Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

FS RIALTO 2021-FL2 ISSUER, LTD., 

as Issuer 
 FS RIALTO 2021-FL2 CO-ISSUER, LLC, 
 as
Co-Issuer 
 FS CREDIT REAL ESTATE INCOME TRUST, INC., 

as Advancing Agent 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Trustee 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Note Administrator 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Custodian 
 INDENTURE 

Dated as of May 5, 2021 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE 1	 
	
	DEFINITIONS	 
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Interest Calculation Convention	  	 	62	 
	 Section 1.3
	 	Rounding Convention	  	 	62	 
	
	ARTICLE 2	  

	
	THE NOTES	  

	 Section 2.1
	 	Forms Generally	  	 	62	 
	 Section 2.2
	 	Forms of Notes and Certificate of Authentication	  	 	62	 
	 Section 2.3
	 	Authorized Amount; Stated Maturity Date; and Denominations	  	 	64	 
	 Section 2.4
	 	Execution, Authentication, Delivery and Dating	  	 	65	 
	 Section 2.5
	 	Registration, Registration of Transfer and Exchange	  	 	66	 
	 Section 2.6
	 	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	73	 
	 Section 2.7
	 	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	74	 
	 Section 2.8
	 	Persons Deemed Owners	  	 	79	 
	 Section 2.9
	 	Cancellation	  	 	79	 
	 Section 2.10
	 	Global Notes; Definitive Notes; Temporary Notes	  	 	79	 
	 Section 2.11
	 	U.S. Federal Income Tax Treatment of Notes and the Issuer	  	 	81	 
	 Section 2.12
	 	Authenticating Agents	  	 	82	 
	 Section 2.13
	 	Forced Sale on Failure to Comply with Restrictions	  	 	83	 
	 Section 2.14
	 	No Gross Up	  	 	84	 
	 Section 2.15
	 	Credit Risk Retention	  	 	84	 
	 Section 2.16
	 	Exchangeable Notes; Exchange of MASCOT Notes	  	 	84	 
	 Section 2.17
	 	Effect of Benchmark Transition Event	  	 	86	 
	
	ARTICLE 3	  

	
	CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS	  

			
	 Section 3.1
	 	General Provisions	  	 	88	 
	 Section 3.2
	 	Security for Offered Notes	  	 	91	 
	 Section 3.3
	 	Transfer of Collateral	  	 	92	 

  
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	ARTICLE 4	  

	
	SATISFACTION AND DISCHARGE	 
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	100	 
	 Section 4.2
	 	Application of Amounts Held in Trust	  	 	101	 
	 Section 4.3
	 	Repayment of Amounts Held by Paying Agent	  	 	102	 
	 Section 4.4
	 	Limitation on Obligation to Incur Company Administrative Expenses	  	 	102	 
	
	ARTICLE 5	  

	
	REMEDIES	  

			
	 Section 5.1
	 	Events of Default	  	 	102	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	105	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	106	 
	 Section 5.4
	 	Remedies	  	 	109	 
	 Section 5.5
	 	Preservation of Collateral	  	 	111	 
	 Section 5.6
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	113	 
	 Section 5.7
	 	Application of Amounts Collected	  	 	113	 
	 Section 5.8
	 	Limitation on Suits	  	 	113	 
	 Section 5.9
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	114	 
	 Section 5.10
	 	Restoration of Rights and Remedies	  	 	114	 
	 Section 5.11
	 	Rights and Remedies Cumulative	  	 	114	 
	 Section 5.12
	 	Delay or Omission Not Waiver	  	 	115	 
	 Section 5.13
	 	Control by the Controlling Class	  	 	115	 
	 Section 5.14
	 	Waiver of Past Defaults	  	 	115	 
	 Section 5.15
	 	Undertaking for Costs	  	 	116	 
	 Section 5.16
	 	Waiver of Stay or Extension Laws	  	 	116	 
	 Section 5.17
	 	Sale of Collateral	  	 	117	 
	 Section 5.18
	 	Action on the Notes	  	 	117	 
	
	ARTICLE 6	  

	
	THE TRUSTEE AND NOTE ADMINISTRATOR	  

			
	 Section 6.1
	 	Certain Duties and Responsibilities	  	 	118	 
	 Section 6.2
	 	Notice of Default	  	 	120	 
	 Section 6.3
	 	Certain Rights of Trustee and Note Administrator	  	 	120	 
	 Section 6.4
	 	Not Responsible for Recitals or Issuance of Notes	  	 	124	 
	 Section 6.5
	 	May Hold Notes	  	 	124	 
	 Section 6.6
	 	Amounts Held in Trust	  	 	124	 
	 Section 6.7
	 	Compensation and Reimbursement	  	 	124	 
	 Section 6.8
	 	Corporate Trustee Required; Eligibility	  	 	126	 
	 Section 6.9
	 	Resignation and Removal; Appointment of Successor	  	 	126	 
	 Section 6.10
	 	Acceptance of Appointment by Successor	  	 	128	 

  
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	 Section 6.11
	 	Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator	  	 	129	 
	 Section 6.12
	 	Co-Trustees and Separate Trustee	  	 	120	 
	 Section 6.13
	 	Direction to Enter into the Servicing Agreement	  	 	131	 
	 Section 6.14
	 	Representations and Warranties of the Trustee	  	 	131	 
	 Section 6.15
	 	Representations and Warranties of the Note Administrator	  	 	132	 
	 Section 6.16
	 	Requests for Consents	  	 	132	 
	 Section 6.17
	 	Withholding	  	 	133	 
	
	ARTICLE 7	  

	
	COVENANTS	  

	 Section 7.1
	 	Payment of Principal and Interest	  	 	133	 
	 Section 7.2
	 	Maintenance of Office or Agency	  	 	134	 
	 Section 7.3
	 	Amounts for Note Payments to be Held in Trust	  	 	134	 
	 Section 7.4
	 	Existence of the Issuer and Co-Issuer	  	 	137	 
	 Section 7.5
	 	Protection of Collateral	  	 	139	 
	 Section 7.6
	 	Notice of Any Amendments	  	 	141	 
	 Section 7.7
	 	Performance of Obligations	  	 	141	 
	 Section 7.8
	 	Negative Covenants	  	 	141	 
	 Section 7.9
	 	Statement as to Compliance	  	 	144	 
	 Section 7.10
	 	Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms	  	 	144	 
	 Section 7.11
	 	Successor Substituted	  	 	147	 
	 Section 7.12
	 	No Other Business	  	 	148	 
	 Section 7.13
	 	Reporting	  	 	148	 
	 Section 7.14
	 	Calculation Agent	  	 	148	 
	 Section 7.15
	 	REIT Status	  	 	149	 
	 Section 7.16
	 	Permitted Subsidiaries	  	 	151	 
	 Section 7.17
	 	Repurchase Requests	  	 	151	 
	 Section 7.18
	 	Purchase of Ramp-Up Collateral Interests and Delayed Close Collateral Interest	  	 	152	 
	 Section 7.19
	 	Ramp-Up Completion Date Actions	  	 	152	 
	 Section 7.20
	 	Servicing of Commercial Real Estate Loans and Control of Servicing Decisions	  	 	153	 
	
	ARTICLE 8	  

	
	SUPPLEMENTAL INDENTURES	  

			
	 Section 8.1
	 	Supplemental Indentures Without Consent of Securityholders	  	 	154	 
	 Section 8.2
	 	Supplemental Indentures with Consent of Securityholders	  	 	157	 
	 Section 8.3
	 	Execution of Supplemental Indentures	  	 	160	 
	 Section 8.4
	 	Effect of Supplemental Indentures	  	 	161	 
	 Section 8.5
	 	Reference in Notes to Supplemental Indentures	  	 	161	 

  
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	ARTICLE 9	 
	
	REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES	 
			
	 Section 9.1
	 	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	  	 	162	 
	 Section 9.2
	 	Record Date for Redemption	  	 	163	 
	 Section 9.3
	 	Notice of Redemption or Maturity	  	 	164	 
	 Section 9.4
	 	Notes Payable on Redemption Date	  	 	164	 
	 Section 9.5
	 	Mandatory Redemption	  	 	165	 
	 Section 9.6
	 	Redemption from Unused Proceeds	  	 	165	 
	
	ARTICLE 10	  

	
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  

			
	 Section 10.1
	 	Collection of Amounts; Custodial Account	  	 	165	 
	 Section 10.2
	 	Reinvestment Account	  	 	166	 
	 Section 10.3
	 	Payment Account	  	 	167	 
	 Section 10.4
	 	Unused Proceeds Account	  	 	168	 
	 Section 10.5
	 	[Reserved]	  	 	168	 
	 Section 10.6
	 	Interest Advances	  	 	168	 
	 Section 10.7
	 	Reports by Parties	  	 	172	 
	 Section 10.8
	 	Reports; Accountings	  	 	172	 
	 Section 10.9
	 	Release of Collateral Interests; Release of Collateral	  	 	175	 
	 Section 10.10
	 	Information Available Electronically	  	 	176	 
	 Section 10.11
	 	Investor Q&A Forum; Investor Registry	  	 	179	 
	 Section 10.12
	 	Certain Procedures	  	 	182	 
	
	ARTICLE 11	  

	
	APPLICATION OF FUNDS	  

			
	 Section 11.1
	 	Disbursements of Amounts from Payment Account	  	 	182	 
	 Section 11.2
	 	Securities Accounts	  	 	190	 
	
	ARTICLE 12	  

	
	SALE OF COLLATERAL INTERESTS; REINVESTMENT COLLATERAL INTERESTS;	  

	EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES	  

			
	 Section 12.1
	 	Sales of Collateral Interests	  	 	191	 
	 Section 12.2
	 	Reinvestment Collateral Interests	  	 	195	 
	 Section 12.3
	 	Conditions Applicable to All Transactions Involving Sale or Grant	  	 	196	 
	 Section 12.4
	 	Modifications to Note Protection Tests	  	 	197	 
	 Section 12.5
	 	Future Funding Agreement	  	 	197	 

  
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	 Section 12.6
	 	Cross-Collateralized and Cross-Defaulted Collateral Interests	  	 	198	 
	
	ARTICLE 13	  

	
	NOTEHOLDERS’ RELATIONS	  

			
	 Section 13.1
	 	Subordination	  	 	198	 
	 Section 13.2
	 	Standard of Conduct	  	 	201	 
	
	ARTICLE 14	  

	
	MISCELLANEOUS	  

			
	 Section 14.1
	 	Form of Documents Delivered to the Trustee and Note Administrator	  	 	201	 
	 Section 14.2
	 	Acts of Securityholders	  	 	202	 
	 Section 14.3
	 	 Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Co- Issuer, the
Advancing Agent, the Servicer, the Special Servicer, the Preferred Share Paying Agent, the Placement Agents, the Collateral Manager and the Rating Agencies
	  	 	202	 
	 Section 14.4
	 	Notices to Noteholders; Waiver	  	 	205	 
	 Section 14.5
	 	Effect of Headings and Table of Contents	  	 	206	 
	 Section 14.6
	 	Successors and Assigns	  	 	206	 
	 Section 14.7
	 	Severability	  	 	206	 
	 Section 14.8
	 	Benefits of Indenture	  	 	206	 
	 Section 14.9
	 	Governing Law; Waiver of Jury Trial	  	 	206	 
	 Section 14.10
	 	Submission to Jurisdiction	  	 	206	 
	 Section 14.11
	 	Counterparts	  	 	207	 
	 Section 14.12
	 	Liability of Co-Issuers	  	 	207	 
	 Section 14.13
	 	17g-5 Information	  	 	207	 
	 Section 14.14
	 	Rating Agency Condition	  	 	210	 
	 Section 14.15
	 	Patriot Act Compliance	  	 	210	 
	
	ARTICLE 15	  

	
	ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT	  

			
	 Section 15.1
	 	Assignment of Collateral Interest Purchase Agreement	  	 	210	 
	
	ARTICLE 16	  

	
	CURE RIGHTS; PURCHASE RIGHTS	  

			
	 Section 16.1
	 	Collateral Interest Purchase Agreements	  	 	213	 
	 Section 16.2
	 	 Representations and Warranties Related to Ramp-Up
Collateral Interests, Reinvestment Collateral Interests and Exchange Collateral Interests
	  	 	213	 

  
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	 Section 16.3
	 	Purchase Right; Holder of a Majority of the Preferred Shares	  	 	214	 
	
	ARTICLE 17	  

	
	ADVANCING AGENT	  

			
	 Section 17.1
	 	Liability of the Advancing Agent	  	 	214	 
	 Section 17.2
	 	Merger or Consolidation of the Advancing Agent	  	 	214	 
	 Section 17.3
	 	Limitation on Liability of the Advancing Agent and Others	  	 	215	 
	 Section 17.4
	 	Representations and Warranties of the Advancing Agent	  	 	215	 
	 Section 17.5
	 	Resignation and Removal; Appointment of Successor	  	 	216	 
	 Section 17.6
	 	Acceptance of Appointment by Successor Advancing Agent	  	 	217	 
	 Section 17.7
	 	Removal and Replacement of Backup Advancing Agent	  	 	218	 

  

			
	SCHEDULES	  	
		
	Schedule A	  	Schedule of Collateral Interests
	Schedule B	  	Benchmark
	Schedule C	  	List of Authorized Officers of Collateral Manager
		
	EXHIBITS	  	
		
	Exhibit A-1	  	Form of Class A Senior Secured Floating Rate Note (Global Note)
	Exhibit A-2	  	Form of Class A Senior Secured Floating Rate Note (Definitive Note)
	Exhibit B-1	  	Form of Class A-S Second Priority Secured Floating Rate Note (Global Note
	Exhibit B-2	  	Form of Class A-S Second Priority Secured Floating Rate Note (Definitive Note)
	Exhibit C-1	  	Form of Class B Third Priority Secured Floating Rate Note (Global Note)
	Exhibit C-2	  	Form of Class B Third Priority Secured Floating Rate Note (Definitive Note)
	Exhibit D-1	  	Form of Class C Fourth Priority Secured Floating Rate Note (Global Note)
	Exhibit D-2	  	Form of Class C Fourth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit E-1	  	Form of Class D Fifth Priority Secured Floating Rate Note (Global Note)
	Exhibit E-2	  	Form of Class D Fifth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit F-1	  	Form of Class E Sixth Priority Secured Floating Rate Note (Global Note)
	Exhibit F-2	  	Form of Class E Sixth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-1	  	Form of Class F Seventh Priority Floating Rate Note (Global Note)
	Exhibit G-2	  	Form of Class F Seventh Priority Floating Rate Note (Definitive Note)
	Exhibit G-3	  	Form of Class F-E Seventh Priority Floating Rate Note (Global Note)
	Exhibit G-4	  	Form of Class F-E Seventh Priority Floating Rate Note (Definitive Note)
	Exhibit G-5	  	Form of Class F-X Seventh Priority Floating Rate Note (Global Note)
	Exhibit G-6	  	Form of Class F-X Seventh Priority Floating Rate Note (Definitive Note)
	Exhibit H-1	  	Form of Class G Eighth Priority Floating Rate Note (Global Note)
	Exhibit H-2	  	Form of Class G Eighth Priority Floating Rate Note (Definitive Note)
	Exhibit H-3	  	Form of Class G-E Eighth Priority Floating Rate Note (Global Note)
	Exhibit H-4	  	Form of Class G-E Eighth Priority Floating Rate Note (Definitive Note)
	Exhibit H-5	  	Form of Class G-X Eighth Priority Floating Rate Note (Global Note)

  
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	Exhibit H-6	  	Form of Class G-X Eighth Priority Floating Rate Note (Definitive Note)
	Exhibit I-1	  	Form of Transfer Certificate – Regulation S Global Note
	Exhibit I-2	  	Form of Transfer Certificate – Rule 144A Global Note
	Exhibit I-3	  	Form of Transfer Certificate – Definitive Note
	Exhibit J	  	[Reserved]
	Exhibit K	  	Form of Custodian Receipt
	Exhibit L	  	Form of Request for Release of Documents and Receipt
	Exhibit M	  	Form of Auction Call Procedure
	Exhibit N	  	Form of NRSRO Certification
	Exhibit O	  	Form of Note Administrator’s Monthly Report
	Exhibit P-1	  	Form of Investor Certification (for Non-Borrower Affiliates)
	Exhibit P-2	  	Form of Investor Certification (for Borrower Affiliates)
	Exhibit Q	  	Form of Online Market Data Provider Certification
	Exhibit R	  	Form of Officer’s Certificate of the Collateral Manager with Respect to the Acquisition of Collateral Interests
	Exhibit S	  	MASCOT Note Officer’s Certificate
	Exhibit T	  	Beneficial Holder Information Form

  

  
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 INDENTURE, dated as of May 5, 2021, by and among FS RIALTO 2021-FL2 ISSUER, LTD., as issuer (the “Issuer”), FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
co-issuer (the “Co-Issuer”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (herein, together with its permitted successors and assigns in the
trusts hereunder, the “Trustee”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, notes registrar and backup advancing agent (in all of the
foregoing capacities, together with its permitted successors and assigns, the “Note Administrator”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as custodian (herein, together with its permitted successors and assigns in the trusts
hereunder, the “Custodian”), and FS CREDIT REAL ESTATE INCOME TRUST, INC. (including any successor by merger, “FS Credit REIT”), as advancing agent (herein, together with its permitted successors and assigns in the
trusts hereunder, the “Advancing Agent”). 
 PRELIMINARY STATEMENT 

Each of the Issuer and the Co-Issuer is duly authorized to execute and deliver this Indenture to
provide for the Notes issuable as provided in this Indenture. All covenants and agreements made by the Issuer and Co-Issuer herein are for the benefit and security of the Secured Parties. The Issuer, the Co-Issuer, the Note Administrator, in all of its capacities hereunder, the Custodian, the Trustee and the Advancing Agent are entering into this Indenture, and the Trustee is accepting the trusts created hereby, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
 All things necessary to make this
Indenture a valid agreement of the Issuer and Co-Issuer in accordance with this Indenture’s terms have been done. 

GRANTING CLAUSE 
 The Issuer
hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the
extent of the Issuer’s interest therein and specifically excluding any interest in the related Future Funding Participation therein and excluding any interest in the Excepted Property): 

(a) the Closing Date Collateral Interests listed on Schedule A hereto (other than the Delayed Close Collateral Interest)
which the Issuer purchases on the Closing Date and causes to be delivered to the Trustee (directly or through the Custodian) herewith, including all payments thereon or with respect thereto, and all Collateral Interests which are delivered to the
Trustee (directly or through the Custodian) after the Closing Date pursuant to the terms hereof (including the Delayed Close Collateral Interest, Ramp-Up Collateral Interests, Reinvestment Collateral
Interests, Contribution Collateral Interests and Exchange Collateral Interests acquired by the Issuer after the Closing Date) and all payments thereon or with respect thereto, in each case, other than Retained Interest, if any, under, and as defined
in, the Collateral Interest Purchase Agreement; 

 (b) the Servicing Accounts, the Indenture Accounts and the related Security
Entitlements and all income from the investment of funds in any of the foregoing at any time credited to any of the foregoing accounts; 

(c) the Eligible Investments; 

(d) the rights of the Issuer under the Collateral Management Agreement, the Collateral Interest Purchase Agreement, the
Administration Agreement, the AML Services Agreement, the Registered Office Terms and the Servicing Agreement; 
 (e) all
amounts delivered to the Note Administrator (directly or through a Securities Intermediary); 
 (f) all other investment
property, Instruments and General Intangibles in which the Issuer has an interest, other than the Excepted Property; 
 (g)
the Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries; 
 and 

(h) all proceeds with respect to the foregoing clauses (a) through (g). 

The collateral described in the foregoing clauses (a) through (h), with the exception of the Excepted Property, is referred
to herein as the “Collateral.” Such Grants are made to secure the Offered Notes equally and ratably without prejudice, priority or distinction between any Offered Note and any other Offered Note, for any reason, except as expressly
provided in this Indenture (including, but not limited to, the Priority of Payments) and to secure (i) the payment of all amounts due on and in respect of the Offered Notes in accordance with their terms, (ii) the payment of all other sums
payable under this Indenture and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed
to include any securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of
“Collateral Interest” or “Eligible Investment,” as the case may be. 
 Except to the extent otherwise provided in this
Indenture, this Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein, for the benefit of the Noteholders. Upon the occurrence and during the continuation of
any Event of Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the benefit and security of the Noteholders or otherwise available at law or in equity but subject to the terms
hereof, the Trustee shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right,
subject to compliance with any mandatory requirements of applicable law and the terms of this Indenture, to exercise, sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private
sale. 

  
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 The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the
provisions hereof, and agrees to perform the duties herein in accordance with, and subject 
 to, the terms hereof, in order that the interests of the
Secured Parties may be adequately and effectively protected in accordance with this Indenture. 
 Notwithstanding anything in this Indenture
to the contrary, for all purposes hereunder, no holder of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and/or the Class G-X Notes shall be a secured party for purposes of the Grant by virtue of holding such Notes. 

CREDIT RISK RETENTION 
 On the
Closing Date, pursuant to the U.S. Risk Retention Agreement and the EU/UK Risk Retention Letter, the Retention Holder will retain 100% of the Preferred Shares. The Preferred Shares are referred to in this Indenture as the EHRI. 

ARTICLE 1 
 DEFINITIONS

 Section 1.1 Definitions. 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including” and its
variations shall mean “including without limitation.” Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2
shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular
provision. All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this Indenture as
originally executed. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision. 

“17g-5 Information”: The meaning specified in
Section 14.13(a). 
 “17g-5 Information Provider”: The
meaning specified in Section 14.13(a). 
 “17g-5
Website”: A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this
transaction. Any change of the 17g-5 Website shall only occur after notice has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator,
the Trustee, the Collateral Manager, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website. 

“1940 Act”: The Investment Company Act of 1940, as amended. 

  
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 “Accepted Loan Servicer”: Any commercial mortgage loan master or primary
servicer that (1) is engaged in the business of servicing commercial real estate loans (with a minimum servicing portfolio of U.S.$100,000,000) that are comparable to the Collateral Interests owned or to be owned by the Issuer, (2) within
the prior twelve (12) month period, has acted as a servicer in a commercial mortgage backed securities transaction rated by Moody’s and as to which Moody’s has not cited servicing concerns of such servicer as the sole or material
factor in any downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by Moody’s in any commercial mortgage backed securities transaction
serviced by such servicer prior to the time of determination and (3) within the prior twelve (12) month period, has acted as a servicer in a commercial mortgage backed securities transaction rated by KBRA and KBRA has not cited servicing
concerns of such servicer as the sole or material factor in any downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any commercial mortgage backed
securities transaction serviced by such servicer prior to the time of determination rated by KBRA. 
 “Access Termination
Notice”: The meaning specified in the Future Funding Agreement. 
 “Account”: Any of the Servicing Accounts, the
Indenture Accounts, the Preferred Share Distribution Account and the Future Funding Reserve Account. 
 “Accountants’
Report”: A report of a firm of Independent certified public accountants of recognized national reputation. 
 “Acquisition
Criteria”: The meaning specified in Section 12.2(a). 
 “Act” or “Act of
Securityholders”: The meaning specified in Section 14.2. 
 “Administration Agreement”:
The administration agreement, dated on or about the Closing Date, by and among the Issuer and the Company Administrator, as modified and supplemented and in effect from time to time. 

“Administrative Modification”: The meaning specified in the Servicing Agreement. 

“Advance Rate”: The meaning specified in the Servicing Agreement. 

“Advancing Agent”: FS Credit REIT, solely in its capacity as advancing agent hereunder, unless a successor Person shall have
become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent” shall mean such successor Person. 

“Advancing Agent Fee”: The fee payable monthly in arrears on each Payment Date to the Advancing Agent or Backup Advancing
Agent, as applicable, in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B
Notes on such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as (i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and
(ii) any of its Affiliates owns the Preferred Shares. Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual Period divided by 360. 

  
 -4- 

 “Advisers Act”: The Investment Advisers Act of 1940, as amended. 

“Advisory Committee”: The meaning specified in the Collateral Management Agreement. 

“Affiliate”: With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled
by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in
clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of such
Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; provided that neither the Company Administrator nor any other company, corporation or Person to which the
Company Administrator provides directors and/or administrative services and/or acts as share trustee shall be an Affiliate of the Issuer or Co-Issuer. The Note Administrator, the Servicer and the Trustee may
rely on certifications of any Holder or party hereto regarding such Person’s affiliations. 
 “Agent Members”: Members
of, or participants in, the Depository, Clearstream, Luxembourg or Euroclear. 
 “Aggregate Outstanding Amount”: With
respect to any Class or Classes of the Notes as of any date of determination, the aggregate principal balance of such Class or Classes of Notes Outstanding as of such date of determination plus (i) in the case of the
Class C Notes, any Class C Deferred Interest, (ii) in the case of the Class D Notes, any Class D Deferred Interest, (iii) in the case of the Class E Notes, any Class E Deferred Interest, (iv) in the case
of the Class F Notes, any Class F Deferred Interest, (v) in the case of the Class F-E Notes, any Class F-E Deferred Interest, (vi) in the
case of the Class G Notes, any Class G Deferred Interest or (vii) in the case of the Class G-E Notes, any Class G-E Deferred Interest. 

“Aggregate Outstanding Notional Amount”: With respect to any MASCOT Interest Only Notes on any date of determination, the
aggregate notional amount of such MASCOT Interest Only Notes, which will equal the Aggregate Outstanding Amount on such date of the MASCOT P&I Notes that were issued with such MASCOT Interest Only Notes in connection with an exchange. For the
avoidance of doubt, any payment of principal to any MASCOT P&I Notes will constitute a corresponding reduction of the Aggregate Outstanding Notional Amount of the related MASCOT Interest Only Notes. 

“Aggregate Outstanding Portfolio Balance”: On the date of determination thereof, the sum of (without duplication) (i)
the aggregate Principal Balance of the Collateral Interests and (ii) the aggregate Principal Balance of all Principal Proceeds held as Cash or Eligible Investments, and for calculations made under the Eligibility Criteria, all amounts held as Cash
or Eligible Investments in the Unused Proceeds Account. 

  
 -5- 

 “Aggregate Principal Balance”: When used with respect to any Collateral
Interests as of any date of determination, the sum of the Principal Balances on such date of determination of all such Collateral Interests. 

“AML Compliance”: Compliance with the Cayman AML Regulations. 

“AML Services Agreement”: The agreement, dated on or about the Closing Date, by and between the Issuer and the AML Services
Provider, as modified and supplemented and in effect from time to time. 
 “AML Services Provider”: Maples Compliance
Services (Cayman) Limited. 
 “Applicable KBRA Eligible Investment Rating”: (a) In the case of such investments with
maturities of ninety (90) days or less, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which are rated at
least “BBB-” by KBRA, or if not rated by KBRA, then an equivalent rating by any two other NRSROs (which may include Moody’s) or (b) in the case of such investments with maturities of 365
days or less, but more than ninety (90) days, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K1” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which are
rated “A-” by KBRA, or if not rated by KBRA, then an equivalent rating by any two other NRSROs (which may include Moody’s). 

“Applicable Moody’s Eligible Investment Rating”: in the case of such investments, the short-term debt obligations of
which are rated at least “P-1” by Moody’s or the long-term debt obligations of which are rated at least “A2” by Moody’s. 

“Appraisal”: The meaning specified in the Servicing Agreement. 

“Appraisal Reduction Amount”: For any Collateral Interest with respect to which an Appraisal Reduction Event has occurred, an
amount calculated by the Special Servicer equal to the excess, if any, of (a) the Principal Balance thereof, plus all other amounts due and unpaid with respect thereto, over (b) the sum of (i) an amount equal to 90% of the
aggregate appraised value of the related Mortgaged Property or Mortgaged Properties (net of any liens senior to the lien of the related mortgage) as determined by an Updated Appraisal on each such underlying Mortgaged Property related to such
Collateral Interest, plus (ii) the aggregate amount of all reserves, letters of credit and escrows held in connection therewith (other than escrows and reserves for unpaid real estate taxes and assessments and insurance premiums), plus
(iii) all insurance and casualty proceeds and condemnation awards that constitute collateral therefor (whether paid or then payable by any insurance company or government authority). With respect to any Collateral Interest that is a
Participation, any Appraisal Reduction Amount will be allocated to such participation interest as provided under the applicable Participation Agreement. 

“Appraisal Reduction Event”: With respect to any Collateral Interest, the occurrence of any of the following events:
(i) the 90th day following the occurrence of any uncured delinquency in any monthly payment; (ii) receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in
such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy 

  
 -6- 

 proceedings and such proceedings are not dismissed; (iii) the date on which any related underlying
Mortgaged Property becomes an REO Property as set forth pursuant to the Servicing Agreement; (iv) the date on which such Collateral Interest becomes a Modified Collateral Interest; or (v) a payment default occurs with respect to a balloon
payment due on such Collateral Interest; provided, however, that if (a) the related borrower is diligently seeking a refinancing commitment or sale, (b) the related borrower continues to make its assumed scheduled payments,
(c) no other Appraisal Reduction Event has occurred with respect to such Collateral Interest, and (d) the Collateral Manager consents, then an Appraisal Reduction Event with respect to this clause (v) will be deemed not to
occur on or before the 60th day after the original maturity date (inclusive of all extension options that the related borrower had the right to elect and did so elect pursuant to the instrument related to such Collateral Interest) of such Collateral
Interest; and provided, further, that if the related borrower has delivered to the Special Servicer, on or before the 60th day after the original maturity date, refinancing documentation or a purchase and sale agreement reasonably
acceptable to the Special Servicer, and the borrower continues to make its assumed scheduled payments and no other Appraisal Reduction Event has occurred with respect to such Collateral Interest, then an Appraisal Reduction Event will be deemed not
to occur until the earlier of (A) 120 days following the original maturity date of such Collateral Interest and (B) termination of the refinancing documentation or purchase and sale agreement. 

“ARRC”: Alternative Reference Rates Committee of the Federal Reserve Bank of New York. 

“Article 15 Agreement”: The meaning specified in Section 15.1(a). 

“As-Stabilized LTV”: With respect to any Collateral Interest, the ratio, expressed as
a percentage, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of the Principal Balance of such Collateral Interest to the value estimate of the related Mortgaged Property as reflected in an appraisal
that was obtained not more than 18 months prior to the date of determination, which value is based on the appraisal or portion of an appraisal that states an “as-stabilized” value and/or “as-renovated” value for such property, which may be based on the assumption that certain events will occur, including without limitation, with respect to the
re-tenanting, renovation or other repositioning of such property and, may be based on the capitalization rate reflected in such appraisal; provided, further, that if the appraisal was not
obtained within three months prior to the date of determination, the Collateral Manager may adjust such capitalization rate in its reasonable good faith judgment executed in accordance with the Collateral Management Standard. In determining As-Stabilized LTV for any Ramp-Up Collateral Interest, Reinvestment Collateral Interest, Contribution Collateral Interest and Exchange Collateral Interest that is a
Participation, the calculation of As-Stabilized LTV will take into account the outstanding Principal Balance of the Participation being acquired by the Issuer and the related Companion Participation(s)
(assuming fully funded). In determining the As-Stabilized LTV for any Ramp-Up Collateral Interest, Reinvestment Collateral Interest, Contribution Collateral Interest and
Exchange Collateral Interest that is cross-collateralized with one or more other Collateral Interests, the As-Stabilized LTV will be calculated with respect to the cross-collateralized group in the aggregate.

  
 -7- 

 “Asset Replacement Percentage”: On any date of calculation, a fraction
(expressed as a percentage) where (1) the numerator is the Aggregate Principal Balance of the Collateral Interests as to which interest payments are calculated with reference to a benchmark other than the then-current Benchmark and (2) the
denominator is the Aggregate Principal Balance of all of the Collateral Interests as of such calculation date. 
 “Auction Call
Redemption”: The meaning specified in Section 9.1(d). 
 “Authenticating Agent”: With
respect to the Notes or a Class of the Notes, the Person designated by the Note Administrator to authenticate such Notes on behalf of the Note Administrator pursuant to Section 2.12. 

“Authorized Officer”: With respect to the Issuer or Co-Issuer, any Officer (or attorney-in-fact appointed by the Issuer or the Co-Issuer) who is authorized to act for the Issuer or
Co-Issuer in matters relating to, and binding upon, the Issuer or Co-Issuer. With respect to the Collateral Manager, the Persons listed on Schedule C attached
hereto or such other Person or Persons specified by the Collateral Manager by written notice to the other parties hereto. With respect to the Servicer, a “Responsible Officer” of the Servicer or the Special Servicer as set forth in
the Servicing Agreement. With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an express trust, a Trust Officer. Each party may receive and accept a certification of the authority of any other
party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

“Backup Advancing Agent”: The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder, or any
successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term unsecured debt rating at least equal to “A2” by Moody’s and the equivalent by KBRA (if
then rated by KBRA) and a short-term unsecured debt rating from Moody’s at least equal to “P-1” and the equivalent by KBRA (if then rated by KBRA). 

“Bankruptcy Code”: The federal Bankruptcy Code, Title 11 of the United States Code, Part V of the Companies Act (As Revised)
of the Cayman Islands, the Bankruptcy Act (As Revised) of the Cayman Islands, the Companies Winding Up Rules (As Revised) of the Cayman Islands and the Foreign Bankruptcy Proceedings (International Cooperation) Rules (As Revised) of the Cayman
Islands, each as amended from time to time. 
 “Barclays”: Barclays Capital Inc. 

“Benchmark”: Initially, LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Determination Date”: With respect to any Interest Accrual Period, (1) if the Benchmark is LIBOR, the second London
Banking Day preceding the first day of such Interest Accrual Period and (2) if the Benchmark is not LIBOR, the time determined by the Collateral Manager in accordance with the Benchmark Replacement Conforming Changes. 

“Benchmark Replacement”: The first alternative set forth in the order below that can be determined by the Collateral Manager
as of the Benchmark Replacement Date: 

  
 -8- 

 (1) the sum of: (a) Term SOFR and (b) the Benchmark Replacement
Adjustment; 
 (2) the sum of: (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment; 

(3) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

(4) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and 

(5) the sum of: (a) the alternate rate of interest that has been selected by the Collateral Manager as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated securitizations at such time and
(b) the Benchmark Replacement Adjustment. 
 In no event may the Benchmark Replacement be less than zero. 

“Benchmark Replacement Adjustment”: The first alternative set forth in the order below that can be determined by the
Collateral Manager as of the Benchmark Replacement Date: 
 (1) the spread adjustment, or method for calculating or
determining such spread adjustment (which may be a positive or negative value or zero), that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; and 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by
the Collateral Manager giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated securitization transactions at such time. 
 “Benchmark Replacement Conforming
Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational changes (including, but not limited to, changes to the definition of “Interest Accrual Period”, setting an applicable Benchmark
Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest, the method for calculating the Benchmark Replacement and other administrative matters, which may, for the avoidance of doubt, have
a material economic impact on the Notes) that, the Collateral Manager decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the

  
 -9- 

 
Collateral Manager decides that adoption of any portion of such market practice is not administratively feasible or if the Collateral Manager determines that no market practice for use of the
Benchmark Replacement exists, in such other manner as the Collateral Manager determines is reasonably necessary). 
 “Benchmark
Replacement Date”: In the case of: 
 (1) clause (1) or (2) of the definition of “Benchmark Transition
Event,” the earlier of (i) the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant Benchmark permanently or indefinitely
ceases to provide such Benchmark and (ii) the date selected by the Collateral Manager, in its sole discretion, to be an appropriate Benchmark Replacement Date based on market practice; 

(2) clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of
information; or 
 (3) clause (4) of the definition of “Benchmark Transition Event,” the 30th Business Day following
the date of such servicer report; 
 provided, however, that, other than in the case of clause (1)(ii) above, on or after the 60th day
preceding the date on which such Benchmark Replacement Date would otherwise occur (if applicable), the Collateral Manager may give written notice to the Issuer, the Co-Issuer, the Advancing Agent, the
Servicer, the Special Servicer, the Note Administrator, the Trustee and the Calculation Agent (if different from the Note Administrator) in which the Collateral Manager designates an earlier date (but not earlier than the 30th day following such
notice) and represents that such earlier date will facilitate an orderly transition of the transaction to the Benchmark Replacement, in which case such earlier date shall be the Benchmark Replacement Date. In the case of clause (1)(ii) above,
the Collateral Manager will be required to provide written notice to the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Note Administrator, the Trustee and the Calculation
Agent (if different from the Note Administrator) at least 30 days prior to the Benchmark Replacement Date selected by the Collateral Manager. 

For the avoidance of doubt, the Benchmark Replacement Date for one-month LIBOR is expected to be on or
immediately after June 30, 2023 (as a result of a March 8, 2021 ARRC announcement based on the FCA Announcements), although the Benchmark Replacement Date could be earlier if other Benchmark Transition Events occur. 

“Benchmark Transition Event”: The occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that the administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark; 

  
 -10- 

 (2) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator
for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is no longer representative; or 
 (4) the Asset Replacement Percentage is greater than 50%, as
calculated by the Collateral Manager based on the aggregate principal balance of each applicable Commercial Real Estate Loan, as reported in the most recent monthly report of the Servicer. 

On March 8, 2021, the ARRC announced that the FCA Announcements amounted to a Benchmark Transition Event. 

“Beneficial Holder Information Form”: A beneficial holder information form substantially in the form of Exhibit T
hereto. 
 “Board of Directors”: With respect to the Issuer, the directors of the Issuer duly appointed in accordance with
the Governing Documents of the Issuer and, with respect to the Co-Issuer, the LLC Managers duly appointed by the sole member of the Co-Issuer or otherwise. 

“Board Resolution”: With respect to the Issuer, a resolution of the Board of Directors of the Issuer and, with respect to the
Co-Issuer, a resolution or unanimous written consent of the LLC Managers or the sole member of the Co-Issuer. 

“Business Day”: Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York, Charlotte, North Carolina, Concord, California, Miami, Florida, or the location of the Corporate Trust Office of the Note Administrator or the Trustee, or
(iii) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 
 “Calculation
Agent”: The meaning specified in Section 7.14(a). 
 “Calculation Amount”: With respect
to (a) any Modified Collateral Interest, the Principal Balance thereof minus any related Appraisal Reduction Amounts; and with respect to (b) any Defaulted Collateral Interest, the lowest of (i) the Moody’s Recovery Rate
of such Collateral Interest multiplied by the Principal Balance of such Collateral Interest, (ii) the market value of such Collateral Interest, as determined by the Collateral Manager in accordance with the Collateral Management Standard based
upon, among other things, a recent Appraisal and information from one or more third party commercial real estate brokers and such other information as the Collateral Manager deems appropriate and (iii) the Principal Balance of such Collateral
Interest minus any applicable Appraisal Reduction Amounts. 

  
 -11- 

 “Cash”: Such coin or currency of the United States of America as at the
time shall be legal tender for payment of all public and private debts. 
 “Cash Collateral Account”: The meaning specified
in the Servicing Agreement. 
 “Cayman AML Regulations”: The Cayman Islands Anti-Money Laundering Regulations (As Revised)
and The Guidance Notes on the Prevention and Detection of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands (as equivalent legislation and guidance, as applicable). 

“Cayman FATCA Legislation”: The Cayman Islands Tax Information Authority Act (As Revised), together with related regulations,
rules and guidance notes made pursuant to such law. 
 “Certificate of Authentication”: The meaning specified in
Section 2.1. 
 “Certificated Security”: A “certificated security” as defined in Section 8-102(a)(4) of the UCC. 
 “Class”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes or the Class G-X Notes, as applicable. 

“Class A Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
1.22% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in June 2026, 0.25%. 

“Class A Defaulted Interest Amount”: With respect to the Class A Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class A Rate. 
 “Class A Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest
Accrual Period, 
 (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
Class A Rate. 
 “Class A Notes”: The Class A Senior Secured Floating Rate Notes Due 2038,
issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class A Rate”: With respect to any Class A Note, the per annum rate at which interest accrues
on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus (b) the Class A Benchmark Spread. 

  
 -12- 

 “Class A-S Benchmark
Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period), 1.55% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in June 2026, 0.25%.

 “Class A-S Defaulted Interest Amount”: With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A-S Notes on account of any shortfalls in the payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class A-S Rate. 

“Class A-S Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A-S
Notes on the first day of the related Interest Accrual Period, 
 (ii) the actual number of days in such Interest Accrual Period divided by three
hundred sixty (360) and (iii) the Class A-S Rate. 
 “Class A-S Notes”: The Class A-S Second Priority Secured Floating Rate Notes Due 2038, issued by the Issuer and the
Co-Issuer pursuant to this Indenture. 

“Class A-S Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus
(b) the Class A-S Benchmark Spread. 
 “Class B Benchmark
Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period), 1.90% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in June 2026, 0.50%.

 “Class B Defaulted Interest Amount”: With respect to the Class B Notes as of each Payment Date,
the accrued and unpaid amount due to Holders of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class B Rate. 
 “Class B Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest
Accrual Period, 
 (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
Class B Rate. 
 “Class B Notes”: The Class B Third Priority Secured Floating Rate Notes Due
2038, issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class B Rate”: With respect to any Class B Note, the per annum rate at which interest accrues
on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus (b) the Class B Benchmark Spread. 

  
 -13- 

 “Class C Benchmark Spread”: (i) With respect to each
Payment Date (and related Interest Accrual Period), 2.05% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in July 2026, 0.50%. 

“Class C Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on account of
any shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class C Rate. 

“Class C Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes or the Class B Notes are outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class C Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class C Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, 

(ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class C Rate. 

“Class C Notes”: The Class C Fourth Priority Secured Floating Rate Notes Due 2038, issued by the
Issuer and the Co-Issuer pursuant to this Indenture. 
 “Class C
Rate”: With respect to any Class C Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus
(b) the Class C Benchmark Spread. 
 “Class D Benchmark Spread”: (i) With respect to each
Payment Date (and related Interest Accrual Period), 2.80% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in July 2026, 0.50%. 

“Class D Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class D
Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class D Rate.

 “Class D Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on any
Payment Date. 
 “Class D Interest Distribution Amount”: On each Payment Date, the amount due to Holders
of the Class D Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest
Accrual Period divided by three hundred sixty (360) and (iii) the Class D Rate. 

  
 -14- 

 “Class D Notes”: The Class D Fifth Priority Secured
Floating Rate Notes Due 2038, issued by the Issuer and the Co-Issuer pursuant to this Indenture. 

“Class D Rate”: With respect to any Class D Note, the per annum rate at which interest accrues
on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus (b) the Class D Benchmark Spread. 

“Class E Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
3.45% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in July 2026, 0.50%. 

“Class E Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to holders
of the Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class E Rate. 
 “Class E Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are outstanding, any interest due on the Class E Notes that is not paid as a result of the operation of the
Priority of Payments on any Payment Date. 
 “Class E Interest Distribution Amount”: On each Payment
Date, the amount due to Holders of the Class E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related Interest Accrual Period, (ii) the actual
number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class E Rate. 

“Class E Notes”: The Class E Sixth Priority Secured Floating Rate Notes Due 2038, issued by the
Issuer and the Co-Issuer pursuant to this Indenture. 
 “Class E
Rate”: With respect to any Class E Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus
(b) the Class E Benchmark Spread. 
 “Class F Benchmark Spread”: With respect to each Payment
Date (and related Interest Accrual Period), 5.00%. 
 “Class F Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the
accrued and unpaid amount due to holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class F Rate. 

  
 -15- 

 “Class F Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, any interest due on the Class F Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date. 
 “Class F Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class F Rate. 

“Class F Notes”: The Class F Seventh Priority Floating Rate Notes Due 2038, issued by the Issuer
pursuant to this Indenture. 
 “Class F Rate”: With respect to any Class F Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus (b) the Class F Benchmark Spread. 

“Class F-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-E Notes as of each
Payment Date, the accrued and unpaid amount due to holders of the Class F-E Notes on account of any shortfalls in the payment of the Class F-E Interest
Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-E Notes described in
Section 2.16. 
 “Class F-E Deferred
Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, any
interest due on the Class F-E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. Any Class F-E Deferred
Interest added to the Aggregate Outstanding Amount of the Class F-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the
Class F-X Notes. 

