any such provision nor the inclusion
of any such provisions renders any of the Purchased Asset Documents invalid as a whole or materially interfere with the Mortgagee’s practical realization of the principal rights and benefits afforded thereby and/or security provided thereby and
(ii) as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general
principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage Note and Mortgage contain no provision limiting the right or ability of any holder thereof to assign, transfer and
convey all or any portion of the related Whole Loan to any other Person, except, however, for customary intercreditor restrictions limiting assignees to “Qualified Transferees”, “Institutional Lender/Owners” or “Qualified
Institutional Lenders” or any similar term. With respect to any Mortgaged Property that has tenants, there exists as either part of the Mortgage or as a separate document, an assignment of leases. 

Except as set forth in paragraphs (13) and (16), there is no valid offset, defense, counterclaim, abatement or right of rescission
available to the related Mortgagor with respect to any related Mortgage Note, Mortgage or other agreements executed in connection therewith, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional
fraud by Seller in connection with the origination of the Whole Loan, that would deny the mortgagee the principal benefits intended to be provided by the Mortgage Note, Mortgage or other Purchased Asset Documents, except with respect to the
enforceability of any provisions requiring the payment of default interest, late fees, additional interest, prepayment premiums or yield maintenance charges. 

Seller has delivered to Buyer or its designee either (i) the original Mortgage Note(s) made in respect of such Whole Loan, together with
an original endorsement thereof, executed by Seller in blank, or (ii) a copy of the applicable Mortgage Note(s), together with an affidavit and indemnity in favor of Buyer evidencing the loss, theft, destruction or mutilation of such original
Mortgage Note(s), in form and substance acceptable to Buyer in its reasonable discretion. 
 Each related assignment of Mortgage and
assignment of assignment of leases from Seller in blank constitutes a legal, valid and binding assignment from Seller (assuming the 

  
 Sch 1(a)-3 

 
insertion of Buyer’s name), except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to
or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Each related Mortgage and assignment of leases evidences
a first-priority lien, and each is freely assignable without the consent of the related Mortgagor. Each Mortgaged Property (subject to and excepting Permitted Liens and the Title Exceptions) is free and clear of any recorded mechanics’ liens,
recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described
below), and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Liens and the Title Exceptions), and no rights exist which under law could give rise to any such lien or encumbrance that would be prior to or equal
with the lien of the related Mortgage, except those which are bonded over, escrowed for, or insured against by a lender’s title insurance policy. 

The Whole Loan is secured by one or more Mortgages and each such Mortgage is a valid and enforceable first lien on the related Mortgaged
Property subject only to the exceptions set forth in paragraphs (13) and (16) above and the following title exceptions (each such title exception, a “Title Exception”, and collectively, the “Title Exceptions”):
(a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which,
individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its
obligations under the Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (c) the exceptions (general and specific) and exclusions set forth in the applicable policy described in
paragraph (21) below or appearing of record, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such
Mortgage or with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) other matters to which like properties are commonly
subject, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s
ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (e) the right of tenants (whether underground leases, space leases or operating leases) pertaining
to the related Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases) and (f) if such Whole Loan is cross-collateralized with any other Whole Loan, the
lien of the Mortgage for such other Whole Loan, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such
Mortgage or with the Mortgagor’s ability to pay its obligations under the Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property. Each title policy contains no exclusion for, or affirmatively
insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the area shown on the survey is the same as the property legally described
in the 

  
 Sch 1(a)-4 

 
Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous. There are no Whole Loans that are senior or pari
passu with respect to the related Mortgaged Property or such Whole Loan. The Mortgagor has good and marketable title to the Mortgaged Property, no claims under the title policies insuring the Mortgagor’s title to the Mortgaged Properties
have been made, and the Mortgagor has not received any written notice regarding any material violation of any easement, restrictive covenant or similar instrument affecting the Mortgaged Property. 

UCC financing statements have been filed and/or recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and
recording), in the appropriate public filing and/or recording offices necessary to perfect a valid security interest in all items of personal property in which a security interest may be perfected under the UCC, located on the Mortgaged Property
that are owned by the Mortgagor and either (i) are reasonably necessary to operate the Mortgaged Property or (ii) are (as indicated in the appraisal obtained in connection with the origination of the related Whole Loan) material to the
value of the Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest or a sale and leaseback financing arrangement permitted under
the terms of such Whole Loan or any other personal property leases applicable to such personal property) to the extent perfection may be effected pursuant to applicable law by recording or filing of UCC financing statements, and the Mortgages,
security agreements, chattel Mortgages or equivalent documents related to and delivered in connection with the related Whole Loan establish and create a valid and enforceable lien and priority security interest on the items of personalty described
above, which security interest is senior to all other creditors of the Mortgagor, other than with respect to Permitted Liens, except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption,
liquidation or other laws relating to or affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Notwithstanding
any of the foregoing, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements are
required in order to effect such perfection. 
 All real estate taxes and governmental assessments, and other outstanding governmental
charges (including, without limitation, water and sewage charges) or installments thereof, which would be a lien on the Mortgaged Property and that have become delinquent in respect of the Mortgaged Property have been paid, or, if the appropriate
amount of such taxes or charges is being appealed or is otherwise in dispute, the unpaid taxes or charges are covered by an escrow of funds or other security sufficient to pay such tax or charge and reasonably estimated interest and penalties, if
any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and installments thereof shall not be considered delinquent until the earlier of (a) the date on which interest and/or penalties
would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. 

Except as may be set forth in the property condition reports delivered to Buyer with respect to the Mortgaged Properties, each related
Mortgaged Property is free and clear of any material damage (other than deferred maintenance for which escrows were established at 

  
 Sch 1(a)-5 

 
origination or which are then-currently being maintained) that would affect materially and adversely the value of such Mortgaged Property as security for the Whole Loan and there was no
proceeding pending or, based solely upon the delivery of written notice thereof from the appropriate condemning authority, threatened for the total or partial condemnation of such Mortgaged Property. 

An engineering report was prepared in connection with the origination of each Whole Loan no more than twelve (12) months prior to the
Purchase Date, which states that all building systems for the improvements of each related Mortgaged Property are in good working order, and further indicates that each related Mortgaged Property (a) is free of any material damage, (b) is
in good repair and condition, and (c) is free of structural defects, except to the extent (i) any damage or deficiencies that would not materially and adversely affect the use, operation or value of the Mortgaged Property or the security
intended to be provided by such Mortgage or repairs with respect to such damage or deficiencies estimated to cost less than $50,000 in the aggregate per Mortgaged Property; (ii) such repairs have been completed; or (iii) escrows in an
aggregate amount consistent with the standards utilized by Seller (or the originator of such Whole Loan, if applicable) with respect to similar loans it holds for its own account have been established, which escrows will in all events be in an
aggregate amount not less than the estimated cost of such repairs. There are no material issues with the physical condition of the Mortgaged Property that would have a material adverse effect on the use, operation or value of the Mortgaged Property
other than those disclosed in the engineering report and those addressed in sub-clauses (i), (ii) and (iii) of the preceding sentence. 

The lien of each related Mortgage as a first priority lien in the original principal amount of such Whole Loan after all advances of principal
is insured by an ALTA lender’s title insurance policy (or, until the policy is issued, a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction, insuring the Mortgagee, its successors and assigns, subject only
to Permitted Liens and the Title Exceptions; the Mortgagee or its successors or assigns is the sole named insured of such policy; such policy is assignable without consent of the insurer and Seller and will inure to the benefit of the Mortgagee of
record; such title policy is in full force and effect upon the consummation of the transactions contemplated by this Agreement; all premiums thereon have been paid; no claims have been made under such policy and no circumstance exists which would
impair or diminish the coverage of such policy. The insurer issuing such policy is either (x) a nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in
which the related Mortgaged Property is located to the extent required; such policy contains no material exclusions for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such insurance is not
available) (a) access to public road or (b) against any loss due to encroachments of any material portion of the improvements thereon. 

Insurance coverage is being maintained with respect to the Mortgaged Property in compliance in all material respects with the requirements
under each related Mortgage, which insurance covered such risks as are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property in the
jurisdiction in which such Mortgaged Property is located, and (A) with respect to a “special cause of loss form” or “all risk form” insurance policy that includes replacement cost valuation issued by an insurer meeting the
requirements of the related 

  
 Sch 1(a)-6 

 
loan documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3” (or the
equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s Ratings Service (the “Insurance Rating Requirements”), is in an amount (subject to
a customary deductible) at least equal to the lesser of (i) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment located on such Mortgaged Property (with no deduction for
physical depreciation), or (ii) the outstanding principal balance of the Whole Loan, and in any event, not less than the amount necessary, or containing such endorsements as are necessary, to prevent operation of any co-insurance provisions; and, except if such Mortgaged Property is operated as a mobile home park, is also covered by business interruption or rental loss insurance, in an amount at least equal to twelve
(12) months of operations of the related Mortgaged Property (or with respect to each Whole Loan with a principal balance of $35 million or more, 18 months); (B) for a Whole Loan with a principal balance of $50 million or more contains
a 180 day “extended period of indemnity”; and (C) covers the actual loss sustained during restoration, all of which is in full force and effect with respect to each related Mortgaged Property; all premiums due and payable have been
paid; and no notice of termination or cancellation with respect to any such insurance policy has been received by Seller. Except for certain amounts not greater than amounts which would be considered prudent by an institutional commercial and/or
multifamily mortgage lender with respect to a similar Whole Loan and which are set forth in the related Mortgage, any insurance proceeds in respect of a casualty loss, will be applied either (i) to the repair or restoration of all or part of
the related Mortgaged Property, with respect to all property losses in excess of 5% of the principal amount of the related Whole Loan, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or
restoration progresses, or (ii) the reduction of the outstanding principal balance of the Whole Loan together with any accrued interest thereon, subject in either case to requirements with respect to leases at the related Mortgaged Property and
to other exceptions customarily provided for by prudent institutional lenders for similar loans. The Mortgaged Property is covered, and required to be covered pursuant to the related Purchased Asset Documents, by a commercial general liability
insurance policy issued by an insurer meeting the Insurance Rating Requirements including broad-form coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by
prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate. An architectural or engineering consultant has performed an analysis of the Mortgaged Properties
located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the probable maximum loss (“PML”) for the Mortgaged Property in the event of an
earthquake. In such instance, the PML was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the PML would exceed 20%
of the amount of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer meeting the Insurance Rating Requirements in an amount not less than 150% of the PML. If windstorm and/or
windstorm related perils and/or “named storms” are excluded from the primary property damage insurance policy the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting the Insurance Rating
Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms, in an amount at least equal to 100% of the full insurable value on a replacement cost basis of the improvements and personalty and
fixtures included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirements. 

  
 Sch 1(a)-7 

 The insurance policies contain a standard mortgagee clause naming the Mortgagee, its successors
and assigns as loss payee, in the case of a property insurance policy, and additional insured in the case of a liability insurance policy and provide that they are not terminable without at least thirty (30) days prior written notice to the
Mortgagee (or, with respect to non-payment, ten (10) days prior written notice to the Mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain
insurance as described above or permits the Mortgagee to require insurance as described above, and permits the Mortgagee to purchase such insurance at the Mortgagor’s expense if Mortgagor fails to do so. 

Other than payments due but not yet thirty (30) days or more delinquent, (a) there is no, and since origination there has been no,
material default, breach, violation or event of acceleration existing under the related Purchased Asset Documents, and no event has occurred (other than payments due but not yet delinquent) which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, provided, however, that this representation and warranty does not address or otherwise cover any default, breach,
violation or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by Seller in any paragraph of this Schedule 1(a), (b) Seller has not waived any material
default, breach, violation or event of acceleration under such Mortgage or Mortgage Note and (c) pursuant to the terms of the related Purchased Asset Documents, no Person or party other than the holder of such Mortgage Note (or its servicer)
may declare any event of default or accelerate the related indebtedness under either of such Mortgage or Mortgage Note. 
 Such Whole Loan
is not, and since its origination, has not been thirty (30) days or more past due in respect of any scheduled payment. There is no (i) monetary default, breach or violation with respect to such Whole Loan or any other obligation of the
Mortgagor, (ii) material non-monetary default, breach or violation with respect to such Whole Loan or any other obligation of the Mortgagor or (iii) event which, with the passage of time or with
notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration. Seller has not received any written notice that the Whole Loan may be subject to reduction or disallowance for any reason,
including without limitation, any setoff, right of recoupment, defense, counterclaim or impairment of any kind. 
 Each related Mortgage
does not provide for or permit, without the prior written consent of the holder of the Mortgage Note, the related Mortgaged Property to secure any other promissory note or obligation except as expressly described in the following sentence. The
related Mortgaged Property is not encumbered, and none of the Purchased Asset Documents permits the related Mortgaged Property to be encumbered subsequent to the related Purchase Date without the prior written consent of the holder of such Whole
Loan, by any lien securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage (other than Permitted Liens, Title Exceptions, taxes, assessments and contested mechanics and materialmens liens
that become payable after the Purchase Date of the related Whole Loan). 

  
 Sch 1(a)-8 

 To the extent such Whole Loan is identified in writing by Seller to Buyer as being real estate
mortgage investment conduit (“REMIC”) eligible, such Whole Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3)of the Code (without regard to Treasury Regulations Sections 1.860G-2(a)(3) or 1.860G-2(f)(2)), is directly secured by a Mortgage on a commercial property or a multifamily residential property, and (A) the issue price
of the Whole Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Whole Loan and (B) either (1) substantially all of the proceeds of such Whole Loan
were used to acquire, improve or protect the portion of such commercial or multifamily residential property that consists of an interest in real property (within the meaning of Treasury Regulations
Sections 1.856-3(c) and 1.856-3(d)) and such interest in real property was the only security for such Whole Loan as of the Testing Date (as defined below), or
(2) the fair market value of the interest in real property which secures such Whole Loan was at least equal to eighty percent (80%) of the principal amount of the Whole Loan (a) as of the Testing Date, or (b) as of the related
Purchase Date. For purposes of the previous sentence, (1) the fair market value of the referenced interest in real property shall first be reduced by (a) the amount of any lien on such interest in real property that is senior to the Whole
Loan, and (b) a proportionate amount of any lien on such interest in real property that is on a parity with the Whole Loan, and (2) the “Testing Date” shall be the date on which the referenced Whole Loan was originated
unless (a) such Whole Loan was modified after the date of its origination in a manner that would cause a “significant modification” of such Whole Loan within the meaning of Treasury Regulations
Section 1.1001-3(b), and (b) such “significant modification” did not occur at a time when such Whole Loan was in default or when default with respect to such Whole Loan was reasonably
foreseeable. However, if the referenced Whole Loan has been subjected to a “significant modification” after the date of its origination and at a time when such Whole Loan was not in default or when default with respect to such Whole Loan
was not reasonably foreseeable, the Testing Date shall be the date upon which the latest such “significant modification” occurred. 

There is no material and adverse environmental condition or circumstance affecting the Mortgaged Property; there is no material violation of
any applicable Environmental Law with respect to the Mortgaged Property; neither Seller nor the Mortgagor has taken any actions which would cause the Mortgaged Property not to be in compliance with all applicable Environmental Laws; the Purchased
Asset Documents require the borrower to comply with all Environmental Laws; and each Mortgagor has agreed to indemnify the Mortgagee for any losses resulting from any material, adverse environmental condition or failure of the Mortgagor to abide by
such Environmental Laws or has provided environmental insurance. 
 At origination, each Mortgagor represented and warranted that to its
knowledge no hazardous materials or any other substances or materials which are included under or regulated by Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or
discharged from the Mortgaged Property, except for those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner
that does not result in contamination of the Mortgaged Property or in a material adverse effect on the value, use or operations of the Mortgaged Property. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site
assessment) and, with respect to certain Whole Loans, a Phase II environmental site 

  
 Sch 1(a)-9 

 
assessment (collectively, an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in connection with such Whole Loan within twelve (12) months
prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not reveal any known circumstance or condition that rendered the Mortgaged Property at the date of the ESA in material noncompliance with
applicable Environmental Laws or the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) or the
need for further investigation, or (ii) if any material noncompliance with Environmental Laws or the existence of an Environmental Condition was indicated in any such ESA, then at least one of the following statements is true: (A) 125% of
the funds reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related
Mortgagor and is held by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials and the only recommended action in the ESA is the institution of such a plan, an operations or
maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or
abated in all material respects prior to the date hereof, and a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise
listed by such governmental authority as “closed”); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified
circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the
responsible party for such condition or circumstance and Seller has reasonably estimated that the responsible party has financial resources adequate to address the situation; or (F) a party related to the Mortgagor having financial resources
reasonably estimated to be adequate to address the situation is required to take action. The ESA will be part of the Servicing File; and except as set forth in the ESA, there is no (i) known circumstance or condition that rendered the Mortgaged
Property in material noncompliance with applicable Environmental Laws, (ii) Environmental Conditions (as such term is defined in ASTM E1527-05 or its successor), or (iii) need for further
investigation. 
 In the case of each Whole Loan that is the subject of an environmental insurance policy, issued by the issuer thereof (the
“Policy Issuer”) and effective as of the date thereof (the “Environmental Insurance Policy”), (i) the Environmental Insurance Policy is in full force and effect, there is no deductible and Seller is a named
insured under such policy, (ii)(a) a property condition or engineering report was prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to asbestos-containing materials (“ACM”) and, if the
related Mortgaged Property is a multifamily property, with respect to radon gas (“RG”) and lead-based paint (“LBP”), and (b) if such report disclosed the existence of a material and adverse LBP, ACM or RG
environmental condition or circumstance affecting the related Mortgaged Property, the related Mortgagor (A) was required to remediate the identified condition prior to closing the Whole Loan or provide additional security or establish with the
mortgagee a reserve in an amount deemed to be sufficient by Seller, for the remediation of the problem, and/or (B) agreed in the Purchased Asset Documents to establish an operations and maintenance plan after the closing of the Whole Loan that
should reasonably be expected to mitigate the environmental risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the 

  
 Sch 1(a)-10 

 
Environmental Insurance Policy, Seller as originator had no knowledge of any material and adverse environmental condition or circumstance affecting the Mortgaged Property (other than the
existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one or more of the following: (a) the application for insurance, (b) a Mortgagor questionnaire that was provided to the Policy Issuer, or (c) an engineering
or other report provided to the Policy Issuer, and (v) the premium of any Environmental Insurance Policy has been paid through the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of
the Whole Loan. 
 Each related Mortgage, assignment of leases, or one or more of the other Purchased Asset Documents contains provisions
that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if
applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement
of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

Neither the Mortgaged Property (other than any tenants of a multi-tenant Mortgaged Property), nor any portion thereof, is the subject of, and
no Underlying Obligor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding. 