“Class F-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class F-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class F-E Notes described in Section 2.16. 

“Class F-E Notes”: The meaning specified in
Section 2.3. 
 “Class F-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-X Notes on account of any shortfalls in the payment of the Class F-X Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-X Notes described in Section 2.16. 

  
 -16- 

 “Class F-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class F-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class F-X Notes described in Section 2.16. 

“Class F-X Notes”: The meaning specified in
Section 2.3. 
 “Class G Benchmark Spread”: With respect to each Payment Date
(and related Interest Accrual Period), 7.50%. 
 “Class G Defaulted Interest Amount”: If no Class A
Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G Notes on account of any shortfalls in the
payment of the Class G Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class G Rate. 

“Class G Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, Class D Notes, Class E Notes, the Class F Notes, the Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class G Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class G Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual
Period divided by three hundred sixty (360) and (iii) the Class G Rate. 
 “Class G
Notes”: The Class G Eighth Priority Floating Rate Notes Due 2038, issued by the Issuer pursuant to this Indenture. 

“Class G Rate”: With respect to any Class G Note, the per annum rate at which interest accrues
on such Note for any Interest Accrual Period, which shall be equal to (a) the Benchmark (determined as described herein) plus (b) the Class G Benchmark Spread. 

“Class G-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-E Notes on account of any shortfalls in the payment of the Class G-E Interest Distribution Amount with respect to any preceding Payment Date or Payment
Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-E Notes described in Section 2.16. 

“Class G-E Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G-E Notes that is not paid
as a result of the operation of the Priority of Payments on any Payment Date. Any Class G-E Deferred Interest added to the Aggregate Outstanding Amount of the
Class G-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class G-X Notes. 

  
 -17- 

 “Class G-E Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G-E Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on
the Class G-E Notes described in Section 2.16. 

“Class G-E Notes”: The meaning specified in
Section 2.3. 
 “Class G-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes,
Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-X Notes as of each Payment Date,
the accrued and unpaid amount due to holders of the Class G-X Notes on account of any shortfalls in the payment of the Class G-X Interest Distribution Amount
with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-X Notes described in
Section 2.16. 
 “Class G-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class G-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class G-X Notes described in Section 2.16. 

“Class G-X Notes”: The meaning specified in
Section 2.3. 
 “Clean-up Call”: The meaning specified in
Section 9.1(a). 
 “Clearing Agency”: An organization registered as a “clearing agency”
pursuant to Section 17A of the Exchange Act. 
 “Clearstream, Luxembourg”: Clearstream Banking,
société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg. 

“Closing Date”: May 5, 2021. 

“Closing Date Collateral Interests”: The Mortgage Loans and the Participations listed on Schedule A attached hereto
that are acquired by the Issuer on the Closing Date. 
 “Co-Issuer”: FS Rialto 2021-FL2 Co-Issuer, LLC, a limited liability company formed under the laws of the State of Delaware, until a successor Person shall have become the Co-Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Co-Issuer” shall mean such successor Person. 

“Co-Issuers”: The Issuer and the Co-Issuer.

  
 -18- 

 “Code”: The United States Internal Revenue Code of 1986, as amended. 

“Collateral”: The meaning specified in the first paragraph of the Granting Clause of this Indenture. 

“Collateral Interest File”: The meaning specified in Section 3.3(e). 

“Collateral Interest Purchase Agreement”: The collateral interest purchase agreement entered into between the Issuer, the
Seller, FS Credit REIT and Sub-REIT on or about the Closing Date, as amended or supplemented from time to time, which agreement is assigned to the Trustee on behalf of the Secured Parties pursuant to this
Indenture, together with any collateral interest purchase agreement or subsequent transfer instrument entered into between the Issuer and the Seller in connection with the acquisition of a Reinvestment Collateral Interest, Ramp-Up Collateral Interests, Contribution Collateral Interests and/or an Exchange Collateral Interest. 

“Collateral Interests”: The Closing Date Collateral Interests, the Delayed Close Collateral Interest, the Reinvestment
Collateral Interests, the Ramp-Up Collateral Interests, the Contribution Collateral Interests and the Exchange Collateral Interests, individually or collectively as the context may require. 

“Collateral Management Agreement”: The Collateral Management Agreement, dated as of the Closing Date, by and between the
Issuer and the Collateral Manager, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Collateral Management Standard”: The meaning specified in the Collateral Management Agreement. 

“Collateral Manager”: FS Credit REIT, each of FS Credit REIT’s permitted successors and assigns or any successor Person
that shall have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement and thereafter “Collateral Manager” shall mean such successor Person. 

“Collateral Manager Fee”: The meaning specified in the Collateral Management Agreement. 

“Collection Account”: The meaning specified in the Servicing Agreement. 

“Commercial Real Estate Loan”: Any Mortgage Loan that is a Collateral Interest and any Participated Loan in which a
Participation therein is a Collateral Interest, as applicable and as the context may require. 
 “Committed Reinvestment Collateral
Interest”: Any Reinvestment Collateral Interest for which, on or before the last day of the Reinvestment Period, the Issuer (or the Collateral Manager (or an affiliate or third party on behalf of the Collateral Manager) on behalf of the
Issuer) has entered into a binding commitment to purchase or a loan application such Reinvestment Collateral Interest. 

  
 -19- 

 “Companion Participation”: With respect to each Participation held by the
Issuer, the related companion participation interest in the related Participated Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the Issuer pursuant to the applicable provisions
of this Indenture. 
 “Companion Participation Acquisition Criteria”: The criteria set forth below: 

 

	 	(i)	 the underlying Commercial Real Estate Loan is not a Defaulted Commercial Real Estate Loan or a Specially
Serviced Loan; 

  

	 	(ii)	 upon acquisition, the Funded Companion Participation will not be a Credit Risk Collateral Interest;

  

	 	(iii)	 the requirements set forth in this Indenture regarding the representations and warranties with respect to such
Funded Companion Participation and the related Mortgaged Property have been met (subject to such exceptions as are reasonably acceptable to the Collateral Manager); 

 

	 	(iv)	 the acquisition of such Funded Companion Participation will be at a price no greater than the outstanding
principal balance of such Funded Companion Participation; and 

  

	 	(v)	 a No Downgrade Confirmation has been received from KBRA with respect to the acquisition of such Funded
Companion Participation, except that such confirmation will not be required with respect to the acquisition of a Participation if the principal balance of the Participation being acquired is less than $1,000,000. 

“Company Administrative Expenses”: All fees, expenses and other amounts due or accrued with respect to any Payment Date and
payable by the Issuer, Co-Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator, the Custodian and the Trustee pursuant to this Indenture or any co-trustee appointed pursuant to Section 6.7 (including amounts payable by the Issuer as indemnification pursuant to this Indenture), (ii) the Company Administrator under the Administration
Agreement and the Registered Office Terms (including amounts payable by the Issuer as indemnification pursuant to the Administration Agreement) and to provide for the costs of liquidating the Issuer following redemption of the Notes and the AML
Services Provider under the AML Services Agreement, (iii) the LLC Managers (including indemnification), (iv) the independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts payable in connection
with the preparation of tax forms on behalf of the Issuer and the Co-Issuer), and any registered office and government filing fees, in each case, payable in the order in which invoices are received by the
Issuer, (v) a Rating Agency for fees and expenses in connection with any rating (including the annual fee payable with respect to the monitoring of any rating) of the Notes, including fees and expenses due or accrued in connection with any
credit assessment or rating of the Collateral Interests, (vi) the Collateral Manager under this Indenture and the Collateral Management Agreement (including amounts payable by the Issuer as indemnification pursuant to this Indenture or the
Collateral Management Agreement), (vii) other Persons as indemnification pursuant to the Collateral 

  
 -20- 

 
Management Agreement, (viii) the Advancing Agent or other Persons as indemnification pursuant to the provisions pertaining to the Advancing Agent in this Indenture, (ix) the Servicer or
the Special Servicer as indemnification or reimbursement of expenses pursuant to the Servicing Agreement, (x) the CREFC® Intellectual Property Royalty License Fee, (xi) the Preferred
Share Paying Agent and the Preferred Share Registrar pursuant to the Preferred Share Paying Agency Agreement (including amounts payable as indemnification), (xii) each member of the Advisory Committee (including amounts payable as indemnification)
under each agreement among such Advisory Committee member, the Collateral Manager and the Issuer (and the amounts payable by the Issuer to each member of the Advisory Committee as indemnification pursuant to each such agreement), (xiii) any other
Person in respect of any governmental fee, charge or tax (including any FATCA and Cayman FATCA Legislation compliance costs) in relation to the Issuer or the Co-Issuer (in each case as certified by an
Authorized Officer of the Issuer or the Co-Issuer to the Note Administrator), in each case, payable in the order in which invoices are received by the Issuer, and (xiv) any other Person in respect of any
other fees or expenses (including indemnifications) permitted under this Indenture (including, without limitation, any costs or expenses incurred in connection with certain modeling systems and services) and the documents delivered pursuant to or in
connection with this Indenture and the Notes and any amendment or other modification of any such documentation, in each case unless expressly prohibited under this Indenture (including, without limitation, the payment of all transaction fees and all
legal and other fees and expenses required in connection with the purchase of any Collateral Interests or any other transaction authorized by this Indenture), in each case, payable in the order in which invoices are received by the Issuer;
provided that Company Administrative Expenses shall not include (a) amounts payable in respect of the Notes and (b) any Collateral Manager Fee payable pursuant to the Collateral Management Agreement. 

“Company Administrator”: MaplesFS Limited, a licensed trust company incorporated in the Cayman Islands, as administrator
pursuant to the Administration Agreement, unless a successor Person shall have become administrator pursuant to the Administration Agreement, and thereafter, Company Administrator shall mean such successor Person. 

“Compounded SOFR”: The compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period or
compounded in advance) being established by the Collateral Manager in accordance with: 
 (1) the rate, or methodology for
this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 

(2) if, and to the extent that, the Collateral Manager determines that Compounded SOFR cannot be determined in accordance with
clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Collateral Manager giving due consideration to any industry-accepted market practice for similar U.S. dollar
denominated securitization transactions at such time. 

  
 -21- 

 “Contribution Collateral Interest”: The meaning specified in
Section 12.2(c). 
 “Controlling Class”: The Class A Notes, so long as any Class A
Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes
are Outstanding, then the Class C Notes, so long as any Class C Notes are Outstanding, then the Class D Notes, so long as any Class D Notes are Outstanding, then the Class E Notes, so long as any Class E Notes are
Outstanding, then the Class F Notes and the Class F-E Notes, so long as any Class F Notes or Class F-E Notes are Outstanding, then the Class G
Notes and the Class G-E Notes, so long as any Class G Notes or Class G-E Notes are Outstanding. 

“Corporate Trust Office”: The designated corporate trust office of (a) the Trustee, currently located at 1100 North
Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2021-FL2, (b) the Note Administrator, currently located at (i) with respect to the delivery of Loan Documents, at 1055
10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group – FS Rialto 2021-FL2, (ii) with respect to the delivery of Note transfers and surrenders, at 600 South 4th Street, 7th
Floor, MAC N9300-070 Minneapolis, Minnesota 55415, Attention: Certificate Transfer Services – FS Rialto 2021-FL2; and (iii) for all other purposes, at 9062 Old
Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), FS Rialto 2021-FL2, telecopy number (410) 715-2380 or (c) such other
address as the Trustee or the Note Administrator, as applicable, may designate from time to time by notice to the Noteholders, the Holder of the Preferred Shares, the 17g-5 Information Provider and the parties
hereto. 
 “Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “Credit Enhancement
Level”: With respect to any Class of Notes, the fraction, expressed as a percentage, where the numerator is the Aggregate Outstanding Amount (excluding any Deferred Interest, if applicable) of each Class of Notes and the Preferred
Shares that is subordinate to such Class of Notes and the denominator is the Net Outstanding Portfolio Balance. 
 “Credit Risk
Collateral Interest”: Any Collateral Interest that, in the Collateral Manager’s reasonable business judgment, has a significant risk of declining in credit quality or, with a lapse of time, becoming a Defaulted Collateral Interest.

 “Credit Risk Exchange Limitation”: With respect to exchanges of Credit Risk Collateral Interests (other than those that
are Defaulted Collateral Interests) after the Reinvestment Period, the condition that will be satisfied if, immediately after giving effect to any such exchange, the aggregate Principal Balance of Credit Risk Collateral Interests exchanged by the
Issuer for Exchange Collateral Interests after the Reinvestment Period, is equal to or greater than 10.0% of the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date. 

  
 -22- 

 “Credit Risk Retention Rules”: Regulation RR (17 C.F.R. Part 246), as such
rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance
Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to
time, in each case, as effective from time to time. 
 “Credit Risk/Defaulted Collateral Interest Cash Purchase”: The
meaning specified in Section 12.1(b)(iii). 

“CREFC® Intellectual Property Royalty License Fee”:
With respect to each Collateral Interest and for any Payment Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on
the Principal Balance of such Collateral Interest as of the close of business on the Determination Date in such Interest Accrual Period. Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any
related interest payment due or deemed due on the related Collateral Interest is computed and shall be prorated for partial periods. 

“CREFC® Intellectual Property Royalty License Fee
Rate”: With respect to each Collateral Interest, a rate equal to 0.0005% per annum. 
 “CREFC® Loan Periodic Update File”: The meaning specified in the Servicing Agreement. 

“CRS”: The OECD Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard. 

“Custodial Account”: An account at the Securities Intermediary established pursuant to
Section 10.1(b). 
 “Custodian”: The meaning specified in
Section 3.3(a). 
 “Cut-off Date”: With respect to each
Collateral Interest, the later of April 13, 2021 or the date of origination. 
 “Debt Service”: With respect to any
Collateral Interest, the monthly payments of principal and interest due pursuant to the terms of the related Loan Documents, excluding (1) any balloon payments, (2) required (non-monthly) principal
paydowns and (3) reserve payments for the 12 payments following the Cut-off Date. 

“Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event
of Default. 
 “Defaulted Collateral Interest”: Any Collateral Interest as to which the related Commercial Real Estate Loan
is a Defaulted Loan. 
 “Defaulted Loan”: Any Commercial Real Estate Loan as to which there has occurred and is continuing
for more than 60 days either (x) a payment default (after giving effect to any applicable grace period but without giving effect to any waiver) or (y) a material non-monetary event of default that is
known to the Special Servicer and has occurred and is continuing 

  
 -23- 

 
(after giving effect to any applicable grace period but without giving effect to any waiver); provided, however, that any Collateral Interest as to which an Appraisal Reduction
Event has not occurred due to the circumstances specified in clause (v) of the definition thereof and which is not otherwise a Defaulted Loan will be deemed not to be a Defaulted Loan for purposes of determining the Calculation Amount
for the Par Value Test. If a Defaulted Loan is the subject of a work-out, modification or otherwise has cured the default such that the subject Defaulted Loan is no longer in default pursuant to its terms (as
such terms may have been modified), such Collateral Interest will no longer be treated as a Defaulted Loan. 
 “Deferred
Interest”: The Class C Deferred Interest, the Class D Deferred Interest, the Class E Deferred Interest, the Class F Deferred Interest, the Class F-E Deferred Interest, the
Class G Deferred Interest and the Class G-E Deferred Interest. 
 “Definitive
Notes”: The meaning specified in Section 2.2(b). 
 “Delayed Close Collateral Interest”:
The Collateral Interest identified as a Delayed Close Collateral Interest on Schedule A attached hereto. 

“Depository” or “DTC”: The Depository Trust Company, its nominees, and their respective successors. 

“Designated Balance”: All or a portion of the amounts in the Unused Proceeds Account that would otherwise have been used for
the acquisition of the Delayed Close Collateral Interest if it has not been acquired by the Issuer on or before the Target Authorization Date, as designated by the Collateral Manager. 

“Determination Date”: The 11th day of each month or, if such day is not a Business Day, the preceding Business Day,
commencing in May 2021. 
 “Disposition Limitation Threshold”: A threshold that shall be met at any time that (x) the sum
of (i) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests and Non-Controlled Collateral Interests (in either case, other than those that are Defaulted Collateral Interests)
sold by the Issuer to the Collateral Manager or its Affiliates plus (ii) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) exchanged for Exchange Collateral
Interests, is equal to or greater than (y) 10% of the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date. 

“Disqualified Transferee”: The meaning specified in Section 2.5(m). 

“Dissolution Expenses”: The amount of expenses reasonably likely to be incurred in connection with the discharge of this
Indenture, the liquidation of the Collateral and the dissolution of the Co-Issuers, as reasonably certified by the Collateral Manager or the Issuer, based in part on expenses incurred by the Trustee, Custodian
and Note Administrator and reported to the Collateral Manager. 
 “Dodd-Frank”: The Dodd Frank Wall Street Reform and
Consumer Protection Act, as amended from time to time. 

  
 -24- 

 “Dollar” or “$”: A U.S. dollar or other equivalent unit in
Cash. 
 “Due Period”: With respect to any Payment Date, the period commencing on the day immediately succeeding the second
preceding Determination Date (or commencing on and excluding the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending on and including the Determination Date immediately preceding such Payment Date. 

“Due Diligence Service Provider”: The meaning specified in Section 14.13(f). 

“EHRI”: Any interest in the Issuer that satisfies the definition of “eligible horizontal residual interest” in the
Credit Risk Retention Rules. As of the Closing Date, the Preferred Shares shall constitute the EHRI. 
 “Eligibility
Criteria”: The criteria set forth below with respect to any Ramp-Up Collateral Interest, Reinvestment Collateral Interest and Exchange Collateral Interest (excluding any Funded Companion Participation
related to any Closing Date Collateral Interest or the Delayed Close Collateral Interest, as to which only the Companion Participation Acquisition Criteria will be required to be satisfied), compliance with which shall be evidenced by an
Officer’s Certificate of the Collateral Manager delivered to the Trustee and Note Administrator as of the date of such acquisition: 

(i) it is a Mortgage Loan or a fully funded Senior AB Participation, Senior AB Pari Passu Participation or Pari Passu
Participation in a mortgage loan that is secured by a Multifamily Property (that is not a Student Housing Property), Industrial Property, Office Property, Mixed-Use Property, Self-Storage Property, Hospitality
Property or Retail Property; 
 (ii) (A) the aggregate Principal Balance of the Collateral Interests secured by properties
that are of the following types are subject to limitations as follows: (a) Industrial Properties does not exceed 60.0% of the Aggregate Outstanding Portfolio Balance, (b) Office Properties does not exceed 40.0% of the Aggregate Outstanding
Portfolio Balance, (c) Mixed-Use Properties does not exceed 15.0% of the Aggregate Outstanding Portfolio Balance, (d) Self-Storage Properties does not exceed 10.0% of the Aggregate Outstanding
Portfolio Balance, (e) Hospitality Properties does not exceed 10.0% of the Aggregate Outstanding Portfolio Balance, and (f) Retail Properties does not exceed 10.0% of the Aggregate Outstanding Portfolio Balance. There shall be no concentration
limitation with respect to Multifamily Properties; 
 (B) with respect to any Ramp-Up
Collateral Interest, the aggregate Principal Balance of the Ramp-Up Collateral Interests acquired during the Ramp-Up Period that are secured by Multifamily Properties
plus the Ramp-Up Remaining Balance is not less than 70.0% of the Ramp-Up Remaining Balance on the Closing Date; 

(iii) the obligor is incorporated or organized under the laws of, and the Collateral Interest is secured by property located
in, the United States; 

  
 -25- 

 (iv) it provides for monthly payments of interest at a floating rate based
on one-month LIBOR or another generally acceptable floating rate index or successor benchmark rate; 

(v) it has a Moody’s rating; 

(vi) it has a maturity date, assuming the exercise of all extension options (if any) that are exercisable at the option of the
related borrower under the terms of such Collateral Interest, that is not more than five years from its acquisition date (which, in the case of newly originated loans, will be calculated without regard to the initial stub interest period); 

(vii) it is not an Equity Interest; 

(viii) it is not a ground-up construction loan; 

(ix) the Collateral Manager has determined that it has an As-Stabilized LTV that is not
greater than (i) in the case of Collateral Interests secured by Multifamily Properties, 80.0%, (ii) in the case of Collateral Interests secured by Industrial Properties, Office Properties, Mixed-Use
Properties, Self-Storage Properties or Retail Properties, 75.0% and (iii) in the case of Collateral Interests secured by Hospitality Properties, 70.0%; 

(x) the Collateral Manager has determined that it has an U/W Stabilized NCF DSCR that is not less than (i) in the case of
Collateral Interests secured by Multifamily Properties, 1.15x, (ii) in the case of Collateral Interests secured by Industrial Properties, Office Properties, Mixed-Use Properties, Self-Storage Properties
or Retail Properties, 1.25x, and (iii) in the case of Collateral Interests secured by Hospitality Properties, 1.40x; 

(xi) the Principal Balance of such Collateral Interest (plus any previously-acquired participation interests in the same
underlying Commercial Real Estate Loan) is not greater than $85,000,000; 
 (xii) (A) the Weighted Average Life of the
Collateral Interests, assuming the exercise of all contractual extension options (if any) that are exercisable by the borrower under each Collateral Interest, is less than or equal to the number of years (rounded to the nearest one hundredth
thereof) during the period from such date of determination to 5.5 years from the Closing Date; 
 (B) the Weighted Average
Spread of the Collateral Interests is not less than 2.50%; 
 (C) the aggregate Principal Balance of Collateral Interests
secured by Mortgaged Properties located in (x) California, Florida, Georgia, New York and Texas is (in each case) no more than 40.0% of the Aggregate Outstanding Portfolio Balance and (y) any other state (in each case) is no more than
25.0% of the Aggregate Outstanding Portfolio Balance; and 

  
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 (D) the Herfindahl Score is greater than or equal to 14.0; 

(xiii) the weighted average Moody’s Rating Factor (weighted by Principal Balance of the Collateral Interests) is in no
event greater than 5,000; 
 (xiv) a No Downgrade Confirmation has been received from KBRA with respect to the acquisition of
such Collateral Interest; 
 (xv) the sum of the Principal Balance of such Collateral Interest and the Principal Balance of
all Collateral Interests that have the same guarantor or an affiliated guarantor does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance; 

(xvi) it will not require the Issuer to make any future payments after the Issuer’s purchase thereof; 

(xvii) if it is a Collateral Interest with a related Future Funding Participation: 

(A) the Future Funding Indemnitor has Segregated Liquidity (evidenced by a certification) in an amount at least equal to the
greater of (i) the Largest One Quarter Future Advance Estimate and (ii) the Two Quarter Future Advance Estimate for the immediately following two calendar quarters (based on the Future Funding Amounts for all outstanding Future Funding
Participations related to the Collateral Interests); 
 (B) the maximum principal amount of all Future Funding
Participations with respect to all Collateral Interests does not exceed 20.0% of the maximum commitment amount of all Commercial Real Estate Loans; and 

(C) the maximum principal amount of the related Future Funding Participation does not exceed 35.0% of the maximum commitment
amount of the related Commercial Real Estate Loan; 
 (xviii) it is not prohibited under its Loan Documents from being
purchased by the Issuer and pledged to the Trustee; 
 (xix) it is not currently, and has not recently been, the subject of
any request by the borrower to amend, modify or waive any provision of any of the related Loan Documents that would have a material adverse effect on such Collateral Interest; 

(xx) it is not a Credit Risk Collateral Interest; 

(xxi) it is not a Defaulted Collateral Interest (as determined by the Collateral Manager after reasonable inquiry); 

  
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 (xxii) it is Dollar denominated and may not be converted into an obligation
payable in any other currencies; 
 (xxiii) if such Collateral Interest is a Participation, it does not have
“buy/sell” rights as a dispute resolution mechanism; 
 (xxiv) it provides for the repayment of principal at not
less than par no later than upon its maturity or upon redemption, acceleration or its full prepayment; 
 (xxv) it is
serviced pursuant to the Servicing Agreement or it is serviced by an Accepted Loan Servicer pursuant to a commercial mortgage servicing arrangement that includes the servicing provisions substantially similar to those that are standard in commercial
mortgage-backed securities (“CMBS”) transactions; 
 (xxvi) (a) it is purchased from the Seller, the
Sponsor, or a wholly-owned subsidiary of FS Credit REIT and (b) the requirements set forth in this Indenture regarding the representations and warranties with respect to such Collateral Interest and the underlying Mortgaged Property (as
applicable) have been met (subject to such exceptions as are reasonably acceptable to the Collateral Manager); 
 (xxvii) if
it is a participation interest, the related Participating Institution is (and any “qualified transferee” is required to be) any of (1) a special purpose affiliate of the Sponsor or a “qualified institutional lender” as such
terms are typically defined in the Loan Documents related to participations; (2) an entity (or a wholly-owned subsidiary of an entity) that has (y) a long-term unsecured debt rating from Moody’s of “A3” or higher, and
(z) a long-term unsecured debt rating from KBRA of “A-” or higher (if rated by KBRA, or if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include
Moody’s)) (3) a securitization trust, a collateralized loan obligation (“CLO”) issuer or a similar securitization vehicle, or (4) a special purpose entity that is 100% directly or indirectly owned by the Sponsor, for so
long as the separateness provisions of its organizational documents have not been amended (unless the Rating Agency Condition was satisfied in connection with such amendment), and if any Participating Institution is not the Issuer, the related Loan
Documents will be held by a third party custodian; 
 (xxviii) its acquisition will be in compliance with Section 206 of
the Advisers Act; 
 (xxix) its acquisition, ownership, enforcement and disposition will not cause the Issuer to fail to be a
Qualified REIT Subsidiary or other disregarded entity of a REIT unless a No Trade or Business Opinion has previously been received (which opinion may be conditioned on compliance with certain restrictions on the investment or other activity of the
Issuer and/or the Servicer and/or the Special Servicer and/or the Collateral Manager on behalf of the Issuer); 

  
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 (xxx) its acquisition would not cause the Issuer, the Co-Issuer or the pool of Collateral Interests to be required to register as an investment company under the 1940 Act; and if the borrowers with respect to the Collateral Interest are excepted from the definition of
an “investment company” solely by reason of Section 3(c)(1) of the 1940 Act, then either (x) such Collateral Interest does not constitute a “voting security” for purposes of the 1940 Act or (y) the aggregate amount
of such Collateral Interest held by the Issuer is less than 10% of the entire issue of such Collateral Interest; 
 (xxxi) it
does not provide for any payments which are or will be subject to deduction or withholding for or on account of any withholding or similar tax (other than withholding on amendment, modification and waiver fees, late payment fees, commitment fees,
exit fees, extension fees or similar fees), unless the borrower under such Collateral Interest is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes) will equal the
full amount that the Issuer would have received had no such deduction or withholding been required; 
 (xxxii) after giving
effect to its acquisition, together with the acquisition of any other Collateral Interests to be acquired (or as to which a binding commitment to acquire was entered into) on the same date, the aggregate Principal Balance of Collateral Interests
held by the Issuer that are EU/UK Retention Holder Originated Collateral Interests is in excess of 50% of the aggregate Principal Balance of Collateral Interests held by the Issuer; 

(xxxiii) if it is a Non-Controlled Collateral Interest, its acquisition will not cause
the aggregate Principal Balance of all Non-Controlled Collateral Interests to exceed 15% of the aggregate Principal Balance of all Collateral Interests then owned by the Issuer; and 

(xxxiv) it is not acquired for the primary purpose of recognizing gains or decreasing losses resulting from market value
changes; 
 provided, however, that (a) for purposes of clauses (ii), (xii)(A), (xii)(C), (xiii), (xv)
and (xvii)(B) above, if the acquisition of such Collateral Interest would either improve compliance with or maintain the same degree of compliance with the applicable concentration limits after giving effect to such acquisition, then such
Eligibility Criteria will be deemed to have been satisfied, and (b) any determination of a percentage pursuant to the Eligibility Criteria (except for the Weighted Average Spread of all Collateral Interests) will be rounded to the nearest
1/10th of one percent. 
 “Eligible Account”: (i) An account maintained with a federal or state chartered depository
institution or trust company or an account or accounts maintained with the Note Administrator that has, in each case, (a) a long-term unsecured debt rating of at least “A2” by Moody’s and the equivalent by KBRA (if then rated by
KBRA) if deposits in such account will be held therein for more than thirty (30) days and (b) a short-term unsecured debt rating of at least “P-1” by Moody’s and the equivalent by KBRA
(if then rated by KBRA) if deposits in such account will be held therein for thirty (30) days or less; (ii) an account maintained with Wells Fargo Bank, National Association so long as (x) Wells Fargo Bank, National Association’s
long-term unsecured debt obligations, deposits, or commercial paper rating is at least (1) “A2” by 

  
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Moody’s in the case of accounts in which funds are held for more than thirty (30) days and (y) Wells Fargo Bank, National Association’s short-term unsecured debt obligations,
deposits, or commercial paper rating is at least “P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less; (iii) an account maintained with KeyBank
National Association so long as (x) KeyBank National Association’s long-term unsecured debt obligations, deposits, or commercial paper rating is at least “A2” by Moody’s in the case of accounts in which funds are held for
more than thirty (30) days and (y) KeyBank National Association’s short-term unsecured debt obligations, deposits, or commercial paper rating is at least “P-1” by Moody’s in the
case of accounts in which funds are held for thirty (30) days or less, (iv) a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust company acting in its fiduciary
capacity; provided that (a) any such institution or trust company has a long-term unsecured rating of at least “Baa1” by Moody’s and a capital surplus of at least U.S.$200,000,000 and (b) any such account is subject
to fiduciary funds on deposit regulations substantially similar to 12 C.F.R. § 9.10(b); or (v) any other account approved by the Rating Agencies. 

“Eligible Investments”: Any Dollar-denominated investment, the maturity for which corresponds to the Issuer’s expected
or potential need for funds, that, at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or securities: 

(i) direct obligations of, and obligations the timely payment of principal of and interest on which is fully and expressly
guaranteed by, the United States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States; 

(ii) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by,
any depository institution or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial department of any successor Note Administrator, as the
case may be; provided that such successor otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the debt obligations of
such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual
commitment providing for such investment that satisfy the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iii) unleveraged repurchase or forward purchase obligations with respect to (a) any security described in clause
(i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as principal) described in
clause (ii) above (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such Person otherwise meets the criteria specified herein) or entered into
with a corporation (acting as principal) whose unsecured debt rating satisfies the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

  
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 (iv) a reinvestment agreement issued by any bank (if treated as a deposit by
such bank) that has a short-term credit rating of not less than “P-1” by Moody’s; provided that the issuer thereof must also have at the time of such investment a long-term unsecured debt
rating that satisfies the Applicable KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(v) commercial paper or other similar short-term obligations (including that of the Note Administrator or the commercial
department of any successor Note Administrator, as the case may be, or any affiliate thereof, provided that such Person otherwise meets the criteria specified herein) having at the time of such investment a debt rating that satisfies the Applicable
KBRA Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 
 (vi) any money market fund
(including those managed or advised by the Note Administrator or its Affiliates, including Blackrock T-Fund #60 (TSTXX)) that maintain a constant asset value and that are rated
“Aaa-mf” by Moody’s and in the highest long-term or short-term rating category by KBRA or, if not rated by KBRA, an equivalent rating by any two other NRSROs (which may include Moody’s);
and 
 (vii) any other investment similar to those described in clauses (i) through (v) above that
(1) Moody’s has confirmed may be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) KBRA has confirmed may be included in the portfolio of
Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes; 
 provided that mortgage-backed securities
and interest only securities shall not constitute Eligible Investments; provided, further, that (a) Eligible Investments acquired with funds in the Collection Account shall include only such obligations or securities as mature no
later than three Business Days prior to the next Payment Date succeeding the acquisition of such obligations or securities, (b) Eligible Investments shall not include obligations bearing interest at inverse floating rates, (c) Eligible Investments
shall be treated as indebtedness for U.S. federal income tax purposes and such investment shall not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT (unless the Issuer has previously
received a No Trade or Business Opinion, in which case the investment will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal income tax purposes or to otherwise become
subject to U.S. federal income tax on a net income basis), (d) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or similar tax (other than any taxes imposed pursuant to FATCA), unless the
payor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such obligor or the Issuer) will equal the full amount that the Issuer would
have received had no such deduction or withholding been required, (e) Eligible 

  
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Investments shall not be purchased for a price in excess of par and (f) Eligible Investments shall not include margin stock. Eligible Investments may be purchased from the Trustee and its
Affiliates so long as the Trustee has a capital and surplus of at least $200,000,000 and has a long-term unsecured credit rating of at least “Baa1” by Moody’s, and may include obligations for which the Trustee or an Affiliate thereof
receives compensation for providing services. 
 “Entitlement Order”: The meaning specified in Section 8-102(a)(8) of the UCC. 
 “Equity Interest”: A security or other interest
that does not entitle the holder thereof to receive periodic payments of interest and one or more installments of principal, including (i) any bond or note or similar instrument that is by its terms convertible into or exchangeable for an
equity interest, (ii) any bond or note or similar instrument that includes warrants or other interests that entitle its holder to acquire an equity interest, or (iii) any other similar instrument that would not entitle its holder to
receive periodic payments of interest or a return of a residual value. 
 “ERISA”: The United States Employee Retirement
Income Security Act of 1974, as amended. 
 “Escrow Account”: The meaning specified in the Servicing Agreement. 

“EU/UK Retention Holder”: FS Credit REIT. 

“EU/UK Retention Holder Originated Collateral Interest”: A Collateral Interest as to which the EU/UK Retention Holder either
(i) itself or through related entities, directly or indirectly, was involved in the original agreement which created such Collateral Interest or (ii) acquired such Collateral Interest from a third party for its own account before the sale or
transfer of that Collateral Interest to the Issuer. 
 “EU/UK Risk Retention Letter”: That certain risk retention letter
delivered by the EU/UK Retention Holder and the Retention Holder to the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the Placement Agents, dated the Closing Date. 

“Euroclear”: Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default”: The meaning specified in Section 5.1. 

“Excepted Property”: (i) The $250 proceeds of the issue and allotment of the Issuer’s ordinary shares, $250 representing
a profit fee to the Issuer and, in each case, any interest earned thereon, and the account in which such amounts are held, (ii) the limited liability company membership interests of the Co-Issuer and
(iii) the Preferred Share Distribution Account and all of the funds and other property from time to time deposited in or credited to the Preferred Share Distribution Account. 

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

“Exchange Collateral Interest”: The meaning specified in Section 12.1(e). 

“Exchangeable Notes”: The meaning specified in Section 2.3. 

  
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 “Exchanged Notes”: The meaning specified in
Section 2.16. 
 “Expense Year”: (i) For the first year, the period commencing on the Closing
Date and ending on the next January Payment Date and (ii) thereafter, each 12-month period commencing on the Business Day following a January Payment Date and ending on the following January Payment Date.

 “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or successor version
that is substantially comparable) and any current or future Treasury regulations promulgated thereunder, and any related provisions of law, court decisions, administrative guidance or agreements with any taxing authority (or laws thereof) in respect
thereof, including any agreements entered into pursuant to section 1471(b)(1) of the Code or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the implementation of such sections of the Code or analogous provisions of non-U.S. law. For the avoidance of doubt, “FATCA” shall also
refer to the Cayman FATCA Legislation. 
 “FCA”: The United Kingdom’s Financial Conduct Authority. 

“FCA Announcements”: The announcements made by IBA and FCA on March 5, 2021 that all LIBOR settings shall either cease
to be provided by any benchmark administrator or shall no longer be representative immediately after December 31, 2021 for all GBP, EUR, CHF and JPY LIBOR settings and one-week and two-month USD LIBOR settings, and immediately after June 30, 2023 for the remaining USD LIBOR settings, including one-month USD LIBOR. 

“Federal Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Financial Asset”: The meaning specified in Section 8-102(a)(9) of the UCC. 
 “Financing Statements”: Financing statements
relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party. 

“FS Credit REIT”: FS Credit Real Estate Income Trust, Inc., a Maryland corporation. 

“Funded Companion Participation”: With respect to each Collateral Interest that is a Participation, each fully funded
participation interest in the related Participated Loan which (unless later acquired, in whole or in part, by the Issuer pursuant to the applicable provisions of this Indenture) is not an asset of the Issuer and is not part of the Collateral. 

“Future Funding Reserve Account Control Agreement”: Any account control agreement entered into in accordance with the terms
of the Future Funding Agreement by and among the Sub-REIT, as pledgor, the Seller, as obligor, the Trustee, as secured party, FS Credit REIT, as future funding indemnitor, the Note Administrator and an account
bank, as the same may be amended, supplemented or replaced from time to time. 
 “Future Funding Agreement”: The meaning
specified in the Servicing Agreement. 

  
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 “Future Funding Amount”: With respect to any Future Funding Participation,
the amount of the unfunded portion thereof. 
 “Future Funding Indemnitor”: FS Credit REIT. 

“Future Funding Participation”: With respect to each Collateral Interest that is a Participation, each related future funding
participation which is not an asset of the Issuer and is not part of the Collateral. 
 “Future Funding Reserve Account”:
The meaning specified in the Servicing Agreement. 
 “GAAP”: The meaning specified in
Section 6.3(k). 
 “General Intangible”: The meaning specified in
Section 9-102(a)(42) of the UCC. 
 “Global Notes”: The Rule 144A Global Notes
and the Regulation S Global Notes. 
 “Goldman Sachs”: Goldman Sachs & Co. LLC. 

“Governing Documents”: With respect to (i) the Issuer, the memorandum and articles of association of the Issuer, as
amended and restated and/or supplemented and in effect from time to time and (ii) all other Persons, the articles of incorporation, certificate of incorporation, by-laws, certificate of limited
partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles of association and similar charter documents, as applicable to any such Person. 

“Government Items”: A security (other than a security issued by the Government National Mortgage Association) issued or
guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to each of the foregoing, that is maintained in book-entry form on
the records of a Federal Reserve Bank. 
 “Grant”: To grant, bargain, sell, warrant, alienate, remise, demise, release,
convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Collateral or of any other security or instrument shall include all rights, powers and
options (but none of the obligations) of the granting party thereunder, including without limitation the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments in respect of the Collateral (or any
other security or instrument), and all other amounts payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting
party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Herfindahl Score”: On any date of determination, the quotient of (i) one divided by (ii) the sum of
the series of products obtained for each Collateral Interest and Principal Proceeds (whether held as Cash or Eligible Investments), determined by squaring the quotient of (x) the Principal Balance of each such Collateral Interest (or in
the case of Principal Proceeds in increments of $10,000,000) divided by (y) the Aggregate Outstanding Portfolio Balance. 

  
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 “Holder” or “Securityholder”: With respect to any Note,
the Person in whose name such Note is registered in the Notes Register. With respect to any Preferred Share, the Person in whose name such Preferred Share is registered in the register maintained by the Preferred Share Registrar. 

“Holder AML Obligations”: The obligations of each Holder of the Securities to (i) provide the Issuer or its agents with
such information and documentation that may be required for the Issuer to achieve AML Compliance and (ii) any updates, replacement or corrections of such information or documentation, requested by the Issuer (or its agent, as applicable) that
may be required for the Issuer to achieve AML Compliance. 
 “Hospitality Property”: A real property comprised of
hospitality space (including Mixed-Use Property) as to which the majority of the underwritten revenue is from hospitality space. 

“IAI”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.” 

“IBA”: ICE Benchmark Administration Limited. 

“Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

“Indenture Accounts”: The Payment Account, the Reinvestment Account, the Unused Proceeds Account and the Custodial Account.

 “Independent”: As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of
accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate
of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when used with respect to any
accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Ethics of the
American Institute of Certified Public Accountants. 
 Whenever any Independent Person’s opinion or certificate is to be furnished to
the Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Industrial Property”: A real property comprised of industrial space (including
Mixed-Use Property) as to which the majority of the underwritten revenue is from industrial space. 

  
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 “Initial MASCOT Note Issuance Date”: The 15th day following the Closing Date (or if such 15th day is not a Business Day, the next Business Day). 

“Inquiry”: The meaning specified in Section 10.11(a). 

“Instrument”: The meaning specified in Section 9-102(a)(47) of the UCC. 

“Interest Accrual Period”: With respect to the Notes and (i) the first Payment Date, the period from and including the
Closing Date to and including the 15th day of the month in which such first Payment Date occurs, and (ii) with respect to each successive Payment Date, the period from and including the 16th day of the month immediately preceding the month in
which such Payment Date occurs to and including the 15th day of the month in which such Payment Date occurs. 
 “Interest
Advance”: The meaning specified in Section 10.6(a). 
 “Interest Coverage Ratio”: As of
any Measurement Date, the number (expressed as a percentage) calculated by dividing: 
 (a) (i) the sum of (A) the
expected scheduled interest payments due (in each case regardless of whether the due date for any such interest payment has yet occurred) in the Due Period in which such Measurement Date occurs on (x) the Collateral Interests (excluding,
subject to clause (3) of the last paragraph of this definition, accrued and unpaid interest on Defaulted Collateral Interests); provided that no interest (or dividends or other distributions) will be included with respect to any
Collateral Interest to the extent that such Collateral Interest does not provide for the scheduled payment of interest (or dividends or other distributions) in Cash and (y) the Eligible Investments held in the Accounts (whether purchased with
Interest Proceeds or Principal Proceeds), plus (B) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to the related Payment Date, minus (ii) any amounts scheduled to be
paid pursuant to Section 11.1(a)(i)(1) through (4) (other than any Collateral Manager Fees that the Collateral Manager has agreed to waive in accordance with this Indenture and the Collateral Management Agreement);
by 
 (b) the sum of (i) the scheduled interest on the Class A Notes payable on the Payment Date immediately
following such Measurement Date, plus (ii) any Class A Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (iii) the scheduled interest on the Class A-S Notes payable immediately following such Measurement Date, plus (iv) any Class A-S Defaulted Interest Amount payable on the Payment Date
immediately following such Measurement Date, plus (v) the scheduled interest on the Class B Notes payable immediately following such Measurement Date, plus (vi) any Class B Defaulted Interest Amount payable
on the Payment Date immediately following such Measurement Date, plus (vii) the scheduled interest on the Class C Notes payable immediately following such Measurement Date, plus (viii) any Class C Defaulted Interest
Amount payable on the Payment Date immediately following such Measurement Date, plus (ix) any Class C Deferred Interest payable on the Payment Date immediately following such Measurement Date, plus (x) the scheduled

  
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interest on the Class D Notes payable immediately following such Measurement Date, plus (xi) any Class D Defaulted Interest Amount payable on the Payment Date immediately
following such Measurement Date, plus (xii) any Class D Deferred Interest payable on the Payment Date immediately following such Measurement Date plus (xiii) the scheduled interest on the Class E Notes payable
immediately following such Measurement Date, plus (xiv) any Class E Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (xv) any Class E Deferred Interest payable on
the Payment Date immediately following such Measurement Date. 
 For purposes of calculating any Interest Coverage Ratio, (1) the
expected interest income on the Collateral Interests and Eligible Investments and the expected interest payable on the Offered Notes shall be calculated using the interest rates applicable thereto on the applicable Measurement Date, (2) accrued
original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the date such original issue discount is scheduled to be paid, (3) there will be excluded all scheduled or deferred payments of
interest on or principal of Collateral Interests and any payment that the Collateral Manager has determined in its reasonable judgment will not be made in Cash or received when due and (4) with respect to any Collateral Interest as to which any
interest or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable net of such withholding tax unless the related borrower is required to make additional payments to fully
compensate the Issuer for such withholding taxes (including in respect of any such additional payments). 
 “Interest Coverage
Test”: The test that will be met as of any Measurement Date on which any Offered Notes remain Outstanding if the Interest Coverage Ratio as of such Measurement Date is equal to or greater than 120.00%. 

“Interest Distribution Amount”: Each of the Class A Interest Distribution Amount, the
Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D Interest Distribution Amount, the Class E
Interest Distribution Amount, the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount, the Class F-X Interest Distribution
Amount, the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount. 

“Interest Proceeds”: With respect to any Payment Date, (A) the sum (without duplication) of: 

(1) all Cash payments of interest (including any deferred interest and any amount representing the accreted portion of a
discount from the face amount of a Collateral Interest or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all Collateral Interests other than Defaulted Collateral Interests (net
of any fees and other compensation and reimbursement of expenses and Servicing Advances and interest thereon (but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer or the Special Servicer are entitled
pursuant to the terms of the Servicing Agreement (and, with respect to each Non-Serviced Commercial Real Estate Loan, net of amounts payable to the servicer and special servicer under the applicable servicing
agreement)) and Eligible Investments, including, in the 

  
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Collateral Manager’s commercially reasonable discretion (exercised as of the trade date), the accrued interest received in connection with a sale of such Collateral Interests or Eligible
Investments (to the extent such accrued interest was not applied to the purchase of Reinvestment Collateral Interests), in each case, excluding any accrued interest included in Principal Proceeds pursuant to clause (A)(3) or
(4) of the definition of Principal Proceeds and excluding any origination fees and exit fees, which will be retained by the Seller and will not be assigned to the Issuer; 

(2) all make whole premiums, spread maintenance, yield maintenance or prepayment premiums or any interest amount paid in excess
of the stated interest amount of a Collateral Interest received during the related Due Period; 
 (3) all amendment,
modification, consent and waiver fees, late payment fees (to the extent not paid to the Servicer or the Special Servicer as additional servicing compensation), extension fees and other fees and commissions received by the Issuer during such Due
Period in connection with such Collateral Interests and Eligible Investments (except for fees and commissions received in connection with a Defaulted Collateral Interest); 

(4) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to such Payment
Date; 
 (5) all Cash payments corresponding to accrued original issue discount on Eligible Investments; 

(6) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary that is not a Defaulted Collateral Interest; 
 (7) all payments of principal on Eligible Investments purchased
with any other Interest Proceeds; 
 (8) Cash and Eligible Investments contributed by the Retention Holder or an affiliate
thereof, so long as the Retention Holder or an affiliate that is 100% owned by Sub- REIT and a “disregarded entity” for U.S. federal income tax purposes continues to hold 100% of the Preferred Shares, pursuant to the terms of this
Indenture and designated as “Interest Proceeds” by the Retention Holder or such affiliate; and 
 (9) all other
cash payments received by the Issuer with respect to the Collateral Interests during the related Due Period that are not included in the definition of “Principal Proceeds”; 

minus (B) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or the Backup
Advancing Agent. 
 “Interest Shortfall”: The meaning specified in Section 10.6(a). 

  
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 “Interested Person”: The Servicer, the Special Servicer, the Primary
Servicer, any independent contractor engaged by the Special Servicer, the Collateral Manager, or, in connection with any individual Commercial Real Estate Loan, the borrower, the manager of the related Mortgaged Property, the holder of a Companion
Participation, or any Affiliate of any of the preceding entities. 
 “Investor Certification”: A certificate, substantially
in the form of Exhibit P-1 or Exhibit P-2 hereto, representing that such Person executing the certificate is a Noteholder, a beneficial owner of a Note, a
holder of a Preferred Share or a prospective purchaser of a Note or a Preferred Share and that either (a) such Person is not an agent of, or an investment advisor to, any borrower or affiliate of any borrower under a Commercial Real Estate
Loan, in which case such person will have access to all the reports and information made available to Noteholders or Preferred Shareholders under this Indenture, or (b) such Person is an agent or Affiliate of, or an investment advisor to, any
borrower under a Commercial Real Estate Loan, in which case such person will only receive access to the Monthly Report. The Investor Certification may be submitted electronically by means of the Note Administrator’s Website. 

“Investor Q&A Forum”: The meaning specified in Section 10.11(a). 

“ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment”: The spread adjustment, (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issuer”: FS Rialto 2021-FL2 Issuer, Ltd., an exempted company incorporated with
limited liability under the laws of the Cayman Islands, until a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” and “Issuer Request”: A written order or request (which may be in the form of a standing
order or request) dated and signed in the name of the Issuer (and the Co-Issuer, if applicable) by an Authorized Officer of the Issuer (and by an Authorized Officer of the
Co-Issuer, if applicable), or by an Authorized Officer of the Collateral Manager on behalf of the Issuer. For the avoidance of doubt, an order or request provided in an email (or other electronic
communication) sent by an Authorized Officer of the Issuer, Co-Issuer or Collateral Manager, as applicable, shall constitute an Issuer Order, in each case except to the extent that the Trustee or Note
Administrator reasonably requests otherwise. 

  
 -39- 

 “KBRA”: Kroll Bond Rating Agency, LLC, or any successor thereto. 

“Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“LIBOR”: The London Interbank Offer Rate for a one month tenor. 

“Liquidation Fee”: The meaning specified in the Servicing Agreement. 

“LLC Managers”: The managers of the Co-Issuer duly appointed by the sole member of
the Co-Issuer (or, if there is only one manager of the Co-Issuer so duly appointed, such sole manager). 

“Loan Documents”: The indenture, loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant to which a Collateral Interest or an Eligible Investment has been issued or created and each other agreement that governs the terms of or secures the obligations
represented by such Collateral Interest or an Eligible Investment or of which holders of such Collateral Interest or an Eligible Investment are the beneficiaries. 

“Loss Value Payment”: A Cash payment made, subject to the consent of a majority of the Controlling Class, to the Issuer by
the Seller in connection with a Material Breach of a representation or warranty or Material Document Defect with respect to any Collateral Interest pursuant to the Collateral Interest Purchase Agreement in an amount that the Collateral Manager on
behalf of the Issuer determines is sufficient to compensate the Issuer for such Material Breach of representation or warranty or Material Document Defect, which Loss Value Payment will be deemed to cure such Material Breach or Material Document
Defect. 
 “Majority”: With respect to (i) any Class of Notes, the Holders of more than 50% of the Aggregate
Outstanding Amount of the Notes of such Class; and (ii) the Preferred Shares, the Preferred Shareholders representing more than 50% of the aggregate Notional Amount of the Preferred Shares. 

“MASCOT Interest Only Notes”: The meaning specified in Section 2.3. 

“MASCOT Notes”: The meaning specified in Section 2.3. 

“MASCOT P&I Notes”: The meaning specified in Section 2.3. 

“Material Breach”: With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase
Agreement. 
 “Material Document Defect”: With respect to each Collateral Interest, the meaning specified in the Collateral
Interest Purchase Agreement. 
 “Maturity”: With respect to any Note, the date on which the unpaid principal of such Note
becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration or otherwise. 

  
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 “McCoy & Orta”: McCoy & Orta, P.C. 

“Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any
Collateral Interest, (iii) any date on which any Collateral Interest becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable notice to the Issuer, the Collateral Manager and the Note
Administrator, any other Business Day that any Rating Agency or the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”;
provided that if any such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business Day. 

“Minnesota Collateral”: The meaning specified in Section 3.3(b)(ii). 

“Mixed-Use Property” A real property comprised of real property with five or more
residential units (including mixed-use, multifamily/office, multifamily/retail and student housing properties), office space, industrial space, retail space, hospitality space, self-storage space and/or pad
sites for manufactured homes as to which no such property type represents a majority of the underwritten revenue. 
 “Modified
Collateral Interest”: Any Collateral Interest that is a Modified Loan or a participation interest in a Modified Loan. 

“Modified Loan”: A Commercial Real Estate Loan that has been modified, other than pursuant to an Administrative Modification,
a Criteria-Based Modification or the Pre-Approved Performing Modification, by the Special Servicer pursuant to the Servicing Agreement in a manner that: 

(a) except as expressly contemplated by the related Loan Documents, reduces or delays in a material and adverse manner the
amount or timing of any payment of principal or interest due thereon; 
 (b) except as expressly contemplated by the related
Loan Documents or except for releases of unimproved parcels that were not attributed material credit in connection with underwriting at origination, results in a release of the lien of the mortgage on any material portion of the related Mortgaged
Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an appraisal delivered to the Special Servicer (at the expense of the related borrower and upon which the Special
Servicer may conclusively rely), of the property to be released; or 
 (c) in the reasonable good faith judgment of the
Special Servicer, otherwise materially impairs the value of the security for such Commercial Real Estate Loan or reduces the likelihood of timely payment of amounts due thereon. 

“Monthly Report”: The meaning specified in Section 10.8(a). 

“Moody’s”: Moody’s Investors Service, Inc., and its
successor-in-interest. 

  
 -41- 

 “Moody’s Ramp-Up Condition”: A
condition that will be satisfied if either (A) the Issuer or the Collateral Manager has provided to Moody’s a Ramp-Up Completion Date Report and the Ramp-Up
Completion Date Report confirms that, as of the Ramp-Up Completion Date, the Note Protection Tests were satisfied or (B) with respect to the Ramp-Up Period,
Moody’s has provided written confirmation (including by means of electronic message, facsimile transmission, press release, posting to its internet website or other means then considered industry standard) that Moody’s will not downgrade
or withdraw its initial rating for any Class of Notes that it has rated. 
 “Moody’s Rating Factor”: With respect
to any Collateral Interest, the number set forth in the table below opposite the Moody’s rating of such Collateral Interest: 
  

							
	 Moody’s Rating
	  	Moody’s Rating Factor	  	Moody’s Rating	  	Moody’s Rating Factor
	 Aaa
	  	1	  	Ba1	  	940
	 Aa1
	  	10	  	Ba2	  	1,350
	 Aa2
	  	20	  	Ba3	  	1,766
	 Aa3
	  	40	  	B1	  	2,220
	 A1
	  	70	  	B2	  	2,720
	 A2
	  	120	  	B3	  	3,490
	 A3
	  	180	  	Caa1	  	4,770
	 Baa1
	  	260	  	Caa2	  	6,500
	 Baa2
	  	360	  	Caa3	  	8,070
	 Baa3
	  	610	  	Ca or lower	  	10,000

 “Moody’s Recovery Rate”: With respect to each Collateral Interest, the rate specified in
the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties: 
  

					
	 Property Type
	  	Moody’s Recovery
Rate*	 
	 Industrial, multifamily and retail properties
	  	 	60	% 
	 Office, self-storage and mixed-use properties
	  	 	55	% 
	 Hospitality properties
	  	 	45	% 
	 All other property types
	  	 	40	% 

  

	*	 The 8378 Melrose Ave Collateral Interest has its own specific recovery rate from Moody’s of 57.6%, which
supersedes the rate in the table above. 

  
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 “Mortgage Loan”: A commercial or multifamily real estate mortgage loan,
which mortgage loan is secured by a first-lien mortgage or deed-of-trust on commercial, multifamily and/or manufactured-housing community properties or ground lease
interests therein. 
 “Mortgage Note”: With respect to any Mortgage Loan, the note or other evidence of indebtedness and/or
agreements evidencing the indebtedness of a Borrower under such Mortgage Loan including the mortgage, any amendments or modifications, or any renewal or substitution notes, as of such date. 

“Mortgaged Property”: With respect to any Commercial Real Estate Loan, the commercial and/or multifamily mortgaged property
or properties securing such Commercial Real Estate Loan. 
 “Multifamily Property”: A real property with five or more
residential rental units (including mixed-use multifamily/office, multifamily/retail and student housing properties) as to which the majority of the underwritten revenue is from residential rental units. 

“Net Outstanding Portfolio Balance”: On any Measurement Date, the sum (without duplication) of: 

(a) the Aggregate Principal Balance of the Collateral Interests (other than any Modified Collateral Interests and Defaulted
Collateral Interests); 
 (b) the Aggregate Principal Balance of all Principal Proceeds held as Cash and Eligible Investments
and all amounts held as Cash or Eligible Investments in the Unused Proceeds Account; and 
 (c) the sum of the Calculation
Amounts attributable to each Modified Collateral Interest and each Defaulted Collateral Interest; 
 provided, however, that (i) with
respect to each Collateral Interest acquired at a purchase price that is less than 95% of the outstanding principal balance of such Collateral Interest, the Principal Balance of such Collateral Interest will be the lesser of the purchase price and
the amount determined pursuant to clause (c) above, if applicable, for purposes of computing the Net Outstanding Portfolio Balance, (ii) with respect to each Defaulted Collateral Interest that has been owned by the Issuer for more
than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted Collateral Interest will be zero for purposes of computing the Net Outstanding Portfolio Balance and (iii) in the case of a Collateral
Interest subject to a Credit Risk/Defaulted Collateral Interest Cash Purchase or an exchange for an Exchange Collateral Interest, the Collateral Manager will have 45 days to exercise such purchase or exchange and during such period such Collateral
Interest will not be treated as a Defaulted Collateral Interest for purposes of computing the Net Outstanding Portfolio Balance. In connection with any Collateral Interest acquired pursuant to clause (i) above, the Collateral Manager
shall notify the Note Administrator promptly upon acquiring such discounted Collateral Interest identifying it as a discounted Defaulted Collateral Interest and provide the purchase price. 

  
 -43- 

 “NCP Cash Purchase”: The meaning specified in
Section 12.1(c) hereof. 
 “No Downgrade Confirmation”: A confirmation from a Rating Agency that
any proposed action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency; provided that
if the Requesting Party receives a written waiver or acknowledgment indicating its decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade Confirmation from the Rating
Agency with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of electronic mail. Notwithstanding anything
to the contrary set forth in this Agreement, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be required from such Rating Agency under this Agreement. 

“No Entity-Level Tax Opinion”: An opinion of Cadwalader, Wickersham & Taft LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer will not be treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise become subject to U.S. federal income tax on a net
basis, which opinion may be conditioned on compliance with certain restrictions on the investment or other activities of the Issuer and the Servicer or Collateral Manager on behalf of the Issuer. 

“No Trade or Business Opinion”: An opinion of Cadwalader, Wickersham & Taft LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer will be treated as a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes, which opinion may be conditioned on compliance with
certain restrictions on the investment or other activities of the Issuer and the Servicer or Collateral Manager on behalf of the Issuer. 

“Non-call Period”: The period from the Closing Date to and including the Business Day
immediately preceding the Payment Date in April 2023, during which no Optional Redemption is permitted to occur. 
 “Non-Controlled Collateral Interest”: Each Collateral Interest (i) that is a Participation and (ii) as to which the holder of the related Companion Participation is the controlling holder under the
related Participation Agreement or co-lender agreement, as applicable. If a related controlling Companion Participation is acquired in its entirety by the Issuer, the Collateral Interest (together with the
related controlling Companion Participation) will become a Controlled Collateral Interest. 

“Non-Permitted AML Holder”: The meaning specified in
Section 2.13(c) hereof. 
 “Non-Permitted Holder”: The
meaning specified in Section 2.13(b). 
 “Non-Serviced Commercial
Real Estate Loans”: The meaning specified in the Servicing Agreement. 

  
 -44- 

 “Nonrecoverable Interest Advance”: Any Interest Advance previously made or
proposed to be made pursuant to Section 10.6 that the Advancing Agent or the Backup Advancing Agent, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to
be advanced plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments or collections with respect to the Collateral Interests. 

“Note Administrator”: Wells Fargo Bank, National Association, solely in its capacity as note administrator hereunder, unless
a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note Administrator” shall mean such successor Person. Wells Fargo Bank, National Association, will perform
its duties as Note Administrator through its Corporate Trust Services division. 
 “Note Administrator’s Website”:
Initially, www.ctslink.com; provided that such address may change upon notice by the Note Administrator to the parties hereto, the 17g-5 Information Provider and Noteholders. 

“Note Interest Rate”: With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the Class C Rate,
with respect to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate, with respect to the Class F Notes, the Class F Rate, with respect to the
Class F-E Notes, the interest rate on the Class F-E Notes described in Section 2.16, with respect to the Class F-X Notes, the interest rate on the Class F-X Notes described in Section 2.16, with respect to the Class G Notes, the
Class G Rate, with respect to the Class G-E Notes, the interest rate on the Class G-E Notes described in Section 2.16 and with
respect to the Class G-X Notes, the interest rate on the Class G-X Notes described in Section 2.16. 

“Note Protection Tests”: The Par Value Test and the Interest Coverage Test. 

“Noteholder”: The Person in whose name such Note is registered in the Notes Register. 

“Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G
Notes, the Class G-E Notes and the Class G-X Notes, collectively, authorized by, and authenticated and delivered under, this Indenture. 

“Notes Register” and “Notes Registrar”: The respective meanings specified in
Section 2.5(a). 
 “Notional Amount”: In respect of the Preferred Shares, the per share notional
amount as provided in the Preferred Share Paying Agency Agreement. The aggregate Notional Amount of the Preferred Shares on the Closing Date will be $91,021,230. 

“NRSRO”: Any nationally recognized statistical rating organization, including the Rating Agencies. 

“NRSRO Certification”: A certification (a) executed by a NRSRO in favor of the
17g-5 Information Provider substantially in the form attached hereto as Exhibit N or (b) provided electronically and executed by an NRSRO by means of a click-through confirmation on the 17g-5 Website. 

  
 -45- 

 “Offered Notes”: The Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, authorized by, and authenticated and delivered under, this Indenture. 

“Offering Memorandum”: The Offering Memorandum, dated April 28, 2021, relating to the offering of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes. 

“Office Property”: A real property comprised of office space (including Mixed-Use
Property) as to which the majority of the underwritten revenue is from office space. 
 “Officer”: With respect to any
company, corporation or limited liability company, including the Issuer, the Co-Issuer and the Collateral Manager, any Director, Manager, the Chairman of the Board of Directors, the President, any Executive
Vice President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, General Partner of such entity or any authorized person designated by such company, corporation or limited
liability company as an “Officer”; and with respect to the Note Administrator and the Trustee, any Trust Officer; and with respect to the Servicer or Special Servicer, a “Responsible Officer” (as defined in the Servicing
Agreement). 
 “Officer’s Certificate”: With respect to the Issuer, the
Co-Issuer, the Collateral Manager, Servicer and the Special Servicer, any certificate executed by an Authorized Officer thereof. 

“Opinion of Counsel”: A written opinion addressed to the Trustee and the Note Administrator and, if required by the terms
hereof, the Rating Agencies (each, a “Recipient”) in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition (or the Cayman Islands, in the case of an opinion relating
to the laws of the Cayman Islands), which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee and the Note Administrator. Whenever an
Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to
each Recipient or shall state that each Recipient shall each be entitled to rely thereon. 
 “Optional Redemption”: The
meaning specified in Section 9.1(c). 
 “Other Tranche”: The meaning specified in
Section 16.3. 
 “Outstanding”: With respect to the Notes, as of any date of determination, all
of the Notes or any Class of Notes, as the case may be, theretofore authenticated and delivered under this Indenture except: 

(i) Notes theretofore canceled by the Notes Registrar or delivered to the Notes Registrar for cancellation; 

  
 -46- 

 (ii) Notes or portions thereof for whose payment or redemption funds in the
necessary amount have been theretofore irrevocably deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided that, if such Notes or
portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture; 
 (iii) Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and 

(iv) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided
in Section 2.6; 
 provided that in determining whether the Noteholders of the requisite Aggregate Outstanding Amount have
given any request, demand, authorization, direction, notice, consent or waiver hereunder, (x) Notes owned by the Issuer, the Co-Issuer or any Affiliate thereof shall be disregarded and deemed not to be
Outstanding, except that Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Administrator or the Trustee the pledgee’s right so to act with respect to
such Notes and that the pledgee is not the Issuer, the Co-Issuer or any other obligor upon the Notes or any Affiliate of the Issuer, the Co-Issuer, the Collateral
Manager or such other obligor and (y) in relation to (i) the exercise by the Noteholders of their right, in connection with certain Events of Default, to accelerate amounts due under the Notes and (ii) any amendment or other
modification of, or assignment or termination of, any of the express rights or obligations of the Collateral Manager under the Collateral Management Agreement or this Indenture, Notes owned by the Collateral Manager or any of its Affiliates, or by
any accounts managed by them, will be disregarded and deemed not to be Outstanding. The Note Administrator and the Trustee will be entitled to rely on certificates from Noteholders to determine any such affiliations and shall be protected in so
relying, except to the extent that a Trust Officer of the Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation. 

“Par Purchase Price”: With respect to a Collateral Interest, the sum of (A) the Principal Balance of such Collateral
Interest as of the date of purchase; plus (B) all accrued and unpaid interest on such Collateral Interest at the related interest rate to but not including the date of purchase; plus (C) all related unreimbursed Servicing
Advances and accrued and unpaid interest on such Servicing Advances at the Advance Rate, plus (D) all Special Servicing Fees and either workout fees or Liquidation Fees (but not both) allocable to such Collateral Interest; plus
(E) all unreimbursed expenses incurred by the Issuer (and if applicable, the Seller), the Servicer and the Special Servicer in connection with such Collateral Interest. 

“Par Value Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing
(a) the Net Outstanding Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest Advances. 

  
 -47- 

 “Par Value Test”: A test that will be satisfied as of any Measurement Date
on which any Offered Notes remain outstanding if the Par Value Ratio on such Measurement Date is equal to or greater than 118.61%. 

“Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is pari passu with one or more other senior pari passu participation interests that are not acquired by the Issuer and
which each are the senior-most interest in such Commercial Real Estate Loan. 
 “Participated Loan”: Any commercial or
multifamily real estate mortgage loans that has been participated into Participations. 
 “Participated Loan Collection
Account”: The meaning specified in the Servicing Agreement. 
 “Participating Institution”: With respect to any
Participation, the entity that holds legal title to the participated asset. 
 “Participation”: A fully-funded pari
passu, senior or senior pari passu participation interest in a commercial or multifamily real estate mortgage loan. 

“Participation Agreement”: With respect to each Participated Loan, the participation or similar agreement that governs the
rights and obligations of the holders of the Participation and each related Companion Participation(s). 
 “Paying Agent”:
The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the
Class G-X Notes, to pay the principal of or interest on any Notes on behalf of the Issuer and the Co-Issuer as specified in Section 7.2.

 “Payment Account”: The payment account established by the Note Administrator pursuant to
Section 10.3. 
 “Payment Date”: The 5th Business Day following the Determination Date occurring
in each month, commencing on the Payment Date in May 2021 and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 

“Permitted Subsidiary”: Any one or more single purpose entities that are wholly-owned by the Issuer and are established
exclusively for the purpose of taking title to mortgage, real estate or any Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise. 

“Person”: An individual, corporation (including a business trust), partnership, limited liability company, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

  
 -48- 

 “Placement Agreement”: The placement agency agreement relating to the Notes
dated as of April 28, 2021, by and among the Issuer, the Co-Issuer, FS Credit REIT and the Placement Agents. 

“Placement Agents”: Goldman Sachs, WFS and Barclays. 

“Pledged Collateral Interest”: On any date of determination, any Collateral Interest that has been Granted to the Trustee and
not been released from the lien of this Indenture pursuant to Section 10.9. 
 “Pre-Approved Performing Modification”: The meaning specified in the Servicing Agreement. 

“Pre-Closing 17g-5 Information”: The meaning
specified in Section 14.13(b). 
 “Preferred Share Distribution Account”: A segregated account
established and designated as such by the Preferred Share Paying Agent pursuant to the Preferred Share Paying Agency Agreement. 

“Preferred Share Paying Agency Agreement”: The Preferred Share Paying Agency Agreement, dated as of the Closing Date, among
the Issuer, the Preferred Share Paying Agent relating to the Preferred Shares and the Preferred Share Registrar, as amended from time to time in accordance with the terms thereof. 

“Preferred Share Paying Agent”: Wells Fargo Bank, National Association, solely in its capacity as Preferred Share Paying
Agent under the Preferred Share Paying Agency Agreement and not individually, unless a successor Person shall have become the Preferred Share Paying Agent pursuant to the applicable provisions of the Preferred Share Paying Agency Agreement, and
thereafter “Preferred Share Paying Agent” shall mean such successor Person. 
 “Preferred Shareholder”: A
registered owner of Preferred Shares as set forth in the register of investors maintained by the Preferred Share Registrar. 

“Preferred Share Registrar”: MaplesFS Limited, unless a successor Person shall have become the Preferred Share Registrar
pursuant to the applicable provisions of the Preferred Share Paying Agency Agreement, and thereafter “Preferred Share Registrar” shall mean such successor Person. 

“Preferred Shares”: The preferred shares issued by the Issuer concurrently with the issuance of the Notes. 

“Principal Balance” or “par”: With respect to any Commercial Real Estate Loan, Collateral Interest,
Participated Loan, Companion Participation or Eligible Investment, as of any date of determination, the outstanding principal amount of such Commercial Real Estate Loan, Collateral Interest (as reduced by all payments or other collections of
principal received or deemed received, and any principal forgiven by the Special Servicer and other principal losses realized, on such Collateral Interest during the related collection period) or Eligible Investment; provided that the
Principal Balance of any Eligible Investment that does not pay Cash interest on a current basis will be the accreted value thereof. 

  
 -49- 

 “Principal Proceeds”: With respect to any Payment Date, (A) the sum
(without duplication) of: 
 (1) all principal payments (including Unscheduled Principal Payments and any casualty or
condemnation proceeds and any proceeds from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of (a) Eligible Investments (other than Eligible Investments purchased with Interest Proceeds
and any amount representing the accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (b) Collateral Interests as a result of (i) a maturity, scheduled amortization or mandatory
prepayment on a Collateral Interest, (ii) optional prepayments made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests and Credit Risk Collateral Interests, or (iv) any other principal payments
received with respect to Collateral Interests; 
 (2) Sale Proceeds received during such Due Period in respect of sales in
accordance with the Transaction Documents and excluding (i) accrued interest included in Sale Proceeds, (ii) any reimbursement of expenses included in such Sale Proceeds and (iii) other than in the case of any Sales Proceeds
attributable to REO Properties, any portion of such Sale Proceeds that are in excess of the outstanding principal balance of the related Collateral Interest or Eligible Investment; 

(3) any interest received during such Due Period on such Collateral Interests or Eligible Investments to the extent such
interest constitutes proceeds from accrued interest purchased with Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date; 

(4) all Cash payments of interest received during such Due Period on Defaulted Collateral Interests; 

(5) any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary; 
 (6) any Loss Value Payment received by the Issuer from the Seller; 

(7) after the Ramp-Up Completion Date, all amounts in the Unused Proceeds Account; 

(8) Cash and Eligible Investments contributed by the Retention Holder or an affiliate thereof, so long as Sub-REIT or an affiliate that is 100% owned by Sub-REIT and a “disregarded entity” for U.S. federal income tax purposes continues to hold 100% of the Preferred
Shares, pursuant to the terms of this Indenture and designated as “Principal Proceeds” by the Retention Holder or such affiliate; and 

(9) Cash and Eligible Investments transferred from the Reinvestment Account to the Payment Account pursuant to
Section 10.2; 

  
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 minus (B) the aggregate amount of (1) any Nonrecoverable Interest Advances that were not
previously reimbursed to the Advancing Agent or the Backup Advancing Agent from Interest Proceeds and (2) any amounts paid to the Servicer or Special Servicer pursuant to the terms of the Servicing Agreement out of amounts that would
otherwise be Principal Proceeds; provided that in no event will Principal Proceeds include any proceeds from the Excepted Property. 

“Priority of Payments”: The meaning specified in Section 11.1(a). 

“Privileged Person”: Any of the following: the Placement Agents and their designees, the Servicer, the Primary Servicer, the
Special Servicer, the Trustee, the Paying Agent, the Note Administrator, the Seller, the Collateral Manager, the Advancing Agent, the Issuer, any Person who provides the Note Administrator with an Investor Certification and any Rating Agency or
other NRSRO that delivers an NRSRO Certification to the Note Administrator (which Investor Certification and NRSRO Certification may be submitted electronically by means of the Note Administrator’s website). Any Person who provides the Note
Administrator with an Investor Certification in the form of Exhibit P-2 shall not be deemed a Privileged Person and shall be entitled to access only the Monthly Report. 

“Proceeding”: Any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Termination Date”: The Closing Date or at any time on or prior to the 90th day following the Closing Date. 

“QIB”: A “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an
entity owned exclusively by one or more such “qualified purchasers.” 
 “Qualified REIT Subsidiary”: A
corporation that, for U.S. federal tax income purposes, is wholly-owned by a real estate investment trust under Section 856(i)(2) of the Code. 

“Ramp-Up Collateral Interests”: Any Collateral Interests (which may include the
Delayed Close Collateral Interest if it is not acquired on the Closing Date) acquired by the Issuer during the Ramp-Up Period with funds on deposit in the Unused Proceeds Account. 

“Ramp-Up Completion Date”: The date that is the earliest of (i) the sixth
Payment Date; (ii) the first date on which all funds in the Unused Proceeds Account have been used to purchase Ramp-Up Collateral Interests and, if applicable, the Delayed Close Collateral Interest; and
(iii) the date that the Collateral Manager determines, in its sole discretion, that investment in Ramp-Up Collateral Interests is no longer practical or desirable and notifies the Trustee and the Note
Administrator of such determination. 
 “Ramp-Up Completion Date Report”: The
meaning specified in Section 7.19(b) hereof. 

  
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 “Ramp-Up Period”: The period
beginning on the Closing Date and ending on the Ramp-Up Completion Date. 
 “Rating
Agencies”: KBRA and Moody’s and any successor thereto, or, with respect to the Collateral generally, if at any time KBRA or Moody’s or any such successor ceases to provide rating services with respect to the Notes or certificates
similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority of the Notes voting as a single Class. 

“Rating Agency Condition”: A condition that is satisfied if: 

(a) the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a
written request to each Rating Agency for a No Downgrade Confirmation; and 
 (b) any one of the following has occurred with
respect to each such Rating Agency: 
 (i) a No Downgrade Confirmation has been received from such Rating Agency; or 

(ii) (A) within ten (10) Business Days of such request being sent to such Rating Agency, such Rating Agency has not
replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation; 

(B) the Requesting Party has confirmed that such Rating Agency has received the confirmation request; 

(C) the Requesting Party promptly requests the No Downgrade Confirmation a second time; and 

(D) there is no response to either confirmation request within five (5) Business Days of such second request. 

“Rating Agency Test Modification”: The meaning specified in Section 12.4. 

“Rating Confirmation Failure”: The meaning specified in Section 7.19(b). 

“Record Date”: With respect to any Holder and any Payment Date, the Business Day immediately preceding such Payment Date.

 “Redemption Date”: Any Payment Date specified for a redemption of the Securities pursuant to
Section 9.1. 
 “Redemption Price”: The Redemption Price of each Class of Notes or the
Preferred Shares, as applicable, on a Redemption Date or a Scheduled Preferred Shares Redemption Date, as applicable, will be calculated as follows: 

  
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 Class A Notes. The redemption price for the Class A Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted
Interest Amount) due on the applicable Redemption Date; 
 Class A-S
Notes. The redemption price for the Class A-S Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the
Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount (plus any
Class A-S Defaulted Interest Amount) due on the applicable Redemption Date. 

Class B Notes. The redemption price for the Class B Notes will be calculated on the related
Determination Date and will equal the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable
Redemption Date; 
 Class C Notes. The redemption price for the Class C Notes will be calculated on
the related Determination Date and will equal the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount (plus any
Class C Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class D Notes. The redemption
price for the Class D Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed, together with the
Class D Interest Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date; 

Class E Notes. The redemption price for the Class E Notes will be calculated on the related
Determination Date and will equal the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together with the Class E Interest Distribution Amount (plus any Class E
Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class F Notes. The redemption price for the
Class F Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F
Interest Distribution Amount (plus any Class F Defaulted Interest Amount) due on the applicable Redemption Date; 

Class F-E Notes. The redemption price for the
Class F-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F-E Notes (including
any Class F-E Deferred Interest) to be redeemed, together with the Class F-E Interest Distribution Amount (plus any
Class F-E Defaulted Interest Amount) due on the applicable Redemption Date; 

Class F-X Notes. The redemption price for the
Class F-X Notes will be calculated on the related Determination Date and will equal the Class F-X Interest Distribution Amount (plus any Class F-X Defaulted Interest Amount) due on the applicable Redemption Date; 

  
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 Class G Notes. The redemption price for the Class G Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class G Notes (including any Class G Deferred Interest) to be redeemed, together with the Class G Interest Distribution
Amount (plus any Class G Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class G-E Notes. The redemption price for the Class G-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding
Amount of the Class G-E Notes (including any Class G-E Deferred Interest) to be redeemed, together with the
Class G-E Interest Distribution Amount (plus any Class G-E Defaulted Interest Amount) due on the applicable Redemption Date; and 

Class G-X Notes. The redemption price for the
Class G-X Notes will be calculated on the related Determination Date and will equal the Class G-X Interest Distribution Amount (plus any Class G-X Defaulted Interest Amount) due on the applicable Redemption Date. 
 Preferred
Shares. The redemption price for the Preferred Shares will be calculated on the related Determination Date and will be equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 and Cash
(other than the Issuer’s rights, title and interest in the property described in clause (i) of the definition of “Excepted Property”), if any, remaining after payment of all amounts and expenses, including payments made in
respect of the Notes, described under clauses (1) through (20) of Section 11.1(a)(i) and clauses (1) through (20) of Section 11.1(a)(ii); provided that
if there are no such net proceeds or Cash remaining, the redemption price for the Preferred Shares shall be equal to $0. 

“Reference Time”: With respect to any determination of the Benchmark, (1) if the Benchmark is LIBOR, 11:00 a.m. (London
time) on the Benchmark Determination Date and (2) if the Benchmark is not LIBOR, the time determined by the Collateral Manager in accordance with the Benchmark Replacement Conforming Changes. 

“Registered”: With respect to any debt obligation, a debt obligation that is issued after July 18, 1984, and that is in
registered form for purposes of the Code. 
 “Registered Office Terms”: The standard Terms and Conditions for the Provision
of Registered Office Services by MaplesFS Limited (Structured Finance – Cayman Company) as published at http://www.maples.com/terms and approved by the Issuer’s Board of Directors. 

“Regulation S”: Regulation S under the Securities Act. 

“Regulation S Global Note”: The meaning specified in Section 2.2(b)(iii). 

“Reimbursement Interest”: Interest accrued on the amount of any Interest Advance made by the Advancing Agent or the Backup
Advancing Agent for so long as it is outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as (i) the Advancing Agent is FS Credit REIT or any of its Affiliates and
(ii) any of FS Credit REIT or any of its Affiliates owns the Preferred Shares. 

  
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 “Reimbursement Rate”: A rate per annum equal to the “prime
rate” as published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is published in The Wall Street Journal for
a day, the average of such “prime rates” will be used, and such average will be rounded up to the nearest one-eighth of one percent (0.125%). If the “prime rate” contained in The Wall
Street Journal is not readily ascertainable, the Collateral Manager will select an equivalent publication that publishes such “prime rate,” and if such “prime rates” are no longer generally published or are limited, regulated or
administered by a governmental authority or quasigovernmental body, then the Collateral Manager will select, in its reasonable discretion, a comparable interest rate index. 

“Reinvestment Account”: The account established by the Note Administrator pursuant to Section 10.2.

 “Reinvestment Collateral Interest”: Any Collateral Interest acquired by the Issuer during the Reinvestment Period (or
within sixty (60) days after the Reinvestment Period, in the case of any Committed Reinvestment Collateral Interest) with Principal Proceeds from the Collateral Interests (or any Cash contributed by the Preferred Shareholders to the Issuer) and
that satisfies the Eligibility Criteria and the Acquisition Criteria. 
 “Reinvestment Period”: The period beginning on the
Closing Date and ending on and including the first to occur of any of the following events or dates: (i) the end of the Due Period related to the Payment Date in April 2023; (ii) the end of the Due Period related to the Payment Date on which
all of the Securities are redeemed as described under Section 9.1 herein; and (iii) the date on which principal of and accrued and unpaid interest on all of the Notes is accelerated following the occurrence and
continuation of an Event of Default. 
 “REIT”: A “real estate investment trust” under the Code. 

“Relevant Governmental Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remittance Date”: The meaning specified in the Servicing Agreement. 

“REO Account”: The meaning specified in the Servicing Agreement. 

“REO Property”: The meaning specified in the Servicing Agreement. 

“Repurchase Request”: The meaning specified in Section 7.17. 

“Retail Property”: A real property comprised of retail space (including Mixed-Use
Property) as to which the majority of the underwritten revenue is from retail space. 
 “Retained Interest”: The meaning
specified in the Collateral Interest Purchase Agreement. 

  
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 “Retained Securities”: 100% of the Class F Notes, the Class G
Notes (and related MASCOT Notes for which the Class F Notes or the Class G Notes are exchanged) and the Preferred Shares. 

“Retention Holder”: FS Rialto 2021-FL2 Holder, LLC, a Delaware limited liability
company. 
 “Rule 144A”: Rule 144A under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(b)(i). 

“Rule 144A Information”: The meaning specified in Section 7.13. 

“Rule 17g-5”: The meaning specified in Section 14.13(a).

 “Sale”: The meaning specified in Section 5.17(a). 

“Sale Proceeds”: All proceeds (including accrued interest) received with respect to Collateral Interests and Eligible
Investments as a result of sales of such Collateral Interests and Eligible Investments, and sales in connection with a repurchase for a Material Breach or a Material Document Defect, in each case net of any reasonable
out-of-pocket expenses of the Collateral Manager, the Trustee, the Custodian, the Note Administrator, or the Servicer under the Servicing Agreement in connection with
any such sale. 
 “Scheduled Preferred Shares Redemption Date”: The Stated Maturity Date for the Notes in May 2038. 

“SEC”: The Securities and Exchange Commission. 

“Secured Parties”: Collectively, the Collateral Manager, the Trustee, the Custodian, the Note Administrator, the holders of
the Offered Notes, the Servicer, the Special Servicer, the Company Administrator and the AML Services Provider, each as their interests appear in applicable Transaction Documents. 

“Securities”: Collectively, the Notes and the Preferred Shares. 

“Securities Account”: The meaning specified in Section 8-501(a) of the UCC. 

“Securities Account Control Agreement”: The meaning specified in Section 3.3(b). 

“Securities Act”: The Securities Act of 1933, as amended. 

“Securities Intermediary”: The meaning specified in Section 3.3(b). 

“Security”: Any Note or Preferred Share or, collectively, the Notes and Preferred Shares, as the context may require. 

“Security Entitlement”: The meaning specified in Section 8-102(a)(17) of the
UCC. 

  
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 “Segregated Liquidity”: The meaning specified in the Servicing Agreement.

 “Self-Storage Property”: A real property with self-storage rental units (including
Mixed-Use Property) as to which the majority of the underwritten revenue is from self-storage rental units. 

“Seller”: FS CREIT Finance Holdings LLC, a Delaware limited liability company. 

“Senior AB Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial
Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations but is pari passu with one or more other senior pari passu
participation interests that are not acquired by the Issuer and which each are the senior-most interest in such Commercial Real Estate Loan. 

“Senior AB Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations. 

“Sensitive Asset”: Means (i) a Collateral Interest, or a portion thereof, or (ii) a real property or other interest
(including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral Interest or portion thereof, in either case, as to which the Collateral
Manager has determined, based on an Opinion of Counsel, could give rise to material liability of the Issuer (including liability for taxes) if held directly by the Issuer. 

“Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing Agreement. 

“Servicer”: Wells Fargo Bank, National Association, solely in its capacity as servicer under the Servicing Agreement,
together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Servicing Accounts”: The Escrow Accounts, the Collection Account, the Participated Loan Collection Account, the REO Accounts
and the Cash Collateral Accounts, each as established under and defined in the Servicing Agreement. 
 “Servicing
Advances”: The meaning specified in the Servicing Agreement. 
 “Servicing Agreement”: The Servicing Agreement,
dated as of the Closing Date, by and among the Issuer, the Trustee, the Collateral Manager, the Note Administrator, the Servicer, the Special Servicer and the Advancing Agent, as amended, supplemented or otherwise modified from time to time in
accordance with its terms. 
 “Servicing Standard”: The meaning specified in the Servicing Agreement. 

  
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 “SOFR”: With respect to any calendar day, the secured overnight financing
rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“Special Servicer”: Rialto Capital Advisors, LLC, a Delaware limited liability company, solely in its capacity as special
servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Special Servicing Fee”: The meaning specified in the Servicing Agreement. 

“Specially Serviced Loan”: The meaning specified in the Servicing Agreement. 

“Specified Person”: The meaning specified in Section 2.6. 

“Sponsor”: FS Credit REIT. 

“Stated Maturity Date”: The Payment Date in May 2038. 

“Student Housing Property”: A real property comprised of a student housing property (including
mixed-use property) as to which the majority of the underwritten revenue is from student housing. Student Housing Property is a sub-type of Multifamily Property. 

“Sub-Advisor”: Rialto Capital Management, LLC. 

“Sub-REIT”: FS Rialto Sub-REIT LLC, a
Delaware limited liability company. 
 “Subsequent Transfer Instrument”: A transfer instrument substantially in the form of
Exhibit C to the Collateral Interest Purchase Agreement. 
 “Successful Auction”: Either (i) an auction that is
conducted in accordance with the provisions specified in this Indenture, which includes the requirement that the aggregate Cash purchase price for all the Collateral Interests, together with the balance of all Eligible Investments and Cash in the
Payment Account, will be at least equal to the Total Redemption Price or (ii) the purchase of all of the Collateral Interests by the Preferred Shareholder for a price that, together with the balance of all Eligible Investments and Cash in the
Payment Account, is equal to the Total Redemption Price. 
 “Supermajority”: With respect to (i) any Class of
Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class and (ii) with respect to the Preferred Shares, the Holders of at least 66-2/3% of the aggregate Notional Amount of the Preferred Shares. 
 “Target Amortization
Date”: The Purchase Termination Date or any earlier date designated as such by the Collateral Manager. 

  
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 “Targeted Credit Enhancement Level”: With respect to each Class of
Notes and the Delayed Close Collateral Interest, the percentage set forth opposite such Class in the table below: 
  

					
	 Class
	  	Credit
Enhancement
Level	 
	 Class A
	  	 	47.000	% 
	 Class A-S
	  	 	37.625	% 
	 Class B
	  	 	31.500	% 
	 Class C
	  	 	25.000	% 
	 Class D
	  	 	19.875	% 
	 Class E
	  	 	17.875	% 
	 Class F and Class F-E
	  	 	14.750	% 
	 Class G and Class G-E
	  	 	11.750	% 

 “Tax Event”: (i) Any borrower is, or on the next scheduled payment date under any Collateral
Interest, will be, required to deduct or withhold from any payment under any Collateral Interest to the Issuer for or on account of any tax for whatever reason and such borrower is not required to pay to the Issuer such additional amount as is
necessary to ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or
withholding been required, (ii) any jurisdiction imposes net income, profits, or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a
foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes. Withholding taxes imposed under FATCA, if any, shall be disregarded in applying the definition of “Tax Event.” 

“Tax Materiality Condition”: The condition that will be satisfied if either (i) as a result of the occurrence of a Tax
Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount
exceeds, in the aggregate, $1,000,000 during any twelve (12)-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a foreign corporation that is not engaged
in a trade or business in the United States for U.S. federal income tax purposes. 
 “Tax Redemption”: The meaning
specified in Section 9.1(b). 
 “Term SOFR”: The forward-looking term rate for the applicable
Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Total Redemption
Price”: The amount equal to funds sufficient to pay all amounts and expenses described under clauses (1) through (4) of Section 11.1(a)(i) (without regard to any cap contained therein) and to
redeem all Notes at their applicable Redemption Prices. 

  
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 “Transaction Documents”: This Indenture, the Collateral Management
Agreement, the Preferred Share Paying Agency Agreement, the Placement Agreement, the Collateral Interest Purchase Agreement, the U.S. Risk Retention Agreement, the EU/UK Risk Retention Letter, the Administration Agreement, the AML Services
Agreement, the Registered Office Terms, the Participation Agreements, Future Funding Agreement, the Securities Account Control Agreement, the Future Funding Reserve Account Control Agreement and the Servicing Agreement. 