Such Whole Loan is a whole loan and contains no equity participation by the lender or shared appreciation feature and does not provide for any
contingent or additional interest in the form of participation in the cash flow of the related Mortgaged Property or provide for negative amortization (except that an anticipated repayment date (“ARD”) loan may provide for the
accrual of the portion of interest in excess of the rate in effect prior to the anticipated repayment date). No Mortgagor has issued preferred equity. 

Subject to specific exceptions set forth below and to certain exceptions, which are customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, each related Mortgage or loan agreement contains provisions for the acceleration of the payment of the unpaid principal
balance of such Whole Loan if, without complying with the requirements of the Mortgage or loan agreement, (a) the related Mortgaged Property, or any controlling interest in the related Mortgagor, is directly transferred or sold (other than
(i) by reason of family and estate planning transfers, transfers by devise, descent or operation of law upon the death of a member, general partner or shareholder of the related borrower, (ii) transfers to certain affiliates as defined in
the related Purchased Asset Documents, (iii) transfers of less than a controlling interest (as such term is defined in the related Purchased Asset Documents) in a mortgagor, (iv) issuance of
non-controlling new equity interests, transfers among existing members, partners or shareholders in the Mortgagor or an affiliate thereof, transfers among affiliated Mortgagors with respect to Whole Loans
which are cross-collateralized or cross-defaulted with other Whole Loans or (v) transfers of a similar nature to the foregoing meeting the requirements of the Whole Loan (such as pledges of ownership interests that do not result in a change of
control) or a substitution or release of collateral within the parameters of paragraph (34) below), or (b) the related Mortgaged 

  
 Sch 1(a)-11 

 
Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a lien or security interest against the related Mortgaged Property, other than
(i) any existing permitted additional debt, (ii) any purchase money security interests, or (iii) Permitted Liens or Title Exceptions. The Purchased Asset Documents require the borrower to pay all reasonable costs incurred by the
Mortgagor with respect to any transfer, assumption or encumbrance requiring lender’s approval, including any Rating Agency fees incurred in connection with the review of and consent to any transfer or encumbrance. 

Except as set forth in the related Purchased Asset Documents delivered to Buyer, the terms of the related Purchased Asset Documents have not
been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any manner which materially interferes with the security intended to be provided by such Mortgage or the use, value or operation of such Mortgaged Property
and no such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or rescission has occurred since the date upon which the due diligence file related to the applicable Whole Loan was delivered to Buyer or its
designee and neither borrower nor guarantor has been released from its obligations under the Whole Loan. Pursuant to the terms of the Purchased Asset Documents: (a) no material terms of any related Mortgage may be waived, canceled, subordinated
or modified in any material respect and no material portion of such Mortgage or the Mortgaged Property may be released without the consent of the holder of the Whole Loan; (b) no material action may be taken by the Mortgagor with respect to the
Mortgaged Property without the consent of the holder of the Whole Loan; (c) the holder of the Whole Loan is entitled to approve the budget of the Mortgagor as it relates to the Mortgaged Property; and (d) the holder of the Whole
Loan’s consent is required prior to the Mortgagor incurring any additional indebtedness. 
 Each related Mortgaged Property was
inspected by or on behalf of the related originator or an affiliate during the four (4) month period prior to the related origination date and within twelve (12) months of the Purchase Date. 

Except as set forth in the related Purchased Asset Documents delivered to Buyer, since origination, no material portion of the related
Mortgaged Property has been released from the lien of the related Mortgage in any manner which materially and adversely affects the value of the Whole Loan or materially interferes with the security intended to be provided by such Mortgage, and,
except with respect to Whole Loans (a) which permit defeasance by means of substituting for the Mortgaged Property (or, in the case of a Whole Loan secured by multiple Mortgaged Properties, one or more of such Mortgaged Properties)
“government securities” as defined in the Investment Company Act of 1940, as amended, sufficient to pay the Whole Loans (or portions thereof) in accordance with its terms, (b) where a release of the portion of the Mortgaged Property
was contemplated at origination and such portion was not considered material for purposes of underwriting the Whole Loan, (c) where a partial release is conditional upon the satisfaction of certain underwriting and legal (including REMIC, if
applicable) requirements and the payment of a release price not less than a specified percentage at least equal to 115% of the related allocated loan amount of such portion of the Mortgaged Property, (d) which permit the related Mortgagor to
substitute a replacement property in compliance with certain underwriting and legal requirements (including REMIC Provisions, if applicable) or (e) which permit the release(s) of unimproved out-parcels or
other portions of the Mortgaged Property that will not have a material adverse effect on the underwritten value of the security for 

  
 Sch 1(a)-12 

 
the Whole Loan or that were not allocated any value in the appraisal obtained at the origination of the Whole Loan and are not necessary for physical access to the Mortgaged Property or
compliance with zoning requirements, the terms of the related Mortgage do not provide for release of any portion of the Mortgaged Property from the lien of the Mortgage except in consideration of payment in full therefor. 

With respect to any partial release, either: (x) such release of collateral (i) would not constitute a “significant
modification” of the subject Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Whole Loan to fail to be a “qualified
mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related Mortgagor’s
delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for any Whole Loan originated after December 6, 2010, if the fair market value of the real property
constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Whole Loan outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the
amount required by the REMIC Provisions. 
 With respect to any Whole Loan identified in writing by Seller to Buyer as being REMIC eligible,
and if such Whole Loan was originated after December 6, 2010, in the event of a taking of any portion of an Mortgaged Property by a state or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the
Mortgagor can be required to pay down the principal balance of the Whole Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, may not be required to be applied to the restoration of the Mortgaged Property
or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the
remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Whole Loan. 
 With respect to any Whole
Loan identified in writing by Seller to Buyer as being REMIC eligible, and if such Whole Loan was originated after December 6, 2010, no such Whole Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with
another Whole Loan permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions. 

Based solely upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s
report, an endorsement to the related title policy, or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar commercial and multifamily mortgage loans intended for securitization,
the improvements located on or forming part of each Mortgaged Property securing such Whole Loan, there are no material violations of any applicable zoning ordinances, building codes or land laws applicable to the Mortgaged Property or the use,
operation and occupancy thereof other than those which (i) are insured by an ALTA lender’s title insurance policy (or a binding commitment therefor), or its equivalent as adopted in the applicable jurisdiction, or a law and ordinance
insurance policy, (ii) are adequately reserved for 

  
 Sch 1(a)-13 

 
in accordance with the Purchased Asset Documents, or (iii) would not have a material adverse effect on the value, operation or net operating income of the Mortgaged Property or constitute a
legal non-conforming use or structure and any non-conformity with zoning laws constitutes a legal non-conforming use or structure
which does not materially and adversely affect the use, operation or value of such Mortgaged Property. In the event of casualty or destruction, (a) the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the
use of the structure immediately prior to such casualty or destruction, (b) law and ordinance insurance coverage has been obtained for the Mortgaged Property in amounts customarily required by prudent commercial mortgage lenders that provides
coverage for additional costs to rebuild and/or repair the property to current zoning regulations, or (c) the inability to restore the Mortgaged Property to the full extent of the use or structure immediately prior to the casualty would not
materially and adversely affect the use, operation or value of such Mortgaged Property. The Purchased Asset Documents require the Mortgaged Property to comply in all material respects with all applicable governmental regulations, zoning and building
laws and ordinances. 
 None of the material improvements which were included for the purposes of determining the appraised value of any
related Mortgaged Property lies outside of the boundaries and building restriction lines of the related Mortgaged Property (except Mortgaged Properties which are legal non-conforming uses), to an extent which
would have a material adverse effect on the value of the Mortgaged Property or related Mortgagor’s use and operation of such Mortgaged Property (unless affirmatively covered by title insurance) and no improvements on adjoining properties
encroached upon such Mortgaged Property to any material and adverse extent (unless affirmatively covered by title insurance). 
 The related
Mortgagor has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with requisite power and authority to own its assets and to transact the business in which it is now engaged, the sole
purpose of the related Mortgagor under its organizational documents is to own, finance, sell or otherwise manage the Properties and to engage in any and all activities related or incidental thereto, and the Mortgaged Properties constitute the sole
assets of the related Mortgagor. The related Mortgagor has covenanted in its respective organizational documents and/or the Purchased Asset Documents to own no significant asset other than the related Mortgaged Properties, as applicable, and assets
incidental to its respective ownership and operation of such Mortgaged Properties, and to hold itself out as being a legal entity, separate and apart from any other Person. 

There are no pending, filed or threatened actions, suits or proceedings, governmental investigations or arbitrations of which Seller has
received notice, against the Mortgagor, guarantor or the related Mortgaged Property the adverse outcome of which could reasonably be expected to materially and adversely affect (a) title to the Mortgaged Property, (b) the validity or
enforceability of the Mortgage, (c) such Mortgagor’s ability to pay principal, interest or any other amounts due under such Whole Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal
benefit of the security intended to be provided by the Purchased Asset Documents, (f) the current ability of the Mortgaged Property to generate net cash flow sufficient to service such Whole Loan, (g) the use, operation or value of the
Mortgaged Property or (h) the current principal use of the Mortgaged Property. 

  
 Sch 1(a)-14 

 If the related Mortgage is a deed of trust, as of the date of origination and, currently, a
trustee, duly qualified under applicable law to serve as such, has either been properly designated and serving under such Mortgage or may be substituted in accordance with the Mortgage and applicable law, and except in connection with a
trustee’s sale after a default by the related Mortgagor or in connection with any full or partial release of the related Mortgaged Property or related security for such Whole Loan, no fees are payable to such trustee except for de minimis fees
paid. 
 The Whole Loan and the interest (exclusive of any default interest, late charges or prepayment premiums) contracted for complies
with, or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 
 The Whole Loan is not
cross-collateralized or cross-defaulted with any other Indebtedness that is not also a Purchased Asset. 
 The improvements located on the
Mortgaged Property are either not located in a federally designated special flood hazard area or, if so located, the Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with respect to such improvements and such policy is
in full force and effect in an amount equal to the maximum amount available under the National Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by prudent institutional commercial mortgage
lenders originating mortgage loans for securitization. 
 All escrow deposits and payments required pursuant to the Whole Loan (including
capital improvements and environmental remediation reserves) to be deposited with Seller in accordance with the Purchased Asset Documents have been so deposited, are in the possession, or under the control, of Seller or its agent and there are no
deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits that are required to be escrowed with Seller under the related Purchased Asset Documents are being conveyed by Seller to Buyer
or its servicer and identified as such with appropriate detail. Any and all requirements under the Whole Loan as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to
have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have not been released. No other escrow amounts have been released except in accordance with the terms and conditions
of the related Purchased Asset Documents. 
 The related Mortgagor, or the related lessee, franchisor or operator was in possession of all
material licenses, permits, franchises, certificates of occupancy, consents and authorizations and approvals then required for the use and operation of the related Mortgaged Property by the related Mortgagor, other than any licenses, permits and
authorizations the failure to possess of which would not have a material adverse effect on the use or value of the Mortgaged Property. The Purchased Asset Documents require the borrower to maintain all such material licenses, permits, franchises,
certificates of occupancy, consents and authorizations and approvals. The Purchased Asset Documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located. 

  
 Sch 1(a)-15 

 The origination (or acquisition, as the case may be), servicing and collection practices used
with respect to the Whole Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage loans. 

Except for Mortgagors under Whole Loans secured in whole or in part by a Ground Lease, the related Mortgagor (or its affiliate) has title in
the fee simple interest in each related Mortgaged Property. 
 The Purchased Asset Documents for such Whole Loan provide that such Whole
Loan is non-recourse to the related Mortgagor except that the Whole Loan becomes full recourse to the Mortgagor and/or guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor
(but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or
liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented to, or acquiesced in by, the Mortgagor; (ii) Mortgagor or guarantor shall have colluded with other creditors to cause an
involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Purchased Asset Documents. Furthermore, the Purchased Asset
Documents for each Whole Loan provide for recourse against the Mortgagor and/or guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in
the related Mortgaged Property that are not de minimis), for losses and damages sustained in the case of (i) any Mortgagor’s misappropriation of rents, security deposits, insurance proceeds, or condemnation awards; (ii) the
Mortgagor’s fraud or willful misrepresentation; (iii) willful misconduct, fraud or material misrepresentation by the Mortgagor or guarantor; (iv) breaches of the environmental covenants in the Purchased Asset Documents; or
(v) commission of material physical waste at the Mortgaged Property. 
 Subject to the exceptions set forth in paragraph (13) and
upon possession of the Mortgaged Property as required under applicable state law, any assignment of leases set forth in the Mortgage or separate from the related Mortgage and related to and delivered in connection with such Whole Loan establishes
and creates a valid, first priority and enforceable collateral assignment of, or a valid first priority and enforceable lien and security interest in, the related Mortgagor’s interest in all leases, subleases, licenses or other agreements
pursuant to which any person is entitled to occupy, use or possess all or any portion of the real property, subject only to a license granted to the related mortgagor to exercise certain rights and to perform certain obligations of the lessor under
such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to
or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage or related assignment of leases,
subject to applicable law and to bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law), provides that, upon an event of default under such Whole Loan, the beneficiary thereof is permitted to seek the appointment of a receiver for the collection
of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. 

  
 Sch 1(a)-16 

 With respect to such Whole Loan, any prepayment premium and yield maintenance charge constitutes
a “customary prepayment penalty” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). 

If such Whole Loan contains a provision for any defeasance of mortgage collateral, such Whole Loan permits defeasance (1) no earlier than
two (2) years after any securitization of such Whole Loan and (2) only with substitute collateral constituting “government securities” within the meaning of Treasury Regulations
Section 1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the Mortgage Note when due. If the Whole Loan permits partial releases of real property in connection with partial
defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to 115% of the allocated loan amount for the real property to be
released and the defeasance collateral is not permitted to be subject to prepayment, call, or early redemption. If the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of the Whole Loan secured by
defeasance collateral is required to be assumed by a Single-Purpose Entity (as such term is defined below). Such Whole Loan was not originated with the intent to collateralize a REMIC offering with obligations that are not real estate mortgages. In
addition, if such Mortgage contains such a defeasance provision, it provides (or otherwise contains provisions pursuant to which the holder can require) that an opinion be provided to the effect that such holder has a first priority perfected
security interest in the defeasance collateral. The related Purchased Asset Documents permit the lender to charge all of its expenses associated with a defeasance to the Mortgagor (including rating agencies’ fees, accounting fees and
attorneys’ fees), and provide that the related Mortgagor must deliver (or otherwise, the Purchased Asset Documents contain certain provisions pursuant to which the lender can require) (a) an accountant’s certification as to the
adequacy of the defeasance collateral to make payments under the related Whole Loan for the remainder of its term, (b) an opinion of counsel that the defeasance will not cause any holder to lose its status as a REMIC, and (c) assurances
from each applicable Rating Agency that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to any certificates backed by the related Whole Loan. 

To the extent required under applicable law as necessary for the enforceability or collectability of the Whole Loan, each holder of the
related Mortgage Note is authorized to do business in the jurisdiction in which the related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Whole Loan. 

Neither the Mortgagee nor any affiliate thereof has any obligation to make any capital contributions to the Mortgagor under the Whole Loan.
Neither the Mortgagee nor any affiliate thereof has any obligation to make loans to, make guarantees on behalf of, or otherwise extend credit to, or make any of the foregoing for the benefit of, the Mortgagor or any other person under or in
connection with the Whole Loan. 
 Each related Mortgaged Property constitutes one or more complete separate tax lots (or the related
Mortgagor has covenanted or applied to obtain separate tax lots and a Person has indemnified the Mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a breach thereof has
been established) or is subject to an endorsement under the related title insurance policy. 

  
 Sch 1(a)-17 

 An Appraisal of the related Mortgaged Property was conducted in connection with the origination
of such Whole Loan with an appraisal date within 6 months of the Whole Loan origination date and within twelve (12) months of the Purchase Date. The Appraisal is signed by an appraiser who is a Member of the Appraisal Institute and had no
interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Whole Loan. Such Appraisal satisfied in all material
respects the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as in effect on the date such Whole Loan was originated. 

The related Purchased Asset Documents require the Mortgagor to provide the Mortgagee with certain financial information at the times required
under the related Purchased Asset Documents. 
 Each Mortgaged Property (a) is located on or adjacent to a public road and has direct
legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, and (b) is served by or has uninhibited access rights to public or private water and sewer (or
well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property. 
 With respect to
each related Whole Loan that is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interests in such Mortgaged Property, based upon the terms of the
Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants the following with respect to the related Ground Lease: 

Such Ground Lease or a memorandum thereof has been duly recorded or submitted for recordation in a form that is acceptable for
recording in the applicable jurisdiction, and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage or, if consent of the lessor thereunder is required, it has been obtained prior to the related
Purchase Date. The Ground Lease does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage. No material
change in the terms of the Ground Lease had occurred since its recordation, except by any written instruments which are included in the related Underwriting Package. 