“Transfer Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the
transfer of Notes in its capacity as Transfer Agent. 
 “Treasury Regulations”: Temporary or final regulations promulgated
under the Code by the United States Treasury Department. 
 “Trust Officer”: When used with respect to (i) the
Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because such
officer’s knowledge of and familiarity with the particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility for the administration of this
Indenture and also, with respect to a particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Trustee”: Wilmington Trust, National Association, solely in its capacity as trustee hereunder, unless a successor Person
shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Person. 

“Trustee and Note Administrator Fee”: The fee payable monthly in arrears on each Payment Date to the Note Administrator and
the Trustee in accordance with the Priority of Payments, equal to $5,750 (a portion of which shall be payable to the Trustee by the Note Administrator). 

“Two Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“UCC”: The applicable Uniform Commercial Code. 

“Unadjusted Benchmark Replacement”: The Benchmark Replacement, excluding the related Benchmark Replacement Adjustment. 

“Underlying Commercial Real Estate Loan”: With respect to any Collateral Interest that is a Participation, the Commercial
Real Estate Loan in which such Participation represents a participation interest. 
 “United States” and
“U.S.”: The United States of America, including any state and any territory or possession administered thereby. 

“Unscheduled Principal Payments”: Any proceeds received by the Issuer from an unscheduled prepayment or redemption (in whole
but not in part) by the obligor of a Collateral Interest prior to the stated maturity date of such related Collateral Interest. 

“Unused Proceeds Account”: The meaning specified in Section 10.4(a). 

  
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 “Updated Appraisal”: The meaning specified in the Servicing Agreement. 

“U.S. Person”: The meaning specified in Regulation S. 

“U.S. Risk Retention Agreement”: The U.S. Credit Risk Retention Agreement, dated as of the Closing Date, by and between the
Sponsor and the Retention Holder, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“U/W Stabilized NCF DSCR”: With respect to any Collateral Interest, the ratio, as calculated by the Collateral Manager in
accordance with the Collateral Management Standard, of (a) the “stabilized” annual net Cash flow generated from the related Mortgaged Property before interest, depreciation and amortization, based on the stabilized underwriting, which
may include the completion of certain proposed capital expenditures and the realization of stabilized occupancy and/or rents to (b) the annual Debt Service. In determining U/W Stabilized NCF DSCR for any
Ramp-Up Collateral Interest, Reinvestment Collateral Interest, Contribution Collateral Interest or Exchange Collateral Interest that is a Participation, the calculation of U/W Stabilized NCF DSCR will take
into account the annual Debt Service due on the Participation being acquired by the Issuer and the related Companion Participation(s) (assuming fully funded) or related note also secured by the related Mortgaged Property or properties, as
applicable, that is senior or pari passu in right to the Participation being acquired by the Issuer but not any Companion Participation(s) or related note also secured by the related Mortgaged Property or properties, as applicable, that is
junior in right to the Participation being acquired by the Issuer. In determining the U/W Stabilized NCF DSCR for any Ramp-Up Collateral Interest, Reinvestment Collateral Interest, Contribution Collateral
Interest or Exchange Collateral Interest that is cross-collateralized with one or more other Collateral Interests, the U/W Stabilized NCF DSCR was calculated with respect to the cross-collateralized group in the aggregate. 

“Weighted Average Life”: As of any Measurement Date with respect to the Collateral Interests (other than Defaulted Collateral
Interests), the number obtained by (i) summing the products obtained by multiplying (a) the Average Life at such time of each Collateral Interest (other than Defaulted Collateral Interests) by (b) the outstanding Principal
Balance of such Collateral Interest and (ii) dividing such sum by the aggregate Principal Balance at such time of all Collateral Interests (other than Defaulted Collateral Interests), where “Average Life” means, on any
Measurement Date with respect to any Collateral Interest (other than a Defaulted Collateral Interest), the quotient obtained by the Collateral Manager by dividing (i) the sum of the products of (a) the number of years (rounded to
the nearest one tenth thereof) from such Measurement Date to the respective dates of each successive expected distribution of principal of such Collateral Interest and (b) the respective amounts of such expected distributions of principal by
(ii) the sum of all successive expected distributions of principal on such Collateral Interest. 
 “Weighted Average
Spread”: As of any date of determination, the number obtained (rounded up to the next 0.001%), by (A) summing the products obtained by multiplying (i) with respect to any Collateral Interest (other than a Defaulted Collateral
Interest), the greater of (x) the current spread above the Benchmark (net of any servicing fees and expenses) at which interest accrues on each such Collateral Interest and (y) if such Collateral Interest provides for a minimum interest
rate thereunder, the excess, if any, of the minimum interest rate applicable to such Collateral Interest (net of any servicing fees and expenses) over the Benchmark by (ii) the Principal Balance of such Collateral Interest as of such date, and
(B) dividing such sum by the aggregate Principal Balance of all Collateral Interests (excluding all Defaulted Collateral Interests). 

  
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 “WFS”: Wells Fargo Securities, LLC. 

Section 1.2 Interest Calculation Convention. All calculations of interest hereunder that are made with respect to the Notes shall
be made on the basis of the actual number of days during the related Interest Accrual Period divided by three hundred sixty (360). 

Section 1.3 Rounding Convention. Unless otherwise specified herein, test calculations that are evaluated as a percentage will be
rounded to the nearest ten thousandth of a percentage point and test calculations that are evaluated as a number or decimal will be rounded to the nearest one hundredth of a percentage point. 

ARTICLE 2 
 THE NOTES

 Section 2.1 Forms Generally. 

The Notes and the Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”)
shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer and the Co-Issuer, executing such Notes as evidenced by
their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Section 2.2 Forms of Notes and Certificate of Authentication. 

(a) Form. The form of each Class of the Notes, including the Certificate of Authentication, shall be substantially as set forth in
Exhibits A-1, A-2, B-1, B-2, C-1, C-2, D-1, D-2,
E-1, E-2, F-1, F-2,
G-1, G-2, G-3, G-4,
G-5, G-6, H-1, H-2,
H-3, H-4, H-5 and H-6 hereto. 

(b) Global Notes and Definitive Notes. 

(i) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs may be represented by one or
more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1, B-1, C-1, D-1, E-1, F-1,
G-1, G-3, G-5, H-1,
H-3 and H-5 hereto added to the form of such Notes (each, a “Rule 144A Global Note”), which shall be registered in the name of
Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the Issuer and, in the case of the Offered Notes, the
Co-Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made
on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

  
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 (ii) Notes initially offered and sold in the United States to (or to U.S.
Persons who are) IAIs shall be, and the Notes offered and sold in the United States to (or to U.S. Persons who are) QIBs may be, issued in definitive form, registered in the name of the legal or beneficial owner thereof attached without interest
coupons with the applicable legend set forth in Exhibits A-2, B-2, C-2,
D-2, E-2, F-2, F-4,
F-6, G-2, G-4 and G-6 hereto added to the form of such Notes
(each, a “Definitive Note”), which shall be duly executed by the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the
Class G-X Notes, and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by
adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(iii) The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one or more
permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1, B-1, C-1, D-1, E-1, F-1,
G-1, G-3, G-5, H-1,
H-3 and H-5 hereto added to the form of such Notes (each, a “Regulation S Global Note”), which shall be deposited on behalf of the
subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the Depository for the respective accounts of Euroclear and Clearstream, Luxembourg or their
respective depositories, duly executed by the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by
adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(c) Book-Entry Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of
the Depository. 
 Each of the Issuer and Co-Issuer shall execute and the Authenticating Agent
shall, in accordance with this Section 2.2(c), authenticate and deliver initially one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes
and (ii) delivered by the Note Administrator to such Depository or pursuant to such Depository’s instructions or held by the Note Administrator’s agent as custodian for the Depository. 

Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Note Administrator, as
custodian for the Depository or under the Global Note, and the Depository may be treated by the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer and any of
their respective agents as the 

  
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 absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer or any of their respective agents, from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note. 

(d) Delivery of Definitive Notes in Lieu of Global Notes. Except as provided in Section 2.10, owners of
beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note. 

Section 2.3 Authorized Amount; Stated Maturity Date; and Denominations. 

(a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $691,957,000 except for
(i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5 and (ii) any Deferred Interest. 

Such Notes shall be divided into eight (8) Classes having designations and original principal amounts as follows: 

 

					
	 Designation
	  	Original
Principal Amount	 
	 Class A Senior Secured Floating Rate Notes Due 2038
	  	$	414,978,000	 
	 Class A-S Second Priority Secured Floating Rate Notes
Due 2038
	  	$	79,277,000	 
	 Class B Third Priority Secured Floating Rate Notes Due 2038
	  	$	47,957,000	 
	 Class C Fourth Priority Secured Floating Rate Notes Due 2038
	  	$	48,936,000	 
	 Class D Fifth Priority Secured Floating Rate Notes Due 2038
	  	$	40,128,000	 
	 Class E Sixth Priority Secured Floating Rate Notes Due 2038
	  	$	15,659,000	 
	 Class F Seventh Priority Floating Rate Notes Due 2038(1)
	  	$	22,511,000	 
	 Class G Eighth Priority Floating Rate Notes Due 2038(1)
	  	$	22,511,000	 

  

	(1)	 At any time on or after the Initial MASCOT Note Issuance Date the Class F Notes and the Class G Notes
are exchangeable notes (the “Exchangeable Notes”) and are exchangeable for proportionate interests in the related MASCOT Notes as set forth in Section 2.16. All or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and (ii) the Class G Notes may be exchanged for proportionate interests in
the Class G-E Notes the “Class G-E Notes” and, collectively with the Class F-E Notes, the
“MASCOT P&I Notes”) and the Class G-X Notes (the “Class G-X Notes” and, collectively with the Class F-X Notes, the “MASCOT Interest Only Notes,” and together with the MASCOT P&I Notes, the “MASCOT Notes”), and vice versa. 

  
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 (b) The Notes shall be issuable in minimum denominations of $100,000 and integral multiples
of $500 in excess thereof (plus any residual amount). 
 Section 2.4 Execution, Authentication, Delivery and Dating. 

The Offered Notes shall be executed on behalf of the Issuer and the Co-Issuer by an Authorized Officer
of the Issuer and the Co-Issuer, respectively. The Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G Notes, the Class G-E Notes and the Class G-X Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signature
of such Authorized Officers on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who
were at any time the Authorized Officers of the Issuer and, in the case of Offered Notes, the Co-Issuer shall bind the Issuer or the Co-Issuer, as the case may be,
notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 

At any time and from time to time after the execution and delivery of this Indenture, the Issuer and the
Co-Issuer may deliver Offered Notes executed by the Issuer and the Co-Issuer, and the Issuer may deliver the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes executed by the Issuer, to the Authenticating Agent for authentication and the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture
and not otherwise. 
 Each Note authenticated and delivered by the Authenticating Agent upon Issuer Order on the Closing Date shall be dated
as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into more than
one Note in accordance with this Article 2, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate principal amount of such
subsequently issued Notes. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Note Administrator or by the Authenticating Agent by the manual signature of one of their Authorized Officers, and such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  
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 Section 2.5 Registration, Registration of Transfer and Exchange. 

(a) The Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the
Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall cause to be kept a register (the “Notes Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer and the Co-Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes. The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose
of maintaining the Notes Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Notes Register kept in the United States as herein provided. Upon any resignation or removal of the Notes Registrar, the Issuer
and the Co-Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Notes Registrar. 

The name and address of each Noteholder and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded
by the Notes Registrar in the Notes Register. For the avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to cause the Notes to be considered issued in registered form under Treasury Regulations Section 5f.103-1(c). 
 If a Person other than the Note Administrator is appointed by the Issuer and
the Co-Issuer as Notes Registrar, the Issuer and the Co-Issuer shall give the Note Administrator prompt written notice of the appointment of a successor Notes Registrar
and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times and to obtain copies thereof and the Note Administrator shall have the
right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and numbers of such Notes. In addition, the Note
Registrar shall be required, within one (1) Business Day of each Record Date, to provide the Note Administrator with a copy of the Note Registrar in the format required by, and with all accompanying information regarding the Noteholders as may
reasonably be required by the Note Administrator. 
 Subject to this Section 2.5, upon surrender for registration
of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the
Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes and the Class G-X Notes, shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount. 
 At the option of the
Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in
Section 7.2. Whenever any Note is surrendered for exchange, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall execute, and the Authenticating Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 

  
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 All Notes issued and authenticated upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, and, in each case, the Notes Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 None of the Notes Registrar,
the Issuer or the Co-Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning at the opening of business fifteen (15) days before any selection
of Notes to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption. 

(b) No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from
the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws of any state or other jurisdiction. 

(c) No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except in accordance
with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified Purchasers purchasing for their own account or for the accounts of one or more QIBs
or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to non-U.S.
Persons in reliance on Regulation S. None of the Issuer, the Co-Issuer, the Note Administrator, the Trustee or any other Person may register the Notes under the Securities Act or the securities laws of any
state or other jurisdiction. 
 (d) Upon final payment due on the Stated Maturity Date of a Note, the Holder thereof shall present and
surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (outside the United States if then required by applicable law in the case of a Note in definitive form issued in exchange for a
beneficial interest in a Regulation S Global Note pursuant to Section 2.10). 
 (e) Transfers of Global
Notes. Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with
Section 2.2(c) and this Section 2.5(e). 

  
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 (i) Except as otherwise set forth below, transfers of a Global Note shall be
limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a Definitive Note may only be made in accordance
with Section 2.10. 
 (ii) Regulation S Global Note to Rule 144A Global Note or Definitive
Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or for a Definitive Note or to
transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note, such holder may, subject to the immediately
succeeding sentence and the rules and procedures of Euroclear, Clearstream, Luxembourg and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the
corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream,
Luxembourg and/or DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not
less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly completed
certificate in the form of Exhibit I-2 attached hereto; or 
 (2) if the
transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit I-3 hereto, certifying that such transferee is an IAI, 

then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule 144A Global Note, approve the instructions at DTC
to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Notes Registrar shall instruct DTC, concurrently with
such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the
Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes Register in accordance with Section 2.5(a) and, upon execution by the
Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above, in principal amounts designated by the transferee (the aggregate of
such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor). 

  
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 (iii) Definitive Note or Rule 144A Global Note to Regulation S Global
Note. If a holder of a beneficial interest in a Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S
Global Note, or to transfer its interest in such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such
holder or, in the case of a transfer, the transferee is not a U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or
cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) instructions given in accordance with DTC’s procedures from an Agent Member directing the Note Administrator or the
Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s Notes, in an amount equal to the beneficial interest
in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for assignment to the transferee; 

(2) a written order given in accordance with DTC’s procedures containing information regarding the participant account of
DTC and the Euroclear or Clearstream, Luxembourg account to be credited with such increase; 
 (3) in the case of a transfer
of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee; and 
 (4) a duly
completed certificate in the form of Exhibit I-1 attached hereto, 
 then the Note Administrator or the Notes
Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note (or, in the case of a transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall cancel such Definitive Notes) and to
increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the
securities account of the Person specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of
Definitive Notes, equal to the principal amount of Definitive Notes so cancelled). 
 (iv) Transfer of Rule 144A Global
Notes to Definitive Notes. If, in accordance with Section 2.10, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive
Note or to transfer its interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such

  
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 holder may, subject to the immediately succeeding sentence and the rules and procedures of
DTC, exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of Exhibit I-3 and (B) appropriate instructions from DTC, if required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the
Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the
aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor). 

(v) Transfer of Definitive Notes to Rule 144A Global Notes. If a holder of a Definitive Note wishes at any time to
exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note,
such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial interest in a Rule 144A Global Note (provided
that no IAI may hold an interest in a Rule 144A Global Note). Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee; (B) a duly completed
certificate substantially in the form of Exhibit I-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an Agent Member to instruct DTC to cause to be credited a
beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s procedures containing information regarding the
participant’s account of DTC to be credited with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance with
Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged. 
 (vi)
Transfers of EHRI. Transfers of the Preferred Shares and restrictions on the transfer of the EHRI shall be governed by the Preferred Share Paying Agency Agreement, and be subject to Section 2.5(o). 

(vii) Other Exchanges. In the event that, pursuant to Section 2.10, a Global Note is exchanged
for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including certification requirements intended to ensure that such transfers are to a
QIB or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to time adopted by the Issuer, the
Co-Issuer and the Note Administrator. 

  
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 (f) Removal of Legend. If Notes are issued upon the transfer, exchange or replacement
of Notes bearing the applicable legends set forth in Exhibits A-1, A-2, B-1, B-2, C-1, C-2, D-1,
D-2, E-1, E-2, F-1,
F-2, G-1, G-2, G-3,
G-4, G-5, G-6, H-1,
H-2, H-3, H-4, H-5 and
H-6 hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such applicable legend shall not be removed, as the case
may be, unless there is delivered to the Issuer and the Co-Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York
(and addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer and the Co-Issuer, if applicable, to the effect that neither such applicable legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act or ERISA. So long as the Issuer or the Co-Issuer is
relying on an exemption or exclusion under or promulgated pursuant to the 1940 Act, the Issuer or the Co-Issuer shall not remove that portion of the legend required to maintain an exemption or exclusion under
or promulgated pursuant to the 1940 Act. Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer and the Co-Issuer, if applicable, to the Note Administrator, the Note Administrator,
at the direction of the Issuer and the Co-Issuer, if applicable, shall authenticate and deliver Notes that do not bear such applicable legend. 

(g) Each beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit I-1 hereto. 
 (h) Each beneficial owner of Rule 144A Global Notes shall be deemed to make the
representations and agreements set forth in Exhibit I-2 hereto. 
 (i) Each Holder of
Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit I-3 hereto. 

(j) Any purported transfer of a Note not in accordance with Section 2.5(a) shall be null and void and shall not be
given effect for any purpose hereunder. 
 (k) Notwithstanding anything contained in this Indenture to the contrary, neither the Trustee,
the Note Administrator nor the Notes Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities Act or Rule 144A or
Regulation S promulgated thereunder), the 1940 Act, ERISA or the Code (or any applicable regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required by the express terms of
this Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note Administrator and/or Notes Registrar, as applicable, is required to request, as a condition
for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the requirements hereof (and the Note Administrator or Notes Registrar, as the case may be,
shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform). 
 (l)
[Reserved] 

  
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 (m) If the Note Administrator has actual knowledge or is notified by the Issuer, the Co-Issuer or the Collateral Manager that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this
Section 2.5 on the basis of a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered
hereunder or (iii) the holder of any interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such
attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified
Transferee”) and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder. 

In addition, the Note Administrator may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding
paragraph be transferred to any Person designated by the Issuer or the Collateral Manager at a price determined by the Issuer or the Collateral Manager, based upon its estimation of the prevailing price of such interest and each Holder, by
acceptance of an interest in a Note, authorizes the Note Administrator to take such action. In any case, none of the Issuer, the Collateral Manager and the Note Administrator shall be held responsible for any losses that may be incurred as a result
of any required transfer under this Section 2.5(m). 
 (n) Each Holder of Notes approves and consents to
(i) the purchase of the Closing Date Collateral Interests by the Issuer from the Seller on the Closing Date, (ii) the purchase of any Reinvestment Collateral Interest and/or Exchange Collateral Interest by the Issuer and (iii) any other
transaction between the Issuer and the Collateral Manager or its Affiliates that are permitted under the terms of this Indenture or the Collateral Interest Purchase Agreement. 

(o) As long as any Note is Outstanding, Retained Securities, retained or repurchased Notes, and ordinary shares of the Issuer held by the
Retention Holder, Sub-REIT or any other disregarded entity of Sub-REIT for U.S. federal income tax purposes may not be transferred (whether by means of an actual
transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledged or hypothecated to any other Person (except to an affiliate that is wholly-owned by Sub-REIT or a subsequent REIT
that holds all equity interests in the Issuer and is disregarded as a separate entity for U.S. federal income tax purposes) unless the Issuer receives a No Entity-Level Tax Opinion with respect to such transfer, pledge or hypothecation (or has
previously received a No Trade or Business Opinion), which opinion may be conditioned, in each case, on compliance with certain restrictions on the investment or other activities of the Issuer and the Servicer or Collateral Manager on behalf of the
Issuer. No opinion will be required with respect to a transfer to an entity that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal income tax purposes
into Sub-REIT or such subsequent REIT. 
 (p) Each Securityholder agrees to comply with the Holder
AML Obligations. 

  
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 For the avoidance of doubt, the Indenture Accounts (including income, if any, earned on the
investments of funds in such account) will be owned by Sub-REIT, if the Issuer is wholly-owned by Sub-REIT, or a subsequent REIT that wholly-owns the Issuer, for U.S.
federal income tax purposes. The Issuer shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and
(ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary
(x) to reduce or eliminate the imposition of U.S. withholding taxes and (y) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to the Indenture Accounts or any amounts paid to the
Issuer. If any IRS form or other documentation previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately updated and complete versions of such IRS forms or other
documentation. The Note Administrator shall have no liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising from the Issuer’s failure
to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the
avoidance of doubt, no funds shall be invested with respect to such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the Issuer with respect to the investment of such
funds, and (ii) the IRS forms and other documentation required by this paragraph. 
 Section 2.6 Mutilated, Defaced, Destroyed,
Lost or Stolen Note. 
 If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to
the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the relevant Transfer Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss
or theft of any Note, and (b) there is delivered to each Specified Person such security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the
Specified Persons that such Note has been acquired by a bona fide purchaser, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the
Class G-X Notes, shall execute and, upon Issuer Request (which Issuer Request shall be deemed to have been given upon receipt by the Note Administrator of a Note that has been signed by the Issuer, and
the Co-Issuer, if applicable), the Note Administrator shall cause the Authenticating Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of
like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed,
lost or stolen Note and bearing a number not contemporaneously outstanding. 
 If, after delivery of such new Note, a bona fide purchaser of
the predecessor Note presents for payment, transfer or exchange such predecessor Note, any Specified Person shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified Person
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith. 

  
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 In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and
payable, the Issuer and the Co-Issuer, if applicable, in their discretion may, instead of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall
be surrendered. 
 Upon the issuance of any new Note under this Section 2.6, the Issuer and the Co-Issuer, if applicable, may require the payment by the registered Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 
 Every new Note issued pursuant to this
Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and the Co-Issuer, if
applicable, and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 The provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 
 Section 2.7 Payment
of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved. 
 (a) Each Class of Notes shall accrue
interest during each Interest Accrual Period at the Note Interest Rate applicable to such Class and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related
Interest Accrual Period (after giving effect to payments of principal thereof on such date), except as otherwise set forth below. Payment of interest on each Class of Notes will be subordinated to the payment of interest on each related
Class of Notes senior thereto. Any payment of interest due on a Class of Deferred Interest Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance with the Priority of Payments on such
Payment Date, but only if such Class is not the most senior Class Outstanding, shall constitute “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the purposes of
Section 5.1(a) (and the failure to pay such interest shall not be an Event of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance with the
Priority of Payments, (ii) the Redemption Date with respect to such Class of Deferred Interest Notes and (iii) the Stated Maturity Date (or the earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest
on any Class of Deferred Interest Notes shall be added to the principal balance of such Class of Deferred Interest Notes. Regardless of whether any more senior Class of Notes is Outstanding with respect to any Class of Deferred
Interest Notes, to the extent that funds are not available on any Payment Date (other than the Redemption Date with respect to, or Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such
previously accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on each Note,
or in the case of a partial repayment, on such repaid part, from the date of repayment or the Stated Maturity Date unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. To
the extent lawful and enforceable, interest on any interest that is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes of the Controlling Class, shall accrue at the Note Interest Rate applicable to
such Class until paid as provided herein. 

  
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 (b) (i) So long as any of the Class A Notes, the
Class A-S Notes or the Class B Notes are outstanding, the Class C Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class C Notes and will not be
considered “due and payable” until the Payment on which funds are available to pay such Class C Deferred Interest in accordance with the Priority of Payments, (ii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, the Class D Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class D Notes and
will not be considered “due and payable” until the Payment on which funds are available to pay such Class D Deferred Interest in accordance with the Priority of Payments, (iii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are outstanding, the Class E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of
the Class E Notes and will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class E Deferred Interest in accordance with the Priority of Payments, (iv) so long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, the Class F Deferred Interest and the Class F-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class F Notes or the Class F-E Notes, as applicable, and will
not be considered “due and payable” until the Payment Date on which funds are available to pay such Class F Deferred Interest and Class F-E Deferred Interest in accordance with the Priority
of Payments, and (v) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F,
the Class F-E Notes or the Class F-X Notes are outstanding, the Class G Deferred Interest and the Class G-E
Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class G Notes or the Class G-E Notes, as applicable, and will not be considered “due and payable”
until the Payment Date on which funds are available to pay such Class G Deferred Interest and Class G-E Deferred Interest in accordance with the Priority of Payments. The failure to pay such
Class C Deferred Interest, Class D Deferred Interest, Class E Deferred Interest, Class F Deferred Interest, Class F-E Deferred Interest, Class G Deferred Interest or Class G-E Deferred Interest as a result of the operation of the Priority of Payments will not constitute an Event of Default under this Indenture. 

(c) The principal of each Class of Notes matures at par and is due and payable on the Stated Maturity Date, unless such principal has been
previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each Class of
Notes may only occur pursuant to the Priority of Payments. The payment of principal on any Note (x) may only occur (other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) after each
Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on each Class more senior thereto and certain other amounts in accordance with the
Priority of Payments. Payments of principal on any Class of Notes that are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated Maturity Date (or the earlier date of
Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(a) until the Payment Date on which such
principal may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such Class have been paid in full. Payments of principal on the Notes in connection with a Clean-up Call, Tax Redemption, Auction Call Redemption or Optional Redemption will be made in accordance with Section 9.1 and the Priority of Payments. 

  
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 (d) As a condition to the payment of principal of and interest on any Note without the
imposition of U.S. withholding tax, the Issuer shall require certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee, the Preferred Share Paying Agent and the Paying Agent to determine
their duties and liabilities with respect to any taxes or other charges that they may be required to deduct or withhold from payments in respect of such Security under any present or future law or regulation of the United States or the Cayman
Islands or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. Such certification may include U.S. federal
income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign
Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms). In addition, each of the
Issuer, Co-Issuer, the Trustee, Preferred Share Paying Agent or any Paying Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction
from or through which the Issuer receives payments on its Collateral and otherwise as may be necessary or desirable to ensure compliance with all applicable laws. Each Holder and each beneficial owner of Notes agree to provide any certification
requested pursuant to this Section 2.7(d) (including a properly completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by the Cayman
Islands Department for International Tax Cooperation, which forms can be obtained at https://www.ditc.ky/fatca/fatca-legislationresources/)) and to update or replace such form or certification in accordance with its terms or its
subsequent amendments. Furthermore, the Issuer shall require, as a condition to payment without the imposition of U.S. withholding tax under the FATCA, information to comply with FATCA requirements pursuant to clause (xiv) of the
representations and warranties set forth under the third paragraph of Exhibit I-1 hereto, as deemed made pursuant to Section 2.5(g), or pursuant to clause (xv) of
the representations and warranties set forth under the third paragraph of Exhibit I-2 hereto, as deemed made pursuant to Section 2.5(h), or pursuant to clause
(vii) of the representations and warranties set forth under the third paragraph of Exhibit I-3 hereto, made pursuant to Section 2.5(i), as applicable. Noteholders
shall be required to provide to the Issuer, the Note Administrator or their agents all information, documentation or certifications acceptable to it to permit the Issuer or the Note Administrator to comply with its tax reporting obligations under
applicable law, including any applicable cost basis reporting obligations. 

  
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 (e) Payments in respect of interest on and principal on the Notes shall be payable by wire
transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire transfer
cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register. The Issuer expects that the Depository or its nominee, upon receipt of any payment of
principal or interest in respect of a Global Note held by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such
Global Note as shown on the records of the Depository or its nominee. The Issuer also expects that payments by Agent Members to owners of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions
and customary practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments will be the responsibility of the Agent Members. Upon final payment due on the
Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of
the United States if then required by applicable law, in the case of a Definitive Note issued in exchange for a beneficial interest in the Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the
Co-Issuer, the Trustee, the Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note with respect to the beneficial
holders thereof or payments made thereby on account of beneficial interests held therein. In the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date thereof) the Issuer or, upon
Issuer Request, the Note Administrator, in the name and at the expense of the Issuer, shall not more than thirty (30) nor fewer than five (5) Business Days prior to the date on which such payment is to be made, mail to the Persons entitled
thereto at their addresses appearing on the Notes Register, a notice which shall state the date on which such payment will be made and the amount of such payment and shall specify the place where such Notes may be presented and surrendered for such
payment. 
 (f) Subject to the provisions of Sections 2.7(a) and (e), Holders of Notes as of the Record Date in respect of a
Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment Date. All such payments that are mailed or wired and
returned to the Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer and the Co-Issuer to be maintained as provided in Section 7.2 (or
returned to the Trustee). 
 (g) Interest on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date
shall be paid to the Person in whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

(h) Payments of principal to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount of
the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date. 

(i) Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto. 

  
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 (j) All reductions in the principal amount of a Note (or one or more predecessor Notes)
effected by payments of installments of principal made on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, whether or not such payment is noted on such Note. 
 (k) Notwithstanding anything contained in this Indenture
to the contrary, the obligations of the Issuer under the Notes and the Co-Issuer under the Offered Notes, this Indenture and the other Transaction Documents are limited-recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer. The Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes are limited recourse
obligations of the Issuer. The Notes are payable solely from the Collateral and following realization of the Collateral, all obligations of the Co-Issuers, with respect to the Offered Notes, or the Issuer,
with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes and the Class G-X Notes, and any claims of the Noteholders, the Trustee or any other parties to any Transaction Documents shall be extinguished
and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer, director, employee, shareholder, limited partner or incorporator of the Issuer, the Co-Issuer or any of their respective successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph shall not (i) prevent
recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes
or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and the
other Transaction Documents shall be extinguished and shall not thereafter revive. It is further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer or the Co-Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability
shall be asked for or (if obtained) enforced against any such Person or entity. 
 (l) Subject to the foregoing provisions of this
Section 2.7, each Note delivered under this Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such
other Note. 
 (m) Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but
subject to Sections 2.7(f) and (i)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity and its consequences have not been rescinded and annulled and the provisions
of Section 5.5 are not applicable, then payments of principal of and interest on such Notes shall be made in accordance with Section 5.7. 

(n) Payments in respect of the Preferred Shares as contemplated by Sections 11.1(a)(i)(19), 11.1(a)(ii)(19) and
11.1(a)(iii)(17) shall be made by the Paying Agent to the Preferred Share Paying Agent. 

  
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 Section 2.8 Persons Deemed Owners. 

The Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, and
any of their respective agents may treat as the owner of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of principal of and interest and other amounts
on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, or any of their respective agents shall be affected by notice to the
contrary; provided, however, that the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered the owners of any Notes for the purpose of
receiving notices. With respect to the Preferred Shares, on any Payment Date, the Note Administrator shall deliver to the Preferred Share Paying Agent the distributions thereon for distribution to the Preferred Shareholders. 

Section 2.9 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the
Notes Registrar, be promptly canceled by the Notes Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as
expressly permitted by this Indenture. All canceled Notes held by the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy. Notes of the most senior Class Outstanding (and no other
Class of Notes) that are held by the Issuer, the Co-Issuer, the Collateral Manager or any of their respective Affiliates may be submitted to the Notes Registrar for cancellation at any time. 

Section 2.10 Global Notes; Definitive Notes; Temporary Notes. 

(a) Definitive Notes. Definitive Notes shall only be issued in the following limited circumstances: 

(i) at the discretion of the Issuer, at the direction of the Collateral Manager, with respect to any Class of Notes, 

(ii) upon Transfer of Global Notes to an IAI or a QIB in accordance with the procedures set forth in
Section 2.5(e)(ii), (iii) or (vi); 
 (iii) if a holder of a Definitive Note wishes
at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this
Section 2.10, such holder may effect such exchange or transfer upon receipt by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly completed
certificates in the form of Exhibit I-3, upon receipt of which the Notes Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance
with Section 2.5(a) and upon execution by the Co-Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes bearing the same designation as the
Definitive Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the
aggregate principal amount of the Definitive Note surrendered by the transferor); 

  
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 (iv) in the event that the Depository notifies the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-F Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, that it is unwilling or
unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within ninety (90) days
of such notice, the Global Notes deposited with the Depository pursuant to Section 2.2 shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth in this
Section 2.10. 
 (b) Any Global Note that is exchanged for a Definitive Note shall be surrendered by the Depository
to the Note Administrator’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in such Global
Note. Any such transfer shall be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the same
Class and authorized denominations. Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in Exhibits
A-2, B-2, C-2, D-2 and
E-2, as applicable, and shall be subject to the transfer restrictions referred to in such applicable legend. The Holder of each such registered individual Global Note may transfer such Global Note by
surrendering it at the Corporate Trust Office of the Note Administrator, or at the office of the Paying Agent. 
 (c) Subject to the
provisions of Section 2.10(b) above, the registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Notes. 
 (d) [Reserved] 

(e) In the event of the occurrence of either of the events specified in Section 2.10(a) above, the Issuer and the Co-Issuer shall promptly make available to the Notes Registrar a reasonable supply of Definitive Notes. 

Pending the preparation of Definitive Notes pursuant to this Section 2.10, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, may execute and, upon Issuer
Order, the Authenticating Agent shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

  
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 If temporary Definitive Notes are issued, the Issuer and the
Co-Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay. The Definitive Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any
combination thereof, or in any other manner permitted by the rules and regulations of any applicable notes exchange, all as determined by the Officers executing such Definitive Notes. After the preparation of Definitive Notes, the temporary Notes
shall be exchangeable for Definitive Notes upon surrender of the applicable temporary Definitive Notes at the office or agency maintained by the Issuer and the Co-Issuer for such purpose, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Definitive Note, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall execute, and the Authenticating Agent shall authenticate and deliver, in exchange therefor the same aggregate principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.11 U.S. Federal Income Tax Treatment of Notes and the Issuer. 

(a) Each of the Issuer and the Co-Issuer intends that, for U.S. federal income tax purposes, the Notes
(unless held by Sub-REIT (or another disregarded entity wholly-owned by Sub-REIT or a subsequent REIT)) be treated as debt and that the Issuer be treated as a Qualified
REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes (unless the Issuer has received a No Trade or Business Opinion). Each prospective purchaser and any subsequent transferee of a Note or any interest therein
shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with the preceding sentence for U.S. federal income tax purposes. 

(b) The Issuer and the Co-Issuer shall account for the Offered Notes, or the Issuer, with respect to
the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and
the Class G-X Notes, and prepare any reports to Noteholders and tax authorities consistent with the intentions expressed in Section 2.11(a) above. 

(c) Each Holder of Notes agrees by virtue of being a Holder it shall timely furnish to the Issuer and the
Co-Issuer or their respective agents any completed U.S. federal income tax form or certification (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial
Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax
Withholding and Reporting (Entities)) IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms) that the Issuer, the Co-Issuer or their respective agents may reasonably request and shall update or replace such
forms or certification in accordance with its terms or its subsequent amendments. Furthermore, Noteholders shall timely furnish any information required pursuant to Section 2.7(d). 

  
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 (d) The Issuer shall be responsible for all calculations of original issue discount on the
Notes, if any. 
 (e) Each prospective purchaser, any subsequent transferee, and each Holder of a Note or any interest therein shall, by
virtue of its purchase or other acquisition of such Note or interest therein, be deemed to agree (i) to provide accurate information and documentation that may be required for the Issuer or the Co-Issuer
to comply with FATCA and the Cayman FATCA Legislation and (ii) that the Issuer or the Co-Issuer may (A) provide such information and documentation and any other information concerning its investment
in such Notes to the Cayman Islands Tax Information Authority, the IRS and any other relevant tax authority and (B) take any other actions necessary for the Issuer or the Co-Issuer to comply with FATCA.

 (f) [Reserved] 
 (g) Each of
the Retention Holder and Sub-REIT, by acceptance of the Retained Securities and the ordinary shares of the Issuer, as applicable, agrees to take no action inconsistent with such treatment and, for so long as
any Note is Outstanding, agrees not to sell, transfer, convey, setover, pledge or encumber any Retained Securities and/or the ordinary shares of the Issuer, as applicable, except to the extent permitted pursuant to
Section 2.5(o). 
 Section 2.12 Authenticating Agents. 

Upon the request of the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer,
with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes and the Class G-X Notes, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to this
Indenture, appoint one (1) or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of
Notes by an Authenticating Agent pursuant to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator. 

Any corporation or banking association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or
any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any Authenticating Agent may at any time resign by
giving written notice of resignation to the Note Administrator, the Trustee, the Issuer and the Co-Issuer. The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent, the Trustee, the Issuer and the Co-Issuer. Upon receiving such notice of resignation or upon such a termination, the Note Administrator shall
promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer. 

  
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 The Note Administrator agrees to pay to each Authenticating Agent appointed by it from time
to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7. The
provisions of Sections 2.9, 6.4 and 6.5 shall be applicable to any Authenticating Agent. 
 Section 2.13 Forced
Sale on Failure to Comply with Restrictions. 
 (a) Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of
a Note or interest therein to a U.S. Person who is determined not to have been both (i) either (A) a QIB or (B) an IAI and (ii) a Qualified Purchaser at the time of acquisition of the Note or interest therein, or any transfer of a
Note or interest therein that could result in the Issuer or the Co-Issuer being subject to ERISA or Section 4975 of the Code or a violation of any Similar Law or that could constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, in any case, shall be null and void and any such proposed transfer of which the Issuer, the
Co-Issuer, the Note Administrator or the Trustee shall have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Co-Issuer, the Note
Administrator and the Trustee for all purposes. 
 (b) If the Issuer determines that any Holder of a Note has not satisfied the applicable
requirement described in Section 2.13(a) above (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a
Non-Permitted Holder by the Issuer, the Co-Issuer or a Responsible Officer of each of the Note Administrator and the Trustee (and notice by the Note Administrator, the
Trustee (in the case of each of the Note Administrator and the Trustee, only if a Trust Officer has actual knowledge and makes such discovery) or the Co-Issuer to the Issuer (if any of them makes the
discovery)), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within thirty (30) days (10 days in the case of a Non-Permitted Holder for ERISA-related reasons) of the date of such notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Note
or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or a third party acting on behalf of the Issuer, may select the
purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such bidder. However, the Issuer may select a purchaser by
any other means determined by it in its sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the
Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds of such sale, net of any commissions,
expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this Section 2.13(b) shall be determined
in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion. 

  
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 (c) If the Issuer (or its agent on its behalf) determines that a Holder has failed for any
reason to (i) comply with the Holder AML Obligations (ii) such information or documentation is not accurate or complete, or (iii) the Issuer otherwise reasonably determines that such holder’s acquisition, holding or transfer of
an interest in any Note would cause the Issuer to be unable to achieve AML Compliance (any such person a “Non-Permitted AML Holder”), then the Issuer (or its agent acting on its behalf) shall
promptly after discovery that such Person is a Non-Permitted AML Holder by the Issuer (or its agent on its behalf), send notice (or cause notice to be sent) to such
Non-Permitted AML Holder demanding that such Non-Permitted AML Holder transfer its interest to a Person that is not a
Non-Permitted AML Holder within thirty (30) days of the date of such notice. If such Non-Permitted AML Holder fails to so transfer its Note or interest therein, the
Issuer shall have the right, without further notice to the Non-Permitted AML Holder, to sell such Note or interest therein to a purchaser selected by the Issuer that is not a
Non-Permitted AML Holder on such terms as the Issuer may choose. The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or
other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such bidder. However, the Issuer may select a purchaser by any other means determined by it in its sole discretion. The Holder of
such Note, the Non-Permitted AML Holder and each other Person in the chain of title from the Holder to the Non-Permitted AML Holder, by its acceptance of an interest in
the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted AML Holder. The terms and conditions of any sale under this Section 2.13(c) shall be determined in the sole discretion of the Issuer, and the Issuer shall not be liable to any
Person having an interest in the Note sold as a result of any such sale or exercise of such discretion. 
 Section 2.14 No Gross
Up. 
 The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of
any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. 

Section 2.15 Credit Risk Retention. 

The Sponsor shall timely deliver (or cause to be timely delivered) to the Trustee and the Note Administrator any notices contemplated by
Section 10.10(a)(vi). 
 Section 2.16 Exchangeable Notes; Exchange of MASCOT Notes. 

(a) At any time on or after the Initial MASCOT Note Issuance Date all or a portion of the Class F Notes and the Class G Notes may be
exchanged for proportionate interests in one or more classes of certain other Notes and vice versa (such Notes received in such an exchange, the “Exchanged Notes”). The Exchangeable Notes may be exchanged by the Holders thereof for
(1) a corresponding MASCOT P&I Note with the same principal balance as the Class F Note or the Class G Note, as applicable, surrendered in the exchange but with a reduced Note Interest Rate, and (2) an MASCOT Interest Only
Note that has a notional balance equal to the principal balance of the MASCOT P&I Note received in such exchange with a fixed interest rate equal to such reduction in Note Interest Rate. Specifically, with respect to the exchange of the
Class F Notes or the Class G Notes for corresponding MASCOT Notes, the per annum interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes shall be determined, on the date of such exchange, by the holder
of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange. The aggregate interest rates of the Exchanged Notes received in the exchange shall equal the aggregate interest rate of the Exchangeable Notes
surrendered for exchange. The MASCOT Interest Only Notes are not entitled to any payments of principal and shall have an Aggregate Outstanding Amount of zero. 

  
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 (b) (i) With respect to the exchange of the Class F Notes or the Class G Notes for
corresponding MASCOT Notes, each of (1) the Aggregate Outstanding Amount of the MASCOT P&I Note received in the exchange and (2) the Aggregate Outstanding Notional Amount of the MASCOT Interest Only Notes received in the exchange shall
equal the Aggregate Outstanding Amount of the Class F Notes or the Class G Notes, as applicable, exchanged. The MASCOT Interest Only Notes are not entitled to any payments of principal and have an Aggregate Outstanding Amount of zero. 

(ii) The aggregate Note Interest Rates of the Exchanged Notes received in the exchange must equal the aggregate Note Interest
Rate of the Exchangeable Notes surrendered for exchange. 
 (c) Exchanges of the Class F Notes or the Class G Notes for MASCOT
Notes and any subsequent exchange of such MASCOT Notes for the Class F Notes or the Class G Notes may occur repeatedly. 
 (d) With
respect to an exchange of some or all of the Class F Notes or the Class G Notes, as applicable, the Holders of such MASCOT P&I Notes shall be entitled to exercise all the voting rights (including any rights as the Controlling Class)
and objection rights that are allocated to such exchanged the Class F Notes or the Class G Notes, as applicable, and the Aggregate Outstanding Amount of such MASCOT P&I Notes shall be used to determine if the requisite percentage of
Holders under this Indenture has voted, consented or otherwise given direction; provided that, in connection with any supplemental indenture that affects a Class of MASCOT Notes in a manner that is materially different from the effect of
such supplemental indenture on the Class F Notes or the Class G Notes, as applicable, the Holders of the applicable MASCOT Notes shall be entitled to vote as a separate class. 