Upon the foreclosure of the Whole Loan (or acceptance of a deed in lieu thereof), the Mortgagor’s interest in such Ground
Lease is assignable to the Mortgagee under the leasehold estate and its assigns without the consent of the lessor thereunder and in the event it is so assigned, it is further assignable by the holder of the Whole Loan and its successors and assigns
without the consent of the lessor. 

  
 Sch 1(a)-18 

 Such Ground Lease may not be amended, modified, canceled or terminated without
the prior written consent of the Mortgagee. 
 Seller has not received any written notice of default under or notice of
termination of such Ground Lease. Such Ground Lease is in full force and effect, there is no material default under such Ground Lease, and no condition which, with the passage of time or with notice and the expiration of any grace or cure period,
would constitute a material default under such Ground Lease. 
 The Ground Lease, estoppel or other ancillary agreement
between the lessor and the lessee requires the lessor to give notice of any default by the lessee to the Mortgagee. The Ground Lease, estoppel or other ancillary agreement further provides that no notice given is effective against the Mortgagee
unless a copy has been given to the Mortgagee in a manner described in the Ground Lease, estoppel or other ancillary agreement and requires that the ground lessor will supply an estoppel. 

The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
subject, however, to only Permitted Liens and any Title Exceptions and the related fee interest of the ground lessor, or (ii) is subject to a subordination, non-disturbance and attornment agreement to
which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject. 
 A Mortgagee is permitted a
reasonable opportunity (including, where necessary, sufficient time to gain possession of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease before the lessor thereunder may terminate such Ground
Lease. 
 Such Ground Lease has an original term (together with any extension options, whether or not currently exercised,
set forth therein all of which can be exercised by the Mortgagee if the Mortgagee acquires the lessee’s rights under the Ground Lease) that extends not less than twenty (20) years beyond the stated maturity date of the Whole Loan. 

Under the terms of such Ground Lease, any estoppel or consent letter received by the Mortgagee from the lessor, and the related
Mortgage, taken together, any related insurance proceeds or condemnation award (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking) will be applied either to the
repair or restoration of all or part of the related Mortgaged Property, with the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment or defeasance of the
outstanding principal balance of the Whole Loan, together with any accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender, taking into account the relative
duration of the Ground Lease and the related Mortgage and the ratio of the market value of the related Mortgaged Property to the outstanding principal balance of such Whole Loan). 

  
 Sch 1(a)-19 

 Under the terms of the Ground Lease (or an estoppel or ancillary agreement
between the lessor and the lessee) and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee’s interest in respect of a total or substantially total loss or taking
of the related Mortgaged Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Whole Loan, together with any accrued interest. 

The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent
commercial lender. 
 The ground lessor under such Ground Lease is required to enter into a new lease with Seller upon
termination of the Ground Lease for any reason, including the rejection of the Ground Lease in bankruptcy. 
 The ground
lessor consented to and acknowledged that (i) the Whole Loan is permitted / approved, (ii) any foreclosure of the Whole Loan and related change in ownership of the ground lessee will not require the consent of the ground lessor or
constitute a default under the ground lease, (iii) copies of default notices would be sent to the Mortgagee and (iv) it would accept cure from the Mortgagee on behalf of the ground lessee. 

The Purchased Asset Documents for each Whole Loan that is secured by a hospitality property operated pursuant to a franchise agreement include
an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of such property enforceable by the Mortgagee against such franchisor, either directly or as an assignee of the originator. The Mortgage or related security
agreement for each Whole Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office. 

It being understood that B notes secured by the same Mortgage as a Whole Loan are not subordinate mortgages or junior liens, there are no
subordinate mortgages or junior liens encumbering the related Mortgaged Property (other than Permitted Liens, Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens and equipment and other personal property financing).
Except as specifically disclosed to Buyer in an Approved Representation Exception, there is no mezzanine debt related to the Mortgaged Property. 

Each Mortgage requires the Mortgagor to provide the owner or holder of the Mortgage with quarterly (other than for single-tenant properties)
and annual operating statements, and quarterly (other than for single-tenant properties) and annual rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual
financial statements, which annual financial statements (i) with respect to each Whole Loan with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the
related combined statements of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis and (ii) for each Whole Loan with an original
principal balance greater than $50 million shall be audited by an independent certified public accountant upon the request of the owner or holder of the Mortgage. 

  
 Sch 1(a)-20 

 With respect to each Whole Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance
Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance
policy. With respect to each other Whole Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not
specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Whole Loan, the related Purchased Asset Documents do not
expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto, except to the extent that any right to require such coverage may be limited by availability on commercially
reasonable terms. 
 Each Whole Loan requires the Mortgagor to be a Single-Purpose Entity for at least as long as the Whole Loan is
outstanding. Both the Purchased Asset Documents and the organizational documents of the Mortgagor with respect to each Whole Loan with a Purchase Date principal balance in excess of $5 million provide that the Mortgagor is a Single-Purpose
Entity, and each Whole Loan with a Purchase Date principal balance of $50 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor. For this purpose, a
“Single-Purpose Entity” means an entity, other than an individual, whose organizational documents (or if the Whole Loan has a Purchase Date principal balance equal to $5 million or less, its organizational documents or the related
Purchased Asset Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the Whole Loans and prohibit it from engaging in any
business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the effect that it does not have any assets other
than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Asset Documents, that it has its own books and
records and accounts separate and apart from those of any other person (other than a Mortgagor for a Whole Loan that is cross-collateralized and cross-defaulted with the related Whole Loan), and that it holds itself out as a legal entity, separate
and apart from any other person or entity. 
 Each Whole Loan bears interest at a rate that remains fixed throughout the remaining term of
such Whole Loan, except in the case of ARD loans and situations where default interest is imposed. 
 The origination practices of Seller
(or the related originator if Seller was not the originator), with respect to each Whole Loan, complied in all material respects with the terms, conditions and requirements of, as appropriate, all of Seller’s or such party’s origination,
due diligence standards and/or practices for similar commercial and multifamily mortgage loans, as applicable, and, in each such case, otherwise complied with all applicable laws and regulations. 

  
 Sch 1(a)-21 

 Seller has obtained a rent roll (the “Certified Rent Roll(s)”) other than with
respect to hospitality properties certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Whole Loan. Seller has obtained
operating histories (the “Certified Operating Histories”) with respect to each Mortgaged Property certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within
180 days of the date of origination of the related Whole Loan. The Certified Operating Histories collectively report on operations for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property
was owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such shorter period of time. 

Seller has obtained an organizational chart or other description of each Mortgagor which identifies all beneficial controlling owners of the
Mortgagor (i.e., managing members, general partners or similar controlling person for such Mortgagor) and all owners that hold a 10% or greater direct ownership share (i.e., the “Major Sponsors”). Based solely on the searches
performed by Seller in connection with the related Whole Loan, no Major Sponsor or guarantor (i) was in a state of federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy or
insolvency, or (iii) had been convicted of a felony. 
 With respect to each Whole Loan secured by retail, office or industrial
properties, Seller requested the related Mortgagor to obtain estoppels from each commercial tenant with respect to the Certified Rent Roll. With respect to each Whole Loan predominantly secured by a retail, office or industrial property leased to a
single tenant, Seller reviewed such estoppel obtained from such tenant no earlier than ninety (90) days prior to the origination date of the related Whole Loan, and each such estoppel indicated (x) the related lease is in full force and
effect and (y) there exists no default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and
verification of landlord’s compliance with co-tenancy provisions. With respect to each Whole Loan predominantly secured by a retail, office or industrial property, Seller has received lease estoppels
executed within ninety (90) days of the origination date of the related Whole Loan that collectively account for at least 65% of the in-place base rent for the Mortgaged Property or set of
cross-collateralized properties that secure a Whole Loan that is represented on the rent roll. Each rent roll indicated that (x) each lease is in full force and effect and (y) there exists no material default under any such related lease
that represents 20% or more of the in-place base rent for the Mortgaged Property or set of cross-collateralized properties either by the lessee thereunder or by the related Mortgagor, subject, in each case, to
customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. 

Seller has complied with all applicable anti-money laundering laws and regulations, including without limitation the USA PATRIOT Act of 2001
with respect to the origination of the Whole Loan. 
 No default or event of default has occurred under any agreement pertaining to any lien
relating to the Mortgaged Property ranking junior to, pari passu with or senior to the Mortgage securing the Whole Loan, and there is no provision in any such agreement which would provide for any increase in the principal amount of any such
lien. 

  
 Sch 1(a)-22 

 The representations and warranties made by the Mortgagor in the Purchased Asset Documents were
true and correct in all material respects as of the date such representations and warranties were stated to be true therein, and there has been no adverse change with respect to the Mortgagor, the related Whole Loan or the related Mortgaged Property
that would render any such representation or warranty not true or correct in any material respect as of the Purchase Date. 

“Ground Lease”: A ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any
unexercised extension options) of thirty (30) years or more from the Purchase Date of the related Asset, (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor or with
such consent given, (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated
until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so, (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease, and (e) such other
rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 

“REMIC”: A REMIC, as that term is used in the REMIC Provisions. 

“REMIC Provisions”: Sections 860A through 860G of the Code. 

“Servicing File:” A copy of the Underwriting Package and documents and records not otherwise required to be contained in the
Underwriting Package that (i) relate to the origination and/or servicing and administration of the Whole Loans, (ii) are reasonably necessary for the ongoing administration and/or servicing of the Whole Loans or for evidencing or enforcing
any of the rights of the holder of the Whole Loans or holders of interests therein and (iii) are in the possession or under the control of Seller, provided that Seller shall not be required to deliver any draft documents, privileged or
other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations. 

  
 Sch 1(a)-23 

 II.    Schedule 1(b) 

REPRESENTATIONS AND WARRANTIES 

RE: PURCHASED ASSETS CONSISTING 

OF SENIOR INTERESTS 
 Seller represents and
warrants to Buyer, with respect to each Purchased Asset which is a Senior Interest, that except as specifically disclosed to Buyer in an Approved Representation Exception for such Purchased Asset, as of the Purchase Date for each such related
Purchased Asset by Buyer from Seller and as of the date of each Transaction hereunder and at all times while the Repurchase Documents or any Transaction hereunder is in full force and effect the representations set forth on this
Schedule 1(b) shall be true and correct in all material respects. For purposes of this Schedule 1(b) and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have
been cured with respect to a Purchased Asset which is a Senior Interest if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer affects such Purchased Asset or
has repurchased such Purchased Asset in accordance with the terms of the Agreement. 
 The Senior Interest is either (a) a performing
senior or pari passu participation interest in a performing Whole Loan, secured by a first-priority security interest in a commercial or multifamily property, or (b) a performing “A-note” in an
“A/B structure” in a performing Whole Loan, secured by a first-priority security interest in a commercial or multifamily property. All documents comprising the Servicing File will be or have been delivered to Buyer with respect to each
Senior Interest and each underlying Whole Loan by the deadlines set forth in the Agreement and the Custodial Agreement. 
 Such Senior
Interest and related Whole Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law relating to such Senior Interest and related Whole Loan. 

Immediately prior to the sale, transfer and assignment to Buyer thereof, no Mortgage Note related to a Senior Interest or related Mortgage was
subject to any assignment (other than assignments to Seller), participation or pledge and Seller had good and marketable title to, and was the sole owner and holder of, such Senior Interest, and Seller is transferring such Senior Interest free and
clear of any and all liens, pledges, encumbrances, charges, security interests or any other ownership interests of any nature encumbering such Senior Interest, except to the extent otherwise permitted in this Agreement (including Permitted Liens)
and Title Exceptions. Upon consummation of the purchase contemplated to occur in respect of such Senior Interest on the related Purchase Date therefor, Seller will have validly and effectively conveyed to Buyer all legal and beneficial interest in
and to such Senior Interest free and clear of any pledge, lien, encumbrance or security interest. Seller has full right and authority to sell, assign and transfer each Senior Interest, and the assignment to Buyer, other than as disclosed to Buyer in
writing prior to the related Purchase Date. 

  
 Sch 1(a)-24 

 No fraudulent acts were committed by Seller in connection with its acquisition or origination of
such Senior Interest nor were any fraudulent acts committed by any other Person in connection with the origination of such Senior Interest. 

All information contained in the related Underwriting Package (or as otherwise provided to Buyer) in respect of such Senior Interest is
accurate and complete in all material respects. Seller has made available to Buyer for inspection, with respect to such Senior Interest, true, correct and complete Purchased Asset Documents, which Purchased Asset Documents have not been amended,
modified, supplemented or restated since the related date of origination. 
 Except as included in the Underwriting Package, Seller is not a
party to any document, instrument or agreement, and there is no document, instrument or agreement that by its terms modifies or materially affects the rights and obligations of any holder of such Senior Interest and Seller has not consented to any
material change or waiver to any term or provision of any such document, instrument or agreement and no such change or waiver exists. 

Each Senior Interest and related Whole Loan is presently outstanding, the proceeds thereof have been fully disbursed as of the Purchase Date
therefor pursuant to the terms of the related Purchased Asset Documents and, except for amounts held in escrow or reserve accounts, there is no requirement for any future advances thereunder. 

Seller has full right, power and authority to sell and assign such Senior Interest and such Senior Interest or any related Mortgage Note has
not been cancelled, satisfied or rescinded in whole or in part nor has any instrument been executed that would effect a cancellation, satisfaction or rescission thereof. 

Other than consents and approvals obtained as of the related Purchase Date or those already granted in the related Purchased Asset Documents,
and assuming that Buyer and any other transferees comply with customary intercreditor restrictions in the Purchased Asset Documents limiting assignees to “Qualified Transferees”, or similar transfer restriction provisions in the Purchased
Asset Documents, no consent or approval by any Person is required in connection with Seller’s sale and/or Buyer’s acquisition of such Senior Interest, for Buyer’s exercise of any rights or remedies in respect of such Senior Interest
(except for compliance with applicable Requirements of Law in connection with the exercise of any rights or remedies by Buyer) or for Buyer’s sale, pledge or other disposition of such Senior Interest. No third party holds any “right of
first refusal”, “right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies. 

No consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having
jurisdiction or regulatory authority is required for any transfer or assignment by the holder of such Senior Interest, other than recordation of assignments of each related Mortgage and assignment of leases securing the related Whole Loan in the
applicable real estate records where the Mortgaged Properties are located and the filing of UCC-3 assignments in all applicable filing offices. 

  
 Sch 1(a)-25 

 Seller has not received notice of any outstanding material liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Senior Interest is or may become obligated under the Purchased Asset Documents. 

Seller has not advanced funds, or received any advance of funds for the payment of any amount required by such Senior Interest. With respect
to each Whole Loan related to a Senior Interest, no advance of funds has been made, directly or indirectly, by Seller to the Mortgagor, and no funds have been received from any person other than the Mortgagor relating to such Whole Loan, for or on
account of payments due on such Whole Loan. 
 With respect to each Senior Interest and related Whole Loan, each related Mortgage Note,
Mortgage, assignment of leases (if a document separate from the Mortgage), guaranty and other agreement executed by the related Mortgagor, guarantor or other obligor in connection with such related Whole Loan is the legal, valid and binding
obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions therein and any state anti-deficiency or market value limit deficiency legislation), as applicable, and
is enforceable in accordance with its terms, except (i) that certain provisions contained in such Purchased Asset Documents are or may be unenforceable in whole or in part under applicable state or federal laws, but neither the application of
any such laws to any such provision nor the inclusion of any such provisions renders any of the Purchased Asset Documents invalid as a whole or materially interfere with the Mortgagee’s practical realization of the principal rights and benefits
afforded thereby and/or security provided thereby and (ii) as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of
creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage Note and Mortgage contain no provision limiting the right or
ability of any holder thereof to assign, transfer and convey all or any portion of the related Whole Loan or the related Senior Interest to any other Person, except, however, for customary intercreditor restrictions in the Purchased Asset Documents,
limiting assignees to “Qualified Transferees”, “Institutional Lender/Owners” or “Qualified Institutional Lenders” or any similar term. With respect to any Mortgaged Property that has tenants, there exists as either part
of the Mortgage or as a separate document, an assignment of leases. 
 Except as set forth in paragraphs (13) and (16), with respect to
the Senior Interest and each related Whole Loan, there is no valid offset, defense, counterclaim, abatement or right of rescission available to the related Mortgagor with respect to any related Mortgage Note, Mortgage or other agreements executed in
connection therewith, including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the related Whole Loan, that would deny the mortgagee the principal
benefits intended to be provided by the related Mortgage Note, Mortgage or other Purchased Asset Documents except with respect to the enforceability of any provisions requiring the payment of default interest, late fees, additional interest,
prepayment premiums or yield maintenance charges. 
 Seller has delivered to Buyer or its designee either (i) the original promissory
note, certificate or other similar indicia of ownership of such Senior Interest, however 

  
 Sch 1(a)-26 

 
denominated, together with an original assignment thereof, executed by Seller in blank or (ii) a copy of the applicable Mortgage Note(s), together with an affidavit and indemnity in favor of
Buyer evidencing the loss, theft, destruction or mutilation of such original Mortgage Note(s), in form and substance acceptable to Buyer in its reasonable discretion. 