(e) The Class F-X Notes and the Class G-X Notes are
interest only notes that receive interest payments but do not receive principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to the “Aggregate Outstanding Notional Amount,” which shall, as of any
date, equal the Aggregate Outstanding Amount on such date of the related MASCOT P&I Note. 
 (f) In order to effect an exchange of
Exchangeable Notes, the Holder shall submit a duly executed Officer’s Certificate in the form of Exhibit S to this Indenture to the Note Administrator no earlier than ten (10) Business Days before the proposed exchange date and no
later than five (5) Business Days before the proposed exchange date. Such Officer’s Certificate shall to be in writing, and may be by email to cts.cmbs.bond.admin@wellsfargo.com. The Officer’s Certificate must be on the Holder’s
letterhead, carry a medallion stamp guarantee and set forth the following information: (i) the CUSIP number of each Exchangeable Note and Exchanged Note; (ii) the Aggregate Outstanding Amount and the Aggregate Outstanding Notional Amount,
as applicable, of the Notes to be exchanged; (iii) the Holder’s DTC participant number to be 

  
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 debited and credited; and (iv) the proposed exchange date. The exchange date with respect to any
exchange may be any Business Day other than (1) the first or last Business Day of the month, (2) any Payment Date, (3) any Record Date or (4) any day between a Record Date and the next Payment Date. Any such notice shall become
irrevocable on the second Business Day before the proposed exchange date. The Holder must pay the Note Administrator a fee equal to $5,000 for each exchange request and such fee must be received by the Note Administrator prior to the exchange date
or such exchange shall not be effected. In addition, any Holder wishing to effect such an exchange must pay any other expenses related to such exchange, including any fees charged by DTC. The Note Administrator shall make the first payment on any
Exchanged Note received by a Holder in an exchange transaction on the Payment Date related to the next Record Date following the effective date of such exchange. 

Section 2.17 Effect of Benchmark Transition Event. 

(a) The Collateral Manager shall determine when a Benchmark Transition Event has occurred and, thereafter, shall determine the applicable
Benchmark Replacement. The Collateral Manager shall provide prompt written notice to the Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Calculation Agent and the 17g-5
Information Provider (who will be required to promptly post such notice to the 17g-5 Website) of its determination that a Benchmark Transition Event has occurred (other than the Benchmark Transition Event
related to the FCA Announcements). In addition, not less than 30 days prior to any Benchmark Replacement Date, the Collateral Manager shall be required to provide prompt written notice to the Issuer, the Trustee, the Note Administrator, the
Servicer, the Special Servicer, the Calculation Agent and the 17g-5 Information Provider (who will be required to promptly post such notice to the 17g-5 Website) of the
applicable Benchmark Replacement. From and after the designated Benchmark Replacement Date, the then-current Benchmark shall be replaced with the Benchmark Replacement designated by the Collateral Manager. Notwithstanding the occurrence of a
Benchmark Transition Event, amounts payable on the Notes shall be determined with respect to the then-current Benchmark (which may be LIBOR as determined in accordance with methods specified in this Indenture) until the occurrence of the related
Benchmark Replacement Date. 
 (b) If a Benchmark Replacement is selected pursuant to clauses (2) – (4) of the
definition of “Benchmark Replacement”, then on the first Business Day of each calendar quarter following such selection, the Collateral Manager shall determine whether a redetermination of the Benchmark Replacement by the Collateral
Manager on such date would result in the selection of a Benchmark Replacement under clause (1) of the definition of “Benchmark Replacement”, and if such redetermination would result in the selection of a Benchmark Replacement
under clause (1) of the definition of “Benchmark Replacement”, the Collateral Manager shall provide written notice of the same and the applicable Benchmark Replacement Conforming Changes, if any, to the Issuer, the Trustee, the
Note Administrator, the Servicer, the Special Servicer, the Calculation Agent and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5
Website), and then (x) the Benchmark Replacement Adjustment shall be redetermined utilizing the Unadjusted Benchmark Replacement corresponding to the Benchmark Replacement under clause (1) of the definition of “Benchmark
Replacement” and (y) such redetermined Benchmark Replacement shall become the Benchmark on each Benchmark Determination Date on or after such date. If redetermination of the Benchmark Replacement on such date as described in the preceding
sentence would not result in the selection of a Benchmark Replacement under clause (1) of the definition of “Benchmark Replacement”, then the Benchmark shall remain the Benchmark Replacement as previously determined. 

  
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 (c) In connection with the occurrence of any Benchmark Transition Event (or notice of the
redetermination of the Benchmark Replacement to Term SOFR in accordance with Section 2.17(b)) and its related Benchmark Replacement Date, and from time to time thereafter, the Collateral Manager shall direct the parties
hereto by Issuer Order to enter into a supplemental indenture in accordance with Section 8.1(b)(iv) to make such Benchmark Replacement Conforming Changes, if any, as the Collateral Manager determines may be necessary or
desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement. 
 (d) Any determination, implementation,
adoption, decision, proposal or election that may be made by the Collateral Manager pursuant to this Section 2.17 with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark
Replacement Adjustment or Benchmark Replacement Conforming Changes including any determination with respect to a tenor, observation period, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, shall be conclusive and binding absent manifest error, may be made in the sole discretion of the Collateral Manager and may be relied upon by
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Calculation Agent and the Servicer without investigation. 

(e) The Collateral Manager may (at the Collateral Manager’s expense) assign to another entity (other than the Trustee or Note
Administrator) any or all of the Collateral 
 Manager’s rights to make determinations with respect to the Benchmark Replacement, but
only so long as the Collateral Manager has provided advance notice of such assignment to the Issuer, the Co-Issuer, the Advancing Agent, the Servicer, the Trustee, the Note Administrator, the Calculation Agent
(if different from the Note Administrator), the Noteholders, the Preferred Shareholders and the Rating Agencies. Any out-of-pocket costs and expenses incurred by such
assignee in discharging its obligations, and any indemnification amounts or liquidated damages payable to such assignee will be payable as Company Administrative Expenses in accordance with the Priority of Payments. Any fees of such assignee will be
payable by the Collateral Manager. 
 (f) Notwithstanding anything to the contrary in this Indenture, the Collateral Manager may send any
notices with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this
Section 2.17, by email (or other electronic communication). 
 (g) The Collateral Manager shall not have any
liability or responsibility for the determination or selection with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other
determination or selection made under this Section 2.17 (including, without limitation, whether the conditions for such determination or selection have been satisfied). 

  
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 ARTICLE 3 

CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS 

Section 3.1 General Provisions. 

The Notes to be issued on the Closing Date shall be executed by the Issuer and the Co-Issuer, with
respect to the Offered Notes, or the Issuer, with respect to the Class F Notes and the Class G Notes, upon compliance with Section 3.2 and shall be delivered to the Authenticating Agent for authentication and
thereupon the same shall be authenticated and delivered by the Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee on or prior to the Closing Date: 

(a) an Officer’s Certificate of the Issuer (i) evidencing the authorization by Board Resolution of the execution and delivery of this
Indenture, the Servicing Agreement, the Placement Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date of each Class of Notes, the principal amount of each
Class of Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the Board Resolution is a true and complete copy thereof,
(B) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (C) the Directors authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon;

 (b) an Officer’s Certificate of the Co-Issuer (i) evidencing the authorization by Board
Resolution of the execution and delivery of this Indenture and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date of each Class of Notes, the principal amount of each Class of
Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the Board Resolution is a true and complete copy thereof, (B) such
resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (C) each Officer authorized to execute and deliver the documents referenced in clause (b)(i) above holds the office and has the
signature indicated thereon; 
 (c) an opinion of Cadwalader, Wickersham & Taft LLP, special U.S. counsel to the Co-Issuers, the Seller, the Collateral Manager, the Retention Holder, the Special Servicer and certain Affiliates thereof (which opinions may be limited to the laws of the State of New York and the federal law of
the United States and may assume, among other things, the correctness of the representations and warranties made or deemed made by the owners of Notes pursuant to Sections 2.5(h), (i) and (j)) dated the Closing Date, as to
certain enforceability matters of New York law and certain 1940 Act issues, United States federal income tax and securities law matters, in a form satisfactory to the Placement Agents; 

(d) an opinion of Cadwalader, Wickersham & Taft LLP, special counsel to the Co-Issuers, dated
the Closing Date, relating to the validity of the Grant hereunder, the perfection of the Trustee’s security interest in the Collateral and certain matters of Minnesota law with respect to the Minnesota Collateral; 

  
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 (e) an opinion of Cadwalader, Wickersham & Taft LLP, U.S. counsel to the Issuer and
the Co-Issuer, dated the Closing Date, relating to certain bankruptcy matters, in a form satisfactory to the Placement Agents; 

(f) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to Seller, dated the Closing Date, relating to certain Credit Risk
Retention Rules, in a form satisfactory to the Placement Agents; 
 (g) an opinion of Cadwalader, Wickersham & Taft LLP, special
counsel to Sub-REIT, dated the Closing Date, regarding its qualification and taxation as a REIT; 

(h) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Co-Issuer
and Retention Holder, dated the Closing Date, regarding certain issues of Delaware law; 
 (i) an opinion of Maples and Calder (Cayman) LLP,
Cayman Islands counsel to the Issuer, dated the Closing Date, regarding certain issues of Cayman Islands law; 
 (j) opinions of Richards,
Layton & Finger P.A., special Delaware counsel to the Co-Issuer and the Retention Holder, dated the Closing Date, regarding certain issues of Delaware law and regarding authority to file bankruptcy;

 (k) an opinion of Richards, Layton & Finger P.A., special Delaware counsel to the Special Servicer, Seller and Sub-REIT, dated the Closing Date, regarding certain issues of Delaware law; 
 (l) an opinion of Mayer
Brown LLP, counsel to the Servicer, and an opinion of in-house counsel to the Servicer, each dated the Closing Date, regarding certain issues of New York and United States law; 

(m) an opinion of Aini & Associates PLLC, counsel to Trustee; 

(n) an opinion of (i) in-house counsel of the Note Administrator, dated as of the Closing Date,
regarding certain matters of United States law and (ii) Aini & Associates PLLC, counsel to the Note Administrator; 
 (o)
[Reserved]; 
 (p) an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not
in Default under this Indenture and that the issuance of the Securities by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Issuer, any indenture
or other agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may be
subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for and all conditions precedent provided in the Preferred Share Paying Agency Agreement relating to the issuance by
the Issuer of the Preferred Shares have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid; 

  
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 (q) an Officer’s Certificate given on behalf of the
Co-Issuer stating that the Co-Issuer is not in Default under this Indenture and that the issuance of the Notes by the Co-Issuer
will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Co-Issuer, any indenture or other agreement or instrument to which
the Co-Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Co-Issuer is a party or by
which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for have been complied with and that all expenses due or accrued with
respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid; 
 (r) executed counterparts
of the Collateral Interest Purchase Agreement, the Servicing Agreement, the Collateral Management Agreement, the Advisory Committee Member Agreement, the Participation Agreements, the Future Funding Agreement, the Placement Agreement, the Preferred
Share Paying Agency Agreement, the Securities Account Control Agreement, the U.S. Risk Retention Agreement, the EU Risk Retention Letter and the Future Funding Reserve Account Control Agreement; 

(s) (i) an Accountants’ Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date
Collateral Interests in the data tape, dated April 15, 2021, (ii) an Accountants’ Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date Collateral Interests in the Preliminary Offering
Memorandum of the Co-Issuers, dated April 21, 2021, and the Structural and Collateral Term Sheet dated April 21, 2021, and (iii) an Accountants’ Report on applying agreed-upon procedures
with respect to certain information concerning the Closing Date Collateral Interests in the Offering Memorandum; 
 (t) evidence of
preparation for filing at the appropriate filing office in the District of Columbia of a financing statement, on behalf of the Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be
perfected by filing under the UCC; 
 (u) an Issuer Order executed by the Issuer and the Co-Issuer,
with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes and the Class G Notes, directing the Authenticating Agent to (i) authenticate the Notes specified therein, in the amounts set forth therein and
registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer and the Co-Issuer; and 

(v) the Future Funding Indemnitor certification pursuant to Section 12.5(b). 

  
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 Section 3.2 Security for Offered Notes. Prior to the issuance of the Notes on
the Closing Date, the Issuer shall cause the following conditions to be satisfied: 
 (a) Grant of Security Interest; Delivery of
Collateral Interests. The Grant pursuant to the Granting Clause of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral and the transfer of all Closing Date Collateral Interests acquired in connection
therewith purchased by the Issuer on the Closing Date (as set forth in Schedule A hereto) to the Trustee, without recourse (except as expressly provided in each applicable Collateral Interest Purchase Agreement), in the manner provided in
Section 3.3(a). 
 (b) Certificate of the Issuer. A certificate of an Authorized Officer of the Issuer given
on behalf of the Issuer and without personal liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Closing Date Collateral Interest pledged to the Trustee for inclusion
in the Collateral on the Closing Date and immediately prior to the delivery thereof on the Closing Date: 
 (i) the Issuer is
the owner of such Closing Date Collateral Interest free and clear of any liens, claims or encumbrances of any nature whatsoever except for those which are being released on the Closing Date; 

(ii) the Issuer has acquired its ownership in such Closing Date Collateral Interest in good faith without notice of any adverse
claim, except as described in paragraph (i) above; 
 (iii) the Issuer has not assigned, pledged or otherwise encumbered any
interest in such Closing Date Collateral Interest (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture; 

(iv) the Loan Documents with respect to such Closing Date Collateral Interest do not prohibit the Issuer from Granting a
security interest in and assigning and pledging such Closing Date Collateral Interest to the Trustee; 
 (v) the information
set forth with respect to each such Closing Date Collateral Interest on Schedule A is true correct; 
 (vi) the
Closing Date Collateral Interests included in the Collateral satisfy the requirements of Section 3.2(a); 

(vii) (1) the Grant pursuant to the Granting Clause of this Indenture shall, upon execution and delivery of this Indenture by
the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to the Closing Date Collateral Interests pledged to
the Trustee for inclusion in the Collateral on the Closing Date; and 
 (2) upon the delivery of each mortgage note
evidencing the obligations of the borrowers under each Collateral Interest to the Custodian on behalf of the Trustee, at the Custodian’s office in Minneapolis, Minnesota, the Trustee’s security interest in all Collateral Interests shall be
a validly perfected, first priority security interest under the UCC as in effect in the State of Minnesota. 

  
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 (c) Rating Letters. The Issuer and/or
Co-Issuer’s receipt of a signed letter from the Rating Agencies confirming that (i) the Class A Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and
“AAA(sf)” by KBRA, (ii) the Class A-S Notes be issued with a rating of “AAA(sf)” by KBRA, (iii) the Class B Notes be issued with a rating of at least “AA-(sf)” by KBRA, (iv) the Class C Notes be issued with a rating of at least “A-(sf)” by KBRA, (v) the Class D Notes be issued with a
rating of at least “BBB(sf)” by KBRA, (vi) the Class E Notes be issued with a rating of at least “BBB-(sf)” by KBRA, (vii) the Class F Notes be issued with a rating of
at least “BB-(sf)” by KBRA, and (viii) the Class G Notes be issued with a rating of at least “B-(sf)” by KBRA, and that such ratings are in
full force and effect on the Closing Date. 
 (d) Accounts. Evidence of the establishment of the Payment Account, the Preferred Share
Distribution Account, the Reinvestment Account, the Unused Proceeds Account, the Custodial Account, the Collection Account, the Future Funding Reserve Account and the Participated Loan Collection Account. 

(e) [Reserved]. 
 (f) Deposit
to Unused Proceeds Account. On the Closing Date, the Issuer shall deposit into the Unused Proceeds Account from the gross proceeds of the offering of the Securities, U.S.$ 140,000,000, U.S.$65,000,000 of which will constitute the expected
purchase price of the Delayed Close Collateral Interest. 
 (g) Issuance of Preferred Shares. The Issuer shall have confirmed that the
Preferred Shares have been, or contemporaneously with the issuance of the Notes will be, (i) issued by the Issuer and (ii) acquired in their entirety by the Retention Holder. 

Section 3.3 Transfer of Collateral. 

(a) Wells Fargo Bank, National Association, acting through its document custody division, as document custodian (in such capacity, the
“Custodian”), is hereby appointed as Custodian to hold all of the mortgage notes or participation certificates required to be delivered to it by the Issuer in accordance with this Section 3.3 on the Closing
Date or on the closing date of the acquisition of any Reinvestment Collateral Interest or Exchange Collateral Interest, at its office in Minneapolis, Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or trust company
that is not an Affiliate of the Issuer or the Co-Issuer and has capital and surplus of at least $200,000,000 and whose long-term unsecured debt is rated at least “Baa1” by Moody’s and
“BBB” by KBRA (if rated by KBRA, or if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)). Subject to the limited right to relocate Collateral set forth in
Section 7.5(b), the Custodian shall hold all Loan Documents at its Corporate Trust Office. 
 (b) All Eligible
Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds used to purchase such investments shall be held in accordance with Article 10 and, in respect of each Indenture
Account, the Trustee on behalf of the Secured Parties shall have entered into a securities account control agreement with the Issuer, as debtor and Wells Fargo Bank, National Association, as “securities intermediary” (within the meaning of
Section 8-102(a)(14) of the UCC as in effect in the State of New York) (together with its permitted successors and assigns in the trusts hereunder, the “Securities Intermediary”), and the
Trustee, as secured party (the “Securities Account Control 

  
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 Agreement”) providing, inter alia, that the establishment and maintenance of such
Indenture Account will be governed by the law of the State of New York. The security interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows: 

(i) in the case of Collateral consisting of Security Entitlements, by the Issuer (A) causing the Securities Intermediary, in
accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account and (B) causing the Securities Intermediary to agree pursuant to the Securities Account
Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by the Issuer; 

(ii) in the case of Collateral consisting of Instruments or Certificated Securities (the “Minnesota
Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer causing (A) the
Custodian, on behalf of the Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control with, the Issuer) (1)
to (x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a record acknowledging that
it will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; 

(iii) in the case of Collateral consisting of General Intangibles and all other Collateral of the Issuer in which a security
interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the District of Columbia, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the Trustee as secured party,
which financing statement reasonably identifies all such Collateral, with the Recorder of Deeds of the District of Columbia; 

(iv) in the case of Collateral consisting of General Intangibles, causing the registration of the security interests granted
under this Indenture in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office in the Cayman Islands; and 

(v) in the case of Collateral consisting of Cash on deposit in any Servicing Account managed by the Servicer or Special
Servicer pursuant to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer or Special Servicer on behalf of the Trustee. 

(c) The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the
debtor’s personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture. 

  
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 (d) Without limiting the foregoing, the Trustee shall cause the Note Administrator to take
such different or additional action as the Trustee may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection
and priority of the security interest of the Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood
that the Note Administrator shall be entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(d), as to the need to file any financing statements or continuation
statements, the dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made). 

(e) Without limiting any of the foregoing, in connection with each Grant of a Collateral Interest hereunder as of the date such Collateral
Interest is acquired, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the following documents (collectively, the “Collateral Interest File”): 

(i) if such Collateral Interest is a Mortgage Loan: 

(1) the original mortgage notes bearing, or accompanied by, all intervening endorsements, endorsed in blank or endorsed
“Pay to the order of FS Rialto 2021-FL2 Issuer, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands” and signed in the name of the last endorsee by an
authorized Person and if endorsed to the Issuer, an assignment in blank from the Issuer; 
 (2) the original mortgage (or a
recorded copy thereof or a copy thereof certified from the applicable recording office) and, if applicable, the originals of all intervening assignments of mortgage (or recorded copies thereof or copies thereof certified from the applicable
recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title from the originator thereof to the last endorsee; 

(3) the original assignment of leases and rents (or a recorded copy thereof or a copy thereof certified from the applicable
recording office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or recorded copies thereof or copies thereof certified from the applicable recording office), in each case, with evidence
of recording thereon, showing an unbroken chain of recordation from the originator thereof to the last endorsee; 
 (4) an
original blanket assignment of all unrecorded documents (including a complete chain of intervening assignments, if applicable) in favor of the Issuer; 

(5) a filed copy of the UCC-1 financing statements with evidence of filing thereon, and
UCC-3 assignments showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the Issuer, with evidence of filing thereon;

  
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 (6) originals or copies of all assumption, modification, consolidation or
extension agreements, with evidence of recording thereon, together with any other recorded document relating to such Collateral Interest; 

(7) an original or a copy (which may be in electronic form) of the mortgagee policy of title insurance or a conformed version
of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has
not yet been issued; 
 (8) the original or copy of any security agreement, chattel mortgage or equivalent document, if any;

 (9) the original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash
management agreement and construction contract; 
 (10) the original or copy of any related guarantee; 

(11) the original or copy of any related environmental indemnity agreement; 

(12) copies of any property management agreements; 

(13) a copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon; 

(14) a copy of any power of attorney relating to such Mortgage Loan; 

(15) with respect to any Collateral Interest secured in whole or in part by a ground lease, copies of any ground leases; 

(16) a copy of any related environmental insurance policy and environmental report with respect to the related Mortgaged
Properties; 
 (17) with respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise
agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign the benefits of such comfort letter to
the Issuer, if any, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in each case, as and to the extent required
pursuant to the terms of such comfort letter as determined by the Issuer or Seller); 

  
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 (18) the following additional original documents, (a) allonge, endorsed
in blank; (b) assignment of mortgage, in blank, in form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable for recording; and (d) assignment of
unrecorded documents. 
 (ii) if such Collateral Interest is a Participation: 

(1) (a) with respect to any Collateral Interest related to a Serviced Commercial Real Estate Loan, each of the documents
specified in clause (i) above (other than the documents specified in (i)(18) with respect to such Participated Loan) and (b) with respect to any Collateral Interest related to a Non-Serviced
Commercial Real Estate Loan, unless the Custodian is custodian for the Non-Serviced Commercial Real Estate Loan, a copy of each of the documents specified in clause (i) above; 

(2) in the case of a Participation, an original participation certificate evidencing such Participation in the name of the
Issuer; 
 (3) an original assignment of the participation certificate evidencing such Participation from the Issuer to
blank; 
 (4) a copy of the participation certificate evidencing each related Companion Participation(s); and 

(5) a copy of the related Participation Agreement. 

With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the Issuer (or
the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original recorded documents to the Custodian promptly when received by the Issuer (or the Seller) from the applicable
recording office. 
 (f) The execution and delivery of this Indenture by the Custodian shall constitute certification that, in connection
with each Closing Date Collateral Interest, (i) each original note and participation certificate, if applicable, required to be delivered to the Custodian on behalf of the Trustee by the Issuer (or the Seller) and all allonges thereto, if any,
and a copy of the participation agreement have been received by the Custodian (directly or through a bailee); and (ii) such original note and participation certificate, if applicable, has been reviewed by the Custodian and (A) appears
regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and (C) purports to relate to the related Collateral Interest. The Custodian
agrees to review or cause to be reviewed the Collateral Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer, the Note Administrator, the Servicer, the Special Servicer, the Collateral Manager, the Trustee
and McCoy & Orta a certification in the form of Exhibit K attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report and any subsequent reports thereto shall be delivered to
the other parties hereto, the Servicer in electronic format, including Excel-compatible format), (A) those documents referred to in 

  
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 Section 3.3(e) that have been received, and (B) that such documents have been
executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Collateral Interest. The Custodian shall
have no responsibility for reviewing the Collateral Interest File except as expressly set forth in this Section 3.3(f). None of the Trustee, the Note Administrator, and the Custodian shall be under any duty or obligation to
inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of
any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document has been recorded in accordance with the
requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the title
insurance policies relate to the Mortgaged Property. 
 (g) No later than the one hundred twentieth (120th) day after the Closing Date, and
every quarter thereafter until all exceptions are cleared, the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Collateral Manager, McCoy & Orta, the Servicer and the Special Servicer
an exception report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format) as to any remaining documents that are required to be, but are not in the Collateral Interest File
and (ii) request that the Issuer cause such document deficiency to be cured. 
 (h) Without limiting the generality of the foregoing:

 (i) from time to time upon the request of the Trustee, the Collateral Manager, Servicer or Special Servicer, the Issuer
shall deliver (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals) and as to
which the Trustee, Collateral Manager, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Collateral Interest hereunder or under
the Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture; 
 (ii) in
connection with any delivery of documents to the Custodian pursuant to clause (i) above, the Custodian shall deliver to the Collateral Manager and the Servicer, on behalf of the Issuer, a certification in the form of Exhibit K
acknowledging the receipt of such documents by the Custodian and that it is holding such documents subject to the terms of this Indenture; and 

(iii) from time to time upon request of the Servicer or the Special Servicer, the Custodian shall, upon delivery by the
Collateral Manager, the Servicer or Special Servicer, as applicable, of a request for release in the form of Exhibit L hereto (such request, a “Request for Release”), release to the Servicer or the Special Servicer, as
applicable, such of the Loan Documents then in its custody as the Servicer or Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or 

  
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 the Special Servicer, as applicable, shall be deemed to have represented and warranted that
it has determined in accordance with the Servicing Standard set forth in the Servicing Agreement that the requested release is necessary for the administration of such Collateral Interest hereunder or under the Servicing Agreement or for the
protection of the security interest of the Trustee under this Indenture. The Servicer or the Special Servicer shall return to the Custodian each Loan Document released from custody pursuant to this clause (iii) within twenty
(20) Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this Indenture, of the related Collateral Interest that is
consummated within such twenty (20)-day period). Notwithstanding the foregoing provisions of this clause (iii), any note, participation certificate or other instrument evidencing a Pledged Collateral
Interest shall be released only for the purpose of (1) a sale, exchange or other disposition of such Pledged Collateral Interest that is permitted in accordance with the terms of this Indenture, (2) presentation, collection, renewal or
registration of transfer of such Collateral Interest or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note. The Custodian shall not be responsible for the contents of any Collateral Interest
File while not in the Custodian’s possession pursuant to a Request for Release. In connection with any Request for Release, unless otherwise specified in such request, the participation certificate shall be released along with the Collateral
Interest loan files for the requested Collateral Interest. 
 (i) As of the Closing Date (with respect to the Collateral owned or existing as
of the Closing Date) and each date on which any Collateral is acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer represents and warrants as follows: 

(i) this Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the
Trustee for the benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer; 

(ii) the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of
any Person; 
 (iii) in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith
without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof; 

(iv) other than the security interest granted to the Trustee for the benefit of the Secured Parties pursuant to this Indenture,
the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; 

(v) the Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include
a description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been terminated; the
Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer; 

  
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 (vi) the Issuer has received all consents and approvals required by the
terms of each Collateral and the Transaction Documents to grant to the Trustee its interest and rights in such Collateral hereunder; 

(vii) the Issuer has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Trustee for the benefit of the Secured Parties hereunder; 

(viii) all of the Collateral constitutes one or more of the following categories: an Instrument, a General Intangible, a
Certificated Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been credited to a Securities Account and proceeds of all the foregoing; 

(ix) the Securities Intermediary has agreed to treat all Collateral credited to the Custodial Account as a Financial Asset;

 (x) the Issuer has delivered a fully executed Securities Account Control Agreement pursuant to which the Securities
Intermediary has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of any Person other than the Issuer, the Note
Administrator or the Trustee; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any Security Entitlement credited to any of the Indenture Accounts originated by
any Person other than the Trustee or the Note Administrator on behalf of the Trustee; 
 (xi) (A) all original executed
copies of each promissory note, participation certificate or other writings that constitute or evidence any pledged obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of
the promissory notes, participation certificates or other writings that constitute or evidence such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than
the Trustee; 
 (xii) each of the Indenture Accounts constitutes a Securities Account in respect of which Wells Fargo Bank,
National Association, has agreed to be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture. 

(j) The Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer (upon receipt by
the Note Administrator thereof) to be promptly credited to the applicable Account. 

  
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 ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of
the Note Administrator (in each of its capacities), the Custodian and the Trustee and the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of the Collateral Manager hereunder, under the Collateral
Management Agreement and under the Servicing Agreement, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the Custodian or Securities Intermediary (on behalf of the Trustee) and payable to all or
any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when: 

(a) (i) either: 

(1) all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been mutilated,
defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 7.3) have been delivered to the Note Registrar for cancellation; or 

(2) all Notes not theretofore delivered to the Note Registrar for cancellation (A) have become due and payable, or
(B) shall become due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9 under an arrangement satisfactory to the Note Administrator for the giving of notice of
redemption by the Issuer and the Co-Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Note Administrator, Cash
or non-callable direct obligations of the United States of America; which obligations are entitled to the full faith and credit of the United States of America or are debt obligations which are rated
“Aaa” by Moody’s and the equivalent by KBRA (if then rated by KBRA) in an amount sufficient to pay and discharge the entire indebtedness (including, in the case of a redemption pursuant to Section 9.1, the
Redemption Price) on such Notes not theretofore delivered to the Note Administrator for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable), or to the respective Stated
Maturity Date or the respective Redemption Date, as the case may be or (y) in the event all of the Collateral is liquidated following the satisfaction of the conditions specified in Article 5, the Issuer shall have deposited or caused to
be deposited with the Note Administrator, all proceeds of such liquidation of the Collateral, for payment in accordance with the Priority of Payments; 

  
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 (ii) the Issuer and the Co-Issuer
have paid or caused to be paid all other sums then due and payable hereunder (including any amounts then due and payable pursuant to the Collateral Management Agreement and the Servicing Agreement) by the Issuer and
Co-Issuer and no other amounts are scheduled to be due and payable by the Issuer other than Dissolution Expenses; and 

(iii) the Co-Issuers have delivered to the Trustee and the Note Administrator
Officer’s Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; 

provided, however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an
opinion of Cadwalader, Wickersham & Taft LLP or an opinion of another tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income gain or loss
for U.S. federal income tax purposes as a result of such deposit and satisfaction and discharge of this Indenture; or 
 (b) (i) each of
the Co-Issuers has delivered to the Trustee and Note Administrator a certificate stating that (1) there is no Collateral (other than (x) the Collateral Management Agreement, the Servicing Agreement
and the Servicing Accounts related thereto and the Securities Account Control Agreement and the Indenture Accounts related thereto and (y) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this
Indenture, and (2) all funds on deposit in or to the credit of the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for
such purpose; and 
 (ii) the Co-Issuers have delivered to the Note Administrator and
the Trustee Officer’s Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the
Co-Issuer, the Trustee, the Note Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3
and 14.12 shall survive. 
 Section 4.2 Application of Amounts Held in Trust. 

All amounts deposited with the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it in
accordance with the provisions of the Notes and this Indenture (including, without limitation, the Priority of Payments) to the payment of the principal and interest, either directly or through any Paying Agent, as the Note Administrator may
determine, and such amounts shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

  
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 Section 4.3 Repayment of Amounts Held by Paying Agent. 

In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon
demand of the Issuer and the Co-Issuer, shall be remitted to the Note Administrator to be held and applied pursuant to Section 7.3 and, in the case of amounts payable on the Notes, in
accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with respect to such amounts. 

Section 4.4 Limitation on Obligation to Incur Company Administrative Expenses. 

If at any time after an Event of Default has occurred and the Notes have been declared immediately due and payable, the sum of
(i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current Due Period (as certified by the Collateral Manager in its
reasonable judgment) is less than the sum of Dissolution Expenses and any accrued and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no longer be required to incur Company
Administrative Expenses as otherwise required by this Indenture to any Person, other than with respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with opinions, reports or services to be provided to
or for the benefit of, the Trustee, the Note Administrator, or any of their respective Affiliates. Any failure to pay such amounts or provide or obtain such opinions, reports or services no longer required hereunder shall not constitute a Default
hereunder. 
 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default. 

“Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) a default in the payment of any interest on any of the Class A Notes, the Class A-S Notes
or the Class B Notes (or, if none of the Class A Notes, the Class A-S Notes or the Class B Notes are Outstanding, any Note of the most senior Class Outstanding) when the same becomes
due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer of the Note Administrator has actual knowledge or receives notice from any holder of Notes of such payment default; provided that
in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, Note Administrator, Trustee or any paying agent, such failure continues for five (5) Business Days after a Trust Officer of the
Note Administrator receives written notice or has actual knowledge of such administrative error or omission; or 

  
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 (b) a default in the payment of principal (or the related Redemption Price, if applicable)
of any Class of Notes when the same becomes due and payable, at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the
Collateral Manager, Note Administrator, Trustee or any paying agent, such failure continues for five (5) Business Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error
or omission; 
 (c) the failure on any Payment Date to disburse amounts in excess of $100,000 available in the Payment Account in accordance
with the Priority of Payments set forth under Section 11.1(a) (other than (i) a default in payment described in clause (a) or (b) above and (ii) unless the Holders of the Preferred Shares
object, a failure to disburse any amounts to the Preferred Share Paying Agent for distribution to the Holders of the Preferred Shares), which failure continues for a period of three (3) Business Days or, in the case of a failure to disburse
such amounts due to an administrative error or omission by the Note Administrator, Trustee or Paying Agent, which failure continues for five (5) Business Days; 

(d) any of the Issuer, the Co-Issuer or the pool of Collateral becomes an investment company required
to be registered under the 1940 Act; 
 (e) a default in the performance, or breach, of any other covenant or other agreement of the Issuer
or Co-Issuer (other than the covenant to make the payments described in clauses (a), (b) or (c) above or to satisfy the Note Protection Tests) or any representation or warranty of the
Issuer or Co-Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in connection herewith proves to be incorrect in any material respect when made, and the continuation of such
default or breach for a period of 30 days (or, if such default, breach or failure has an adverse effect on the validity, perfection or priority of the security interest granted hereunder, 15 days) after the Issuer, the
Co-Issuer or the Collateral Manager has actual knowledge thereof or after notice thereof to the Issuer and the Co-Issuer by the Trustee or to the Issuer, the Co-Issuer, the Collateral Manager and the Trustee by Holders of at least 25% of the Aggregate Outstanding Amount of the Controlling Class; 

(f) the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer or the
Co-Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the
Co-Issuer under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands or any other applicable law, or appointing a receiver, liquidator,
assignee, or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; 
 (g) the institution by the Issuer or
the Co-Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands or any other similar applicable law, 

  
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 or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator,
assignee, trustee or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part of its property, respectively, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action; 

(h) one or more final judgments being rendered against the Issuer or the Co-Issuer which exceed, in the
aggregate, $1,000,000 and which remain unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or set aside for the payment thereof, and unless (except as otherwise
specified in writing by the Rating Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; 
 (i) the Issuer loses
its status as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or another REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers an opinion
of tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax
purposes, the Issuer is not, and has not been, an association (or publicly traded partnership) taxable as a corporation, or is not, and has not been, otherwise subject to U.S. federal income tax on a net income basis and the Noteholders are not
otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes or (2) receives an amount from the Preferred Shareholders sufficient to discharge in full the
amounts then due and unpaid on the Notes and amounts and expenses described in clauses (1) through (4) and (20) under Section 11.1(a)(i) in accordance with the Priority of Payments or
(B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such redemption has not been rescinded; or 

(j) if the aggregate principal balance of (1) all Non-Controlled Collateral Interests owned by the
Issuer and (2) all other assets that do not qualify as “qualifying interests” in real estate for purposes of Section 3(c)(5)(C) of the 1940 Act (as described in the related no-action
letters and other guidance provided by the SEC) owned by the Issuer is in excess of 45% of the aggregate principal balance of all Collateral Interests and the other assets then owned by the Issuer. 

Upon becoming aware of the occurrence of an Event of Default, the Issuer, shall promptly notify (or shall procure the prompt notification of)
the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Preferred Share Paying Agent and the Preferred Shareholders in writing. If the Collateral Manager or Note Administrator has actual knowledge of the occurrence of an Event
of Default, the Collateral Manager or Note Administrator shall promptly notify, in writing, the Trustee, the Noteholders and the Rating Agencies of the occurrence of such Event of Default. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall occur and be continuing (other than the Events of Default specified in
Section 5.1(f) or 5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Offered Notes, voting as a separate Class (excluding any Notes owned by the
Seller or any of its Affiliates), or if no Class of Offered Notes is outstanding, a majority, by outstanding principal amount, of the Class F Notes and the Class F-E Notes or, if no
Class of Offered Notes, no Class F Notes or Class F-E Notes are outstanding, a majority by outstanding principal amount, of the Class G Notes and the
Class G-E Notes), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due and payable (and any such acceleration shall automatically terminate the Reinvestment
Period). Upon any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments will become immediately due and payable. If an Event of
Default described in Section 5.1(f) or 5.1(g) above occurs, such an acceleration shall occur automatically and without any further action, and any such acceleration shall automatically terminate the Reinvestment
Period. If the Notes are accelerated, payments shall be made in the order and priority set forth in Section 11.1(a). 

(b) At any time after such a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of
the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of Offered Notes (voting as a separate Class), or if no Class of Offered Notes is outstanding, a majority by
outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an
Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such
declaration and its consequences if: 
 (i) the Issuer or the Co-Issuer has paid or
deposited with the Note Administrator a sum sufficient to pay: 
 (A) all unpaid installments of interest on and principal on
the Notes that would be due and payable hereunder if the Event of Default giving rise to such acceleration had not occurred; 

(B) all unpaid taxes of the Issuer and the Co-Issuer, Company Administrative Expenses
and other sums paid or advanced by or otherwise due and payable to the Note Administrator or to the Trustee hereunder; 
 (C)
with respect to the Advancing Agent and the Backup Advancing Agent, any amount due and payable for unreimbursed Interest Advances and Reimbursement Interest; and 

(D) with respect to the Collateral Management Agreement, any Collateral Manager Fee then due and any Company Administrative
Expense due and payable to the Collateral Manager thereunder; and 
 (ii) the Trustee has received notice that all Events of
Default, other than the non-payment of the interest and principal on the Notes that have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written notice to
the Trustee, has agreed with such notice (which agreement shall not be unreasonably withheld or delayed) or waived as provided in Section 5.14. 

  
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 At any such time that the Trustee, subject to Section 5.2(b),
shall rescind and annul such declaration and its consequences as permitted hereinabove, the Collateral shall be preserved in accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise
to such declaration; provided, however, that if such preservation of the Collateral is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first paragraph of this
Section 5.2, notwithstanding any previous rescission and annulment of a declaration of acceleration pursuant to this paragraph. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

(c) Subject to Sections 5.4 and 5.5, a Majority of the Controlling Class shall have the right to direct the Trustee in the
conduct of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such direction will not conflict with any rule of law or this Indenture; (ii) the Trustee may take
any other action not inconsistent with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to undertake a sale of the Collateral may be made only as described in
Section 5.17. The Trustee shall be entitled to refuse to take any action absent such direction. 
 (d) As security
for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums the Trustee or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee
a lien on the Collateral, which lien is senior to the lien of the Noteholders. The Trustee’s lien shall be subject to the Priority of Payments and exercisable by the Trustee only if the Notes have been declared due and payable following an
Event of Default and such acceleration has not been rescinded or annulled. 
 (e) A Majority of the Aggregate Outstanding Amount of each
Class of Notes may, prior to the time a judgment or decree for the payment of amounts due has been obtained by the Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with
Section 5.14. 
 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that if a Default shall occur in respect of the payment of any interest on any Class A Note, the payment of
principal on any Class A Note (but only after interest with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
interest on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and interest with respect to the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class B Note (but only after
interest with respect to the Class A Notes and the Class A-S Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the
payment of principal on any Class B Note (but only after interest and principal with respect to the Class A Notes and the Class A-S Notes and interest with respect to the Class B Notes 

  
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 and any amounts payable pursuant to Section 11.1(a) having a higher priority have
been paid in full), the payment of interest on any Class C Note (but only after interest with respect to the Class A Notes, the Class A-S Notes and Class B Notes and any amounts payable
pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class C Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes and the Class B Notes and interest with respect to the Class C Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been
paid in full), the payment of interest on any Class D Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and
any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class D Note (but only after interest and principal with respect to the Class A
Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and interest with respect to the Class D Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class E Note (but only after interest with respect to the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been
paid in full), the payment of principal on any Class E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes and the Class D Notes and interest with respect to the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest
on any Class F Note, the Class F-E Note and the Class F-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class F Note or the Class F-E Note (but only after interests and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and interest with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in
full), the payment of interest on any Class G Note, the Class G-E Note and the Class G-X Note (but only after interest with respect to the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in
full), the payment of principal on any Class G Note or the Class G-E Note (but only after interests and principal with respect to the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes and interest with respect to the Class G Notes, the Class G-E Notes and the Class G-X
Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer and Co-Issuer, with respect to the Offered Notes, or the Issuer,
with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes and the Class G-X Notes, shall, upon demand of the Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee,
for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest or other payment with interest on the overdue principal and, to the extent that payments of such interest shall be
legally enforceable, upon overdue installments of interest, at the applicable interest rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Note Administrator, the Trustee and such Noteholder and their respective agents and counsel. 

  
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 If the Issuer or the Co-Issuer fails to pay such
amounts forthwith upon such demand, the Trustee, as Trustee of an express trust, and at the expense of the Issuer, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, or any other obligor upon the Notes and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral. 

If an Event of Default occurs and is continuing, the Trustee shall proceed to protect and enforce its rights and the rights of the Noteholders
by such Proceedings (x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of the Controlling Class, as determined by the Trustee acting in good faith; provided that
(a) such direction must not conflict with any rule of law or with any express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction, (c) the
Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in accordance with the preceding paragraph, in
connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable provisions of this Indenture. Such Proceedings shall be used for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. Any direction to the Trustee to undertake a sale
of Collateral shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the Servicing Agreement. 

In the case where (x) there shall be pending Proceedings relative to the Issuer or the Co-Issuer
under the Bankruptcy Code, any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands, or any other applicable bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or the Co-Issuer, or their respective property, or (z) there
shall be any other comparable Proceedings relative to the Issuer or the Co-Issuer, or the creditors or property of the Issuer or the Co-Issuer, regardless of whether the
principal of any Notes shall then be due and payable as therein expressed or by declaration, or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, the
Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim
or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in any Proceedings relative to the Issuer, the Co-Issuer or other obligor upon the Notes or to the creditors or property
of the Issuer, the Co-Issuer or such other obligor; 

  
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 (ii) unless prohibited by applicable law and regulations, to vote on behalf
of the Noteholders in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and 

(iii) to collect and receive (or cause the Note Administrator to collect and receive) any amounts or other property payable to
or deliverable on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; the Secured Parties, and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf), and, in the event that the Trustee shall consent to the making of
payments directly to the Noteholders, to pay to the Trustee and the Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each predecessor trustee and note administrator,
and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on behalf of any
Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral
or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral contemplated to be conducted by the
Trustee under this Indenture shall be effected by the Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale. 

Section 5.4 Remedies. 

(a) If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Issuer and the Co-Issuer agree that the Trustee, or, with respect to any sale of any Collateral Interests, the Special Servicer, may, after notice to the
Note Administrator and the Noteholders, and shall, upon direction by a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

  
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 (i) institute Proceedings for the collection of all amounts then payable on
the Notes or otherwise payable under this Indenture (whether by declaration or otherwise), enforce any judgment obtained and collect from the Collateral any amounts adjudged due; 

(ii) sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and
conducted in any manner permitted by law and in accordance with Section 5.17 (provided that any such sale shall be conducted by the Special Servicer pursuant to the Servicing Agreement); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (iv) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect
and enforce the rights and remedies of the Secured Parties hereunder; and 
 (v) exercise any other rights and remedies that
may be available at law or in equity; 
 provided, however, that no sale or liquidation of the Collateral or institution of Proceedings in
furtherance thereof pursuant to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met. 

The Issuer shall, at the Issuer’s expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an
Independent investment banking firm as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts expected to be received with
respect to the Collateral to make the required payments of principal of and interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency. 

(b) If an Event of Default as described in Section 5.1(e) shall have occurred and be continuing, the Trustee may, and
at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or warranty,
the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 

(c) Upon any Sale in connection with an Event of Default, whether made under the power of sale hereby given or by virtue of judicial
proceedings, any Noteholder, Preferred Shareholder, the Collateral Manager, the Servicer or the Special Servicer or any of their respective Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms of
Sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser at any such Sale may, in paying the purchase money, turn in any of the Notes in lieu of Cash equal to the amount
which shall, upon distribution 

  
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 of the net proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account
the Class of such Notes). Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall either be returned to the Holders thereof after proper notation has been made thereon to show partial payment or a new
note shall be delivered to the Holders reflecting the reduced interest thereon. 
 Upon any Sale, whether made under the power of sale
hereby given or by virtue of judicial proceedings, the receipt of the Note Administrator or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase
money and such purchaser or purchasers shall not be obliged to see to the application thereof. 
 Any such Sale, whether under any power of
sale hereby given or by virtue of judicial proceedings, shall (x) bind the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Noteholders and the Preferred Shareholders, shall operate to
divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against
any and all Persons claiming through or under them. 
 (d) Notwithstanding any other provision of this Indenture or any other Transaction
Document, none of the Advancing Agent, the Trustee, the Note Administrator or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the Issuer and the Co-Issuer or third party beneficiary of this Indenture may, prior to the date which is one year and one day, or, if longer, the applicable preference period then in effect (including any period established pursuant
to the laws of the Cayman Islands) after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary, any
petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.4 shall preclude,
or be deemed to stop, the Advancing Agent, the Trustee, the Note Administrator, or any other Secured Party or any other party to any Transaction Document (i) from taking any action prior to the expiration of the aforementioned one year and one
day period, or, if longer, the applicable preference period then in effect (including any period established pursuant to the laws of the Cayman Islands) period in (A) any case or proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Trustee, the Note Administrator or any other Secured Party or any other party to any Transaction Document, or
(ii) from commencing against the Issuer or the Co-Issuer or any of their respective properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or
liquidation proceeding. 
 Section 5.5 Preservation of Collateral. 