With respect to each Whole Loan related to a Senior Interest, each related assignment of Mortgage and assignment of leases from Seller in
blank constitutes a legal, valid and binding assignment from Seller (assuming the insertion of Buyer’s name), except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation
or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Each related Mortgage and
assignment of leases evidences a first-priority lien, and each is freely assignable without the consent of the related Mortgagor. Each Mortgaged Property (subject to and excepting Permitted Liens and the Title Exceptions) is free and clear of any
recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the Related Mortgage, except those which are bonded over, escrowed for or insured against by a
lender’s title insurance policy (as described below), and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted Liens and the Title Exceptions), and no rights exist which under law could give rise to any such
lien or encumbrance that would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for, or insured against by a lender’s title insurance policy. 

The Whole Loan related to such Senior Interest is secured by one or more Mortgages and each such Mortgage is a valid and enforceable first
lien on the related Mortgaged Property subject only to the exceptions set forth in paragraphs (13) and (16) above and the following title exceptions (each such title exception, a “Title Exception”, and collectively, the
“Title Exceptions”): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of
public record, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the related Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (c) the exceptions (general and specific) and exclusions set forth in the
applicable policy described in paragraph (21) below or appearing of record, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the related Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) other matters to
which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such
Mortgage or with the Mortgagor’s ability to pay its obligations under the related Whole Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (e) the right of tenants (whether underground
leases, space leases or operating leases) pertaining to the related Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases) and (f) if

  
 Sch 1(a)-27 

 
such Whole Loan is cross-collateralized with any other Whole Loan, the lien of the Mortgage for such other Whole Loan, none of which, individually or in the aggregate, materially and adversely
interferes with the value, current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the related Whole Loan when they become due or
materially and adversely affects the value of the Mortgaged Property. Each title policy contains no exclusion for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not
available in which case such exclusion may exist), (a) that the area shown on the survey is the same as the property legally described in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining
parcels, such parcels are contiguous. There are no other Whole Loans that are senior or pari passu with respect to the related Mortgaged Property or the related Whole Loan. The Mortgagor has good and marketable title to the Mortgaged
Property, no claims under the title policies insuring the Mortgagor’s title to the Mortgaged Properties have been made, and the Mortgagor has not received any written notice regarding any material violation of any easement, restrictive covenant
or similar instrument affecting the Mortgaged Property. 
 UCC financing statements have been filed and/or recorded (or, if not filed and/or
recorded, have been submitted in proper form for filing and recording), in the appropriate public filing and/or recording offices necessary to perfect a valid security interest in all items of personal property in which a security interest may be
perfected under the UCC, located on each related Mortgaged Property that are owned by the Mortgagor and either (i) are reasonably necessary to operate such Mortgaged Property or (ii) are (as indicated in the appraisal obtained in
connection with the origination of the Whole Loan related to such Senior Interest) material to the value of such Mortgaged Property (other than any non-material personal property, any personal property subject
to a purchase money security interest or a sale and leaseback financing arrangement permitted under the terms of such Whole Loan or any other personal property leases applicable to such personal property), to the extent perfection may be effected
pursuant to applicable law by recording or filing of UCC financing statements, and the Mortgages, security agreements, chattel Mortgages or equivalent documents related to and delivered in connection with the related Whole Loan establish and create
a valid and enforceable lien and priority security interest on the items of personalty described above, which security interest is senior to all other creditors of the Mortgagor, other than with respect to Permitted Liens, except as such enforcement
may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law). Notwithstanding any of the foregoing, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that
possession or control of such items or actions other than the filing of UCC financing statements are required in order to effect such perfection. 

All real estate taxes and governmental assessments, and other outstanding governmental charges (including, without limitation, water and
sewage charges) or installments thereof, which would be a lien on any related Mortgaged Property and that have become delinquent in respect of such Mortgaged Property have been paid, or, if the appropriate amount of such taxes or charges is being
appealed or is otherwise in dispute, the unpaid taxes or charges are covered by an escrow of funds or other security sufficient to pay such tax or charge and 

  
 Sch 1(a)-28 

 
reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and warranty, real estate taxes and governmental assessments and installments thereof shall not
be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. 

Except as may be set forth in the property condition reports delivered to Buyer with respect to the Mortgaged Properties, each related
Mortgaged Property is free and clear of any material damage (other than deferred maintenance for which escrows were established at origination or which are then-currently being maintained) that would affect materially and adversely the value of such
Mortgaged Property as security for the Whole Loan related to such Senior Interest and there was no proceeding pending or, based solely upon the delivery of written notice thereof from the appropriate condemning authority, threatened for the total or
partial condemnation of such Mortgaged Property. 
 An engineering report was prepared in connection with the origination of each Whole Loan
related to a Senior Interest no more than twelve (12) months prior to the Purchase Date, which states that all building systems for the improvements of each related Mortgaged Property are in good working order, and further indicates that each
related Mortgaged Property (a) is free of any material damage, (b) is in good repair and condition, and (c) is free of structural defects, except to the extent (i) any damage or deficiencies that would not materially and
adversely affect the use, operation or value of the Mortgaged Property or the security intended to be provided by such Mortgage or repairs with respect to such damage or deficiencies estimated to cost less than $50,000 in the aggregate per Mortgaged
Property; (ii) such repairs have been completed; or (iii) escrows in an aggregate amount consistent with the standards utilized by Seller (or the originator of the related Whole Loan, if applicable) with respect to similar loans it holds
for its own account have been established, which escrows will in all events be in an aggregate amount not less than the estimated cost of such repairs. There are no material issues with the physical condition of the Mortgaged Property that would
have a material adverse effect on the use, operation or value of the Mortgaged Property other than those disclosed in the engineering report and those addressed in sub-clauses (i), (ii) and (iii) of the
preceding sentence. 
 With respect to each Whole Loan related to a Senior Interest, the lien of each related Mortgage as a first priority
lien in the original principal amount of such Whole Loan after all advances of principal is insured by an ALTA lender’s title insurance policy (or, until the policy is issued, a binding commitment therefor), or its equivalent as adopted in the
applicable jurisdiction, insuring the Mortgagee, its successors and assigns, subject only to Permitted Liens and the Title Exceptions; the Mortgagee or its successors or assigns is the sole named insured of such policy; such policy is assignable
without consent of the insurer and Seller and will inure to the benefit of the Mortgagee of record; such title policy is in full force and effect upon the consummation of the transactions contemplated by this Agreement; all premiums thereon have
been paid; no claims have been made under such policy and no circumstance exists which would impair or diminish the coverage of such policy. The insurer issuing such policy is either (x) a
nationally-recognized title insurance company or (y) qualified to do business in the jurisdiction in which the related Mortgaged Property is located to the extent required; such policy contains no
material exclusions for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such insurance is not available) (a) access to public road or (b) against any loss due to encroachments of any material
portion of the improvements thereon. 

  
 Sch 1(a)-29 

 Insurance coverage is being maintained with respect to the Mortgaged Property in compliance in
all material respects with the requirements under each related Mortgage, which insurance covered such risks as are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property
comparable to the related Mortgaged Property in the jurisdiction in which such Mortgaged Property is located, and (A) with respect to a “special cause of loss form” or “all risk form” insurance policy that includes
replacement cost valuation issued by an insurer meeting the requirements of the related loan documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best
Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” from Standard & Poor’s Ratings Service (the “Insurance Rating
Requirements”), is in an amount (subject to a customary deductible) at least equal to the lesser of (i) the full insurable value on a replacement cost basis of improvements, furniture, furnishings, fixtures and equipment located on
such Mortgaged Property (with no deduction for physical depreciation) or (ii) the outstanding principal balance of the Whole Loan related to such Senior Interest, and in any event, not less than the amount necessary, or containing such
endorsements as are necessary, to prevent operation of any co-insurance provisions; and, except if such Mortgaged Property is operated as a mobile home park, is also covered by business interruption or rental
loss insurance, in an amount at least equal to twelve (12) months of operations of the related Mortgaged Property (or with respect to each related Whole Loan with a principal balance of $35 million or more, 18 months); (B) for a related
Whole Loan with a principal balance of $50 million or more contains a 180 day “extended period of indemnity”; and (C) covers the actual loss sustained during restoration, all of which is in full force and effect with respect to
each related Mortgaged Property; all premiums due and payable have been paid; and no notice of termination or cancellation with respect to any such insurance policy has been received by Seller. Except for certain amounts not greater than amounts
which would be considered prudent by an institutional commercial and/or multifamily mortgage lender with respect to a similar Whole Loan and which are set forth in the related Mortgage, any insurance proceeds in respect of a casualty loss, will be
applied either (i) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property losses in excess of 5% of the principal amount of the related Whole Loan, the lender (or a trustee appointed by it)
having the right to hold and disburse such proceeds as the repair or restoration progresses, or (ii) the reduction of the outstanding principal balance of such Whole Loan together with any accrued interest thereon, subject in either case to
requirements with respect to leases at the related Mortgaged Property and to other exceptions customarily provided for by prudent institutional lenders for similar loans. The Mortgaged Property is covered, and required to be covered pursuant to the
related Purchased Asset Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating Requirements including broad-form coverage for property damage, contractual damage and personal injury (including
bodily injury and death) in amounts as are generally required by prudent institutional commercial mortgage lenders, and in any event not less than $1 million per occurrence and $2 million in the aggregate. An architectural or engineering
consultant has performed an analysis of the Mortgaged Properties located in seismic zone 3 or 4 in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing the probable maximum loss
(“PML”) for the Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475-year return period, an exposure period of 50 years

  
 Sch 1(a)-30 

 
and a 10% probability of exceedance. If the resulting report concluded that the PML would exceed 20% of the amount of the replacement costs of the improvements, earthquake insurance on such
Mortgaged Property was obtained by an insurer meeting the Insurance Rating Requirements in an amount not less than 150% of the PML. If windstorm and/or windstorm related perils and/or “named storms” are excluded from the primary property
damage insurance policy the Mortgaged Property is insured by a separate windstorm insurance policy issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or
named storms, in an amount at least equal to 100% of the full insurable value on a replacement cost basis of the improvements and personalty and fixtures included in the related Mortgaged Property by an insurer meeting the Insurance Rating
Requirements. 
 The insurance policies contain a standard mortgagee clause naming the Mortgagee, its successors and assigns as loss payee,
in the case of a property insurance policy, and additional insured in the case of a liability insurance policy and provide that they are not terminable without at least thirty (30) days prior written notice to the Mortgagee (or, with respect to
non-payment, ten (10) days prior written notice to the Mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that the Mortgagor maintain insurance as described above or
permits the Mortgagee to require insurance as described above, and permits the Mortgagee to purchase such insurance at the Mortgagor’s expense if Mortgagor fails to do so. 

Other than payments due but not yet thirty (30) days or more delinquent, (a) there is no, and since origination there has been no,
material default, breach, violation or event of acceleration existing under the related Purchased Asset Documents, and no event has occurred (other than payments due but not yet delinquent) which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, provided, however, that this representation and warranty does not address or otherwise cover any default, breach,
violation or event of acceleration that specifically pertains to any matter otherwise covered by any other representation and warranty made by Seller in any paragraph of this Schedule 1(b), (b) Seller has not waived
any material default, breach, violation or event of acceleration under such Senior Interest, related Mortgage or related Mortgage Note and (c) pursuant to the terms of the related Purchased Asset Documents, no Person or party other than the
holder of such related Mortgage Note (or its servicer) may declare any event of default or accelerate the related indebtedness under either of such Mortgage or Mortgage Note. 

The Senior Interest and related Whole Loan are not, and since their origination, have not been thirty (30) days or more past due in
respect of any scheduled payment. There is no (i) monetary default, breach or violation with respect to such Senior Interest and related Whole Loan or any other obligation of the borrower under the related Whole Loan, (ii) material non-monetary default, breach or violation with respect to such Senior Interest and related Whole Loan or any other obligation of the Mortgagor or (iii) event which, with the passage of time or with notice and
the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration. Seller has not received any written notice that the Senior Interest and related Whole Loan may be subject to reduction or
disallowance for any reason, including without limitation, any setoff, right of recoupment, defense, counterclaim or impairment of any kind. 

  
 Sch 1(a)-31 

 Each Mortgage related to the Whole Loan relating to such Senior Interest does not provide for or
permit, without the prior written consent of the holder of the related Mortgage Note, the related Mortgaged Property to secure any other promissory note or obligation except as expressly described in the following sentence. The related Mortgaged
Property is not encumbered, and none of the Purchased Asset Documents permits the related Mortgaged Property to be encumbered subsequent to the related Purchase Date without the prior written consent of the holder of such Whole Loan, by any lien
securing the payment of money junior to or of equal priority with, or superior to, the lien of the related Mortgage (other than Permitted Liens, Title Exceptions, taxes, assessments and contested mechanics and materialmens liens that become payable
after the Purchase Date of the related Whole Loan). 
 To the extent the Whole Loan related to such Senior Interest is identified in writing
by Seller to Buyer as being REMIC eligible, such Whole Loan constitutes a “qualified mortgage” within the meaning of Section 860G(a)(3)of the Code (without regard to Treasury Regulations Sections
1.860G-2(a)(3) or 1.860G-2(f)(2)), is directly secured by a Mortgage on a commercial property or a multifamily residential property, and (A) the issue price of the
related Whole Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of such Whole Loan and (B) either (1) substantially all of the proceeds of such Whole Loan
were used to acquire, improve or protect the portion of such commercial or multifamily residential property that consists of an interest in real property (within the meaning of Treasury Regulations Sections
1.856-3(c) and 1.856-3(d)) and such interest in real property was the only security for such Whole Loan as of the Testing Date (as defined below), or (2) the fair
market value of the interest in real property which secures such Whole Loan was at least equal to eighty percent (80%) of the principal amount of such Whole Loan (a) as of the Testing Date, or (b) as of the related Purchase Date. For
purposes of the previous sentence, (1) the fair market value of the referenced interest in real property shall first be reduced by (a) the amount of any lien on such interest in real property that is senior to such Whole Loan, and
(b) a proportionate amount of any lien on such interest in real property that is on a parity with such Whole Loan, and (2) the “Testing Date” shall be the date on which the referenced Whole Loan was originated unless
(a) such Whole Loan was modified after the date of its origination in a manner that would cause a “significant modification” of such Whole Loan within the meaning of Treasury Regulations
Section 1.1001-3(b), and (b) such “significant modification” did not occur at a time when such Whole Loan was in default or when default with respect to such Whole Loan was reasonably
foreseeable. However, if the referenced Whole Loan has been subjected to a “significant modification” after the date of its origination and at a time when such Whole Loan was not in default or when default with respect to such Whole Loan
was not reasonably foreseeable, the Testing Date shall be the date upon which the latest such “significant modification” occurred. 

There is no material and adverse environmental condition or circumstance affecting the Mortgaged Property; there is no material violation of
any applicable Environmental Law with respect to the Mortgaged Property; neither Seller nor the Mortgagor has taken any actions which would cause the Mortgaged Property not to be in compliance with all applicable Environmental Laws; the related
Purchased Asset Documents require the borrower to comply with all Environmental Laws; and each Mortgagor has agreed to indemnify the Mortgagee for any losses resulting from any material, adverse environmental condition or failure of the Mortgagor to
abide by such Environmental Laws or has provided environmental insurance. 

  
 Sch 1(a)-32 

 At origination, each Mortgagor represented and warranted that to its knowledge no hazardous
materials or any other substances or materials which are included under or regulated by Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged from the
Mortgaged Property, except for those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner that does not result
in contamination of the Mortgaged Property or in a material adverse effect on the value, use or operations of the Mortgaged Property. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and, with
respect to certain Whole Loans related to Senior Interests, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in connection with the related
Whole Loan within twelve (12) months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not reveal any known circumstance or condition that rendered the Mortgaged Property at the date of the
ESA in material noncompliance with applicable Environmental Laws or the existence of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter
“Environmental Condition”) or the need for further investigation, or (ii) if any material noncompliance with Environmental Laws or the existence of an Environmental Condition was indicated in any such ESA, then at least one of
the following statements is true: (A) 125% of the funds reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the
Environmental Condition has been escrowed by the related Mortgagor and is held by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials and the only recommended action in the ESA is
the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the
related environmental report was remediated or abated in all material respects prior to the date hereof, and a no further action or closure letter was obtained from the applicable governmental regulatory authority (or the environmental issue
affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed”); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth
below that covers liability for the identified circumstance or condition was obtained from an insurer rated no less than A- (or the equivalent) by Moody’s, S&P and/or Fitch; (E) a party not
related to the Mortgagor was identified as the responsible party for such condition or circumstance and Seller has reasonably estimated that the responsible party has financial resources adequate to address the situation; or (F) a party related
to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. The ESA will be part of the Servicing File; and except as set forth in the ESA, there is no (i) known
circumstance or condition that rendered the Mortgaged Property in material noncompliance with applicable Environmental Laws, (ii) Environmental Conditions (as such term is defined in ASTM E1527-05 or its
successor), or (iii) need for further investigation. 
 In the case of each Senior Interest and related Whole Loan that is the subject
of an environmental insurance policy, issued by the issuer thereof (the “Policy Issuer”) and effective as of the date thereof (the “Environmental Insurance Policy”), (i) the Environmental Insurance Policy is in full
force and effect, there is no deductible and Seller is a named insured under such 

  
 Sch 1(a)-33 

 
policy, (ii)(a) a property condition or engineering report was prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to asbestos-containing materials
(“ACM”) and, if the related Mortgaged Property is a multifamily property, with respect to radon gas (“RG”) and lead-based paint (“LBP”), and (b) if such report disclosed the existence of a
material and adverse LBP, ACM or RG environmental condition or circumstance affecting the related Mortgaged Property, the related Mortgagor (A) was required to remediate the identified condition prior to closing such Whole Loan or provide
additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by Seller, for the remediation of the problem, and/or (B) agreed in the Purchased Asset Documents to establish an operations and maintenance plan
after the closing of such Whole Loan that should reasonably be expected to mitigate the environmental risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the Environmental Insurance Policy, Seller as
originator had no knowledge of any material and adverse environmental condition or circumstance affecting the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one or more of the
following: (a) the application for insurance, (b) a Mortgagor questionnaire that was provided to the Policy Issuer, or (c) an engineering or other report provided to the Policy Issuer, and (v) the premium of any Environmental
Insurance Policy has been paid through the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of the related Whole Loan. 

With respect to each Senior Interest and related Whole Loan, each related Mortgage, assignment of leases, or one or more of the other
Purchased Asset Documents, contains provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended to be provided thereby,
including realization by judicial or, if applicable, non-judicial foreclosure, subject to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws
relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

No issuer of the Purchased Asset, no co-participant, no Underlying Obligor related to any Whole Loan
related to a Senior Interest, no Mortgaged Property (other than any tenants of a multi-tenant Mortgaged Property), nor any portion thereof, is the subject of, and no Underlying Obligor or tenant occupying a single-tenant property is the subject of,
or is a debtor in, state or federal bankruptcy, insolvency or similar proceeding. 
 Except for the related Purchased Asset, each Whole Loan
related to a Senior Interest is a whole loan and contains no equity participation by the lender or shared appreciation feature and does not provide for any contingent or additional interest in the form of participation in the cash flow of the
related Mortgaged Property or provide for negative amortization (except that an ARD loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the anticipated repayment date). No Mortgagor has issued
preferred equity. 
 With respect to each Whole Loan related to a Senior Interest, subject to specific exceptions set forth below and to
certain exceptions, which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, each related Mortgage or loan agreement
contains 

  
 Sch 1(a)-34 

 
provisions for the acceleration of the payment of the unpaid principal balance of such Whole Loan if, without complying with the requirements of the Mortgage or loan agreement, (a) the
related Mortgaged Property, or any controlling interest in the related Mortgagor, is directly transferred or sold (other than (i) by reason of family and estate planning transfers, transfers by devise, descent or operation of law upon the death
of a member, general partner or shareholder of the related borrower, (ii) transfers to certain affiliates as defined in the related Purchased Asset Documents, and (iii) transfers of less than a controlling interest (as such term is defined
in the related underlying Purchased Asset Documents) in a mortgagor, (iv) issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in the Mortgagor or
an affiliate thereof, transfers among affiliated Mortgagors with respect to Whole Loans which are cross-collateralized or cross-defaulted with other Whole Loans or (v) transfers of a similar nature to the foregoing meeting the requirements of
the Whole Loan (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral within the parameters of paragraph (34) below), or (b) the related Mortgaged Property or
controlling interest in the borrower is encumbered in connection with subordinate financing by a lien or security interest against the related Mortgaged Property, other than (i) any existing permitted additional debt, (ii) any purchase
money security interests, or (iii) Permitted Liens or Title Exceptions. The underlying Purchased Asset Documents require the borrower to pay all reasonable costs incurred by the Mortgagor with respect to any transfer, assumption or encumbrance
requiring lender’s approval, including any Rating Agency fees incurred in connection with the review of and consent to any transfer or encumbrance. 

With respect to each Senior Interest and the related Whole Loan, except as set forth in the related Purchased Asset Documents delivered to
Buyer, the terms of the related Purchased Asset Documents have not been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any manner which materially interferes with the security intended to be provided by such
Mortgage or the use, value or operation of such Mortgaged Property and no such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or rescission has occurred since the date upon which the due diligence file
related to the applicable Purchased Asset was delivered to Buyer or its designee and neither borrower nor guarantor has been released from its obligations under the related Whole Loan. Pursuant to the terms of the Purchased Asset Documents:
(a) no material terms of any related Mortgage may be waived, canceled, subordinated or modified in any material respect and no material portion of such Mortgage or the Mortgaged Property may be released without the consent of the holder of such
Senior Interest; (b) no material action may be taken by the Mortgagor with respect to the Mortgaged Property without the consent of the holder of such Senior Interest; (c) the holder of such Senior Interest is entitled to approve the
budget of the Mortgagor as it relates to the Mortgaged Property; and (d) the holder of such Senior Interest’s consent is required prior to the Mortgagor incurring any additional indebtedness. 

Each related Mortgaged Property was inspected by or on behalf of the related originator or an affiliate during the four (4) month period
prior to the related origination date and within twelve (12) months of the Purchase Date. 
 Except as set forth in the Purchased Asset
Documents delivered to Buyer, since origination, no material portion of any related Mortgaged Property has been released from the lien of the related Mortgage in any manner which materially and adversely affects the value of

  
 Sch 1(a)-35 

 
the Whole Loan related to such Senior Interest or the Purchased Asset or materially interferes with the security intended to be provided by such Mortgage, and, except with respect to Whole Loans
(a) which permit defeasance by means of substituting for the Mortgaged Property (or, in the case of a Whole Loan secured by multiple Mortgaged Properties, one or more of such Mortgaged Properties) “government securities” as defined in
the Investment Company Act of 1940, as amended, sufficient to pay the related Whole Loan (or portions thereof) in accordance with its terms, (b) where a release of the portion of the Mortgaged Property was contemplated at origination and such
portion was not considered material for purposes of underwriting the related Whole Loan, (c) where a partial release is conditional upon the satisfaction of certain underwriting and legal (including REMIC, if applicable) requirements and the
payment of a release price not less than a specified percentage at least equal to 115% of the related allocated loan amount of such portion of the Mortgaged Property, (d) which permit the related Mortgagor to substitute a replacement property
in compliance with certain underwriting and legal requirements (including REMIC Provisions, if applicable) or (e) which permit the release(s) of unimproved out-parcels or other portions of the Mortgaged
Property that will not have a material adverse effect on the underwritten value of the security for the related Whole Loan or that were not allocated any value in the appraisal obtained at the origination of such Whole Loan and are not necessary for
physical access to the Mortgaged Property or compliance with zoning requirements, the terms of the related Mortgage do not provide for release of any portion of the Mortgaged Property from the lien of the Mortgage except in consideration of payment
in full therefor. 
 With respect to any partial release, either: (x) such release of collateral (i) would not constitute a
“significant modification” of the subject Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Whole Loan to fail to be a
“qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related
Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for any Whole Loan originated after December 6, 2010, if the fair market value of
the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Whole Loan outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not
less than the amount required by the REMIC Provisions. 
 With respect to any related Whole Loan identified in writing by Seller to Buyer as
being REMIC eligible, and if such Whole Loan was originated after December 6, 2010, in the event of a taking of any portion of an Mortgaged Property by a state or any political subdivision or authority thereof, whether by legal proceeding or by
agreement, the Mortgagor can be required to pay down the principal balance of such Whole Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, may not be required to be applied to the restoration of the
Mortgaged Property or released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property
constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the related Whole Loan. 

  
 Sch 1(a)-36 

 With respect to any related Whole Loan identified in writing by Seller to Buyer as being REMIC
eligible, and if such Whole Loan was originated after December 6, 2010, no such Whole Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Whole Loan permits the release of
cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions. 
 Based solely upon any of
a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related title policy, or other affirmative investigation of local law compliance consistent with the
investigation conducted by Seller for similar commercial and multifamily mortgage loans intended for securitization, the improvements located on or forming part of each Mortgaged Property securing such Whole Loan, there are no material violations of
any applicable zoning ordinances, building codes or land laws applicable to the Mortgaged Property or the use, operation and occupancy thereof other than those which (i) are insured by an ALTA lender’s title insurance policy (or a binding
commitment therefor), or its equivalent as adopted in the applicable jurisdiction, or a law and ordinance insurance policy, (ii) are adequately reserved for in accordance with the Purchased Asset Documents, or (iii) would not have a
material adverse effect on the value, operation or net operating income of the Mortgaged Property or constitute a legal non-conforming use or structure and any
non-conformity with zoning laws constitutes a legal non-conforming use or structure which does not materially and adversely affect the use, operation or value of such
Mortgaged Property. In the event of casualty or destruction, (a) the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to such casualty or destruction,
(b) law and ordinance insurance coverage has been obtained for the Mortgaged Property in amounts customarily required by prudent commercial mortgage lenders that provides coverage for additional costs to rebuild and/or repair the property to
current zoning regulations, or (c) the inability to restore the Mortgaged Property to the full extent of the use or structure immediately prior to the casualty would not materially and adversely affect the use, operation or value of such
Mortgaged Property. The Purchased Asset Documents require the Mortgaged Property to comply in all material respects with all applicable governmental regulations, zoning and building laws and ordinances. 

None of the material improvements which were included for the purposes of determining the appraised value of any related Mortgaged Property
lies outside of the boundaries and building restriction lines of the related Mortgaged Property (except Mortgaged Properties which are legal non-conforming uses), to an extent which would have a material
adverse effect on the value of the Mortgaged Property or related Mortgagor’s use and operation of such Mortgaged Property (unless affirmatively covered by title insurance) and no improvements on adjoining properties encroached upon such
Mortgaged Property to any material and adverse extent (unless affirmatively covered by title insurance). 
 The related Mortgagor has been
duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with requisite power and authority to own its assets and to transact the business in which it is now engaged, the sole purpose of the
related Mortgagor under its organizational documents is to own, finance, sell or otherwise manage the Properties and to engage in any and all activities related or incidental thereto, and the Mortgaged Properties constitute the sole assets of the
related Mortgagor. The 

  
 Sch 1(a)-37 

 
related Mortgagor has covenanted in its respective organizational documents and/or the underlying Purchased Asset Documents to own no significant asset other than the related Mortgaged
Properties, as applicable, and assets incidental to its respective ownership and operation of such Mortgaged Properties, and to hold itself out as being a legal entity, separate and apart from any other Person. 

There are no pending, filed or threatened actions, suits or proceedings, governmental investigations or arbitrations of which Seller has
received notice, against the Mortgagor, guarantor or the related Mortgaged Property the adverse outcome of which could reasonably be expected to materially and adversely affect (a) title to the Mortgaged Property, (b) the validity or
enforceability of the Mortgage, (c) such Mortgagor’s ability to pay principal, interest or any other amounts due under the Whole Loan related to such Senior Interest, (d) such guarantor’s ability to perform under the related
guaranty, (e) the principal benefit of the security intended to be provided by the Purchased Asset Documents, (f) the current ability of the Mortgaged Property to generate net cash flow sufficient to service such Whole Loan, (g) the
use, operation or value of the Mortgaged Property or (h) the current principal use of the Mortgaged Property. 
 With respect to each
Whole Loan related to a Senior Interest, if the related Mortgage is a deed of trust, as of the date of origination and, currently, a trustee, duly qualified under applicable law to serve as such, has either been properly designated and serving under
such Mortgage or may be substituted in accordance with the Mortgage and applicable law, and except in connection with a trustee’s sale after a default by the related Mortgagor or in connection with any full or partial release of the related
Mortgaged Property or related security for such Whole Loan, no fees are payable to such trustee except for de minimis fees paid. 
 With
respect to the Purchased Asset and each Whole Loan related to a Senior Interest, such Whole Loan and the Purchased Asset and all interest thereon (exclusive of any default interest, late charges or prepayment premiums) contracted for complies with,
or is exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 
 The Senior Interest and
related Whole Loan are not cross-collateralized or cross-defaulted with any other Indebtedness that is not also a Purchased Asset. 
 The
improvements located on the Mortgaged Property are either not located in a federally designated special flood hazard area or, if so located, the Mortgagor is required to maintain or the Mortgagee maintains, flood insurance with respect to such
improvements and such policy is in full force and effect in an amount equal to the maximum amount available under the National Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by prudent
institutional commercial mortgage lenders originating mortgage loans for securitization. 
 All escrow deposits and payments required
pursuant to the Whole Loan related to such Senior Interest (including capital improvements and environmental remediation reserves) to be deposited with Seller in accordance with the underlying Purchased Asset Documents have been so deposited, are in
the possession, or under the control, of Seller or its agent and there are 

  
 Sch 1(a)-38 

 
no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits that are required to be escrowed with Seller under the related
Purchased Asset Documents are being conveyed by Seller to Buyer or its servicer and identified as such with appropriate detail. Any and all requirements under the related Whole Loan as to completion of any material improvements and as to
disbursements of any funds escrowed for such purpose, which requirements were to have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have not been released. No other
escrow amounts have been released except in accordance with the terms and conditions of the related Purchased Asset Documents. 
 With
respect to each Whole Loan related to a Senior Interest, the related Mortgagor, or the related lessee, franchisor or operator was in possession of all material licenses, permits, franchises, certificates of occupancy, consents and authorizations and
approvals then required for the use and operation of the related Mortgaged Property by the related Mortgagor, other than any licenses, permits and authorizations the failure to possess of which would not have a material adverse effect on the use or
value of the Mortgaged Property. The underlying Purchased Asset Documents require the borrower to maintain all such material licenses, permits, franchises, certificates of occupancy, consents and authorizations and approvals. The underlying
Purchased Asset Documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located. 

With respect to the Senior Interest and each related Whole Loan, the origination (or acquisition, as the case may be), servicing and
collection practices used with respect to such Senior Interest and the related Whole Loan have been in all respects legal and have met customary industry standards for servicing of commercial mortgage loans. 

With respect to each Whole Loan related to a Senior Interest, except for Mortgagors under Whole Loans secured in whole or in part by a Ground
Lease, the related Mortgagor (or its affiliate) has title in the fee simple interest in each related Mortgaged Property. 
 The Purchased
Asset Documents for each related Whole Loan provide that such Whole Loan is non-recourse to the related Mortgagor except that each such Whole Loan becomes full recourse to the Mortgagor and/or guarantor (which
is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events:
(i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by, consented to, or acquiesced in by, the Mortgagor;
(ii) Mortgagor or guarantor shall have colluded with other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) voluntary transfers of either the related Mortgaged Property or equity interests in
Mortgagor made in violation of the Purchased Asset Documents. Furthermore, the Purchased Asset Documents for each related Whole Loan provide for recourse against the Mortgagor and/or guarantor (which is a natural person or persons, or an entity
distinct from the Mortgagor (but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained in the case of (i) any Mortgagor’s
misappropriation of rents, security deposits, insurance proceeds, or condemnation awards; (ii) the Mortgagor’s fraud or willful misrepresentation; (iii) willful misconduct, fraud or material misrepresentation by the Mortgagor or
guarantor; (iv) breaches of the environmental covenants in the Purchased Asset Documents; or (v) commission of material physical waste at the related Mortgaged Property. 

  
 Sch 1(a)-39 

 Subject to the exceptions set forth in paragraph (13) and upon possession of the Mortgaged
Property as required under applicable state law, any assignment of leases set forth in the Mortgage or separate from the related Mortgage and related to and delivered in connection with each Whole Loan related to a Senior Interest establishes and
creates a valid, first priority and enforceable collateral assignment of, or a valid first priority and enforceable lien and security interest in, the related Mortgagor’s interest in all leases, subleases, licenses or other agreements pursuant
to which any person is entitled to occupy, use or possess all or any portion of the real property, subject only to a license granted to the related mortgagor to exercise certain rights and to perform certain obligations of the lessor under such
lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or
affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage or related assignment of leases,
subject to applicable law and to bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law), provides that, upon an event of default under such related Whole Loan, the beneficiary thereof is permitted to seek the appointment of a receiver for the
collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. 

With respect to each Whole Loan related to a Senior Interest, any prepayment premium and yield maintenance charge constitutes a
“customary prepayment penalty” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). 

If any Whole Loan related to a Senior Interest contains a provision for any defeasance of mortgage collateral, such Whole Loan permits
defeasance (1) no earlier than two (2) years after any securitization of the related Whole Loan or the Senior Interest and (2) only with substitute collateral constituting “government securities” within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make all scheduled payments under the related Mortgage Note when due. If the related Whole Loan permits partial releases of real
property in connection with partial defeasance, the revenues from the collateral will be sufficient to pay all such scheduled payments calculated on a principal amount equal to a specified percentage at least equal to 115% of the allocated loan
amount for the real property to be released and the defeasance collateral is not permitted to be subject to prepayment, call, or early redemption. If the Mortgagor would continue to own assets in addition to the defeasance collateral, the portion of
the related Whole Loan secured by defeasance collateral is required to be assumed by a Single-Purpose Entity. No related Whole Loan was originated with the intent to collateralize a REMIC offering with obligations that are not real estate mortgages.
In addition, if the Mortgage related to any such Whole Loan contains such a defeasance provision, it provides (or otherwise contains provisions pursuant to which the holder thereof can require) that an opinion be provided to the effect that such
holder has a first priority perfected security interest in 

  
 Sch 1(a)-40 

 
the defeasance collateral. The related underlying Purchased Asset Documents permit the lender to charge all of its expenses associated with a defeasance to the Mortgagor (including rating
agencies’ fees, accounting fees and attorneys’ fees), and provide that the related Mortgagor must deliver (or otherwise, the underlying Purchased Asset Documents contain certain provisions pursuant to which the lender can require)
(a) an accountant’s certification as to the adequacy of the defeasance collateral to make payments under the related Whole Loan for the remainder of its term, (b) an opinion of counsel that the defeasance will not cause any such
holder to lose its status as a REMIC, and (c) assurances from each applicable Rating Agency that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to any certificates backed by the related
Whole Loan or the Senior Interest. 
 To the extent required under applicable law as necessary for the enforceability or collectability of
the Whole Loan related to such Senior Interest, each holder of the related Mortgage Note is authorized to do business in the jurisdiction in which the related Mortgaged Property is located, or the failure to be so authorized does not materially and
adversely affect the enforceability of such Whole Loan. 
 Neither the Mortgagee, the holder of the Senior Interest nor any affiliate
thereof has any obligation to make any capital contributions to the Mortgagor under the Senior Interest or the related Whole Loan. Neither the Mortgagee, the holder of the Senior Interest nor any affiliate thereof has any obligation to make loans
to, make guarantees on behalf of, or otherwise extend credit to, or make any of the foregoing for the benefit of, the Mortgagor or any other person under or in connection with the Senior Interest or the related Whole Loan. 