(a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing when any of the Notes are
Outstanding, the Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Notes, collect and cause the collection of the proceeds thereof
and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10, 12 and 13 and shall not sell
or liquidate the Collateral, unless either: 

  
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 (i) the Note Administrator, pursuant to
Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts
then due and unpaid on the Notes, Company Administrative Expenses due and payable pursuant to the Priority of Payments, the Collateral Manager Fees due and payable pursuant to the Priority of Payments and amounts due and payable to the Advancing
Agent and the Backup Advancing Agent, in respect of unreimbursed Interest Advances and Reimbursement Interest, for principal and interest, and, upon receipt of information from Persons to whom fees and expenses are payable, all other amounts payable
prior to payment of principal on the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a Majority of the Controlling Class agrees with such determination; or 

(ii) a Supermajority of each Class of Notes (each voting as a separate Class and excluding any Notes held by the
Seller or any of its affiliates) directs the sale and liquidation of all or a portion of the Collateral; or 
 (iii) an Event
of Default as described in Section 5.1(i) occurs and is continuing, in which case the Collateral Manager shall promptly proceed to liquidate the Collateral (or such portion of the Collateral as is necessary to cure such
Event of Default). 
 In the event of a sale of all or a portion of the Collateral pursuant to clause (ii) above, the Special Servicer on behalf
of the Trustee shall be required to sell that portion of the Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution in the order set forth in
Section 11.1(a). The Note Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the Co-Issuer, the Collateral Manager, the
Trustee, the Servicer, the Special Servicer and the Rating Agencies. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions
specified in clause (i) or (ii) above exist. 
 (b) Nothing contained in Section 5.5(a) shall be
construed to require a sale of the Collateral securing the Notes if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require
the Trustee to preserve the Collateral securing the Notes if prohibited by applicable law. 
 (c) In determining whether the condition
specified in Section 5.5(a)(i) exists, the Collateral Manager shall obtain bid prices with respect to each Collateral Interest from two dealers (Independent of the Collateral Manager and any of its Affiliates) at the time
making a market in such Collateral Interests that, at that time, engage in the trading, origination or securitization of whole loans or participations similar to the Collateral Interests (or, if only one such dealer can be engaged, then the
Collateral Manager shall obtain a bid price from such dealer or, if no such dealer can be engaged, from a pricing service). The Collateral Manager shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid
prices for each such Collateral Interest and provide the Trustee and the Note Administrator with the 

  
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 results thereof. For the purposes of determining issues relating to the market value of any Collateral
Interest and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not, retain at the expense of the Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other
appropriate advisors (the cost of which shall be payable as a Company Administrative Expense) in connection with a determination as to whether the condition specified in Section 5.5(a)(i) exists. 

The Note Administrator shall promptly deliver to the Noteholders and the Servicer, and the Note Administrator shall post to the Note
Administrator’s Website, a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i) based solely on the Collateral Manager’s determination made pursuant to this
Section 5.5(c). 
 Section 5.6 Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust. Any recovery of
judgment in respect of the Notes shall be applied as set forth in Section 5.7. 
 In any Proceedings brought by
the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) in respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes. 

Section 5.7 Application of Amounts Collected. 

Any amounts collected by the Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts that may then be
held or thereafter received by the Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 and in accordance with the Priority of Payments set forth in
Section 11.1(a)(iii), at the date or dates fixed by the Note Administrator. 
 Section 5.8 Limitation on
Suits. 
 No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any proceeding
with respect to this Indenture or the Notes is subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given to the Trustee
written notice of an Event of Default; 
 (b) except as otherwise provided in Section 5.9, the Holders of at least
25% of the then Aggregate Outstanding Amount of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holders have offered
to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

  
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 (c) the Trustee for 30 days after its receipt of such notice, request and offer of indemnity
has failed to institute any such Proceeding; and 
 (d) no direction inconsistent with such written request has been given to the Trustee
during such 30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by
availing of, any provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of
the same Class or to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with
Section 13.1 and the Priority of Payments. 
 In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction of a
Majority of the Controlling Class. 
 Section 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture (except for Section 2.7(e) and 2.7(n)), the Holder of
any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts become due and payable in accordance with the Priority of Payments and
Section 13.1, and, subject to the provisions of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder;
provided, however, that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25% threshold requirement set forth in Section 5.8(b). 

Section 5.10 Restoration of Rights and Remedies. 

If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Co-Issuer, the Trustee, and the Noteholder shall,
subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted. 
 Section 5.11 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 Section 5.12 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or a waiver of a subsequent Event of Default. Every right and remedy given by this Article 5 or by law to the Trustee, or to the Noteholders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, or by the Noteholders, as the case may be. 

Section 5.13 Control by the Controlling Class. 

Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have
occurred and be continuing when any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available
to the Trustee and for exercising any trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that: 

(a) such direction shall not conflict with any rule of law or with this Indenture; 

(b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided,
however, that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received indemnity satisfactory to it against such liability as set
forth below); 
 (c) the Trustee shall have been provided with indemnity satisfactory to it; and 

(d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral shall be performed by the Special
Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5. 
 Section 5.14
Waiver of Past Defaults. 
 Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee, as
provided in this Article 5, a Majority of each and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its consequences, except a Default:

 (a) in the payment of principal of any Note; 

(b) in the payment of interest in respect of the Controlling Class; 

(c) in respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended without the
waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or 

  
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 (d) in respect of any right, covenant or provision hereof for the individual protection or
benefit of the Trustee or the Note Administrator, without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable. 

In the case of any such waiver, the Issuer, the Co-Issuer, the Trustee, and the Holders of the Notes
shall be restored to their respective former positions and rights hereunder, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator of a written
waiver by such Majority of each Class of Notes. 
 Section 5.15 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the
aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount payable hereunder on or after the
Stated Maturity Date (or, in the case of redemption, on or after the applicable Redemption Date). 
 Section 5.16 Waiver of Stay or
Extension Laws. 
 Each of the Issuer and the Co-Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but not limited to
filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and each of the Issuer and the Co-Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 Section 5.17 Sale of Collateral. 

(a) The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4 and 5.5
shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until all amounts secured by the Collateral shall have been paid or if there are insufficient proceeds to pay such
amount until the entire Collateral shall have been sold. The Special Servicer may, upon notice to the Securityholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement made
at the time and place of such Sale; provided, however, that if the Sale is rescheduled for a date more than three (3) Business Days after the date of the determination by the Special Servicer pursuant to
Section 5.5(a)(i), such Sale shall not occur unless and until the Special Servicer has again made the determination required by Section 5.5(a)(i). The Trustee hereby expressly waives its rights to
any amount fixed by law as compensation for any Sale; provided that the Special Servicer shall be authorized to deduct the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection with
such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7. 
 (b) The Notes need not be
produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Notes. 

(c) The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral in
connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments by the Special Servicer. In addition, the Special Servicer, with respect to Collateral Interests, and the
Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection with a Sale thereof, and to take all
action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s authority, to inquire into the satisfaction of any conditions precedent or to see to the
application of any amounts. 
 (d) In the event of any Sale of the Collateral pursuant to Section 5.4 or
5.5, payments shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been accelerated. 

(e) Notwithstanding anything herein to the contrary, any sale by the Trustee of any portion of the Collateral shall be executed by the Special
Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor. 
 Section 5.18 Action on the
Notes. 
 The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the
application for or obtaining of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the
Trustee against the Issuer or the Co-Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer or the Co-Issuer. 

  
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 ARTICLE 6 

THE TRUSTEE AND NOTE ADMINISTRATOR 

Section 6.1 Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default: 

(i) each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein shall not be construed as a
duty; and 
 (ii) in the absence of manifest error, or bad faith on its part, each of the Note Administrator and the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be, and conforming to the requirements
of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Note Administrator, the Trustee and the Note
Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if such certificate or opinion does not
conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note Administrator, the Trustee or the Note Administrator, as applicable, shall notify the
party providing such instrument and requesting the correction thereof. 
 (b) In case an Event of Default actually known to a Trust Officer
of the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in Article 5 hereof), exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c) If, in performing its duties under this Indenture, the Trustee or the Note Administrator is required to decide between alternative courses
of action, the Trustee and the Note Administrator may request written instructions from the Collateral Manager as to courses of action desired by it. If the Trustee and the Note Administrator does not receive such instructions within three
(3) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee and the Note Administrator shall act in accordance with instructions received after such three
(3) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Trustee and the Note Administrator shall be entitled to request and rely on the advice of legal
counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in accordance with such advice. 

  
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 (d) No provision of this Indenture shall be construed to relieve the Trustee or the Note
Administrator from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable: 

(i) for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was negligent in
ascertaining the pertinent facts; or 
 (ii) with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Issuer, the Collateral Manager, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee or the Note
Administrator in respect of any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture. 

(e) No provision of this Indenture shall require the Trustee or the Note Administrator to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it unless such risk or liability relates to its ordinary services under this Indenture, except where this Indenture provides otherwise. 

(f) Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at the direction of
the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the
Trustee) and/or a Noteholder under circumstances in which such direction is required or permitted by the terms of this Indenture. 
 (g)
Neither the Trustee nor the Note Administrator shall have any obligations to confirm the compliance by the Issuer, Sub-REIT or the Retention Holder with the Credit Risk Retention Rules or the EU/UK Risk
Retention Letter. 
 (h) Neither the Trustee nor the Note Administrator shall have any liability or responsibility for the determination or
selection of an alternative or successor base rate to the Benchmark (including, without limitation, whether the conditions for the designation of such rate have been satisfied). 

(i) For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or knowledge of any
Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is received by the
Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining the Trustee’s 

  
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 and Note Administrator’s responsibility and liability hereunder, whenever reference is made in this
Indenture to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee or Note Administrator, as applicable, is deemed to have notice as described in this
Section 6.1. 
 (j) The Trustee and the Note Administrator shall, upon reasonable prior written notice, permit the
Issuer, the Collateral Manager and their designees, during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to the Notes and to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee or the Note Administrator, as applicable, by such Person). 

(k) The Note Administrator and the Trustee shall be entitled to rely upon the notices provided by the Collateral Manager facilitating or
specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark Replacement Conforming Changes and such other administrative procedures with respect to the calculation of any Benchmark Replacement. Further, to the extent the Note
Administrator in its capacity as Calculation Agent is unable to calculate the Benchmark Replacement based on the methodology chosen by the Collateral Manager, then the Collateral Manger shall provide to the Calculation Agent, on a monthly basis, the
rate calculated using the Benchmark Replacement. 
 (l) Upon written request, the Trustee and the Note Administrator shall provide to the
Issuer, the Placement Agents or any agent thereof any information specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or the Note Administrator, as the case may be, and
may be necessary for compliance with FATCA, subject in all cases to confidentiality provisions. 
 (m) For the avoidance of doubt, the Note
Administrator will have no responsibility for the preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes. 

Section 6.2 Notice of Default. 

Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of the
Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g-5 Information
Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note Administrator shall deliver to the Collateral Manager, all Holders of Notes as their names and addresses appear on the Notes
Register, and to Preferred Share Paying Agent, notice of such Default, unless such Default shall have been cured or waived. 

Section 6.3 Certain Rights of Trustee and Note Administrator. 

Except as otherwise provided in Section 6.1: 

(a) the Trustee and the Note Administrator may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

  
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 (b) any request or direction of the Issuer or the
Co-Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case may be; 

(c) whenever in the administration of this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate; 
 (d) as a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note Administrator may
consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note Administrator of a supplemental indenture
pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

(e) neither the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs, expenses and liabilities which might reasonably
be incurred by it in compliance with such request or direction; 
 (f) neither the Trustee nor the Note Administrator shall be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be entitled to rely conclusively thereon;

 (g) each of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note Administrator, as
applicable; 
 (h) neither the Trustee nor the Note Administrator shall be liable for any action it takes or omits to take in good faith that
it reasonably and prudently believes to be authorized or within its rights or powers hereunder; 
 (i) neither the Trustee nor the Note
Administrator shall be responsible for the accuracy of the books or records of, or for any acts or omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity), Clearstream, Luxembourg,
Euroclear, any Calculation Agent (other than the Note Administrator itself acting in that capacity) or any Paying Agent (other than the Note Administrator itself acting in that capacity); 

  
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 (j) neither the Trustee nor the Note Administrator shall be liable for the actions or
omissions of the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Trustee (in the case of the Note Administrator) or the Note Administrator (in the case of the Trustee);
and without limiting the foregoing, neither the Trustee nor the Note Administrator shall be under any obligation to verify compliance by any party hereto with the terms of this Indenture (other than itself) to verify or independently determine the
content, completeness or accuracy of information received by it from the Servicer or Special Servicer (or from any selling institution, agent bank, trustee or similar source) with respect to the Collateral Interest; 

(k) to the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator
hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive
(and rely upon) instruction from the Issuer or accountants appointed by the Issuer as to the application of GAAP in such connection, in any instance; 

(l) neither the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the Secured Parties hereunder to make any
inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the Collateral Manager on its behalf); provided, however, that the Trustee and Note
Administrator shall be authorized, upon receipt of an Issuer Order directing the same, to execute any acknowledgement or other agreement with the Independent accountants required for the Trustee and Note Administrator to receive any of the reports
or instructions provided for herein, which acknowledgement or agreement may include, among other things, (i) acknowledgement that the Issuer has agreed that the “agreed upon procedures” between the Issuer and the Independent
accountants are sufficient for its purposes, (ii) releases by each of the Trustee and Note Administrator (on behalf of itself and the Holders) of claims and acknowledgement of other limitation of liability in favor of the Independent
accountants, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee or
Note Administrator be required to execute any agreement in respect of the Independent accountants that the Trustee or Note Administrator determines adversely affects it in its individual capacity; 

(m) the Trustee and the Note Administrator shall be entitled to all of the same rights, protections, immunities and indemnities afforded to it
as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Future Funding Reserve Account Control Agreement, the Servicing Agreement and the Securities Account
Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar); 

(n) in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the Note Administrator shall be
entitled to request and conclusively rely on a certification provided by a Noteholder; 

  
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 (o) in no event shall the Trustee or Note Administrator be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action;

 (p) neither the Trustee nor the Note Administrator shall be required to give any bond or surety in respect of the execution of the trusts
created hereby or the powers granted hereunder; 
 (q) in no event shall the Trustee or the Note Administrator be liable for any failure or
delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, strikes or work stoppages for any
reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain material, equipment, or communications or
computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond the Trustee’s or the Note Administrator’s control, as applicable, whether or not of the same class or kind
as specifically named above; 
 (r) except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association, acting
in any particular capacity hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated to the transactions contemplated by this Agreement, or (b) Wells
Fargo Bank, National Association, acting in any other capacity hereunder or under the Servicing Agreement, except, in the case of either clause (a) or (b), where some or all of the obligations performed in such capacities are
performed by one or more employees within the same group or division of Wells Fargo Bank, National Association, or the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible
Officers; provided, however, the knowledge of employees performing special servicing functions shall not be imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing
functions shall not be imputed to employees performing special servicing functions; 
 (s) neither the Trustee nor the Note Administrator
shall be under any obligation to take any action in the performance of its respective duties hereunder that would be in violation of applicable law; 

(t) the Trustee and the Note Administrator may request, and are entitled to rely on, the written direction of the Collateral Manager with
respect to the matters described in Section 2.17 of this Indenture. 
 (u) Each of the Note Administrator and the
Trustee shall be entitled to disclose and furnish any information, reports or findings in its possession only as may be required pursuant to applicable law, subpoena or court order. 

  
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 Section 6.4 Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the
Issuer and the Co-Issuer, and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness. Neither the Trustee nor the Note Administrator makes any representation as to the
validity or sufficiency of this Indenture, the Collateral or the Notes. Neither the Trustee nor the Note Administrator shall be accountable for the use or application by the Issuer or the Co-Issuer of the
Notes or the proceeds thereof or any amounts paid to the Issuer or the Co-Issuer pursuant to the provisions hereof. 

Section 6.5 May Hold Notes. 

The Trustee, the Note Administrator, the Paying Agent, the Notes Registrar or any other agent of the Issuer or the Co-Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer and the Co-Issuer with the same rights it
would have if it were not Trustee, Note Administrator, Paying Agent, Notes Registrar or such other agent. 
 Section 6.6 Amounts
Held in Trust. 
 Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note
Administrator shall be under no liability for interest on any amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments. 

Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee and Note Administrator on each Payment Date in accordance with the Priority of Payments the Trustee and
Note Administrator Fee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee or note administrator of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee, Custodian and Note Administrator in a timely
manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee, Custodian or Note Administrator in connection with its performance of its obligations under, or otherwise in accordance with any
provision of this Indenture, the Servicing Agreement, the Future Funding Agreement, the Future Funding Reserve Account Control Agreement and the Securities Account Control Agreement; 

(iii) to indemnify the Trustee, Custodian or Note Administrator and their respective Officers, directors, employees and agents
for, and to hold them harmless against, any loss, liability, cost or expense (including reasonable attorneys’ fees), including in connection with its enforcement of the indemnity in this Section 6.7(a)(iii), incurred
without negligence, willful misconduct or bad faith on their respective parts, arising out of 

  
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 or in connection with the acceptance or administration of this trust, including the costs
and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under the Future Funding Agreement, the Future Funding Reserve Account Control
Agreement and the Securities Account Control Agreement, including any costs and expenses (including reasonable attorneys’ fees) incurred in connection with the enforcement of any indemnity afforded to them hereunder; and 

(iv) to pay the Trustee and Note Administrator reasonable additional compensation together with its expenses (including
reasonable counsel fees) for any collection action taken pursuant to Section 6.13. 
 (b) The Issuer may remit
payment for such fees and expenses to the Trustee and Note Administrator or, in the absence thereof, the Note Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the
Payment Account in accordance with the Priority of Payments. 
 (c) The Note Administrator, in its capacity as Note Administrator, Paying
Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to institute against, or join any other Person in institution against, the Issuer, the Co-Issuer or any Permitted Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any
jurisdiction until at least one year (or, if longer, the applicable preference period then in effect) and one day after the payment in full of all Notes issued under this Indenture. This Section 6.7(c) shall survive
termination of this Indenture and resignation or removal of the Trustee or the Note Administrator. 
 (d) The Trustee and Note Administrator
agree that the payment of all amounts to which it is entitled pursuant to Sections 6.7(a)(i), (a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the extent funds are
available in accordance with such Priority of Payments, shall be payable solely from the Collateral and following realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the
Issuer, shall be extinguished. The Trustee will have a lien upon the Collateral to secure the payment of such payments to it in accordance with the Priority of Payments; provided that the Trustee shall not institute any proceeding for
enforcement of such lien except in connection with an action taken pursuant to Section 5.3 for enforcement of the lien of this Indenture for the benefit of the Noteholders. 

The Trustee and Note Administrator shall receive amounts pursuant to this Section 6.7 and
Section 11.1(a) only to the extent that such payment is made in accordance with the Priority of Payments and the failure to pay such amounts to the Trustee and Note Administrator will not, by itself, constitute an Event of
Default. Subject to Section 6.9, the Trustee and Note Administrator shall continue to serve under this Indenture notwithstanding the fact that the Trustee and Note Administrator shall not have received amounts due to it
hereunder; provided that the Trustee and Note Administrator shall not be required to expend any funds or incur any expenses unless reimbursement therefor is reasonably assured to it. No direction by a Majority of the Controlling
Class shall affect the right of the Trustee and Note Administrator to collect amounts owed to it under this Indenture. 

  
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 If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to
this Indenture is not paid because there are insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor
in accordance with the Priority of Payments. 
 Section 6.8 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee and a Note Administrator hereunder which shall be a corporation, national bank, national banking
association or trust company, organized and doing business under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$200,000,000 and subject to supervision or examination by federal or State authority, having a long-term unsecured debt rating of at least “A2” by Moody’s (or which has a long-term counterparty risk assessment of at least
“A2(cr)” by Moody’s) and “A” by KBRA (or, if not rated by KBRA, an equivalent rating by any two other NRSROs (which may include Moody’s)); provided that, with respect to the Trustee, it may maintain a long-term
unsecured debt rating of at least “Baa1” by Moody’s and “A(low)” by KBRA and a short-term unsecured debt rating of at least “P-2” by Moody’s, and having an office within
the United States; provided, further, that, with respect to each of the Trustee and the Note Administrator, it may have lower ratings than specified above if a No Downgrade Confirmation is provided by each Rating Agency with respect to
such party serving in the applicable role despite such lower ratings. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 6.8, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee or the Note Administrator shall cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee or the Note Administrator, as applicable, shall resign immediately in the manner and with the effect
hereinafter specified in this Article 6. 
 Section 6.9 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee, as
applicable, pursuant to this Article 6 shall become effective until the acceptance of appointment by such successor Note Administrator or Trustee under Section 6.10. 

(b) Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating
Agencies. Upon receiving such notice of resignation, the Issuer and the Co-Issuer shall promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written
instrument, in duplicate, executed by an Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of 

  
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 which shall be delivered to the Note Administrator or the Trustee so resigning and one copy to the successor
Note Administrator, the Collateral Manager, Trustee or Trustees, together with a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies; provided that such successor Note Administrator and Trustee shall be appointed
only upon the written consent of a Majority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note
Administrator and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance
by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case may be, the
Controlling Class of Notes or any Holder of a Note, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee or a successor Note Administrator, as the
case may be and in the case of such a petition by the Trustee or the Note Administrator, at the expense of the Issuer. No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee
will become effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable. To the extent the Trustee or Note Administrator is removed without cause, the expenses incurred in connection with transferring
such party’s responsibilities hereunder shall be reimbursed by the Issuer. 
 (c) The Note Administrator and Trustee may be removed at
any time by Act of a Supermajority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or when a successor Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of
the Controlling Class, in each case, upon at least thirty (30) days’ prior written notice delivered to the parties hereto. If no successor Note Administrator and Trustee shall have been appointed and an instrument of acceptance by a
successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of removal, the removed Trustee or Note Administrator, as the case may be, may, at the
expense of the Issuer, petition a court of competent jurisdiction for the appointment of a successor. 
 (d) If at any time: 

(i) the Trustee or the Note Administrator shall cease to be eligible under Section 6.8 and shall fail
to resign after written request therefor by the Issuer, the Co-Issuer, or by any Holder; or 

(ii) the Trustee or the Note Administrator shall become incapable of acting or there shall be instituted any proceeding
pursuant to which it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective property shall be appointed or any public officer shall take charge or control of the Trustee
or the Note Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation; 

  
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 then, in any such case (subject to Section 6.9(a)), (a) the Issuer or the Co-Issuer, by Issuer Order, may remove the Trustee or the Note Administrator, as applicable, or (b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and the appointment of a successor thereto. 

(e) If the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Trustee or the Note Administrator for any reason, the Issuer and the Co-Issuer, by Issuer Order, subject to the written consent of the Collateral Manager, shall promptly appoint a successor Trustee or
Note Administrator, as applicable, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the
Issuer and the Co-Issuer shall fail to appoint a successor Trustee or Note Administrator within 30 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee or
Note Administrator may be appointed by Act of a Majority of the Controlling Class delivered to the Collateral Manager and the parties hereto, including the retiring Trustee or the retiring Note Administrator, as the case may be, and the
successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed by
the Issuer and the Co-Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer and the Co-Issuer or a Majority of the Controlling
Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Controlling Class or any Holder may, on behalf of itself or himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator. 
 (f) The Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Trustee or Note Administrator and each appointment of a successor Trustee or Note Administrator by mailing written notice of such event
by first class mail, postage prepaid, to the Rating Agencies, the Preferred Share Paying Agent, the Collateral Manager, the Servicer, the parties hereto, and to the Holders of the Notes as their names and addresses appear in the Notes Register. Each
notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and the address of its respective Corporate Trust Office. If the Issuer or the Co-Issuer fail to mail such
notice within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note Administrator shall cause such notice to be given at the expense of the Issuer or the
Co-Issuer, as the case may be. 
 (g) The resignation or removal of the Note Administrator in any
capacity in which it is serving hereunder, including Note Administrator, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a
resignation or removal, as applicable, in each of the other capacities in which it serves. 
 Section 6.10 Acceptance of Appointment
by Successor. 
 Every successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the
Collateral Manager, the Servicer, and the parties hereto including the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or
removal of the 

  
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 retiring Trustee or the retiring Note Administrator shall become effective and such successor Trustee or
Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee or Note Administrator, as the case may be; but, on request of the Issuer and the
Co-Issuer or a Majority of the Controlling Class, the Collateral Manager or the successor Trustee or Note Administrator, such retiring Trustee or Note Administrator shall, upon payment of its fees, indemnities
and other amounts then unpaid, execute and deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee or Note Administrator, as the case may be, and shall duly assign,
transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to its lien, if any, provided for in
Section 6.7(d). Upon request of any such successor Trustee or Note Administrator, the Issuer and the Co-Issuer shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee or Note Administrator all such rights, powers and trusts. 
 No successor Trustee or
successor Note Administrator shall accept its appointment unless (a) at the time of such acceptance such successor shall be qualified and eligible under this Article 6, (b) such successor shall have a long-term unsecured debt rating
satisfying the requirements set forth in Section 6.8, and (c) the Rating Agency Condition is satisfied. If the outgoing Trustee or outgoing Note Administrator, as applicable, is terminated for cause, the same shall be
responsible (i) for any reasonable out-of-pocket expenses (excluding successor Trustee fees or Note Administrator fees) incurred by the Issuer and such successor
(including the reasonable expenses of counsel of such Person) in connection with the appointment of a successor Trustee or successor Note Administrator, as applicable, and (ii) for the reasonable out-of-pocket expenses to assign the Collateral Interests to such successor (as agreed to in advance by the outgoing Trustee). 

Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator. 

Any entity into which the Trustee or the Note Administrator may be merged or converted or with which it may be consolidated, or any entity
resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee or the Note Administrator,
shall be the successor of the Trustee or the Note Administrator, as applicable, hereunder; provided that with respect to the Trustee, such entity shall be otherwise qualified and eligible under this Article 6, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes have been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger, conversion or consolidation to
such authenticating Note Administrator may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Note Administrator had itself authenticated such Notes. 

  
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 Section 6.12 Co-Trustees and Separate
Trustee. 
 At any time or times, including for the purpose of meeting the legal requirements of any jurisdiction in which any part of
the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Issuer, the Co-Issuer and the Trustee shall have power to appoint, one or more Persons to act as co-trustee jointly with the Trustee or as a separate trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to
Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to the other provisions of this
Section 6.12. 
 Each of the Issuer and the Co-Issuer shall join with the
Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer and the Co-Issuer do not
both join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall have power to make such appointment on its own. 

Should any written instrument from the Issuer or the Co-Issuer be required by any co-trustee, so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer or the Co-Issuer, as the case may be. The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds are available therefor under the
Priority of Payments, for any reasonable fees and expenses in connection with such appointment. 
 Every
co-trustee, shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms: 

(a) all rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other personal property held by, or
required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 
 (b) the rights, powers, duties
and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee
or by the Trustee and such co-trustee jointly in the case of the appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such
rights, powers, duties and obligations shall be exercised and performed by a co-trustee; 
 (c) the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer and the Co-Issuer evidenced by an Issuer Order, may accept the resignation of, or remove, any co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any
such co-trustee without the concurrence of the Issuer or the Co-Issuer. A successor to any co-trustee so resigned or removed may
be appointed in the manner provided in this Section 6.12; 
 (d) no
co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder, and any co-trustee hereunder shall be entitled to all the
privileges, rights and immunities under Article 6 hereof, as if it were named the Trustee hereunder; and 

  
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 (e) any Act of Securityholders delivered to the Trustee shall be deemed to have been
delivered to each co-trustee. 
 Section 6.13 Direction to Enter into the Servicing
Agreement. 
 The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing Agreement. Each of the Trustee
and the Note Administrator shall be entitled to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement. 

Section 6.14 Representations and Warranties of the Trustee. 

The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

 (a) the Trustee is a national banking association with trust powers, duly and validly existing under the laws of the United States of
America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under this Indenture and the Servicing Agreement; 

(b) this Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Trustee and each constitutes the
valid and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium
or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 

(c) neither the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the consummation of the transactions
contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ,
injunction or decree that is binding upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee; and 

(d) there are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee before any Federal, state or
other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Trustee of its obligations under
this Indenture or the Servicing Agreement. 

  
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 Section 6.15 Representations and Warranties of the Note Administrator. 

The Note Administrator represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing
Agreement that: 
 (a) the Note Administrator is a national banking association with trust powers, duly and validly existing under the laws
of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Note Administrator under this
Indenture and the Servicing Agreement; 
 (b) this Indenture and the Servicing Agreement have each been duly authorized, executed and
delivered by the Note Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent
transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a
proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may
be brought; 
 (c) neither the execution, delivery and performance of this Indenture of the Servicing Agreement, nor the consummation of the
transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any
judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Note Administrator; and 

(d) there are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against the Note Administrator before any
Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Note
Administrator of its obligations under this Indenture or the Servicing Agreement. 
 Section 6.16 Requests for Consents. 

In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver, consent, amendment or
other modification with respect to any Collateral Interest (before or after any default) or in the event any action is required to be taken in respect to an Loan Document, the Note Administrator shall promptly forward such notice to the Issuer, the
Collateral Manager, the Servicer and the Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.9(f). 

  
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 Section 6.17 Withholding. 

(a) If any amount is required to be deducted or withheld from any payment to any Noteholder or payee, such amount shall reduce the amount
otherwise distributable to such Noteholder or payee. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder or payee sufficient funds for the payment of any tax that is legally
required to be withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to any Noteholder or payee shall be treated as Cash distributed to such Noteholder or payee at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in accordance with this
Section 6.17. The Issuer and the Co-Issuer agree to timely provide to the Trustee accurate and complete copies of all documentation received from Noteholders or payee pursuant to
Sections 2.7(c) and 2.11(c). Solely with respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the
part of the Issuer or in respect of the Notes. In addition, initial purchasers and transferees of Definitive Notes shall provide the Issuer, the Trustee, the Note Administrator or their agents, all information, documentation or certifications
reasonably required to permit the Issuer to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation. 

(b) For the avoidance of doubt, the Note Administrator shall reasonably cooperate with Issuer, at Issuer’s direction and expense, to
permit Issuer to fulfill its obligations under FATCA (including Cayman FATCA Legislation); provided that the Note Administrator shall have no independent obligation to cause or maintain Issuer’s compliance with FATCA and shall have no
liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA compliance. 

ARTICLE 7 
 COVENANTS

 Section 7.1 Payment of Principal and Interest. 

The Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the
Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this Indenture. Amounts properly withheld under the Code or other
applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer and the Co-Issuer, with respect to the Offered Notes, and by the
Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Preferred Shares for all purposes of this Indenture. 

  
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 The Note Administrator shall, unless prevented from doing so for reasons beyond its
reasonable control, give notice to each Securityholder of any such withholding requirement no later than ten days prior to the related Payment Date from which amounts are required (as directed by the Issuer (or the Collateral Manager on its behalf))
to be withheld; provided that, despite the failure of the Note Administrator to give such notice, amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer and the
Co-Issuer, as provided above. 
 Section 7.2 Maintenance of Office or Agency. 

The Co-Issuers, with respect to the Offered Notes, and the Issuer, with respect to the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, hereby appoint the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes may be surrendered for registration of transfer or exchange and
the Issuer hereby appoints CT Corporation System, 28 Liberty Street, New York, New York 10005, as its agent where notices and demands to or upon the Issuer and Co-Issuer in respect of the Offered Notes or this
Indenture, or the Issuer in respect of the Notes or this Indenture, may be served. 
 The Issuer may at any time and from time to time vary
or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency
where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served, and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes may be presented and
surrendered for payment; provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax. The Issuer shall give prompt written notice to the Trustee, the Note
Administrator, the Rating Agencies and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or
outside the United States, or shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at and notices and
demands may be served on the Issuer and Co-Issuer and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office and the Issuer and the
Co-Issuer hereby appoint the same as their agent to receive such respective presentations, surrenders, notices and demands. 

Section 7.3 Amounts for Note Payments to be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall
be made, with respect to the Offered Notes, on behalf of the Issuer and the Co-Issuer, or, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, on behalf of the Issuer by the
Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject to the Priority of Payments) with respect to payments on the Notes. 

  
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 When the Paying Agent is not also the Notes Registrar, the Issuer and the Co-Issuer, with respect to the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall furnish, or cause the
Notes Registrar to furnish, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers
of individual Notes held by each such Holder together with wiring instructions, contact information, and such other information reasonably required by the paying agent. 

Whenever the Paying Agent is not also the Note Administrator, the Issuer, the Co-Issuer, and such
Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment Date with such Paying Agent, if necessary, an aggregate sum
sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the Priority of Payments), such sum to be held for the benefit of
the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer and the Co-Issuer shall promptly notify the Note Administrator of its action or failure so to act. Any amounts
deposited with a Paying Agent (other than the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the Note
Administrator for application in accordance with Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any
jurisdiction for the non-payment to the Paying Agent of any amounts payable thereto until at least one year (or, if longer, the applicable preference period then in effect) and one day after the payment in
full of all Notes issued under this Indenture. 
 The initial Paying Agent shall be as set forth in Section 7.2.
Any additional or successor Paying Agents shall be appointed by Issuer Order of the Issuer and Issuer Order of the Co-Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the
Issuer and the Co-Issuer, with written notice thereof to the Note Administrator; provided, however, that so long as any Class of the Notes are rated by a Rating Agency and with respect to
any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term unsecured debt rating of “Aa3” or higher by Moody’s and a short-term debt rating of
“P-1” by Moody’s or (ii) each of the Rating Agencies confirms that employing such Paying Agent shall not adversely affect the then-current ratings of the Notes. In the event that such
successor Paying Agent ceases to have a long-term debt rating of “Aa3” or higher by Moody’s and a short-term debt rating of at least “P-1” by Moody’s, the Issuer and the Co-Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuer and the Co-Issuer shall not appoint any Paying Agent that is not, at the
time of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuer and the Co-Issuer shall cause
the Paying Agent other than the Note Administrator to execute and deliver to the Note Administrator an instrument in which such Paying Agent shall agree with the Note Administrator (and if the Note Administrator acts as Paying Agent, it hereby so
agrees), subject to the provisions of this Section 7.3, that such Paying Agent will: 

  
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 (i) allocate all sums received for payment to the Holders of Notes in
accordance with the terms of this Indenture; 
 (ii) hold all sums held by it for the payment of amounts due with respect to
the Notes for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(iii) if such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith pay to the Note
Administrator all sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

(iv) if such Paying Agent is not the Note Administrator, immediately give the Note Administrator notice of any Default by the
Issuer or the Co-Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and 

(v) if such Paying Agent is not the Note Administrator at any time during the continuance of any such Default, upon the written
request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent. 
 The Issuer or the Co-Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Note Administrator
all sums held by the Issuer or the Co-Issuer or held by the Paying Agent for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those upon which such sums
were held by the Issuer, the Co-Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note Administrator, the Paying Agent shall be released from all further liability with respect to
such amounts. 
 Except as otherwise required by applicable law, any amounts deposited with the Note Administrator in trust or deposited
with the Paying Agent for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer on request; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts and all liability of the Note Administrator or the Paying Agent with respect to such amounts (but only to the extent of the amounts so paid to
the Issuer or the Co-Issuer, as applicable) shall thereupon cease. The Note Administrator or the Paying Agent, before being required to make any such release of payment, may, but shall not be required to,
adopt and employ, at the expense of the Issuer or the Co-Issuer, as the case may be, any reasonable means of notification of such release of payment, including, but not limited to, mailing notice of such
release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last address of record
of each such Holder. 

  
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 Section 7.4 Existence of the Issuer and
Co-Issuer. 
 (a) So long as any Note is Outstanding, the Issuer shall, to the maximum extent
permitted by applicable law, maintain in full force and effect its existence and rights as an exempted company incorporated with limited liability under the laws of the Cayman Islands and shall obtain and preserve its qualification to do business as
a foreign limited liability company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Collateral; provided that the Issuer shall
be entitled to change its jurisdiction of registration from the Cayman Islands to any other jurisdiction reasonably selected by the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes or
the Preferred Shares, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes or Preferred Shares, the Preferred Share Paying Agent and the Rating Agencies and (iii) on or prior to
the fifteenth (15th) Business Day following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the Controlling Class or a Majority of Preferred
Shareholders objecting to such change. So long as any Rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates. 

(b) So long as any Note is Outstanding, the Co-Issuer shall maintain in full force and effect its
existence and rights as a limited liability company organized under the laws of Delaware and shall obtain and preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such qualifications are or
shall be necessary to protect the validity and enforceability of this Indenture or the Notes; provided, however, that the Co-Issuer shall be entitled to change its jurisdiction of formation from
Delaware to any other jurisdiction reasonably selected by the Co-Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes, (ii) it delivers written
notice of such change to the Note Administrator for delivery to the Holders of the Notes and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following such delivery of such notice by the Note Administrator to the
Noteholders, the Note Administrator shall not have received written notice from a Majority of the Controlling Class objecting to such change. So long as any Rated Notes are Outstanding, the Co-Issuer will
maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates. 
 (c) So long as any Note is
Outstanding, the Issuer shall ensure that all corporate or other formalities regarding its existence are followed (including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer
shall not take any action or conduct its affairs in a manner that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or
other insolvency proceeding. So long as any Note is Outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall
at all times keep and maintain, or cause to be kept and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so
long as any Note is Outstanding, (i) the Issuer shall (A) pay its own liabilities only out of its own funds and (B) use separate stationery, invoices and checks, (C) hold itself out and identify itself as a separate and distinct
entity under its 

  
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 own name; (D) not commingle its assets with assets of any other Person; (E) hold title to its
assets in its own name; (F) 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 the Issuer’s assets may be included in a consolidated financial statement of its Affiliate; provided that (1) appropriate notation shall be made on such consolidated financial statements to
indicate the separateness of the Issuer from such Affiliate and to indicate that the Issuer’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (2) such assets shall
also be listed on the Issuer’s own balance sheet; (G) not guarantee any obligation of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its credit or assets as being available to satisfy
the obligations of others; (H) allocate fairly and reasonably any overhead expenses, including for shared office space; (I) not have its obligations guaranteed by any Affiliate; (J) not pledge its assets to secure the obligations of any
other Person; (K) correct any known misunderstanding regarding its separate identity; (L) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; (M) not acquire any securities of any
Affiliate of the Issuer; and (N) not own any asset or property other than property arising out of the actions permitted to be performed under the Transaction Documents; and (ii) the Issuer shall not (A) have any subsidiaries (other than a
Permitted Subsidiary and, in the case of the Issuer, the Co-Issuer); (B) engage, directly or indirectly, in any business other than the actions required or permitted to be performed under the Transaction
Documents; (C) engage in any transaction with any shareholder that is not permitted under the terms of the Servicing Agreement; (D) pay dividends other than in accordance with the terms of this Indenture, its Governing Documents and the
Preferred Share Paying Agency Agreement; (E) conduct business under an assumed name (i.e., no “DBAs”); (F) incur, create or assume any indebtedness other than as expressly permitted under the Transaction Documents;
(G) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in arm’s-length
transactions; provided that the foregoing shall not prohibit the Issuer from entering into the transactions contemplated by the Administration Agreement or Registered Office Terms with the Company Administrator, the Preferred Share Paying
Agency Agreement with the Preferred Share Registrar and any other agreement contemplated or permitted by the Servicing Agreement or this Indenture; (H) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or
securities of, any Person, except that the Issuer may invest in those investments permitted under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the Transaction Documents
and permit the same to remain outstanding in accordance with such provisions; and (I) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset sale or transfer of ownership interests other
than such activities as are expressly permitted pursuant to any provision of the Transaction Documents. 
 (d) So long as any Note is
Outstanding, the Co-Issuer shall ensure that all limited liability company or other formalities regarding its existence are followed, as well as correcting any known misunderstanding regarding its separate
existence. The Co-Issuer shall not take any action or conduct its affairs in a manner, that is likely to result in its separate existence being ignored or its Collateral and liabilities being substantively
consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. The Co-Issuer shall maintain and implement administrative and operating procedures reasonably necessary in the
performance of the Co-Issuer’s obligations hereunder, and the Co-Issuer shall at all times keep and 

  
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 maintain, or cause to be kept and maintained, books, records, accounts and other information customarily
maintained for the performance of the Co-Issuer’s obligations hereunder. Without limiting the foregoing, the Co-Issuer shall not (A) have any subsidiaries,
(B) have any employees (other than its managers), (C) join in any transaction with any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than in accordance with the terms of
this Indenture, (E) commingle its funds or Collateral with those of any other Person, or (F) enter into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and
substantially similar to those available in arm’s-length transactions with an unrelated party. 

Section 7.5 Protection of Collateral. 

(a) The Note Administrator, at the expense of the Issuer and pursuant to any Opinion of Counsel received pursuant to
Section 7.5(e), shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or
desirable to secure the rights and remedies of the Holders and to: 
 (i) Grant more effectively all or any portion of the
Collateral; 
 (ii) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) instruct the Special Servicer with respect to enforcement on any of the Collateral Interests or enforce on any other
instruments or property included in the Collateral; 
 (v) instruct the Special Servicer to preserve and defend title to the
Collateral Interests and preserve and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims of all persons and parties; and 

(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all taxes levied or
assessed upon all or any part of the Collateral. 
 The Issuer hereby designates the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required pursuant to this Section 7.5. The Note
Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled to rely upon an Opinion of Counsel described
in Section 7.5(e) below, at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are required to be made and the jurisdictions in which
such filings are required to be made). 

  
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 (b) Neither the Trustee nor the Note Administrator shall (except in accordance with
Section 10.10(a), (b) or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account or the Custodian to be located
in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien and
security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 

(c) The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the Issuer of any
Collateral that secure the Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to any withholding or other taxes or assessments
and to allow the Issuer to comply with FATCA, including, appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA and (iii) if required to prevent the withholding or
imposition of United States income tax, deliver or cause to be delivered an IRS Form W-9 (or the applicable IRS Form W-8, if appropriate) or successor applicable form,
to each borrower, counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or entered into and thereafter prior to the expiration or obsolescence of such form. 

(d) The Issuer (or an agent acting on its behalf) shall take such reasonable actions, including hiring agents or advisors, consistent with law
and its obligations under this Indenture, as are necessary for compliance with FATCA, including appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer to enable compliance with FATCA, and
any other action that the Issuer would be permitted to take under this Indenture necessary for compliance with FATCA. The Issuer shall provide any certification or documentation (including an IRS Form W-9 or
the applicable IRS Form W-8, if appropriate, or any successor form) to any payor (as defined in FATCA) from time to time as provided by law to minimize U.S. withholding tax or backup withholding tax or to
ensure compliance with FATCA. 
 (e) For so long as the Notes are Outstanding, within the six-month
period preceding the fifth anniversary of the Closing Date and every 60 months thereafter, the Issuer (or the Collateral Manager on its behalf) shall deliver to the Trustee and the Note Administrator, for the benefit of the Trustee, the Collateral
Manager, the Note Administrator and the Rating Agencies, at the expense of the Issuer, an Opinion of Counsel stating what is required, in the opinion of such counsel, as of the date of such opinion, to maintain the lien and security interest created
by this Indenture with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel, furnished pursuant to Section 3.1(d), with regard to the perfection and priority of such security interest
(and such Opinion of Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of Counsel delivered pursuant to Section 3.1(d)). 