With respect to each Whole Loan related to a Senior Interest, each related Mortgaged Property constitutes one or more complete separate tax
lots (or the related Mortgagor has covenanted or applied to obtain separate tax lots and a Person has indemnified the Mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount sufficient to pay taxes resulting from a
breach thereof has been established) or is subject to an endorsement under the related title insurance policy. 
 With respect to each Whole
Loan related to a Senior Interest, an Appraisal of the related Mortgaged Property was conducted in connection with the origination of such Whole Loan with an appraisal date within six (6) months of the Whole Loan origination date and within
twelve (12) months of the Purchase Date. The Appraisal is signed by an appraiser who is a Member of the Appraisal Institute and had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security
thereof, and whose compensation is not affected by the approval or disapproval of such Whole Loan. Such Appraisal satisfied in all material respects the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act
of 1989, as in effect on the date such Whole Loan was originated. 
 With respect to each Whole Loan related to a Senior Interest, the
related Purchased Asset Documents require the Mortgagor to provide the Mortgagee with certain financial information at the times required under such Purchased Asset Documents. 

Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an
irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, and (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities,
all of which are appropriate for the current use of the Mortgaged Property. 

  
 Sch 1(a)-41 

 With respect to each Whole Loan related to a Senior Interest that is secured by a leasehold
estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interests in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement
received from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants the following with respect to the related Ground Lease: 

Such Ground Lease or a memorandum thereof has been duly recorded or submitted for recordation in a form that is acceptable for
recording in the applicable jurisdiction, and such Ground Lease permits the interest of the lessee thereunder to be encumbered by the related Mortgage or, if consent of the lessor thereunder is required, it has been obtained prior to the related
Purchase Date. The Ground Lease does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially adversely affect the security provided by the related Mortgage. No material
change in the terms of the Ground Lease had occurred since its recordation, except by any written instruments which are included in the related Underwriting Package. 

Upon the foreclosure of the Whole Loan related to such Senior Interest (or acceptance of a deed in lieu thereof), the
Mortgagor’s interest in such Ground Lease is assignable to the Mortgagee under the leasehold estate and its assigns without the consent of the lessor thereunder and in the event it is so assigned, it is further assignable by the holder of the
related Whole Loan and its successors and assigns without the consent of the lessor. 
 Such Ground Lease may not be amended,
modified, canceled or terminated without the prior written consent of the Mortgagee. 
 Seller has not received any written
notice of default under or notice of termination of such Ground Lease. Such Ground Lease is in full force and effect, there is no material default under such Ground Lease, and no condition which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a material default under such Ground Lease. 
 The Ground Lease,
estoppel or other ancillary agreement between the lessor and the lessee requires the lessor to give notice of any default by the lessee to the Mortgagee. The Ground Lease, estoppel or other ancillary agreement further provides that no notice given
is effective against the Mortgagee unless a copy has been given to the Mortgagee in a manner described in the Ground Lease, estoppel or other ancillary agreement and requires that the ground lessor will supply an estoppel. 

The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal priority with, the Mortgage,
subject, however, to only Permitted Liens and any Title Exceptions and the related fee interest of the ground lessor or (ii) is subject to a subordination, non-disturbance and attornment agreement to
which the Mortgagee on the lessor’s fee interest in the Mortgaged Property is subject. 

  
 Sch 1(a)-42 

 A Mortgagee is permitted a reasonable opportunity (including, where necessary,
sufficient time to gain possession of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease before the lessor thereunder may terminate such Ground Lease. 

Such Ground Lease has an original term (together with any extension options, whether or not currently exercised, set forth
therein all of which can be exercised by the Mortgagee if the Mortgagee acquires the lessee’s rights under the Ground Lease) that extends not less than twenty (20) years beyond the stated maturity date of the Whole Loan related to such
Senior Interest. 
 Under the terms of such Ground Lease, any estoppel or consent letter received by the Mortgagee from the
lessor, and the related Mortgage, taken together, any related insurance proceeds or condemnation award (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking) will be
applied either to the repair or restoration of all or part of the related Mortgaged Property, with the Mortgagee or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment
or defeasance of the outstanding principal balance of the Whole Loan related to such Senior Interest, together with any accrued interest (except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial
mortgage lender, taking into account the relative duration of the Ground Lease and the related Mortgage and the ratio of the market value of the related Mortgaged Property to the outstanding principal balance of such Whole Loan). 

Under the terms of the Ground Lease (or an estoppel or ancillary agreement between the lessor and the lessee) and the related
Mortgage (taken together), any related insurance proceeds, or portion of the condemnation award allocable to ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged Property to the extent
not applied to restoration, will be applied first to the payment of the outstanding principal balance of the Whole Loan related to such Senior Interest, together with any accrued interest. 

The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent
commercial lender. 
 The ground lessor under such Ground Lease is required to enter into a new lease with Seller upon
termination of the Ground Lease for any reason, including the rejection of the Ground Lease in bankruptcy. 
 The ground
lessor consented to and acknowledged that (i) the Whole Loan related to such Senior Interest is permitted / approved, (ii) any foreclosure of such Whole Loan and related change in ownership of the ground lessee will not require the consent
of 

  
 Sch 1(a)-43 

 
the ground lessor or constitute a default under the ground lease, (iii) copies of default notices would be sent to the Mortgagee and (iv) it would accept cure from the Mortgagee on
behalf of the ground lessee. 
 The Purchased Asset Documents for each Whole Loan related to a Senior Interest that is secured by a
hospitality property operated pursuant to a franchise agreement include an executed comfort letter or similar agreement signed by the Mortgagor and franchisor of such property enforceable by the Mortgagee against such franchisor, either directly or
as an assignee of the originator. The Mortgage or related security agreement for each related Whole Loan secured by a hospitality property creates a security interest in the revenues of such property for which a UCC financing statement has been
filed in the appropriate filing office. 
 It being understood that B notes secured by the same Mortgage as a Whole Loan are not subordinate
mortgages or junior liens, there are no subordinate mortgages or junior liens encumbering the related Mortgaged Property (other than Permitted Liens, Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens and equipment
and other personal property financing). Except as specifically disclosed to Buyer in an Approved Representation Exception, there is no mezzanine debt related to the Mortgaged Property. 

Each Mortgage requires the Mortgagor to provide the owner or holder of the Mortgage, and the holder of the Mortgage (if not the holder of the
Senior Interest) is required to provide the holder of the Senior Interest, with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for single-tenant properties) and annual rent rolls for
properties that have leases contributing more than 5% of the in-place base rent and annual financial statements, which annual financial statements (i) with respect to each Whole Loan related to a Senior
Interest with more than one Mortgagor are in the form of an annual combined balance sheet of the Mortgagor entities (and no other entities), together with the related combined statements of operations, members’ capital and cash flows, including
a combining balance sheet and statement of income for the Mortgaged Properties on a combined basis and (ii) for each related Whole Loan with an original principal balance greater than $50 million shall be audited by an independent
certified public accountant upon the request of the owner or holder of the Mortgage. 
 With respect to each Senior Interest with a related
Whole Loan over $20 million, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically
exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such
coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each other Senior Interest and related Whole Loan, the related special all-risk insurance policy and business
interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance
policy. With respect to each related Whole Loan, the related Purchased Asset Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto, except to the
extent that any right to require such coverage may be limited by availability on commercially reasonable terms. 

  
 Sch 1(a)-44 

 Each Whole Loan related to a Senior Interest requires the Mortgagor to be a Single-Purpose Entity
for at least as long as such Whole Loan is outstanding. Both the Purchased Asset Documents and the organizational documents of the Mortgagor with respect to each related Whole Loan with a Purchase Date principal balance in excess of $5 million
provide that the Mortgagor is a Single-Purpose Entity, and each related Whole Loan with a Purchase Date principal balance of $50 million or more has a counsel’s opinion regarding non-consolidation of
the Mortgagor. For this purpose, a “Single-Purpose Entity” means an entity, other than an individual, whose organizational documents (or if such Whole Loan has a Purchase Date principal balance equal to $5 million or less, its
organizational documents or the related Purchased Asset Documents) provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged Properties securing the related Whole
Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the
effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Asset
Documents, that it has its own books and records and accounts separate and apart from those of any other person (other than a Mortgagor for a Whole Loan that is cross-collateralized and cross-defaulted with the related Whole Loan), and that it holds
itself out as a legal entity, separate and apart from any other person or entity. 
 Each Whole Loan related to a Senior Interest bears
interest at a rate that remains fixed throughout the remaining term of such Whole Loan, except in the case of ARD loans and situations where default interest is imposed. 

The origination practices of Seller (or the related originator if Seller was not the originator), with respect to each Whole Loan related to a
Senior Interest, complied in all material respects with the terms, conditions and requirements of, as appropriate, all of Seller’s or such party’s origination, due diligence standards and/or practices for similar commercial and multifamily
mortgage loans, as applicable, and, in each such case, otherwise complied with all applicable laws and regulations. 
 Seller has obtained a
rent roll (the “Certified Rent Roll(s)”) other than with respect to hospitality properties certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days
of the date of origination of the Whole Loan related to such Senior Interest. Seller has obtained operating histories (the “Certified Operating Histories”) with respect to each Mortgaged Property certified by the related Mortgagor
or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Whole Loan. The Certified Operating Histories collectively report on operations for a period equal
to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property was owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such shorter period of time. 

Seller has obtained an organizational chart or other description of each Mortgagor which identifies all beneficial controlling owners of the
Mortgagor (i.e., managing members, general partners or similar controlling person for such Mortgagor) and all owners that hold a 

  
 Sch 1(a)-45 

 
10% or greater direct ownership share (i.e., the “Major Sponsors”). Based solely on the searches performed by Seller in connection with the Whole Loan related to such Senior
Interest, no Major Sponsor or guarantor (i) was in a state of federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy or insolvency, or (iii) had been convicted of a felony.

 With respect to each Senior Interest with a related Whole Loan secured by retail, office or industrial properties, Seller requested the
related Mortgagor to obtain estoppels from each commercial tenant with respect to the Certified Rent Roll. With respect to each related Whole Loan predominantly secured by a retail, office or industrial property leased to a single tenant, Seller
reviewed such estoppel obtained from such tenant no earlier than ninety (90) days prior to the origination date of the related Whole Loan, and each such estoppel indicated (x) the related lease is in full force and effect and
(y) there exists no default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of
landlord’s compliance with co-tenancy provisions. With respect to each related Whole Loan predominantly secured by a retail, office or industrial property, Seller has received lease estoppels executed
within ninety (90) days of the origination date of the related Whole Loan that collectively account for at least 65% of the in-place base rent for the Mortgaged Property or set of cross-collateralized
properties that secure a Whole Loan that is represented on the rent roll. Each rent roll indicated that (x) each lease is in full force and effect and (y) there exists no material default under any such related lease that represents 20% or
more of the in-place base rent for the Mortgaged Property or set of cross-collateralized properties either by the lessee thereunder or by the related Mortgagor, subject, in each case, to customary reservations
of tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. 

Seller has complied with all applicable anti-money laundering laws and regulations, including without limitation the USA PATRIOT Act of 2001
with respect to the origination of the Whole Loan related to such Senior Interest. 
 No default or event of default has occurred under any
agreement pertaining to any lien relating to the Mortgaged Property ranking junior to, pari passu with or senior to the Mortgage securing the Whole Loan relating to such Senior Interest, and there is no provision in any such agreement which
would provide for any increase in the principal amount of any such lien. 
 The representations and warranties made by the Mortgagor in the
Purchased Asset Documents were true and correct in all material respects as of the date such representations and warranties were stated to be true therein, and there has been no adverse change with respect to the Mortgagor, the Whole Loan related to
such Senior Interest or the related Mortgaged Property that would render any such representation or warranty not true or correct in any material respect as of the Purchase Date. 

The Senior Interest has not been and shall not be deemed to be a Security within the meaning of the Securities Act of 1933, as amended or the
Securities Exchange Act of 1934, as amended. 

  
 Sch 1(a)-46 

 “Ground Lease”: A ground lease containing the following terms and conditions:
(a) a remaining term (exclusive of any unexercised extension options) of thirty (30) years or more from the Purchase Date of the related Asset, (b) the right of the lessee to mortgage and encumber its interest in the leased property
without the consent of the lessor or with such consent given, (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor
that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so, (d) reasonable transferability of the lessee’s interest under such lease, including ability to
sublease, and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 

“Servicing File:” A copy of the Underwriting Package and documents and records not otherwise required to be contained in the
Underwriting Package that (i) relate to the origination and/or servicing and administration of the Whole Loans related to Senior Interests, (ii) are reasonably necessary for the ongoing administration and/or servicing of the related Whole
Loans or for evidencing or enforcing any of the rights of the holder of the related Whole Loans or holders of interests therein and (iii) are in the possession or under the control of Seller, provided that Seller shall not be required to
deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations. 

  
 Sch 1(a)-47EX-10.8

 Exhibit 10.8 

EXECUTION COPY 

GUARANTEE AGREEMENT 

GUARANTEE AGREEMENT, dated as of August 30, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, this
“Guarantee”), made by FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”) and
any of its parent, subsidiary or affiliated companies. 
 RECITALS 

Pursuant to that certain Master Repurchase and Securities Contract, dated as of August 30, 2017 (as amended, supplemented or otherwise
modified from time to time, the “Repurchase Agreement”), between Wells Fargo Bank, National Association (“Buyer”) and FS CREIT Finance WF-1 LLC (“Seller”),
Seller has agreed to sell, from time to time, to Buyer certain Purchased Assets, as defined in the Repurchase Agreement, upon the terms and subject to the conditions as set forth therein. Pursuant to the terms of that certain Custodial Agreement,
dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Custodial Agreement”), by and among Wells Fargo Bank, National Association (in such capacity, the “Custodian”),
Buyer and Seller, Custodian is required to take possession of the Purchased Assets, along with certain other documents specified in the Custodial Agreement, as Custodian of Buyer and any future purchaser, on several delivery dates, in accordance
with the terms and conditions of the Custodial Agreement. The Repurchase Agreement, the Custodial Agreement, this Guarantee and any other agreements executed in connection with the Repurchase Agreement and the Custodial Agreement shall be referred
to herein as the “Repurchase Documents.” 
 It is a condition precedent to Buyer purchasing the Purchased Assets pursuant
to the Repurchase Agreement that Guarantor shall have executed and delivered this Guarantee with respect to the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the Guaranteed
Obligations (as defined below). 
 NOW, THEREFORE, in consideration of the foregoing premises, to induce Buyer to enter into the Repurchase
Documents and to enter into the transactions contemplated thereunder, Guarantor hereby agrees with Buyer as follows: 

1.    Definitions. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings
given them in the Repurchase Agreement. 
 (a)    “Adjusted Tangible Net Worth”: With respect to any
Person and its consolidated Subsidiaries on any date, an amount equal to the sum of such Person’s Tangible Net Worth plus such Person’s Shareholder Liquidity Balance. 

(b)    “Cash and Cash Equivalents”: With respect to any Person and its consolidated Subsidiaries on any
date, any of the following: (a) cash (other than Restricted Cash), (b) fully federally insured demand deposits, and (c) securities with maturities of thirty (30) days or less from the date of acquisition issued or fully guaranteed or
insured by the United States Government or any agency thereof. 

 (c)    “Class S Shares”: The shares of
common stock of Guarantor sold via private placement and designated as Class S Shares, as described in Guarantor’s Form S-11, as filed with the United States Securities and Exchange Commission
on February 17, 2017 
 (d)    “Distribution”: Any distributions (whether or not in cash) on
account of any equity interest in Seller or Guarantor, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such equity interest. 

(e)    “EBITDA”: With respect to any Person and its consolidated Subsidiaries, for any period of four
consecutive fiscal quarters ended on the last day of any fiscal quarter of such Person, an amount equal to, without duplication, (a) Net Income (or loss) of such Person, plus (b) the following (but only to the extent actually deducted in
calculating such Net Income (or loss)): (i) depreciation and amortization expense, (ii) Interest Expense, (iii) income tax expense, (iv) extraordinary or non-cash non-recurring losses and (v) transaction costs in connection with the Repurchase Documents, and minus (c) the following (but only to the extent actually added in calculating such Net Income (or loss)):
extraordinary or non-cash non-recurring gains; determined, in each case, on a consolidated basis. 

(f)    “FS Shareholder Account Control Agreement”: The FS Shareholder Account Control Agreement, dated as
of August 30, 2017, between and among FS Shareholder, Wells Fargo Bank, National Association as secured party and Wells Fargo Bank, National Association, as the depository bank. 

(g)    “Guaranteed Obligations”: Collectively (a) all payment obligations owing by Seller to Buyer
under or in connection with the Repurchase Agreement and any other Repurchase Documents, including, without duplication, all interest and fees that accrue after the commencement by or against Seller or Guarantor of any Insolvency Proceeding naming
such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding (in each case, whether due or accrued); (b) any and all extensions, renewals, modifications, amendments or
substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by Buyer in the enforcement of any of the foregoing or any obligation of Guarantor hereunder;
and (d) any other obligations of Seller with respect to Buyer under each of the Repurchase Documents. 

(h)    “Guarantor Materiality Threshold”: Defined in the Fee Letter, which definition is incorporated
herein by reference. 
 (i)    “Interest Expense”: With respect to any Person and its consolidated
Subsidiaries in respect of any period of four consecutive fiscal quarters, ended on the last day of any fiscal quarter of such Person, determined on a consolidated basis without duplication, consolidated interest expense of such Person and its
consolidated Subsidiaries, whether paid or accrued, without deduction of consolidated interest income of such Person and its consolidated Subsidiaries, as determined in accordance with GAAP. 

  
 -2- 

 (j)    “Liquidity”: With respect to any Person and its
consolidated Subsidiaries on any date, the amount of Cash and Cash Equivalents held by such Person as of such date. 

(k)    “Net Income”: With respect to any Person and its consolidated Subsidiaries for any period of four
consecutive fiscal quarters ended on the last day of any fiscal quarter of such Person, the sum of all the net income of such Person and its consolidated Subsidiaries determined in accordance with GAAP and in each case, determined on a consolidated
basis without duplication. 
 (l)    “Net Worth”: With respect to any Person and its consolidated
Subsidiaries on any date, all amounts that would be included under capital or shareholder’s equity (or any like caption) on a consolidated balance sheet of such Person and its consolidated Subsidiaries pursuant to GAAP (including, without
limitation, all uncalled capital commitments eligible to be called by such Person from its partners without condition within customary notice periods). 

(m)    “REIT”: A real estate investment trust within the meaning of the Code. 

(n)    “Restricted Cash”: With respect to any Person and its consolidated Subsidiaries on any date, any
amount of cash of such Person and its consolidated Subsidiaries that is either encumbered with a prior lien or claim or is contractually required to be set aside, segregated or otherwise reserved. 

(o)    “Shareholder Cash Collateral Accounts”: Each of the deposit accounts described in
Section 6.01(e) of the Repurchase Agreement. 
 (p)    “Shareholder Liquidity
Balance”: With respect to any Person and its consolidated Subsidiaries on any date, an amount equal to all Cash and Cash Equivalents held in both Shareholder Cash Collateral Accounts. 

(q)    “Tangible Net Worth”: With respect to any Person and its consolidated Subsidiaries on any date, the
Net Worth of such Person and its consolidated Subsidiaries, minus (a) to the extent already included in the calculation of Tangible Net Worth, amounts owing to such Person or any of its consolidated Subsidiaries from any Affiliate thereof, or
from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any Subsidiary or Affiliate thereof, (b) intangible assets as determined in accordance with GAAP, and
(c) prepaid taxes and/or expenses, all on or as of such date and all determined, in each case, on a consolidated basis without duplication. 

(r)    “Total Indebtedness”: With respect to any Person and its consolidated Subsidiaries on any date,
without duplication, all amounts of consolidated Indebtedness (other than Contingent Liabilities not reflected on such Person’s consolidated balance sheet), plus the proportionate share of all Indebtedness (other than Contingent Liabilities not
reflected on such Person’s consolidated balance sheet) of all non-consolidated Subsidiaries and minority interests of such Person, on or as of such date. 

  
 -3- 

 2.    Guarantee. 

(a)    Guarantor hereby unconditionally and irrevocably guarantees to Buyer the prompt and complete payment and
performance of the Guaranteed Obligations by Seller when due (whether at the stated maturity, by acceleration or otherwise). 

(b)    Notwithstanding anything herein to the contrary, but subject to clause (c) below, the maximum liability of
Guarantor hereunder and under the Repurchase Documents shall in no event exceed the sum of (I) twenty five percent (25%) of the then currently unpaid aggregate Repurchase Price of all Purchased Assets consisting of Core Purchased Assets , and
(II) one hundred percent (100%) of the then currently unpaid aggregate Repurchase Price of all Purchased Assets consisting of Flex Purchased Assets. 

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

(i)    a voluntary bankruptcy or insolvency proceeding is commenced by Seller in violation of its limited
liability company agreement, under the U.S. Bankruptcy Code or any similar federal or state law; and/or 

(ii)    an involuntary bankruptcy or insolvency proceeding is commenced against Seller or Guarantor in
connection with which Seller, Guarantor, or any of their respective Affiliates has or have colluded in any way with the creditors commencing or filing such proceeding. 

(d)    In addition to the foregoing, Guarantor shall be liable for any actual, out-of-pocket losses, costs, claims, expenses or other liabilities incurred by Buyer arising out of or attributable to the following items: 

(i)    any material breach of the separateness covenants set forth in Article 9 of the Repurchase
Agreement; 
 (ii)    any intentional and material breach of any representations and warranties contained
in any Repurchase Document by Seller including, but not limited to, (in each case) any of the representations and warranties relating to Environmental Laws, or any indemnity for costs incurred in connection with the violation of any Environmental
Law, the correction of any environmental condition, or the removal of any Materials of Environmental Concern, in each case in any way affecting Seller’s properties or any of the Purchased Assets; and/or 

(iii)    fraud or intentional misrepresentation by Seller or Guarantor in connection with the execution and
the delivery of this Guarantee, the Repurchase Agreement, or any of the other Repurchase Documents, or any certificate, report, financial statement or other instrument or document furnished to Buyer at the time of the closing of the Repurchase
Agreement or during the term of the Repurchase Agreement. 

  
 -4- 

 (e)    Nothing herein shall be deemed to be a waiver of any right which Buyer
may have under Section 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the outstanding obligations under the Repurchase Agreement or to require that all collateral shall continue to
secure all of the indebtedness owing to the Buyer in accordance with the Repurchase Agreement or any other Repurchase Documents. 

(f)    In addition to the foregoing and notwithstanding the limitation on recourse liability set forth in
subsection 2(b), Guarantor further agrees to pay any and all reasonable expenses (including, without limitation, all reasonable, out-of-pocket fees and
disbursements of counsel) which may be paid or incurred by Buyer in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Guaranteed Obligations and/or enforcing any rights with respect
to, or collecting against, Guarantor under this Guarantee, and agrees to indemnify and hold harmless Buyer from any and all claims, damages, losses, liabilities, costs and expenses that may be incurred by or asserted or awarded against Buyer, in
each case relating to or arising out of the Guaranteed Obligations. This Guarantee shall remain in full force and effect and fully enforceable against Guarantor in all respects until the Guaranteed Obligations are paid in full, notwithstanding that
from time to time prior thereto Seller may be free from any Guaranteed Obligations. 
 (g)    No payment or payments
made by Seller or any other Person (other than Guarantor in respect of the Guaranteed Obligations) or received or collected by Buyer from Seller or any other Person (other than Guarantor in respect of the Guaranteed Obligations) by virtue of any
action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or
otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Guaranteed Obligations until the Guaranteed Obligations are paid in full. 

(h)    Guarantor agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to Buyer on
account of Guarantor’s liability hereunder, Guarantor will notify Buyer in writing that such payment is made under this Guarantee for such purpose. 

3.    Subrogation. Upon making any payment hereunder, Guarantor shall be subrogated to the rights of Buyer against
Seller and any collateral for any Guaranteed Obligations with respect to such payment; provided, that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation, or seek any contribution or reimbursement from
any Seller, until all amounts owing by Seller to Buyer under the Repurchase Documents or any related documents have been paid in full; and, further provided, that such subrogation rights shall be subordinate in all respects to all
amounts owing to the Buyer under the Repurchase Documents. If any amount shall be paid to Guarantor on account of such subrogation rights at any time when all of the Repurchase Obligations shall not have been paid in full, such amount shall be held
by Guarantor in trust for Buyer, segregated from other funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Buyer in the exact form received by Guarantor (duly indorsed by Guarantor to Buyer, if required), to be
applied against the Repurchase Obligations, whether matured or unmatured, in such order as Buyer may determine. 

  
 -5- 

 4.    Amendments, etc. with Respect to the Guaranteed Obligations.
Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Guaranteed Obligations made by Buyer may
be rescinded by Buyer and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Buyer, and any Repurchase Document and any other document in connection therewith may be
amended, modified, supplemented or terminated, in whole or in part, as Buyer may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Buyer for the payment of the Guaranteed Obligations may
be sold, exchanged, waived, surrendered or released. Buyer shall have no obligation to protect, secure, perfect or insure any lien at any time held by it as security for the Guaranteed Obligations or for this Guarantee or any property subject
thereto. When making any demand hereunder against Guarantor, Buyer may, but shall be under no obligation to, make a similar demand on Seller or any other guarantor, and any failure by Buyer to make any such demand or to collect any payments from
Seller or any such other guarantor or any release of Seller or such other guarantor shall not relieve Guarantor of its Guaranteed Obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as
a matter of law, of Buyer against Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

5.    Guarantee Absolute and Unconditional. 

(a)    Guarantor hereby agrees that its obligations under this Guarantee constitute a guarantee of payment when due and
not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by Buyer upon this Guarantee or acceptance of this Guarantee; the
Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee; and all dealings between Seller or Guarantor, on the one hand, and Buyer, on the other hand, shall
likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee. Guarantor waives promptness, diligence, presentment, protest, demand for payment and notice of protest, demand, dishonor, default, nonpayment or
nonperformance, notice of any exercise of remedies, and all other notices whatsoever, other than as specifically provided herein, to or upon Seller or Guarantor with respect to the Guaranteed Obligations. Guarantor also waives any exchange, release
or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any part of the Guaranteed Obligations. This Guarantee shall be
construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity, regularity or enforceability of the Repurchase Agreement or any other Repurchase Document, any of the Guaranteed Obligations or any
collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by Buyer, (ii) any defense, set-off or counterclaim (other than a defense of payment
or performance or any defense or counterclaim arising out of Buyer’s breach of the Repurchase Agreement or any other Repurchase Document) which may at any time be available to or be asserted by Seller against Buyer, (iii) any requirement
that Buyer exhaust any right to take any 

  
 -6- 

 
action against Seller or any other Person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this Guarantee or (iv) any other circumstance whatsoever
(with or without notice to or Knowledge of Seller or Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of Seller for the Guaranteed Obligations of Guarantor under this Guarantee, in bankruptcy or in
any other instance, or any defense of a surety or guarantor. When pursuing its rights and remedies hereunder against Guarantor, Buyer may, but shall be under no obligation, to pursue such rights and remedies that Buyer may have against Seller or any
other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by Buyer to pursue such other rights or remedies or to collect any payments from Seller or any
such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Seller or any such other Person or any such collateral security, guarantee or right of offset, shall not
relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Buyer or any Affiliate of Buyer against Guarantor. This Guarantee shall remain in full
force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns thereof, and shall inure to the benefit of Buyer, and its successors and permitted endorsees, transferees and assigns,
until all the Guaranteed Obligations and the obligations of Guarantor under this Guarantee shall have been satisfied by payment in full, notwithstanding (x) any sale by Buyer of any Purchased Asset as set forth in Article 10 of the
Repurchase Agreement or the exercise by Buyer of any of the other rights and remedies set forth in any of the Repurchase Documents, or (y) that from time to time during the term of the Repurchase Documents Seller may be free from any Guaranteed
Obligations. 
 (b)    Without limiting the generality of the foregoing, the occurrence of one or more of the following
shall not preclude the exercise by Buyer of any right, remedy or power hereunder or alter or impair the liability of Guarantor hereunder, which shall, remain absolute, irrevocable and unconditional: 

(i)    at any time or from time to time, without notice to Guarantor, the time for any performance of or
compliance with any of the Guaranteed Obligations shall be extended, waived or renewed, or Seller shall be released from any of the Guaranteed Obligations, or any of the Guaranteed Obligations shall be subordinated in right of payment to any other
liability of Seller; 
 (ii)    any of the Guaranteed Obligations shall be accelerated or otherwise
become due prior to their stated maturity, in any case, in accordance with the terms of the Repurchase Agreement, or any of the Guaranteed Obligations shall be amended, supplemented, restated or otherwise modified in any respect, or any right under
the Repurchase Agreement shall be waived, or any other guaranty of any of the Guaranteed Obligations or any security therefor shall be released, substituted or exchanged in whole or in part or otherwise dealt with; 

(iii)    the occurrence of any Default or Event of Default under the Repurchase Agreement, or the
occurrence of any similar event (howsoever described) under any agreement or instrument referred to therein; 

  
 -7- 

 (iv)    any consolidation or amalgamation of Seller with, any
merger of Seller with or into, or any transfer by Seller of all or substantially all its assets to, another Person, any change in the legal or beneficial ownership of ownership interests issued by Seller, or any other change whatsoever in the
objects, capital structure, constitution or business of Seller; 
 (v)    any delay, failure or inability
of Seller or any other guarantor or obligor in respect of any of the Guaranteed Obligations to perform, willful or otherwise, any provision of the Repurchase Agreement beyond any applicable cure periods; 

(vi)    any action, forbearance or failure to act by Buyer that adversely affects Guarantor’s right of
subrogation arising by reason of any performance by Guarantor of this Guarantee; 
 (vii)    any suit or
other action brought by, or any judgment in favor of, any beneficiaries or creditors of, Seller or any other Person for any reason whatsoever, including any suit or action in any way disaffirming, repudiating, rejecting or otherwise calling into
question any issue, matter or thing in respect of the Repurchase Agreement; 
 (viii)    any lack or
limitation of status or of power, incapacity or disability of Seller or any other guarantor or obligor in respect of any of the Guaranteed Obligations; 

(ix)    any change in the laws, rules or regulations of any jurisdiction, or any present or future action
or order of any Governmental Authority, amending, varying or otherwise affecting the validity or enforceability of any of the Guaranteed Obligations or the obligations of any other guarantor or obligor in respect of any of the Guaranteed
Obligations; 
 (x)    any lack of validity or enforceability of the Repurchase Agreement or any other
Repurchase Document for any reason, including any bar by any statute of limitations or other law of recovery on any obligation under the Repurchase Agreement or any other Repurchase Document, or any defense or excuse for failure to perform on
account of any event of force majeure, act of God, casualty, impossibility, impracticability, or other defense or excuse whatsoever; 

(xi)    any change in the time, manner or place of payment of, or in any other term of, the Repurchase
Agreement, any other Repurchase Document or any obligation thereunder, including any amendment or waiver of or any consent to departure from the Repurchase Agreement or any other Repurchase Document, in any such case, made or effected in accordance
with the terms of the Repurchase Agreement or any other Repurchase Document; 
 (xii)    any action which
Buyer may take or omit to take in connection with the Repurchase Agreement or any other Repurchase Document, any of the obligations thereunder (or any Indebtedness owing by Seller to Buyer); any giving or failure to give any notice; any course of
dealing of Buyer with Seller or any other Person; or any forbearance, neglect, delay, failure, or refusal to take or prosecute any action for 

  
 -8- 

 
the collection or enforcement of the Repurchase Agreement, any other Repurchase Document or any obligation thereunder, to foreclose or take or prosecute any action in connection with the
Repurchase Agreement, to bring suit against Seller or any other Person, or to file a claim in any Insolvency Proceeding; 

(xiii)    any compromise or settlement of any part of the Repurchase Agreement, any other Repurchase
Document, or obligations thereunder or any other amount claimed to be owing under the Repurchase Agreement or any other Repurchase Document; 

(xiv)    any modification of the Repurchase Agreement or any other Repurchase Document, in any form
whatsoever, including any modification made after revocation hereof to any Indebtedness incurred prior to such revocation, and including, without limitation, the renewal, extension, adjustment, indulgence, forbearance, acceleration or other change
in time for payment of, or other change in the terms of, the Indebtedness or any portion thereof, including increase or decrease of the rate of interest thereon; 

(xv)    any impairment of the value of any interest in any Purchased Assets, Pledged Collateral or any
other collateral or security for the Repurchase Obligations or any portion thereof, including, without limitation, the failure to obtain or maintain perfection or recordation of any lien or other interest in any such Purchased Assets, Pledged
Collateral or any other collateral or security for the Repurchase Obligations, the release of any such Purchased Assets, Pledged Collateral or any other collateral or security for the Repurchase Obligations without substitution, and/or the failure
to preserve the value of, or to comply with applicable law in disposing of, any such Purchased Assets, Pledged Collateral or any other collateral or security for the Repurchase Obligations; 

(xvi)    the failure of Buyer or any other party to exercise diligence or reasonable care in the
preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security; 

(xvii)    any change, restructuring or termination of the corporate structure or existence of Seller; or
any release, substitution or addition of any other obligor, or any Insolvency Event or Insolvency Proceeding with respect to Seller; or 

(xviii)    any action or inaction of Seller or any other Person, or any change of law or circumstances, or
any other facts or events which might otherwise constitute a defense available to, or a discharge of, Seller, or a guarantor or surety. 