  
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 Section 7.6 Notice of Any Amendments. 

Each of the Issuer and the Co-Issuer shall give notice to the
17g-5 Information Provider of, and satisfy the Rating Agency Condition with respect to, any amendments to its Governing Documents. 

Section 7.7 Performance of Obligations. 

(a) Each of the Issuer and the Co-Issuer shall not take any action, and shall use commercially
reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of enforcement action taken
with respect to any Defaulted Collateral Interest in accordance with the provisions hereof and as otherwise required hereby. 
 (b) The
Issuer or the Co-Issuer may, with the prior written consent of the Majority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders), contract with other Persons, including the
Servicer, the Special Servicer, the Note Administrator, the Collateral Manager or the Trustee, for the performance of actions and obligations to be performed by the Issuer or the Co-Issuer, as the case may be,
hereunder by such Persons and the performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture. Notwithstanding any such arrangement, the Issuer or the
Co-Issuer, as the case may be, shall remain primarily liable with respect thereto. In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed to be
performance of such actions and obligations by the Issuer or the Co-Issuer; and the Issuer or the Co-Issuer shall punctually perform, and use commercially reasonable
efforts to cause the Servicer, the Special Servicer, the Collateral Manager or such other Person to perform, all of their obligations and agreements contained in this Indenture or such other agreement. 

(c) Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in full force and
effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except upon the sale or other liquidation of such Collateral Interest in accordance with the terms and conditions
of this Indenture. 
 (d) If the Co-Issuers receive a notice from the Rating Agencies stating that
they are not in compliance with Rule 17g-5, the Co-Issuers shall take such action as mutually agreed between the Co-Issuers and
the Rating Agencies in order to comply with Rule 17g-5. 
 Section 7.8 Negative
Covenants. 
 (a) The Issuer and the Co-Issuer shall not: 

(i) sell, assign, participate, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Collateral, except as otherwise expressly permitted by this Indenture, the Servicing Agreement or the Collateral Management Agreement; 

  
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 (ii) claim any credit on, make any deduction from, or dispute the
enforceability of, the payment of the principal or interest payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert
any claim against any present or future Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Collateral; 

(iii) (A) incur or assume or guarantee any indebtedness, other than the Notes and this Indenture and the transactions
contemplated hereby; (B) issue any additional class of securities, other than the Notes, the Preferred Shares, the ordinary shares of the Issuer and the limited liability company membership interests of the
Co-Issuer; or (C) issue any additional shares, other than the ordinary shares of the Issuer and the Preferred Shares; 

(iv) (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien
of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the Notes, except as may be expressly permitted hereby;
(B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any
interest therein or the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Collateral, except as
may be expressly permitted hereby; 
 (v) amend the Servicing Agreement, except pursuant to the terms thereof; 

(vi) amend the Preferred Share Paying Agency Agreement, except pursuant to the terms thereof; 

(vii) to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted
hereunder; 
 (viii) make or incur any capital expenditures, except as reasonably required to perform its functions in
accordance with the terms of this Indenture and, in the case of the Issuer, the Preferred Share Paying Agency Agreement; 

(ix) become liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the
lessee under any lease, hire any employees or pay any dividends to its shareholders, except with respect to the Preferred Shares in accordance with the Priority of Payments; 

(x) maintain any bank accounts other than the Accounts and any bank account in the Cayman Islands in which (inter alia)
the proceeds of the Issuer’s issued share capital and the transaction fees paid to the Issuer for agreeing to issue the Securities will be kept; 

(xi) conduct business under an assumed name, or change its name without first delivering at least 30 days’ prior written
notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name change will not adversely affect the security interest hereunder of the Trustee or the Secured Parties;

  
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 (xii) take any action that would result in it failing to qualify as a
Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes (including, but not limited to, an election to treat the Issuer as a “taxable REIT subsidiary,”
as defined in Section 856(l) of the Code), unless (A) based on an Opinion of Counsel of Cadwalader, Wickersham & Taft LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be treated as a
Qualified REIT Subsidiary or other disregarded entity of a REIT other than Sub-REIT, or (B) based on an Opinion of Counsel of Cadwalader, Wickersham & Taft LLP or another nationally-recognized
tax counsel experienced in such matters, the Issuer will be treated as a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes; 

(xiii) except for any agreements involving the purchase and sale of Collateral Interests having customary purchase or sale
terms and documented with customary loan trading documentation, enter into any agreements unless such agreements contain “non-petition” and “limited recourse” provisions; or 

(xiv) amend their respective organizational documents without satisfaction of the Rating Agency Condition in connection
therewith. 
 (b) Neither the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of Collateral, or enter into or
engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture, the Servicing Agreement or the Collateral Management Agreement. 

(c) The Co-Issuer shall not invest any of its Collateral in “securities” (as such term is
defined in the 1940 Act) and shall keep all of the Co-Issuer’s Collateral in Cash. 
 (d) For so
long as any of the Notes are Outstanding, the Co-Issuer shall not issue any limited liability company membership interests of the Co-Issuer to any Person other than Sub-REIT or a wholly-owned subsidiary of Sub-REIT. 
 (e) The
Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase Agreement or other agreement contemplated by this Indenture), including, without limitation, in connection with the sale of Collateral by the
Issuer, without the prior written consent of the Holders of at least a Majority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) and shall provide notice of all new agreements (other than the Collateral
Interest Purchase Agreement or other agreement specifically contemplated by this Indenture) to the Holders of the Notes. The foregoing notwithstanding, the Issuer may agree to any material new agreements; provided that (i) the Issuer (or
the Collateral Manager on its behalf) determines that such new agreements would not, upon becoming effective, adversely affect the rights or interests of any Class or Classes of Noteholders and (ii) subject to satisfaction of the Rating
Agency Condition. 

  
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 (f) As long as any Note is Outstanding, the Advancing Agent shall not permit the Retention
Holder and Sub-REIT to transfer (whether by means of actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any retained or repurchased Notes, the
Preferred Shares or ordinary shares of the Issuer to any other Person (except to an affiliate that is wholly-owned by Sub-REIT or a subsequent REIT that holds all equity interests in the Issuer and is
disregarded as a separate entity for U.S. federal income tax purposes) unless the Issuer receives a No Entity-Level Tax Opinion with respect to such transfer, pledge or hypothecation, or has previously received a No Trade or Business Opinion;
provided that no opinion shall be required with respect to a transfer to an Affiliate that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal
income tax purposes into Sub-REIT or such subsequent REIT. 
 Section 7.9 Statement as to
Compliance. 
 On or before January 31, in each calendar year, commencing in 2022 or immediately if there has been a Default in the
fulfillment of an obligation under this Indenture, the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer
and without personal liability stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the knowledge, information and belief of such Officer, the Issuer has
fulfilled all of its obligations under this Indenture or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. 

Section 7.10 Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to
any Person, unless permitted by the Governing Documents and Cayman Islands law and unless: 
 (i) the Issuer shall be the
surviving entity, or the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall be an entity organized and existing
under the laws of the Cayman Islands or such other jurisdiction approved by a Majority of each and every Class of the Notes (each voting as a separate Class), and a Majority of Preferred Shareholders; provided that no such approval shall
be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of registration pursuant to Section 7.4; and provided, further, that the surviving entity shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder
and under the Servicing Agreement and the performance and observance of every covenant of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition shall be satisfied; 

  
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 (iii) if the Issuer is not the surviving entity, the Person formed by such
consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for
the recognition of such formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person
or transfer or convey all or substantially all of the Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a
sale of the Collateral pursuant to Article 5, Article 9 or Article 12; 
 (iv) if the Issuer is not the
surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer are transferred shall have delivered to the Trustee, the Note Administrator, the
Servicer, the Special Servicer, the Collateral Manager and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in
which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto for the purpose
of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and
binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable
title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes or, in the case of any
transfer or conveyance of the Collateral securing any of the Notes, such Notes, (B) the Trustee continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or merger of the
Issuer, all of the Notes, or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator, the Servicer, the Special Servicer, the
Collateral Manager or any Noteholder may reasonably require; 
 (v) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 
 (vi) the Issuer shall have delivered to the Trustee,
the Note Administrator, the Preferred Share Paying Agent and each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with
this Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction have been complied with; 

  
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 (vii) the Issuer has received an opinion from Cadwalader,
Wickersham & Taft LLP or an opinion of other nationally recognized U.S. tax counsel experienced in such matters that the Issuer or the Person referred to in clause (a) either will (a) be treated as a Qualified REIT
Subsidiary or other disregarded entity of a REIT or (b) be treated as a foreign corporation not engaged in trade or business in the United States for U.S. federal income tax purposes or otherwise not subject to U.S. federal income tax on a net
income basis; 
 (viii) the Issuer has received an opinion from Cadwalader, Wickersham & Taft LLP or an opinion of
other nationally recognized U.S. tax counsel experienced in such matters that such action will not adversely affect the tax treatment of the Offered Notes as indebtedness, cause the Issuer to be a taxable entity or a constitute an event requiring a
beneficial owner of an Offered Note to recognize gain or loss for U.S. federal income tax purposes; and 
 (ix) after giving
effect to such transaction, (A) the Issuer shall not be required to register as an investment company under the 1940 Act and (B) none of the Issuer, the Co-Issuer or the pool of Collateral will
constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of Dodd Frank (79 F.R. 77601). 

(b) The Co-Issuer shall not consolidate or merge with or into any other Person or transfer or convey
all or substantially all of its Collateral to any Person, unless no Notes remain Outstanding or: 
 (i) the Co-Issuer shall be the surviving entity, or the Person (if other than the Co-Issuer) formed by such consolidation or into which the
Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall be a company organized and existing under the laws of
Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of
formation pursuant to Section 7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the Note Administrator,
and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and the performance and observance of every covenant of this Indenture on the part of the Co-Issuer to be
performed or observed, all as provided herein; 
 (ii) the Rating Agency Condition has been satisfied; 

(iii) if the Co-Issuer is not the surviving entity, the Person formed by such
consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall have agreed with the
Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Co-Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to any other Person except in
accordance with the provisions of this Section 7.10; 

  
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 (iv) if the Co-Issuer is not the
surviving entity, the Person formed by such consolidation or into which the Co-Issuer is merged or to which all or substantially all of the Collateral of the Co-Issuer
are transferred shall have delivered to the Trustee, the Note Administrator and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the
jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(b)(i) above and to execute and deliver an indenture supplemental hereto
for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a
valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); such other matters as the Trustee, the Note Administrator or any Noteholder may reasonably require; 

(v) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (vi) the Co-Issuer shall have delivered to the Trustee, the Note Administrator,
the Preferred Share Paying Agent and each Noteholder an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article 7 and
that all conditions precedent in this Article 7 provided for relating to such transaction have been complied with and that no adverse tax consequences will result therefrom to the Holders of the Notes or the Preferred Shareholders; and 

(vii) after giving effect to such transaction, the Co-Issuer shall not be required to
register as an investment company under the 1940 Act. 
 Section 7.11 Successor Substituted. 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer or the Co-Issuer, in accordance with Section 7.10, the Person formed by or surviving such consolidation or merger (if other than the Issuer or the
Co-Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer or the Co-Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer or the Co-Issuer, as the case may be, herein. In the
event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” or the “Co-Issuer” in the first paragraph of this Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its
liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

  
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 Section 7.12 No Other Business. 

The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any supplements
thereto, issuing its ordinary shares and issuing and selling the Preferred Shares in accordance with its Governing Documents, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and such other
activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith. The Co-Issuer shall not engage in any business or activity other than
issuing and selling the Notes pursuant to this Indenture and any supplements thereto and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith. 

Section 7.13 Reporting. 

At any time when the Issuer and/or the Co-Issuer is not subject to Section 13 or 15(d) of the
Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer and/or the
Co-Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such
Holder or beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or
beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4)
under the Securities Act (or any successor provision thereto). The Note Administrator shall reasonably cooperate with the Issuer and/or the Co-Issuer in mailing or otherwise distributing (at the Issuer’s
expense) to such Noteholders or prospective purchasers, at and pursuant to the Issuer’s and/or the Co-Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer and/or
the Co-Issuer; provided, however, that the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A
Information was not assembled by the Note Administrator, that the Note Administrator has not reviewed or verified the accuracy thereof, and that it makes no representation as to such accuracy or as to the sufficiency of such information under the
requirements of Rule 144A or for any other purpose. 
 Section 7.14 Calculation Agent. 

(a) The Issuer and the Co-Issuer hereby agree that for so long as any Notes remain Outstanding there
shall at all times be an agent appointed to calculate the Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”). The Issuer and the Co-Issuer initially have appointed the Note Administrator as Calculation Agent for purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent may be removed by the Issuer at any
time upon 30 days’ written notice delivered to the Calculation Agent. The Calculation Agent may resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Collateral Manager,
the Noteholders and the Rating Agencies. If the Calculation Agent is unable or unwilling to act as such, or if the Calculation Agent fails to determine the rate using the Benchmark (unless such 

  
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 failure is due to circumstances beyond the Calculation Agent’s control) or the Interest Distribution
Amount for any Class of Notes for any Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank which does not control or is not controlled by or under common control with the Issuer or its
affiliates and which, if the Benchmark is LIBOR, is engaged in transactions in Eurodollar deposits in the international Eurodollar market. The Calculation Agent may not resign its duties without a successor having been duly appointed. If no
successor Calculation Agent shall have been appointed within 30 days after giving of a notice of resignation, the resigning Calculation Agent or a Majority of the Preferred Shareholders with regard to the determination that a Benchmark Transition
Event has occurred, may petition a court of competent jurisdiction for the appointment of a successor Calculation Agent, and if such petition is commenced by the Calculation Agent, then such petition will be at the expense of the Issuer. The Note
Administrator shall take direction from the Collateral Manager on certain matters as described below. 
 (b) The Calculation Agent shall be
required to agree that, as soon as practicable after the Reference Time, but in no event later than 11:00 a.m. (New York time) on the next succeeding Business Day (or the next succeeding London Banking Day if the Benchmark is LIBOR) immediately
following each Benchmark Determination Date, the Calculation Agent shall calculate the Benchmark for the related Interest Accrual Period and will communicate such information to the Note Administrator, who shall include such calculation on the next
Monthly Report following such Benchmark Determination Date. The Calculation Agent shall notify the Issuer, the Co-Issuer and the Collateral Manager before 5:00 p.m. (New York time) on each Benchmark
Determination Date if it has not determined and is not in the process of determining the Benchmark and the Interest Distribution Amounts for each Class of Notes, together with the reasons therefor. The determination of the Note Interest Rates
and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error, be final and binding on all parties to this Indenture and the Noteholders. 

Section 7.15 REIT Status. 

(a) Sub-REIT shall not take any action that results in the Issuer failing to qualify as a Qualified
REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes, unless (i) based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT other than Sub-REIT, or (ii) based on an Opinion of Counsel, the Issuer will be treated as a foreign corporation that is not engaged in a trade or business in the United
States for U.S. federal income tax purposes (which opinion may be conditioned on compliance with certain restrictions on the investment or other activity of the Issuer and/or the Servicer or Collateral Manager on behalf of the Issuer;
provided that no opinion shall be required with respect to a transfer to an affiliate that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal
income tax purposes into Sub-REIT or such subsequent REIT.). 

  
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 (b) Without limiting the generality of Section 7.15(a), if the
Issuer is no longer a Qualified REIT Subsidiary or other disregarded entity of a REIT, prior to the time that: 
 (i) any
Collateral Interest would cause the Issuer to be treated as engaged in a trade or business in the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net income basis; 

(ii) the Issuer would acquire or receive any asset in connection with a workout or restructuring of a Collateral Interest that
could cause the Issuer to be treated as engaged in a trade or business in the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net income basis; 

(iii) the Issuer would acquire the real property underlying any Collateral Interest pursuant to a foreclosure or deed-in-lieu of foreclosure; or 
 (iv) any
Collateral Interest is modified in such a manner that could cause the Issuer to be treated as engaged in a trade or business in the United States for U.S. federal income tax purposes or to become subject to U.S. federal income tax on a net income
basis, 
 the Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary,
(y) contribute such Collateral Interest to an existing Permitted Subsidiary, or (z) sell such Collateral Interest in accordance with Section 12.1; provided that such Permitted Subsidiary shall be an entity
treated as a corporation for U.S. federal income tax purposes. 
 (c) At the direction of 100% of the Preferred Shareholders (including any
party that will become the beneficial owner of 100% of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), the Issuer may operate as a foreign corporation that is not engaged in a
trade or business in the United States for U.S. federal income tax purposes; provided that (i) the Issuer receives a No Trade or Business Opinion; (ii) this Indenture and the Servicing Agreement, as applicable, are amended or
supplemented (A) to adopt written tax guidelines governing the Issuer’s origination, acquisition, disposition and modification of Collateral Interests designed to prevent the Issuer from being treated as engaged in a trade or business in
the United States for U.S. federal income tax purposes, (B) to form one or more “grantor trusts” within the meaning of subpart E or part I of subchapter J of the Code to the hold Collateral Interests and (C) to implement any
other provisions deemed necessary (as determined by the tax counsel providing the opinion) to prevent the Issuer from being treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal income tax purposes or
otherwise becoming subject to U.S. federal withholding tax or U.S. federal income tax on a net income basis; (iii) the Preferred Shareholder shall pay the administrative and other costs related to the Issuer converting from a Qualified REIT
Subsidiary to operating as a foreign corporation, including the costs of any opinions and amendments; and (iv) the Preferred Shareholder agrees to pay any ongoing expenses related to the Issuer’s status as a foreign corporation not engaged
in a trade or business in the United States for U.S. federal income tax purposes, including but not limited to U.S. federal income tax filings required by the Issuer, the “grantor trusts” or any taxable subsidiaries or required under
FATCA. 

  
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 Section 7.16 Permitted Subsidiaries. 

Notwithstanding any other provision of this Indenture, the Collateral Manager on behalf of the Issuer shall, following delivery of an Issuer
Order to the parties hereto, be permitted to sell or transfer to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an increase in the value of
equity interests already owned). Such Issuer Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture. The Custodian shall, upon receipt of a Request for Release with
respect to a Sensitive Asset, release such Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted Subsidiaries: 

(a) For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it were an asset
owned directly by the Issuer. 
 (b) Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest
Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all proceeds of and collections on
each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account. 
 (c) To the extent applicable, the Issuer
shall form one or more Securities Accounts with the Securities Intermediary for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts. 

(d) Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests of the Issuer in
a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be treated as having
the same characteristics as such Sensitive Asset). 
 (e) If the Special Servicer on behalf of the Trustee, or any other authorized party
takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer (or the Collateral Manager on its behalf) shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other
Collateral held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary
held by the Issuer. 
 Section 7.17 Repurchase Requests. 

If the Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer receives any request or demand
that a Collateral Interest be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest or any Material Document Defect (any such request or demand, a “Repurchase
Request”) or a withdrawal of a Repurchase Request from any Person other than the Special Servicer, then the Collateral Manager (on behalf of the Issuer), the Servicer, the Trustee or the Note Administrator, as applicable, shall promptly
forward such notice of such 

  
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 Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Special Servicer and
include the following statement in the related correspondence: “This is a “[Repurchase Request]/[withdrawal of a Repurchase Request]” under Section 3.19 of the Servicing Agreement relating to FS Rialto 2021-FL2 Issuer, Ltd. and FS Rialto 2021-FL2 Co-Issuer, LLC, requiring action from you as the “Repurchase Request Recipient”
thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Special Servicer pursuant to the prior sentence, the Special Servicer shall be deemed to be the Repurchase Request Recipient in respect of such
Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase Request. 

Section 7.18 Purchase of Ramp-Up Collateral Interests and Delayed Close Collateral
Interest. 
 The Issuer (or the Collateral Manager on behalf of the Issuer) shall, prior to the
Ramp-Up Completion Date (or within sixty (60) days after the Ramp-Up Period in respect of any Ramp-Up Collateral Interest
for which the Collateral Manager (or an affiliate or third party on behalf of the Collateral Manager) has entered into a binding commitment to purchase or a loan application during the Ramp-Up Period), use
commercially reasonable efforts to apply amounts on deposit in the Unused Proceeds Account to purchase Ramp-Up Collateral Interests (which may include the Delayed Close Collateral Interest if it is not
acquired on the Closing Date) in accordance with Section 10.4(d) (which shall be, and hereby are, Granted to the Trustee pursuant to the Granting Clause of this Indenture) for inclusion in the Collateral upon
(i) receipt by the Trustee and the Note Administrator of an Issuer Order or trade confirmation executed by the Issuer (or the Collateral Manager on behalf of the Issuer) with respect thereto directing the Note Administrator to pay out the
amount specified therein against delivery of the Ramp-Up Collateral Interests specified therein (which may include the Delayed Close Collateral Interest if it is not acquired on the Closing Date), and
(ii) receipt by the Trustee, the Custodian and the Note Administrator of an Officer’s Certificate of the Collateral Manager on behalf of the Issuer, substantially in the form of Exhibit R hereto (which shall include the Subsequent
Transfer Instrument attached to such Officer’s Certificate) (which certification shall be deemed to be made upon delivery of a trade confirmation or Issuer Order), dated as of the trade date, and delivered to each of the Trustee and the Note
Administrator no later than one Business Day prior to the date of such purchase and Grant, to the effect that after giving effect to such purchase and Grant of the Ramp-Up Collateral Interests, except for the
Delayed Close Collateral Interest if it is acquired during the Ramp-Up Period, the Eligibility Criteria are met with respect to the Ramp-Up Collateral Interests
purchased. Each Ramp-Up Collateral Interest shall satisfy the applicable Eligibility Criteria (or in the case of any pari passu Funded Companion Participation related to any Closing Date Collateral
Interest or the Delayed Close Collateral Interest, the Companion Participation Acquisition Criteria) and Acquisition Criteria. 

Section 7.19 Ramp-Up Completion Date Actions. 

(a) The Issuer (or the Collateral Manager on behalf of the Issuer) shall cause to be delivered to the Trustee, the Custodian, the Note
Administrator and the Rating Agencies on the Ramp-Up Completion Date an amended Schedule A listing all Collateral Interests granted to the Trustee pursuant to Section 7.18 on or before the Ramp-Up Completion Date and included in the Collateral on the Ramp-Up Completion Date, which schedule shall supersede any prior Schedule A delivered to the
Trustee. 

  
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 (b) After the Ramp-Up Completion Date, the Issuer
shall provide, or (at the Issuer’s expense) cause the Collateral Manager to provide, the following documents to the Trustee, the Note Administrator and, with respect to clauses (A) and (B) below, the Rating Agencies within
the time periods described below: (A) a report of the Collateral Manager (x) confirming the name of the borrower, the unpaid Principal Balance, the coupon and the maturity date with respect to each
Ramp-Up Collateral Interest owned by the Issuer as of the Ramp-Up Completion Date, and (y) confirming that, as of the Ramp-Up
Completion Date, the Note Protection Tests were satisfied (the “Ramp-Up Completion Date Report”), (B) an unqualified certificate of the Collateral Manager on behalf of the Issuer certifying
that each Ramp-Up Collateral Interest satisfied all of the Eligibility Criteria applicable to Ramp-Up Collateral Interests, and (C) a No Downgrade Confirmation from
KBRA with respect to the Closing Date ratings of any Class of Notes (which confirmation may take the form of a press release or other written communication). If (i) the Issuer, or the Collateral Manager on behalf of the Issuer, fails to
provide the items described in foregoing clauses (A) and (B) within 30 Business Days after the Ramp-Up Completion Date, (ii) the Moody’s
Ramp-Up Condition is not satisfied within such 30 Business Day period, or (iii) KBRA does not provide a No Downgrade Confirmation on or before the later of the end of such
30-Business Day period and the 10th Business Day following the receipt by KBRA of the items described in clauses (A) and (B) above, a “Rating Confirmation Failure” will
occur. 
 If a Rating Confirmation Failure occurs, first, Interest Proceeds remaining after payment of amounts referred to in clauses
(1) through (14) of Section 11.1(a)(i) and second, Principal Proceeds remaining after payment of amounts referred to in clauses (1) through (3) of Section 11.1(a)(ii) will be used to pay
principal of the Notes in accordance with the Priority of Payments, until each such rating is confirmed or reinstated or such Class has been paid in full. 

(c) At any time when the Retention Holder or an Affiliate thereof holds 100% of the Preferred Shares, it may contribute to the Issuer
additional Cash, Eligible Investments and/or Collateral Interests that satisfy the Eligibility Criteria in accordance with Section 12.2(c) of this Indenture, including, but not limited to, for purposes of avoiding a Rating
Confirmation Failure. 
 Section 7.20 Servicing of Commercial Real Estate Loans and Control of Servicing Decisions. 

The Collateral Interests (or, as applicable, the related Participated Loan) will be serviced by the Servicer and the Special Servicer, in each
case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the Collateral Manager, as set forth in the Servicing Agreement, and subject to any consent and/or consultation rights of the holder of the
related Companion Participation under the related Participation Agreement, subject to those conditions, restrictions or termination events expressly provided therein. Nothing in this Indenture shall be interpreted to limit in any respect the rights
of the Collateral Manager under the Servicing Agreement and none of the Issuer, Co-Issuer, Note Administrator and Trustee shall take any action under this Indenture inconsistent with the Collateral
Manager’s rights set forth under the Servicing Agreement. 

  
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 ARTICLE 8 

SUPPLEMENTAL INDENTURES 

Section 8.1 Supplemental Indentures Without Consent of Securityholders. 

(a) Without the consent (or deemed consent) of the Holders of any Notes or any Preferred Shareholders, and without satisfaction of the Rating
Agency Condition, the Issuer, the Co-Issuer, when authorized by Board Resolutions of the Co-Issuers, the Trustee and the Note Administrator, at any time and from time to
time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto, for any of the following purposes: 

(i) evidence the succession of any Person to the Issuer or the Co-Issuer and the
assumption by any such successor of the covenants of the Issuer or the Co-Issuer, as applicable, herein and in the Notes; 

(ii) add to the covenants of the Issuer, the Co-Issuer, the Note Administrator or the
Trustee for the benefit of the Holders of the Notes or the Preferred Shares or to surrender any right or power herein conferred upon the Issuer or the Co-Issuer, as applicable; 

(iii) convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes; 
 (iv)
evidence and provide for the acceptance of appointment hereunder of a successor Trustee or a successor Note Administrator and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12; 

(v) correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure,
convey and confirm unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) or to subject
any additional property to the lien of this Indenture; 
 (vi) modify the restrictions on and procedures for resales and
other transfers of Notes to reflect any changes in applicable law or regulation (or the interpretation thereof) or to enable the Issuer and the Co-Issuer to rely upon any exemption or exclusion from
registration under the Securities Act, the Exchange Act or the 1940 Act (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under Section 619 of Dodd-Frank (such
statutory provision together with such implementing regulations, the “Volcker Rule”) or (B) to prevent the Issuer, the Co-Issuer or the pool of Collateral from being considered a
“covered fund” under the Volcker Rule) or to remove restrictions on resale and transfer to the extent not required thereunder; 

  
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 (vii) accommodate the issuance, if any, of Notes in global or book-entry
form through the facilities of DTC or otherwise; 
 (viii) take any action commercially reasonably necessary or advisable as
required for the Issuer to comply with the requirements of FATCA (or the Cayman FATCA Legislation); or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax
purposes or from otherwise being treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal income tax purposes, or to prevent the Issuer, the Holders of the Notes, the Holders of the Preferred Shares or
the Trustee from being subject to withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal, state, local or foreign income or franchise tax on a net income basis; 

(ix) amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned
to the Notes; 
 (x) accommodate the settlement of the Notes in book-entry form through the facilities of DTC, Euroclear or
Clearstream, Luxembourg or otherwise; 
 (xi) authorize the appointment of any listing agent, transfer agent, paying agent or
additional registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested by any
governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith; 

(xii) evidence changes to applicable laws and regulations; 

(xiii) to modify, eliminate or add to any of the provisions of this Indenture in the event the Credit Risk Retention Rules, the
EU Securitization Rules (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Rules (as defined in the EU/UK Risk Retention Letter) are amended or repealed, in order to modify or eliminate the risk retention requirements (or, in
respect of the EU Securitization Rules or the UK Securitization Rules, other requirements, including those relating to transparency, disclosure and credit-granting) in the event of such amendment or repeal; provided that (x) in relation
to the Credit Risk Retention Rules, the Trustee has received an opinion of counsel or (y) in relation to the EU Securitization Rules or the UK Securitization Rules, the Collateral Manager certifies to the Trustee that it has received written
legal advice, in each case, to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention Rules or the EU Securitization Rules or the UK Securitization Rules (as applicable); 

(xiv) reduce the minimum denominations required for transfer of the Notes; 

(xv) modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if (a) the
Collateral Manager determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard and (b) such modification does not adversely affect the status of Issuer
for U.S. federal income tax purposes, as evidenced by an Opinion of Counsel; 

  
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 (xvi) modify the procedures set forth in this Indenture relating to
compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Collateral Manager, the Note Administrator, Trustee, any paying agent, the
Servicer or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder or Preferred Shareholder; provided, further, that the Collateral
Manager must provide a copy of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Website and provide notice of any such amendment to the
Rating Agencies; 
 (xvii) at the direction of 100% of the holders of the Preferred Shares (including any party that shall
become the beneficial owner of 100% of the Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), modify the provisions of this Indenture to adopt restrictions provided by tax counsel in
order to prevent the Issuer from being treated as a foreign corporation that is engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise become subject to U.S. federal withholding tax or U.S. federal
income tax on a net income basis; 
 (xviii) make any change to any other provisions with respect to matters or questions
arising under this Indenture; provided that the party requesting the supplemental indenture represents that it believes the required action will not adversely affect in any material respect the interests of any Noteholder not consenting
thereto, as evidenced by (A) an Opinion of Counsel or (B) an Officer’s Certificate of the Collateral Manager; 

(xix) providing for and/or facilitating the exchange of Exchangeable Notes for Exchanged Notes to the extent permitted by this
Indenture and to extend to such Exchanged Notes (to the extent explicitly provided herein) the benefits and provisions of this Indenture; and 

(xx) make any modification or amendment determined by the Issuer or the Collateral Manager (in consultation with legal counsel
of national reputation experienced in such matters and independent of the Issuer and any of its affiliates) as necessary or advisable (A) for any Class of Notes to not be considered an “ownership interest” as defined for purposes
of the Volcker Rule or (B) (1) to enable the Issuer to rely upon the exemption or exclusion from registration as an investment company provided by Rule 3a-7 under the 1940 Act or another exemption or
exclusion from registration as an investment company under the 1940 Act (other than Section 3(c)(1) or Section 3(c)(7) thereof) or (2) for the Issuer to not otherwise be considered a “covered fund” as defined for purposes of the
Volcker Rule, in each case so long as any such modification or amendment would not have a material adverse effect on any Class of Notes. 

The Note Administrator and Trustee are each hereby authorized to join in the execution of any such supplemental indenture and to make any
further appropriate agreements and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such supplemental indenture which affects the Note Administrator’s or Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law. 

  
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 (b) Notwithstanding Section 8.1(a) or any other provision of this
Indenture, without prior notice to, and without the consent of the Holders of any Notes or any Preferred Shareholders, and without satisfaction of the Rating Agency Condition, the Issuer, the Co-Issuer, when
authorized by Board Resolutions of the Co-Issuers, the Trustee and the Note Administrator, may enter into one or more indentures supplemental hereto for any of the following purposes: 

(i) to conform this Indenture to the provisions described in the Offering Memorandum (or any supplement thereto); 

(ii) to correct any defect or ambiguity in this Indenture in order to address any manifest error, omission or mistake in any
provision of this Indenture; 
 (iii) to conform this Indenture to any Rating Agency Test Modification; 

(iv) to make Benchmark Replacement Conforming Changes at the direction of the Collateral Manager; and/or 

(v) to provide for the Notes of each Class to bear interest based on the applicable Benchmark Replacement from and after
the related Benchmark Replacement Date. 
 (c) In the event that any or all restrictions and/or limitations under the Credit Risk Retention
Rules, the EU Securitization Laws (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Laws (as defined in the EU/UK Risk Retention Letter) are withdrawn, repealed or modified to be less restrictive on the Sponsor, at the request
of the Sponsor and, in the case of the EU Securitization Laws or the UK Securitization Laws, the EU Retention Holder, the Retention Holder, the Issuer, the Co-Issuer, the Trustee and the Note Administrator
agree to modify any corresponding terms of this Indenture in accordance with Section 8.1(a)(xiii) hereto to reflect any such withdrawal, repeal or modification. 

Section 8.2 Supplemental Indentures with Consent of Securityholders. 

Except as set forth below, the Note Administrator, the Trustee and the Co-Issuers may enter into one or
more indentures supplemental hereto to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes or the Preferred Shares under
this Indenture only with (x) the written consent of the Holders of at least Majority in Aggregate Outstanding Amount of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by the Collateral Manager
or any of its Affiliates as identified in the Beneficial Holder Information Form submitted along with the related Noteholder’s consent) and the Preferred Shareholder if materially and adversely affected thereby, by Act of said Securityholders
delivered to the Trustee, the Note Administrator and the Co-Issuers, and (y) satisfaction of the Rating Agency Condition, notice of which may be in electronic form. Note Administrator shall provide
fifteen calendar days’ notice of such change to the Holders of each Class of Notes and the Preferred Shareholders, requesting 

  
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 notification by such Noteholders and holders of the Preferred Shares if any such Noteholders or holders of
the Preferred Shares would be materially and adversely affected by the proposed supplemental indenture. The Note Administrator will be required to include notice of such consent request in the next Monthly Report and a copy of the proposed
supplemental indenture will be posted on the Note Administrator’s website. Following such initial 15 calendar day period (or if the end of such period is not a Business Day, the next Business Day), the Note Administrator will provide an
additional 15 calendar days’ notice. Unless the Note Administrator is notified (after giving such initial 15 calendar days’ notice and the additional 15 calendar days’ notice, as applicable) by holders of at least 33 1/3% in the
aggregate outstanding principal amount (excluding any Notes owned by the Seller or any of its affiliates) of the Notes of any Class that such Class of Notes or the Majority of Preferred Shareholders will be materially and adversely
affected by the proposed supplemental indenture, subject to any additional requirements set forth in this Indenture, the interests of such Class and the interests of the Preferred Shares will be deemed not to be materially and adversely
affected by such proposed supplemental indenture. Such determination shall be conclusive and binding on all present and future Noteholders. The consent of the Holders of the Preferred Shares shall be binding on all present and future Holders of the
Preferred Shares. 
 Notwithstanding the foregoing, any supplemental indenture to add or modify any of the provisions of this Indenture with
respect to (a) the definitions of “Controlling Class,” “Majority,” “Reinvestment Period,” “Ramp-Up Period” and “Supermajority” and (b) the
Eligibility Criteria, the Acquisition Criteria or the Note Protection Tests, other than with respect to a Rating Agency Test Modification, shall require the consent of the Holders of at least a Majority of the Aggregate Outstanding Amount of the
Notes of each Class. 
 Without the consent of (x) all of the Holders of each Outstanding Class of Notes materially adversely
affected and (y) all of the Holders of the Preferred Shares materially adversely affected thereby, no supplemental indenture may: 
 (a)
change the Stated Maturity Date of the principal of or the due date of any installment of interest on any Note, reduce the principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the date
of any scheduled distribution on the Preferred Shares, or the Redemption Price with respect thereto, change the earliest date on which any Note may be redeemed at the option of the Issuer, change the provisions of this Indenture that apply proceeds
of any Collateral to the payment of principal of or interest on Notes or of distributions to the Preferred Share Paying Agent for the payment of distributions in respect of the Preferred Shares or change any place where, or the coin or currency in
which, any Note or the principal thereof or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the
applicable Redemption Date); 
 (b) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class or the
Notional Amount of Preferred Shares of the Holders thereof whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or
their consequences provided for in this Indenture; 

  
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 (c) impair or adversely affect the Collateral except as otherwise permitted in this
Indenture; 
 (d) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of
the Collateral or terminate such lien on any property at any time subject hereto or deprive the Holder of any Note of the security afforded by the lien of this Indenture; 

(e) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required to request the
Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to Section 5.4 or 5.5; 

(f) modify any of the provisions of Section 8.1 and this Section 8.2, except to increase
any percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby; 
 (g) modify the definition of the term “Outstanding” or the provisions of Section 11.1(a) or
Section 13.1; 
 (h) modify any of the provisions of this Indenture in such a manner as to affect the calculation
of the amount of any payment of interest on or principal of any Note on any Payment Date or of distributions to the Preferred Share Paying Agent for the payment of distributions in respect of the Preferred Shares on any Payment Date (or any other
date) or to affect the rights of the Holders of Securities to the benefit of any provisions for the redemption of such Securities contained herein; 

(i) reduce the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain an exemption from the
registration requirements of the Securities Act or the 1940 Act; 
 (j) modify any provisions regarding
non- recourse or non-petition covenants with respect to the Issuer and the Co-Issuer; or 

(k) modify any portion of Section 8.1 or Section 8.2 hereof (with respect to supplemental
indentures as set forth herein); 
 provided, that the holders of each Class of Notes and Preferred Shares will be deemed to be materially
adversely affected by any supplemental indenture with respect to clauses (b) and (f) above. 
 The Trustee and Note
Administrator shall be entitled to rely upon an Officer’s Certificate of the Issuer (or the Collateral Manager on its behalf) in determining whether or not the Holders of Securities would be materially or adversely affected by such change
(after giving notice of such change to the Holders of Securities). Such determination shall be conclusive and binding on all present and future Holders of Securities. Neither the Trustee nor the Note Administrator shall be liable for any such
determination made in good faith. 

  
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 Section 8.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or the modifications
thereby of the trusts created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Securityholders would be materially and adversely
affected by such supplemental indenture). The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise. 

The Servicer and Special Servicer will be bound to follow any amendment or supplement to this Indenture of which it has received written
notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the judgment of the
Servicer or Special Servicer adversely affect the Servicer or Special Servicer, the Servicer or Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit any such amendment to become effective) unless the
Servicer or Special Servicer, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give written notice to the Servicer and Special
Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer or Special Servicer’s written consent, as applicable, shall be required prior to any amendment to this Indenture by which it is adversely
affected. 
 The Collateral Manager will be bound to follow any amendment or supplement to this Indenture of which it has received written
notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the judgment of the
Collateral Manager adversely affect the Collateral Manager, the Collateral Manager shall not be bound (and the Issuer agrees that it will not permit any such amendment to become effective) unless the Collateral Manager, as applicable, gives written
consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer and the Note Administrator shall give written notice to the Collateral Manager of any amendment made to this Indenture pursuant to its terms. In addition,
the Collateral Manager’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected. 

The Sponsor’s written consent shall be required prior to any amendment to this Indenture by which the Sponsor is adversely affected. 

At the cost of the Issuer, the Note Administrator shall provide to each Noteholder, each Preferred Shareholder and, for so long as any
Class of Notes shall remain Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of any proposed supplemental indenture at least
fifteen (15) Business Days prior to the execution thereof by the Note Administrator, and following execution shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of the executed
supplemental indenture. 

  
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 The Trustee shall not enter into any such supplemental indenture (i) if such action
would adversely affect the tax treatment of the Offered Notes as indebtedness, cause the Issuer to be a taxable entity or constitute an event requiring a beneficial owner of an Offered Note to recognize gain or loss for U.S. federal income tax
purposes, and (ii) unless the Trustee and the Note Administrator have received an Opinion of Counsel from Cadwalader, Wickersham & Taft LLP or other nationally recognized U.S. tax counsel experienced in such matters that the proposed
supplemental indenture will not cause the Issuer to be treated as a foreign corporation that is engaged in a trade or business in the United States for U.S. federal income tax purposes. The Trustee and the Note Administrator shall be entitled to
rely upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and (ii) receipt of an Opinion of Counsel forwarded to the Trustee
and Note Administrator certifying that, following provision of notice of such supplemental indenture to the Noteholders and holders of the Preferred Shares, that the Holders of Securities would not be materially and adversely affected by such
supplemental indenture. Such determination shall be conclusive and binding on all present and future Holders of Securities. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith and in reliance
upon such Opinion of Counsel, as the case may be. 
 It shall not be necessary for any Act of Securityholders under this
Section 8.3 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer, the Co-Issuer, the Note Administrator and the Trustee of
any supplemental indenture pursuant to this Section 8.3, the Note Administrator, at the expense of the Issuer, shall mail to the Securityholders, the Preferred Share Paying Agent, the Servicer, the Special Servicer and, so
long as the Notes are Outstanding and so rated, the Rating Agencies a copy thereof based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture. 
 Section 8.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in accordance therewith, such
supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder, and every Preferred Shareholder, shall be bound thereby. 

Section 8.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may, and if required by
the Note Administrator shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer and the Co-Issuer, with respect to the Offered
Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G 

  
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 Notes, the Class G-E Notes and the Class G-X Notes, shall so determine, new Notes, so modified as to conform in the opinion of the Note Administrator and the Issuer and the Co-Issuer to any such
supplemental indenture, may be prepared and executed by the Issuer and the Co-Issuer and authenticated and delivered by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the foregoing,
any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture. 

ARTICLE 9 
 REDEMPTION
OF SECURITIES; REDEMPTION PROCEDURES 
 Section 9.1 Clean-up Call; Tax Redemption;
Optional Redemption; and Auction Call Redemption. 
 (a) The Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered in accordance with Section 9.3(a), at their
applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount
of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices (such redemption, a “Clean-up Call”); provided that the funds available to be used for
such Clean-up Call will be sufficient to pay the Total Redemption Price. 
 (b) The Notes shall be
redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in
accordance with Section 9.3(a)), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices (such redemption, a
“Tax Redemption”); provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

(c) The Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in
part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 (d) From and after the Payment Date in April 2031, the Special Servicer will
be required to conduct an auction prior to each Payment Date occurring in January, April, July and October in accordance with the requirements set forth in this Indenture. Securities shall be redeemed by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at their respective Redemption Prices if a Successful Auction is completed pursuant to the procedures set forth on Exhibit M hereto (each, an
“Auction Call Redemption”). An Auction Call Redemption may only occur on a Payment Date in January, April, July and October. 

  
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 (e) In connection with any redemption pursuant to Section 9.1(a),
(b) or (c), if the holder of the Preferred Shares and/or one or more affiliates thereof own any Notes, such holder(s) may elect to include such Notes as part of the consideration for such redemption and the Total Redemption Price shall
be reduced by the outstanding principal balance of such Notes (plus the interest accrued thereon). If such holder(s) own less than 100% of the Notes of any such Class, the Note Administrator shall cooperate with such holder(s) in order to effect
such redemption (including, if necessary, converting such Notes into definitive form). 
 (f) A redemption pursuant to
Section 9.1(a), (b) or (c) shall not occur unless at least six (6) Business Days prior to the scheduled Redemption Date, the Collateral Manager certifies to the Trustee and the Note Administrator
that: 
 (i) the Collateral Manager, on behalf of the Issuer, has entered into a binding commitment or agreement (which may
be an agreement with an affiliate of the Collateral Manager or an entity managed by the Collateral Manager) to sell (directly, by participation or other arrangement) all or part of the Collateral not later than the Business Day immediately preceding
the scheduled Redemption Date or FS Credit REIT (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction; 

(ii) the related Sale Proceeds (in immediately available funds), together with all other available funds (including proceeds
from the sale of the Collateral Interests, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be an aggregate amount sufficient to pay the Total Redemption Price; and

 (iii) all of the other conditions for such redemption, as applicable, have been satisfied. 