(c)    Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and
warrants to Buyer as follows: 
 (i)    Guarantor hereby unconditionally and irrevocably waives:
(A) any defense arising by reason of, and any and all right to assert against Buyer any claim or defense based upon, an election of remedies by Buyer which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes
Guarantor’s subrogation rights, 

  
 -9- 

 
rights to proceed against Seller, or any other guarantor for reimbursement or contribution, and/or any other rights of Guarantor to proceed against Seller, against any other guarantor, or against
any other person or security, (B) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of Seller or Guarantor, (C) any defense based upon the application by
Seller of any Purchase Price under the Repurchase Agreement for purposes other than the purposes represented by Seller to Buyer or intended or understood by Buyer or Guarantor, (D) any defense based upon Buyer’s failure to disclose to
Guarantor any information concerning Seller’s financial condition or any other circumstances bearing on Seller’s ability to pay all sums payable under the Repurchase Documents, (E) any defense based upon any statute or rule of law
that provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal, (F) any defense based upon Buyer’s election, in any proceeding instituted under the
Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute, (G) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code and
(H) any right of subrogation, any right to enforce any remedy that Guarantor may have against Seller or any other Person liable for the Guaranteed Obligations and any right to participate in, or benefit from, any security for the Repurchase
Agreement or Repurchase Documents now or hereafter held by Buyer. 
 (ii)    Guarantor further
unconditionally and irrevocably waives any and all rights and defenses that Guarantor may have as a result of Seller’s obligations under the Repurchase Documents being backed and/or secured by real property. Among other things, Guarantor
agrees: (1) Buyer may collect from Guarantor without first foreclosing on any real or personal property sold by Seller under the Repurchase Agreement and/or in which a security interest has been granted to Buyer pursuant to Article 11 of
the Repurchase Agreement (herein “Related Property”), (2) if Buyer forecloses on any Related Property, then (A) the amount of Seller’s debt and Guarantor’s obligation hereunder may be reduced only by the price
for which such collateral is sold at any foreclosure sale (whether public or private), even if the collateral is worth more than the sale price, and (B) Buyer may collect from Guarantor pursuant to the terms of this Guarantee even if Buyer, by
foreclosing on any Related Property, has destroyed any right Guarantor may have to collect from Seller or its Affiliates. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the
Guaranteed Obligations are secured by real property. Guarantor further waives any rights it may have under Sections 1301 or 1371 of the Real Property Actions and Proceedings Law of the State of New York. 

(iii)    Guarantor further expressly waives to the fullest extent permitted by law any and all rights and
defenses, including any rights of reimbursement, indemnification and contribution, that might otherwise be available to Guarantor under applicable law. 

(iv)    Guarantor agrees that the performance of any act or any payment that tolls any statute of
limitations applicable to the Repurchase Agreement or any Repurchase Document shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 

  
 -10- 

 (v)    Guarantor agrees that (A) the obligations of
Guarantor under this Guarantee are independent of the obligations of Seller or any other Person under the Repurchase Documents, (B) a separate action or actions may be brought and prosecuted against Guarantor to enforce this Guarantee,
irrespective of whether an action is brought against Seller or any other Person or whether Seller or any other Person is joined in any such action, and (C) concurrent actions may be brought hereon against Guarantor in the same action, if any,
brought against Seller or any other Person or in separate actions, as often as Buyer, in its sole discretion, may deem advisable. 

(vi)    Guarantor is presently informed of the financial condition of Seller and of all other circumstances
which diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Guarantor hereby covenants that it will make its own investigation and will continue to keep itself informed about Seller’s financial
condition, the status of other guarantors, if any, of circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Buyer for such information and will not rely upon Buyer or any Affiliate of Buyer
for any such information. Absent a written request for such information by Guarantor to Buyer, Guarantor hereby unconditionally and irrevocably waives the right, if any, to require Buyer to disclose to Guarantor, and unconditionally and irrevocably
waives any defense based upon Buyer’s failure to disclose to Guarantor, any information which Buyer may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other
guarantor. 
 (vii)    Guarantor has independently reviewed the Repurchase Documents and related
agreements and has made an independent determination as to the validity and enforceability thereof, and in executing and delivering this Guarantee to Buyer, Guarantor is not in any manner relying upon the validity, and/or enforceability, and/or
attachment, and/or perfection of any liens or security interests of any kind or nature granted by Seller or any other guarantor to Buyer or any Affiliate of Buyer, now or at any time and from time to time in the future. 

6.    Reinstatement. This Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by Buyer upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Seller or upon or as a result of
the appointment of a receiver, intervenor or conservator of, or trustee or similar officer or agent under any federal or state law or any such similar law of any other applicable jurisdiction for, Seller or any substantial part of Seller’s
property, or otherwise, all as though such payments had not been made. 
 7.    Payments. Guarantor hereby agrees
that the Guaranteed Obligations will be paid to Buyer without set-off or counterclaim in U.S. Dollars at the address specified in writing by Buyer. 

  
 -11- 

 8.    Representations and Warranties. Guarantor represents and
warrants that: 
 (a)    Guarantor has the legal capacity and the legal right to execute and deliver this Guarantee and
to perform Guarantor’s obligations hereunder; 
 (b)    no consent or authorization of, filing with, or other act by
or in respect of, any arbitrator or governmental authority and no consent of any other Person (including, without limitation, any creditor of Guarantor) is required in connection with the execution, delivery, performance, validity or enforceability
of this Guarantee, except those consents, authorizations, filings or acts which have been made or obtained; 

(c)    this Guarantee has been duly executed and delivered by Guarantor and constitutes a legal, valid and binding
obligation of Guarantor enforceable in accordance with its terms, except as enforceability may be limited by Insolvency Laws or by general principles of equity (whether enforcement is sought in proceedings in equity or at law); 

(d)    the execution, delivery and performance of this Guarantee will not violate any law, treaty, rule or regulation or
determination of an arbitrator, a court or other governmental authority, or other Requirements of Law, applicable to or binding upon Guarantor or any of its property or to which Guarantor or any of its property is subject, or any provision of any
security issued by Guarantor or of any agreement, instrument or other undertaking to which Guarantor is a party or by which it or any of its property is bound (“Contractual Obligation”), and will not result in or require the
creation or imposition of any lien on any of the properties or revenues of Guarantor pursuant to any Requirement of Law or Contractual Obligation of Guarantor; 

(e)    no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to
Guarantor’s knowledge, threatened by or against Guarantor or against any of Guarantor’s properties or revenues with respect to this Guarantee or any of the transactions contemplated hereby; and 

(f)    except as disclosed in writing to Buyer prior to the date hereof, Guarantor has filed or caused to be filed all tax
returns which are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against Guarantor or any of its property and all other taxes, fees or other charges imposed on Guarantor or any of
its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings); no tax lien has been filed, and no claim is being asserted, with respect to any such
tax, fee or other charge. 
 (g)    Guarantor (i) has been duly organized and is validly existing under the laws of
the State of Maryland, (ii) is in good standing under the laws of the State of Maryland and (iii) is duly qualified and in good standing as a foreign entity in each other jurisdiction in which the conduct of its business requires it to so
qualify or be licensed, expect where failure to comply could not reasonably be expected to have a Material Adverse Effect. 

(h)    Guarantor and each of its respective Affiliates has complied in all respects with all Requirements of Laws. Neither
Guarantor nor any Affiliate of Guarantor (a) is in violation of any Sanctions, or (b) is a Sanctioned Target. Guarantor is not controlled by or required to be registered as an “investment company” as defined in the Investment
Company 

  
 -12- 

 
Act. Guarantor and all Affiliates of Guarantor are in compliance with the Foreign Corrupt Practices Act of 1977 and any foreign counterpart thereto. Neither Guarantor nor any Affiliate of
Guarantor has made, offered, promised or authorized a payment of money or anything else of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party,
party official or candidate for foreign political office, (b) to any foreign official, foreign political party, party official or candidate for foreign political office, or (c) with the intent to induce the recipient to misuse his or her
official position to direct business wrongfully to Guarantor, any Affiliate of Guarantor or any other Person, in violation of the Foreign Corrupt Practices Act. 

Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on and as of the date of
this Guarantee, each Purchase Date, and at all times when any Repurchase Document or Transaction is in full force and effect. 

9.    Covenants. Guarantor shall satisfy the following financial covenants: 

(a)    Adjusted Tangible Net Worth. Guarantor shall not permit its Adjusted Tangible Net Worth at any time
(I) during the Interim Period to be less than an amount equal to the sum of $37,500,000 plus seventy-five percent (75%) of all equity capital raised by Guarantor from and after the Closing Date, and (II) after the last day of the Interim
Period, to be less than the greater of either (i) an amount equal to the sum of $37,500,000 plus seventy-five percent (75%) of all equity capital raised by Guarantor from and after the Closing Date and
(ii) an amount equal to seventy-five percent (75%) of the then-current Maximum Amount. 

(b)    EBITDA to Interest Expense Ratio. As of the end of each fiscal quarter of Guarantor commencing with the
fiscal quarter ending on September 30, 2018, the ratio of Guarantor’s EBITDA to Guarantor’s Interest Expense shall not at any time be less than 1.50 to 1.0, calculated on a trailing four-quarter basis. 

(c)    Maximum Debt to Equity Ratio. Guarantor shall not permit the ratio of its Total Indebtedness to its Tangible
Net Worth to be greater than 3.00 to 1.00 at any time. 
 (d)    Minimum Liquidity. Guarantor shall not permit the
sum of its Liquidity plus the Shareholder Liquidity Balance to be less than 10% of the Maximum Amount at any time. 

(e)    Mandatory Notices. Guarantor shall, within five (5) Business Days after receiving notice or having
knowledge thereof, notify Buyer of the commencement of, settlement of or material judgment in any litigation, action, suit, arbitration, investigation or other legal or arbitrable proceedings before any Governmental Authority that (i) affects
Guarantor, if the amount in controversy, either individually or in the aggregate, exceeds the Guarantor Materiality Threshold, (ii) questions or challenges the validity or enforceability of any Repurchase Document or Transaction, or
(iii) individually or in the aggregate, if adversely determined, could reasonably be likely to have a Material Adverse Effect. Each such notice shall include a certificate of a Responsible Officer of Guarantor setting forth details of such
occurrence and any action Guarantor has taken or proposes to take with respect thereto. 

  
 -13- 

 (f)    Distributions. Prior to the Target Capital Trigger Date,
Guarantor shall not make, pay or declare any Distribution at any time; provided that, notwithstanding the foregoing, (i) so long as no Event of Default has occurred and is continuing and to the extent that the balance in the FS Shareholder
Account Control Agreement is zero, Guarantor shall be permitted to make, pay or declare any Distribution in an amount equal to the proceeds of Class S Shares purchased by individuals and entities other than FS Shareholder and Rialto
Shareholder, but not to exceed the total proceeds of Class S Shares purchased by FS Shareholder, and (ii) Guarantor shall be permitted to make, pay or declare any Distribution to maintain its status as a REIT. In connection with any
distributions pursuant to clause (i) of the immediately preceding sentence, Guarantor shall provide Buyer with written evidence satisfactory to Buyer of the receipt by Guarantor of the proceeds of each issuance of Class S Shares prior to
such distribution of the related proceeds thereof. 
 10.    Severability. Any provision of this Guarantee which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

11.    Paragraph Headings. The paragraph headings used in this Guarantee are for convenience of reference only and
are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 12.    No
Waiver; Cumulative Remedies. Buyer shall not by any act (except by a written instrument pursuant to Section 14 hereof) delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default or event of default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Buyer, any right, power or privilege hereunder shall operate as a
waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Buyer of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy which Buyer would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any rights or remedies provided by law. 
 13.    Waivers and Amendments; Successors and Assigns; Governing
Law. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Buyer, provided that, subject to any limitations set forth in the
Repurchase Agreement, any provision of this Guarantee may be waived by Buyer in a letter or agreement executed by Buyer and delivered in accordance with Section 14 hereinbelow. This Guarantee shall be binding upon the
heirs, personal representatives, successors and assigns of Guarantor and shall inure to the benefit of Buyer, and its respective successors and assigns. THIS GUARANTEE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
GUARANTEE, THE RELATIONSHIP BETWEEN GUARANTOR AND BUYER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS OF BUYER AND DUTIES OF GUARANTOR SHALL BE GOVERNED BY AND  

  
 -14- 

 
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. GUARANTOR AND BUYER INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS GUARANTEE. 
 14.    Notices. Notices by Buyer to Guarantor may be given in writing
and sent prepaid by hand delivery, by certified or registered mail, by expedited commercial or postal delivery service, or by facsimile or email if also sent by one of the foregoing, to the address, facsimile number or email set forth under
Guarantor’s signature below or such other address as Guarantor shall specify from time to time in a notice to Buyer. Any of the foregoing communications shall be effective when delivered, if such delivery occurs on a Business Day; otherwise,
each such communication shall be effective on the first Business Day following the date of such delivery. Notices to Buyer by Guarantor may be given in the manner set forth in the Repurchase Agreement. 

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

 (A)    SUBMITS FOR GUARANTOR AND GUARANTOR’S PROPERTY IN ANY LEGAL ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS GUARANTEE OR THE OTHER REPURCHASE DOCUMENTS TO WHICH GUARANTOR IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 

(B)    CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION
THAT GUARANTOR MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(C)    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY
THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO GUARANTOR AT GUARANTOR’S ADDRESS SET FORTH UNDER GUARANTOR’S SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH THE BUYER SHALL HAVE
BEEN NOTIFIED; AND 

  
 -15- 

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

16.    Integration. This Guarantee represents the agreement of Guarantor with respect to the subject matter hereof
and there are no promises or representations by Buyer or any buyer relative to the subject matter hereof not reflected herein. 

17.    Acknowledgments. Guarantor hereby acknowledges that: 

(a)    Guarantor has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the related
documents; 
 (b)    neither Buyer nor any buyer has any fiduciary relationship to Guarantor, and the relationship
between Buyer and Guarantor is solely that of surety and creditor; and 
 (c)    no joint venture exists between or among
any of Buyer, Guarantor and Seller. 
 18.    WAIVERS OF JURY TRIAL. EACH OF GUARANTOR AND BUYER HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE OR ANY RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN. 

19.    Intent. Guarantor intends and acknowledges that this Guarantee is a “credit enhancement” that is
“related to” and provided “in connection with” the Repurchase Agreement and each transaction thereunder within the meaning of Sections 101(38A)(A), 101(47)(a)(v) and 741(7)(A)(xi) of the Bankruptcy Code and is, therefore, a
“securities contract” as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code, and that payments and transfers under this Guarantee constitute transfers made by, to, or for the benefit of a “financial
institution,” “financial participant” or “repo participant” within the meaning of Section 101(22), 101(22A) and 101(46) of the Bankruptcy Code. 

20.    Set-off. 

(a)    In addition to any rights now or hereafter granted under the Repurchase Documents, Requirements of Law, at law or
otherwise, Guarantor hereby grants to Buyer, to secure repayment of the Guaranteed Obligations, a right of set off upon any and all of the following: monies, securities, collateral or other property of Guarantor and any proceeds from the foregoing,
now or hereafter held or received by Buyer or any Affiliate of Buyer, for the account of Guarantor, whether for safekeeping, custody, pledge, transmission, collection or otherwise, and also upon any and all deposits (general, specified, special,
time, demand, provisional or final) and credits, claims or Indebtedness of Guarantor at any time existing, and any obligation owed by Buyer or any Affiliate of Buyer to Guarantor and to set-off against any
Guaranteed Obligations or Indebtedness owed by Guarantor and any Indebtedness owed by Buyer or any Affiliate of Buyer to Guarantor, in each case whether direct or indirect, absolute or 

  
 -16- 

 
contingent, matured or unmatured, whether or not arising under the Repurchase Documents and irrespective of the currency, place of payment or booking office of the amount or obligation and in
each case at any time held or owing by Buyer or any Affiliate of Buyer to or for the credit of Guarantor, without prejudice to Buyer’s right to recover any deficiency. Each of Buyer and each Affiliate of Buyer is hereby authorized upon any
amount becoming due and payable by Guarantor to Buyer under the Repurchase Documents, the Guaranteed Obligations or otherwise or upon the occurrence of an Event of Default, without notice to Guarantor, any such notice being expressly waived by
Guarantor to the extent permitted by any Requirements of Law, to set-off, appropriate, apply and enforce such right of set-off against any and all items hereinabove
referred to against any amounts owing to Buyer by Guarantor under the Repurchase Documents and the Guaranteed Obligations, irrespective of whether Buyer or any Affiliate of Buyer shall have made any demand under the Repurchase Documents and
regardless of any other collateral securing such amounts, and in all cases without waiver or prejudice of Buyer’s rights to recover a deficiency. Guarantor shall be deemed directly indebted to Buyer in the full amount of all amounts owing to
Buyer by Guarantor under the Repurchase Documents and the Guaranteed Obligations, and Buyer shall be entitled to exercise the rights of set-off provided for above. ANY AND ALL RIGHTS TO REQUIRE BUYER TO
EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO THE PURCHASED ASSETS UNDER THE REPURCHASE DOCUMENTS, THE PLEDGED COLLATERAL OR ANY OTHER COLLATERAL SECURITY FOR THE REPURCHASE OBLIGATIONS, PRIOR TO EXERCISING THE FOREGOING RIGHT OF SET-OFF, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY GUARANTOR. 

(b)    Buyer shall promptly notify Guarantor after any such set-off and
application made by Buyer or any of its Affiliates, provided that the failure to give such notice shall not affect the validity of such set-off and application. If an amount or obligation is unascertained,
Buyer may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other party when the amount or obligation is ascertained. Nothing in
this Section 20 shall be effective to create a charge or other security interest. This Section 20 shall be without prejudice and in addition to any right of
set-off, combination of accounts, Lien or other rights to which any party is at any time otherwise entitled. 

(c)    Guarantor hereby waives any right of setoff it has or may have or to which it may be or become entitled under the
Repurchase Documents or otherwise against Buyer or any Affiliate of Buyer, or their respective assets or properties. 
 [SIGNATURES ON NEXT
PAGE] 

  
 -17- 

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

			
	 FS CREDIT REAL ESTATE INCOME TRUST, INC., a Maryland corporation

		
	By:	 	/s/ William Goebel
		 	Name: William Goebel
		 	Title: Chief Financial Officer
	
	Address for Notices:
	
	 FS Credit Real Estate Income Trust, Inc.

201 Rouse Boulevard
 Philadelphia, PA 19112

Attention: William Goebel
 Tel: (215) 220-4247
 E-mail: credit.notices@fsinvestments.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]