(g) In connection with an Optional Redemption, a Clean-Up Call, a Tax Redemption or an Auction Call
Redemption, the Collateral Manager, on behalf of the Issuer, and acting pursuant to the Collateral Management Agreement, shall sell such Collateral Interests and may at any time direct the Trustee in writing by Issuer Order to execute any transfer
documents required in order to effectuate the sale of such Collateral Interests, in the manner directed by the Collateral Manager without regard to any of the limitations in Section 12.1(a). Upon any such sale, the Trustee
shall release any such Collateral Interest pursuant to Section 10.11. 
 Section 9.2 Record Date for
Redemption. 
 In connection with a Clean-up Call pursuant to
Section 9.1(a), a Tax Redemption pursuant to Section 9.1(b), an Optional Redemption pursuant to Section 9.1(c) or an Auction Call Redemption pursuant to Section 9.1(d), the Note
Administrator shall set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. 

  
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 Section 9.3 Notice of Redemption or Maturity. 

(a) Notice of redemption (or a withdrawal thereof) or Clean-up Call pursuant to
Section 9.1 or the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or four (4) Business Days (or promptly thereafter upon receipt of written
notice, if later) where the notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.3(c)) prior to the
applicable Redemption Date or Maturity, to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Preferred Share Paying Agent, the Rating Agencies, and each Holder of Notes to be redeemed, at its address in the Notes Register.
If any Notes are held as Definitive Notes when called for redemption, such Notes must be surrendered at the office of the Paying Agent. 

All notices of redemption shall state: 

(i) the applicable Redemption Date; 

(ii) the applicable Redemption Price; 

(iii) that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date
specified in the notice; and 
 (iv) the place or places where any Notes held as Definitive Notes to be redeemed in whole are
to be surrendered for payment of the Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2. 

(b) Notice of redemption shall be given by the Issuer and Co-Issuer, or at their request, by the Note
Administrator in their names, and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes. 

(c) Any such notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or Tax
Redemption may be withdrawn by the Issuer and the Co-Issuer at the direction of the Collateral Manager up to the Business Day prior to the scheduled Redemption Date by written notice to the Trustee, the Note
Administrator, the Preferred Share Paying Agent, the Servicer, the Special Servicer and each Holder of Notes to be redeemed, and the Collateral Manager. The failure of any Optional Redemption, Auction Call Redemption,
Clean-up Call or Tax Redemption that is withdrawn in accordance with this Indenture shall not constitute an Event of Default. 

(d) The Redemption Price shall be determined no earlier than sixty (60) days prior to the proposed Redemption Date. 

Section 9.4 Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the 

  
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 Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption
Date. Upon final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered
to the Issuer, the Co-Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note,
then, in the absence of notice to the Issuer, the Co-Issuer, the Note Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without
presentation or surrender. Payments of interest on Notes of a Class to be so redeemed whose Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at
the close of business on the relevant Record Date according to the terms and provisions of Section 2.7(j). 
 If
any Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual Period
the Note remains Outstanding. Subject to applicable escheatment law, any funds not distributed to any Noteholder on the Payment Date because of the failure of such Holder or Holders to tender their Notes, shall, on such date, be set aside and held
for the benefit of the appropriate non-tendering Holder or Holders. 
 Section 9.5 Mandatory
Redemption. 
 On any Payment Date on which either of the Note Protection Tests is not satisfied as of any Determination Date, the
Offered Notes shall be redeemed (a “Mandatory Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(12) in an amount necessary, and only to the extent necessary, for such Note Protection
Test to be satisfied or, if sooner, until the Offered Notes have been paid in full. On or promptly after such Mandatory Redemption, the Issuer and, as applicable, the Co-Issuer shall certify or cause to be
certified to the Rating Agencies and the Note Administrator whether the Note Protection Tests have been satisfied. 
 Section 9.6
Redemption from Unused Proceeds. 
 At the end of the Ramp-Up Period, any amounts remaining in
the Unused Proceeds Account up to and including $5,000,000 shall be deposited into the Reinvestment Account. Any amounts in excess of $5,000,000 shall be transferred to the Payment Account and as Principal Proceeds in accordance with the Priority of
Payments set forth in Section 11.1(a)(ii). 
 ARTICLE 10 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 10.1 Collection of Amounts; Custodial Account. 

(a) Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or 

  
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 receivable by the Note Administrator pursuant to this Indenture, including all payments due on the
Collateral in accordance with the terms and conditions of such Collateral. The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account in trust for the Secured Parties, and shall apply such
amounts as provided in this Indenture. Any Indenture Account may include any number of subaccounts deemed necessary or appropriate by the Note Administrator for convenience in administering such account. 

(b) The Note Administrator shall credit all Collateral Interests and Eligible Investments to an Eligible Account in the name of the Issuer for
the benefit of the Secured Parties designated as the “Custodial Account,” except that Mortgage Notes and Participations may be held by the Custodian in the State of Minnesota pursuant to Section 3.3 of this
Agreement. 
 Section 10.2 Reinvestment Account. 

(a) The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as
the “Reinvestment Account,” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and the sole right of withdrawal;
provided, however, that the Note Administrator shall only withdraw such amounts as directed by the Issuer or the Collateral Manager on behalf of the Issuer. All amounts credited to the Reinvestment Account pursuant to
Section 11.1(a)(ii) or otherwise shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided. 

(b) The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Reinvestment Account
or any funds on deposit therein, or otherwise to the credit of the Reinvestment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial
interest in the Reinvestment Account other than in accordance with the Priority of Payments. The Reinvestment Account shall remain at all times an Eligible Account. 

(c) The Collateral Manager, on behalf of the Issuer, may direct the Note Administrator to, and upon such direction the Note Administrator
shall, invest all funds in the Reinvestment Account in Eligible Investments designated by the Collateral Manager as provided in Section 11.2. All interest and other income from such investments shall be deposited in the
Reinvestment Account, any gain realized from such investments shall be credited to the Reinvestment Account, and any loss resulting from such investments shall be charged to the Reinvestment Account. The Note Administrator shall not in any way be
held liable (except as a result of negligence, willful misconduct or bad faith) by reason of any insufficiency of such Reinvestment Account resulting from any loss relating to any such investment. If the Note Administrator does not receive written
investment instructions from an Authorized Officer of the Collateral Manager, funds in the Reinvestment Account shall be held uninvested. 

(d) Amounts in the Reinvestment Account shall remain in the Reinvestment Account (or invested in Eligible Investments) until the earlier of
(i) the time the Collateral Manager instructs the Note Administrator in writing to transfer any such amounts (or related Eligible Investments) to the Payment Account, (ii) the time the Collateral Manager notifies the Note Administrator in
writing that such amounts (or related Eligible Investments) are to be applied to 

  
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 the acquisition of Reinvestment Collateral Interests and Funded Companion Participations in accordance with
Section 12.2, and (iii) the later of (x) the first Business Day after the last day of the Reinvestment Period and (y) if after the last day of the Reinvestment Period, the last settlement date within sixty
(60) days of the last day of the Reinvestment Period with respect to any Committed Reinvestment Collateral Interest. Upon receipt of notice pursuant to clause (i) above and on the dates described in clauses (ii) and
(iii) above, the Note Administrator shall transfer the applicable amounts (or related Eligible Investments) to the Payment Account, in each case for application on the next Payment Date pursuant to
Section 11.1(a)(ii) as Principal Proceeds. 
 (e) During the Reinvestment Period (and up to sixty (60) days
thereafter to the extent necessary to acquire any Committed Reinvestment Collateral Interests using Principal Proceeds received during or after the Reinvestment Period), the Collateral Manager on behalf of the Issuer may by notice to the Note
Administrator direct the Note Administrator to, and upon receipt of such notice the Note Administrator shall, reinvest amounts (and related Eligible Investments) credited to the Reinvestment Account in Commercial Real Estate Loans and Participations
selected by the Collateral Manager as permitted under and in accordance with the requirements of Article 12 and such notice. The Note Administrator shall be entitled to conclusively rely on such notice and shall not be required to make any
determination as to whether any loans or participations satisfy the Eligibility Criteria and the Acquisition Criteria. 
 Section 10.3
Payment Account. 
 (a) The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account
which shall be designated as the “Payment Account,” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and the sole
right of withdrawal. All funds received by the Note Administrator from the Servicer on each Remittance Date shall be credited to the Payment Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment Account
shall be held in trust by the Note Administrator, on behalf of the Trustee for the benefit of the Secured Parties. Except as provided in Sections 11.1 and 11.2, the only permitted withdrawal from or application of funds on deposit in,
or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other payments in respect of the Notes in accordance with their terms and the provisions of this Indenture,
(ii) to deposit into the Preferred Share Distribution Account for distributions to the Preferred Shareholders, (iii) upon Issuer Order, to pay other amounts specified therein, and (iv) otherwise to pay amounts payable pursuant to and
in accordance with the terms of this Indenture, each in accordance with the Priority of Payments. 
 (b) The Note Administrator agrees to
give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Payment Account or any funds on deposit therein, or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of
attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments. The Payment Account shall remain at all times an Eligible
Account. 

  
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 Section 10.4 Unused Proceeds Account. 

(a) The Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as
the “Unused Proceeds Account” which shall be held in trust in the name of the Note Administrator for the benefit of the Secured Parties, into which the amount specified in Section 3.2(f) shall be deposited.
All amounts credited from time to time to the Unused Proceeds Account pursuant to this Indenture shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided. 

(b) The Note Administrator agrees to give the Issuer prompt notice if it becomes aware that the Unused Proceeds Account or any funds on deposit
therein, or otherwise to the credit of the Unused Proceeds Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Unused Proceeds Account shall remain with the Corporate Trust Office or be
established at another financial institution and shall at all times be an Eligible Account. 
 (c) During the
Ramp-Up Period, the Issuer (or the Collateral Manager on behalf of the Issuer) may by Issuer Order or trade confirmation direct the Note Administrator to, and upon receipt of such Issuer Order or trade
confirmation the Note Administrator shall, apply amounts on deposit in the Unused Proceeds Account to acquire Ramp-Up Collateral Interests selected by the Collateral Manager or the Delayed Close Collateral
Interest as permitted under and in accordance with the requirements of Section 7.18 and such Issuer Order or trade confirmation. 

(d) To the extent not applied pursuant to Section 7.18, the Collateral Manager, on behalf of the Issuer, may direct
the Note Administrator to, and upon such direction the Note Administrator shall, invest all funds in the Unused Proceeds Account in Eligible Investments designated by the Collateral Manager. All interest and other income from such investments shall
be deposited in the Unused Proceeds Account, any gain realized from such investments shall be credited to the Unused Proceeds Account, and any loss resulting from such investments shall be charged to the Unused Proceeds Account. The Note
Administrator shall not in any way be held liable (except as a result of negligence, willful misconduct or bad faith) by reason of any insufficiency of the Unused Proceeds Account resulting from any loss relating to any such investment. If the Note
Administrator does not receive investment instructions from an Authorized Officer of the Collateral Manager, funds received in the Unused Proceeds Account shall be held uninvested. 

Section 10.5 [Reserved]. 

Section 10.6 Interest Advances. 

(a) With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the
related Due Period and remitted to the Note Administrator that are available to pay interest on the Class A Notes, the Class A-S Notes and the Class B Notes in accordance with the Priority of
Payments, are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a result of interest
shortfalls on the Collateral Interests (or the application of interest received on the Collateral Interests to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of such insufficiency, an “Interest
Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such 

  
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 Interest Shortfall no later than 12:00 p.m. (New York time) on the Business Day preceding such Payment Date,
at the following addresses: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator
shall provide the Advancing Agent with additional email notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Note Administrator after delivery of such initial notice that
reduces such Interest Shortfall. No later than 10:00 a.m. (New York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an
amount equal to such Interest Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.6(b), and subject to a maximum limit in respect of any Payment
Date equal to the lesser of (i) the aggregate amount of the Interest Shortfall that would otherwise occur on the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment
Date and (ii) the aggregate amount of the interest payments not received in respect of Collateral Interests with respect to such Payment Date (including, for such purpose, interest payments received on the Collateral Interests but applied to
pay certain expenses in accordance with the terms of the Servicing Agreement). 
 Notwithstanding the foregoing, in no circumstance will the
Advancing Agent be required to make an Interest Advance in respect of a Collateral Interest to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount of the Class A
Notes, the Class A-S Notes and the Class B Notes. In addition, in no event will the Advancing Agent or Backup Advancing Agent be required to advance any payments in respect of (i) interest on
any Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or (ii) principal of any Note. Any Interest Advance made by the Advancing Agent with respect
to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the next Business Day (or, if such Interest Advance is made prior to final determination
by the Note Administrator of such Interest Shortfall, on the Business Day of such final determination). 
 The Advancing Agent shall provide
the Note Administrator written notice of a determination by the Advancing Agent that a proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date. If the
Advancing Agent shall fail to make any required Interest Advance no later than 10:00 a.m. (New York time) on the Payment Date upon which distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator
shall remove the Advancing Agent in its capacity as advancing agent hereunder as required under Section 17.5(d) and the Backup Advancing Agent shall be required to make such Interest Advance no later than 11:00 a.m. (New
York time) on the Payment Date, subject to a determination of recoverability by the Backup Advancing Agent as described in Section 10.6(b). Based upon available information at the time, the Backup Advancing Agent or the
Advancing Agent or the Collateral Manager, as applicable, will provide fifteen (15) days prior notice to the Rating Agencies if recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall on the next succeeding Payment
Date. No later than the close of business on the Determination Date related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall, the Backup Advancing Agent or the Advancing Agent or the
Collateral Manager, as applicable, shall provide the Rating Agencies with notice of such recovery. 

  
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 (b) Notwithstanding anything herein to the contrary, neither the Advancing Agent nor the
Backup Advancing Agent, as applicable, shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest
expected to accrue thereon at the Reimbursement Rate, will not be a Nonrecoverable Interest Advance. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance,
the Advancing Agent or the Backup Advancing Agent, as applicable, will take into account: 
 (i) amounts that may be realized
on each Mortgaged Property in its “as is” or then-current condition and occupancy; 
 (ii) the potential length of
time before such Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and 

(iii) the possibility and effects of future adverse changes with respect to the Mortgaged Properties, and 

(iv) the fact that Interest Advances are intended to provide liquidity only and not credit support to the Holders of the Notes.

 For purposes of any such determination of whether an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance,
an Interest Advance will be deemed to be nonrecoverable if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future Interest Proceeds and Principal Proceeds may be ultimately insufficient to fully reimburse such
Interest Advance, plus interest thereon at the Reimbursement Rate within a reasonable period of time. The Backup Advancing Agent will be entitled to conclusively rely on any affirmative determination by the Advancing Agent that an Interest
Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the Advancing Agent or the Backup Advancing Agent, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding
on the Holders of the Class A Notes, the Class A-S Notes and the Class B Notes. 
 (c)
Each of the Advancing Agent and the Backup Advancing Agent may recover any previously unreimbursed Interest Advance made by it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second
(to the extent that there are insufficient Interest Proceeds for such reimbursement), from Principal Proceeds to the extent that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time an Interest
Advance is determined to be a Nonrecoverable Interest Advance, the Advancing Agent or the Backup Advancing Agent shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing Agreement on any
Business Day during any Interest Accrual Period prior to the related Determination Date. The Advancing Agent or Backup Advancing Agent, as the case may be, shall be permitted (but not obligated) to defer or otherwise structure the timing of
recoveries of Nonrecoverable Interest Advances in such manner as the Advancing Agent or Backup Advancing Agent, as the case may be, determines is in the best interest of the Holders of the Notes, as a collective whole, which may include being
reimbursed for Nonrecoverable Interest Advances in installments. 

  
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 (d) The Advancing Agent and the Backup Advancing Agent will each be entitled with respect to
any Interest Advance made by it (including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate. 

(e) The obligations of the Advancing Agent and the Backup Advancing Agent to make Interest Advances in respect of the Class A Notes, the Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless such Notes are previously redeemed or repaid in full. 

(f) In no event will the Advancing Agent, in its capacity as such hereunder, or the Note Administrator, in its capacity as Backup Advancing
Agent hereunder, be required to advance any amounts in respect of payments of principal of any Notes, nor payments in respect of interest, other than with respect to the Class A Notes, the Class A-S
Notes and the Class B Notes. Additionally, in no event will the Advancing Agent, in its capacity as such hereunder, or the Note Administrator, in its capacity as Backup Advancing Agent hereunder, be required to advance any amounts in respect of
payments of principal or interest, or any other amounts, of any Collateral Interest. 
 (g) In consideration of the performance of its
obligations hereunder, the Advancing Agent shall be entitled to receive, at the times set forth herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as (i) FS Credit REIT
(or any of its Affiliates) is the Advancing Agent and (ii) any of FS Credit REIT’s affiliates owns the Preferred Shares, FS Credit REIT hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing
Agent Fee and any Reimbursement Interest. In the event that the Advancing Agent fails to make an Interest Advance required to be made by the Advancing Agent pursuant to the terms of this Indenture, (x) the Advancing Agent shall be in default of
its obligations under this Indenture, (y) the Backup Advancing Agent shall be required to make such Interest Advance and shall be entitled to receive, in consideration thereof, the Advancing Agent Fee in accordance with the Priority of Payments
and (z) the Note Administrator shall terminate the Advancing Agent and use commercially reasonable efforts for up to 90 days following such termination to replace the Advancing Agent with a successor advancing agent that satisfies the
requirements set forth in this Indenture. If the Advancing Agent is terminated for failing to make an Interest Advance hereunder (as provided in Section 17.5(d)) (or for failing to make a Servicing Advance under the
Servicing Agreement) that the Advancing Agent did not determine to be nonrecoverable, any applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest on any Interest Advance
made by the applicable subsequent successor advancing agent). 
 (h) The determination by the Advancing Agent or the Backup Advancing Agent
(in its capacity as successor Advancing Agent), as applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a
Nonrecoverable Interest Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the
basis for such determination; provided that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent or the Backup Advancing Agent, entitlement to reimbursement with respect to,
any Interest Advance. 

  
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 Section 10.7 Reports by Parties. 

The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Special Servicer, the Servicer and the Collateral
Manager any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Special Servicer, the Servicer or the Collateral Manager may from time to time request in writing with respect to the Collateral or the
Indenture Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.8 or to permit the
Collateral Manager to perform its obligations under the Collateral Management Agreement. Each of the Issuer, the Servicer, and the Special Servicer shall promptly forward to the Collateral Manager, the Trustee and the Note Administrator any
information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any
report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the terms of this Indenture. 

Section 10.8 Reports; Accountings. 

(a) Based on the CREFC® Loan Periodic Update File prepared by the Servicer with
respect to the Serviced Commercial Real Estate Loans and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the 2nd Business Day prior to each Payment Date, the Note Administrator shall prepare and make
available on its website initially located at www.ctslink.com, on each Payment Date to Privileged Persons, a report substantially in the form of Exhibit O hereto (the “Monthly Report”), setting forth the following
information: 
 (i) the amount of the distribution of principal and interest on such Payment Date to the Noteholders and any
reduction of the Aggregate Outstanding Amount of the Notes; 
 (ii) the aggregate amount of compensation paid to the Note
Administrator, the Trustee and servicing compensation paid to the Servicer during the related Due Period; 
 (iii) the
Aggregate Outstanding Portfolio Balance outstanding immediately before and immediately after the Payment Date; 
 (iv) the
number, Aggregate Outstanding Portfolio Balance, weighted average remaining term to maturity and weighted average interest rate of the Collateral Interests as of the end of the related Due Period; 

(v) the number and aggregate principal balance of Collateral Interests that are (A) delinquent
30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but Specially Serviced Loans or in foreclosure but not an REO Property;

  
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 (vi) the value of any REO Property owned by the Issuer or any Permitted
Subsidiary as of the end of the related Due Period, on an individual Collateral Interest basis, based on the most recent appraisal or valuation; 

(vii) the amount of Interest Proceeds and Principal Proceeds received in the related Due Period; 

(viii) the amount of any Interest Advances made by the Advancing Agent or the Backup Advancing Agent, as applicable; 

(ix) the payments due pursuant to the Priority of Payments with respect to each clause thereof; 

(x) the number and related principal balances of any Collateral Interests that have been (or are related to Participated Loans
that have been) extended or modified during the related Due Period on an individual basis; 
 (xi) the amount of any
remaining unpaid Interest Shortfalls as of the close of business on the Payment Date; 
 (xii) a listing of each Collateral
Interest that was the subject of a principal prepayment during the related collection period and the amount of principal prepayment occurring; 

(xiii) the aggregate unpaid principal balance of the Collateral Interests outstanding as of the close of business on the
related Determination Date; 
 (xiv) with respect to any Collateral Interest as to which a liquidation occurred during the
related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the liquidation
(separately identifying the portion thereof allocable to distributions of the Notes); 
 (xv) with respect to any REO
Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period,
(A) the related Collateral Interest and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the
Securities); 
 (xvi) [Reserved]; 

(xvii) the aggregate amount of interest on monthly debt service advances in respect of the Collateral Interests paid to the
Advancing Agent and/or the Backup Advancing Agent since the prior Payment Date; 
 (xviii) a listing of each material
modification, extension or waiver made with respect to each Collateral Interest; 

  
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 (xix) an itemized listing of any Special Servicing Fees received from the
Special Servicer or any of its affiliates during the related Due Period; 
 (xx) the amount of any dividends or other
distributions to the Preferred Shares on the Payment Date; 
 (xxi) the Net Outstanding Portfolio Balance; and 

(xxii) confirmation that the Trustee has received, within the preceding month, a certificate from FS Credit REIT and the
Retention Holder in accordance with Section 1(d)(i) of the EU/UK Risk Retention Letter. 
 (b) The Note Administrator will post on the
Note Administrator’s Website, any report received from the Servicer or Special Servicer detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps
taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any
of its affiliates to cure such breach. 
 (c) All information made available on the Note Administrator’s Website will be restricted and
the Note Administrator will only provide access to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note Administrator may require registration and the acceptance of a
disclaimer. 
 (d) Not more than five (5) Business Days after receiving an Issuer Request requesting information regarding an Auction
Call Redemption, a Clean-up Call, a Tax Redemption, or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely receipt of the necessary information to the
extent not in its possession, compute the following information and provide such information in a statement delivered to the Collateral Manager, the Holders of the Preferred Shares and the Preferred Share Paying Agent: 

(i) the Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such Redemption Date; 

(ii) the amount of accrued interest due on such Notes as of the last day of the Due Period immediately preceding such
Redemption Date; 
 (iii) the Redemption Price; 

(iv) the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the
Notes being redeemed or to the Noteholders thereof); and 
 (v) the amounts in the Collection Account and the Indenture
Accounts available for application to the redemption of such Notes. 

  
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 (e) Commencing after the quarter ending on June 30, 2021, the Issuer (or the Collateral
Manger on its behalf) shall use its reasonable best efforts to provide quarterly updates on the status of the business plan for each Collateral Interest, which reports shall be posted to the Note Administrator’s Website. Such reports shall be
delivered by the Issuer via email to the Note Administrator at cts.cmbs.bond.admin@wellsfargo.com. 
 (f) Commencing in June 2021, the
Issuer (or the Collateral Manger on its behalf) shall provide monthly updates with respect to any Commercial Real Estate Loan where the related obligors have formally requested any forbearance and/or material monetary modification, which reports
will be posted to the Note Administrator’s website. No such report will be required for any month in which no such request has been made and no previously reported request (including, any request disclosed in the Offering Memorandum) is
resolved or remains under consideration Such reports shall be delivered by the Issuer via email to the Note Administrator at cts.cmbs.bond.admin@wellsfargo.com. 

Section 10.9 Release of Collateral Interests; Release of Collateral. 

(a) If no Event of Default has occurred and is continuing and subject to Article 12 hereof, the Issuer (or the Collateral Manager on its
behalf) may direct the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee and the Custodian at least two (2) Business Days prior to the settlement date for any sale of a
Pledged Collateral Interest, which Issuer Order shall be accompanied by a certification of the Collateral Manager (i) that the Pledged Collateral Interest has been sold pursuant to and in compliance with Article 12 or (ii) in the
case of a redemption pursuant to Section 9.1, that the Pledged Collateral Interest has been sold in compliance with Section 9.1(g), and, upon receipt of a Request for Release of such Collateral
Interest from the Collateral Manager, the Servicer or the Special Servicer, the Custodian shall deliver any such Pledged Collateral Interest, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or to the
Issuer if so requested in the Issuer Order, or, if such Pledged Collateral Interest is represented by a Security Entitlement, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as set forth in
such Issuer Order. If requested, the Custodian may deliver any such Pledged Collateral Interest in physical form for examination (prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver
any agreements and other documents in its possession relating to such Pledged Collateral Interest and (ii) the Trustee, if applicable, duly assign each such agreement and other document, in each case, to the broker or purchaser designated in such
Issuer Order or to the Issuer if so requested in the Issuer Order. 
 (b) The Issuer (or the Collateral Manager on behalf of the Issuer) may
deliver to the Trustee and Custodian at least three (3) Business Days prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged Collateral Interest is being paid in
full. Thereafter, the Collateral Manager, the Servicer or the Special Servicer, by delivery of a Request for Release, may direct the Custodian to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before
the date set for redemption or payment, to the Collateral Manager, the Servicer or the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof. 

  
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 (c) With respect to any Collateral Interest subject to a workout or restructuring, the
Issuer (or the Collateral Manager on behalf of the Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange, tender or sale, certify that a Collateral Interest is
subject to a workout or restructuring and setting forth in reasonable detail the procedure for response thereto. Thereafter, the Collateral Manager, the Servicer or the Special Servicer may, in accordance with the terms of, and subject to any
required consent and consultation obligations set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver any Collateral to the Collateral Manager, the Servicer or the Special
Servicer in accordance with such Request for Release. 
 (d) The Special Servicer shall remit to the Servicer for deposit into the Collection
Account any proceeds received by it from the disposition of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter. None
of the Trustee, the Note Administrator or the Securities Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith. 

(e) The Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the Issuer
hereunder have been satisfied, release the Collateral from the lien of this Indenture. 
 (f) Upon receiving actual notice of any offer or
any request for a waiver, consent, amendment or other modification with respect to any Collateral Interest, or in the event any action is required to be taken in respect to an Loan Document, the Special Servicer on behalf of the Issuer will promptly
notify the Collateral Manager and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance with the Servicing
Standard. In the case of any modification or amendment that results in the release of the related Collateral Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a Request for
Release, shall release the related Collateral Interest File upon the written instruction of the Special Servicer. 
 Section 10.10
Information Available Electronically. (a) The Note Administrator shall make available to any Privileged Person (in each case, as applicable, to the extent received by it) by means of the Note Administrator’s Website the following
items (to the extent such items were prepared by or delivered to the Note Administrator in electronic format): 
 (i) the
following documents, which will initially be available under a tab or heading designated “deal documents”: 
 (1)
the final Offering Memorandum related to the Notes offered thereunder; 
 (2) the Issuer’s Memorandum and Articles of
Association; 
 (3) the Servicing Agreement, any schedules, exhibits and supplements thereto; 

(4) the Preferred Share Paying Agency Agreement, and any schedules, exhibits and supplements thereto; 

  
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 (5) this Indenture, and any schedules, exhibits and supplements thereto; and

 (6) the CREFC® Loan Setup file; 

(ii) the following documents will initially be available under a tab or heading designated “periodic reports”: 

(1) the Monthly Reports prepared by the Note Administrator pursuant to Section 10.8(a); and 

(2) certain information and reports specified in the Servicing Agreement (including the collection of reports specified by CRE
Finance Council or any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC® Investor Reporting Package” relating to the
Collateral Interests (including Ramp-Up Collateral Interests, Reinvestment Collateral Interests, Contribution Collateral Interests and Exchange Collateral Interests) to the extent that the Note Administrator
receives such information and reports from the Servicer and the Special Servicer from time to time; 
 (iii) the following
documents, which will initially be available under a tab or heading designated “additional documents”: 
 (1)
inspection reports delivered to the Note Administrator under the terms of the Servicing Agreement; 
 (2) appraisals
delivered to the Note Administrator under the terms of the Servicing Agreement; 
 (3) any quarterly updates on the status of
the business plan for each Collateral Interest delivered by the Issuer to the Note Administrator; 
 (4) any monthly updates
on the status of borrower requests for forbearance and/or material monetary modification relating to each Collateral Interest delivered by the Issuer to the Note Administrator and 

(5) upon direction of the Issuer, any reports or such other information that, from time to time, the Issuer or the Special
Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website; 
 (iv) the
following documents, which will initially be available under a tab or heading designated “special notices”: 
 (1)
notice of final payment on the Notes delivered to the Note Administrator pursuant to Section 2.7(e); 

(2) notice of termination of the Servicer or the Special Servicer; 

  
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 (3) notice of a servicer termination event (with respect to the Servicer or
the Special Servicer, as applicable), each as defined in the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement; 

(4) notice of the resignation of any party to this Indenture and notice of the acceptance of appointment of a replacement for
any such party, to the extent such notice is prepared or received by the Note Administrator; 
 (5) officer’s
certificates supporting the determination that any Interest Advance was (or, if made, would be) a Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.6(b); 

(6) any direction received by the Note Administrator from the Collateral Manager for the termination of the Special Servicer
during any period when such person is entitled to make such a direction; 
 (7) notice from the Collateral Manager that at
least 50% of the Collateral Interests by Stated Principal Balance have converted to an alternative or substitute index in lieu of LIBOR in accordance with the related Loan Documents and identifying the alternative or substitute index applicable to
each Collateral Interest that has so converted; 
 (8) any direction received by the Note Administrator from a Majority of
the Controlling Class or a Supermajority of the Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c); 

(9) any notices from the Collateral Manager with respect to any Benchmark Transition Event, Benchmark Replacement Date,
Benchmark Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes; 

(10) any notice or documents provided to the Note Administrator by the Collateral Manager or the Servicer directing the Note
Administrator to post to the “special notices” tab; and 
 (11) any notice of a proposed supplement, amendment or
modification to this Indenture. 
 (v) Any notices required pursuant to the EU/UK Risk Retention Letter and provided by the
EU Retention Holder, the Retention Holder, or the Collateral Manager to the Note Administrator, which will initially be available under a tab or heading designated “EU Risk Retention”; 

(vi) The following notices provided by the Retention Holder or the Collateral Manager to the Note Administrator, if any, which
will initially be available under a tab or heading designated “U.S. Risk Retention Special Notices”: 

  
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 (1) any changes to the fair values set forth in the “Credit Risk
Retention” Section of the Offering Memorandum between the date of the Offering Memorandum and the Closing Date; 
 (2)
any material differences between the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values prior to the pricing of the Notes and the Closing Date; and 

(3) any noncompliance by the Sponsor with the Credit Risk Retention Rules; 

(vii) the “Investor Q&A Forum” pursuant to Section 10.11; and 

(viii) solely to Noteholders and holders of any Preferred Shares, the “Investor Registry” pursuant to
Section 10.11. 
 (b) Privileged Persons who execute Exhibit P-2
shall only be entitled to access the Monthly Report, and shall not have access to any other information on the Note Administrator’s Website. 

(c) The Note Administrator’s Website shall initially be located at www.ctslink.com. The foregoing information shall be made
available by the Note Administrator on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the titles of the tabs and headings on portions of its website, and may
re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete,
conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Note Administrator may remove it from the Note Administrator’s
Website. The Note Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the extent such information was not produced by the Note Administrator.
In connection with providing access to the Note Administrator’s Website, the Note Administrator may require registration and the acceptance of a disclaimer. The Note Administrator shall not be liable for the dissemination of information in
accordance with the terms of this Agreement, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. Assistance in using the Note
Administrator’s Website can be obtained by calling (866) 846-4526. 
 Section 10.11
Investor Q&A Forum; Investor Registry. 
 (a) The Note Administrator shall make the “Investor Q&A Forum”
available to Privileged Persons and prospective purchasers of Notes that are Privileged Persons by means of the Note Administrator’s Website, where Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note
Administrator relating to the Monthly Reports, and submit inquiries to the Collateral Manager, the Servicer or the Special Servicer (each, a “Q&A Respondent”) relating to any servicing reports prepared by that party, the
Collateral Interests, or the properties related thereto (each, an “Inquiry” and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an 

  
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 Inquiry for a Q&A Respondent, the Note Administrator shall forward the Inquiry to the applicable Q&A
Respondent, in each case via email within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to answer
such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent shall be by email (or such other method as to which the Note Administrator, the Collateral Manager, the Servicer and the Special Servicer
may mutually agree) to the Note Administrator. The Note Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note
Administrator’s Website. If the Note Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in
the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents, this Indenture, the Servicing Agreement, the Collateral Management Standard or the Collateral
Management Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager, as
applicable or (v) answering any such inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it shall not be required to
answer such Inquiry and shall promptly notify the Note Administrator of such determination. The Note Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered in accordance with the terms of
this Agreement. Any notice by the Note Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because the Indenture and the Servicing Agreement provides that the Note
Administrator, the Servicer, the Special Servicer or the Collateral Manager shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the Indenture,
(ii) answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, the Collateral Management Agreement, the
Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the Collateral
Manager, as applicable, or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, no inference
shall be drawn from the fact that the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to the
respondent, and shall not be deemed to be answers from any of the Issuer, the Co-Issuer, the Collateral Manager, the Placement Agents or any of their respective Affiliates. None of the Placement Agents, the
Issuer, the Co-Issuer, the Seller, the Collateral Manager, the Advancing Agent, the Future Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer, the Note Administrator or the Trustee,
or any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Note Administrator shall not
be required to post to the Note Administrator’s Website any Inquiry or answer thereto that the Note Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect
questions, answers and other communications that are not submitted via the Note Administrator’s Website. Additionally, the Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum. 

  
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 (b) The Note Administrator shall make available to any Noteholder or Preferred Shareholder
and any beneficial owner of a Note, the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where Noteholders and beneficial owners of Notes can register and
thereafter obtain information with respect to any other Noteholder or beneficial owner that has so registered. Any Person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder, a beneficial owner of a
Note or a Preferred Shareholder and (ii) it grants authorization to the Note Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Noteholders and registered beneficial owners or Notes. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and
phone number. If any Noteholder or beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration), the Note
Administrator shall promptly remove it from the Investor Registry. The Note Administrator shall not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the
accuracy of any information thereon. The Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry. 

(c) Certain information concerning the Collateral and the Notes, including the Monthly Reports, CREFC® reports, supplemental notices and the items specified in clauses (i) through (iii) of Section 10.8(a), shall be provided by the Note Administrator to
certain market data providers upon receipt by the Note Administrator from such persons of a certification in the form of Exhibit Q hereto, which certification may be submitted electronically via the Note Administrator’s Website. The
Issuer hereby authorizes the provision of such information to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., CMBS.com, Inc., Markit, LLC, Interactive Data Corporation, Thomson Reuters Corporation and PricingDirect Inc. 

(d) The 17g-5 Information Provider will make the “Rating Agency Q&A Forum and Servicer
Document Request Tool” available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Trustee or Note Administrator relating to the Monthly Report,
(ii) submit inquiries to the Servicer, Collateral Manager or the Special Servicer relating to servicing reports, or the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and information, and
(iv) view previously submitted inquiries and related answers or reports, as the case may be. The Collateral Manager, the Trustee, the Note Administrator, the Servicer or the Special Servicer, as applicable, will be required to answer each
inquiry, unless it determines that (a) answering the inquiry would be in violation of applicable law, the Servicing Standard, this Indenture, the Servicing Agreement, the Collateral Management Standard, the Collateral Management Agreement or
the applicable Loan Documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (c) answering the inquiry would materially
increase the duties of, or result in significant additional cost or expense to, such party, and the performance of such additional duty or the payment of such additional cost or expense is beyond the scope of its duties under this Indenture or the
Servicing Agreement, as 

  
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 applicable. In the event that any of the Collateral Manager, the Trustee, the Note Administrator, the
Servicer or the Special Servicer declines to answer an inquiry, it shall promptly email the 17g-5 Information Provider with the basis of such declination. The 17g-5
Information Provider will be required to post the inquiries and the related answers (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that an inquiry is
unanswered, the inquiry and the basis for which it was unanswered. The Rating Agency Q&A Forum and Servicer Document Request Tool may not reflect questions, answers, or other communications which are not submitted through the 17g-5 Website. Answers and information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the respondent, and will not be deemed to be answers from any other
Person. No such other Person will have any responsibility or liability for, and will not be deemed to have knowledge of, the content of any such information. 

Section 10.12 Certain Procedures. 

(a) For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer (or the Collateral Manager on its behalf) will
ensure that any Bloomberg screen containing information about the Rule 144A Global Notes includes the following (or similar) language: 

(i) the “Note Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will
state: “Iss’d Under 144A”; 
 (ii) the “Security Display” page will have the flashing red indicator
“See Other Available Information”; and 
 (b) the indicator will link to the “Additional Security Information” page,
which will state that the Offered Notes “are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities
Act).” 
 ARTICLE 11 

APPLICATION OF FUNDS 

Section 11.1 Disbursements of Amounts from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, but subject to the other subsections of this Section 11.1,
on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”): 

(i) Interest Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date
following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following order of priority: 

  
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 (1) to the payment of taxes and filing fees (including any registered office
and government fees) owed by the Issuer or the Co-Issuer, if any; 
 (2) (a)
first, to the extent not previously reimbursed, to the Backup Advancing Agent and the Advancing Agent, in that order, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the
Advancing Agent (or to the Backup Advancing Agent if the Advancing Agent has failed to make any Interest Advance required to be made by the Advancing Agent pursuant to the terms hereof), the Advancing Agent Fee and any previously due but unpaid
Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the Advancing Agent) (provided that the Advancing Agent or Backup Advancing Agent, as applicable, has not failed to make any Interest Advance required
to be made in respect of any Payment Date pursuant to this Indenture); and (c) third, to the Advancing Agent and the Backup Advancing Agent, to the extent due and payable to such party, Reimbursement Interest and reimbursement of any
outstanding Interest Advances not to exceed, in each case, the amount that would result in an Interest Shortfall with respect to such Payment Date; 

(3) (a) first, pro rata, based on their entitlement, to the payment to the Note Administrator and the Trustee of
the accrued and unpaid fees in respect of their services equal to, in the aggregate, $5,750, (b) second, to the payment of other accrued and unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the Custodian, the
Paying Agent and the Preferred Share Paying Agent and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses, the aggregate of all such amounts in this clause (c) (other than amounts payable to the
Servicer or the Special Servicer) per Expense Year not to exceed $150,000 per annum for the Note Administrator and $100,000 per annum for the Trustee; 

(4) to the payment of the Collateral Manager Fee and any previously due but unpaid Collateral Manager Fee (if not waived by the
Collateral Manager); 
 (5) to the payment of the Class A Interest Distribution Amount, plus, any Class A
Defaulted Interest Amount; 
 (6) to the payment of the Class A-S Interest
Distribution Amount, plus, any Class A-S Defaulted Interest Amount; 

(7) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount;

 (8) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest
Amount; 
 (9) to the payment of the Class C Deferred Interest (in reduction of the Aggregate Outstanding Amount of the
Class C Notes); 

  
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 (10) to the payment of the Class D Interest Distribution Amount,
plus, any Class D Defaulted Interest Amount; 
 (11) to the payment of the Class D Deferred Interest (in
reduction of the Aggregate Outstanding Amount of the Class D Notes); 
 (12) to the payment of the Class E Interest
Distribution Amount, plus, any Class E Defaulted Interest Amount; 
 (13) to the payment of the Class E
Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class E Notes); 
 (14) if either of the Note
Protection Tests is not satisfied as of the Determination Date relating to such Payment Date, to the payment of, (i) first, principal on the Class A Notes, (ii) second, principal on the
Class A-S Notes, (iii) third, principal on the Class B Notes, (iv) fourth, principal on the Class C Notes, (v) fifth, principal on the Class D Notes,
and (vi) sixth, principal on the Class E Notes, in each case to the extent necessary to cause each of the Note Protection Tests to be satisfied or, if sooner, until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full; 

(15) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the payment of, (i) first,
principal on the Class A Notes, 
 (ii) second, principal on the
Class A-S Notes, (iii) third, principal on the Class B Notes, (iv) fourth, principal on the Class C Notes, (v) fifth, principal on the
Class D Notes, (vi) sixth, principal on the Class E Notes, (vii) seventh, pro rata based on Aggregate Outstanding Amount, principal on the Class F Notes and the
Class F-E Notes, and (viii) eighth, pro rata based on Aggregate Outstanding Amount, principal on the Class G Notes and the Class G-E
Notes, in each case until each rating assigned on the Closing Date to such Class of Notes has been reinstated or such Class of Notes has been paid in full; 

(16) pro rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

(17) pro rata, based on entitlement, to the payment of the Class F Deferred Interest (in reduction of the
Aggregate Outstanding Amount of the Class F Notes) and the Class F-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class F-E
Notes); 
 (18) pro rata, based on entitlement, to the payment of the Class G Interest Distribution
Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any
Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

  
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 (19) pro rata, based on entitlement, to the payment of the
Class G Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class G Notes) and the Class G-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of
the Class G-E Notes); 
 (20) to the payment of any Company Administrative
Expenses not paid pursuant to clause (3) above in the order specified therein; and 
 (21) any remaining Interest
Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Preferred Shareholders subject
to and in accordance with the provisions of the Preferred Share Paying Agency Agreement. 
 (ii) Principal Proceeds.
On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due
Period shall be distributed in the following order of priority: 
 (1) to the payment of the amounts referred to in
clauses (1) through (5) of Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not
paid in full thereunder; 
 (2) on the Payment Date following the Target Amortization Date, in an amount equal to the
Designated Balance, if any, for the Delayed Close Collateral Interest: 
 A. first, to be applied to the payment of
principal (i) first, to the Class A Notes, (ii) second, to the Class A-S Notes, (iii) third, to the Class B Notes, (iv) fourth, to
the Class C Notes, (v) fifth, to the Class D Notes, (vi) sixth, to the Class E Notes, (vii) seventh, pro rata based on Aggregate Outstanding Amount, to the Class F Notes and the Class F-E Notes, and (viii) eighth, pro rata based on Aggregate Outstanding Amount, to the Class G Notes and the Class G-E Notes, in that
order, each in the amount equal to the amount necessary to cause the Credit Enhancement Level with respect to the Delayed Close Collateral Interest and for such Class (to be determined after taking into account any other payments of principal
scheduled to be made on such Class of Notes below on such Payment Date) to equal the Targeted Credit Enhancement Level for such Class; and 

B. then, any remaining portion of the related Designated Balance to be applied as a distribution to the holders
of the Preferred Shares; 

  
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 (3) on the Payment Date following the
Ramp-Up Completion Date, to the payment of principal, in an amount equal to all amounts remaining in the Unused Proceeds Account in excess of $5,000,000 as of the
Ramp-Up Completion Date (i) first, to the Class A Notes, (ii) second, to the Class A-S Notes, (iii) third, to the
Class B Notes, (iv) fourth, to the Class C Notes, (v) fifth, to the Class D Notes, (vi) sixth, to the Class E Notes, (vii) seventh, pro rata based on Aggregate Outstanding
Amount, to the Class F Notes and the Class F-E Notes, and (viii) eighth, pro rata based on Aggregate Outstanding Amount, to the Class G Notes and the Class G-E Notes, in each case until such Class of Notes has been paid in full; 

(4) on each Payment Date following the occurrence of a Rating Confirmation Failure, to the extent that application of Interest
Proceeds pursuant to clause (15) of Section 11.1(a)(i) above is insufficient to cause the ratings assigned to each Class of Notes to be reinstated or to cause any affected Class to be paid in full, to the
payment of principal (i) first, to the Class A Notes, (ii) second, to the Class A-S Notes, (iii) third, to the Class B Notes, (iv) fourth, to the
Class C Notes, (v) fifth, to the Class D Notes, (vi) sixth, to the Class E Note, (vii) seventh, pro rata based on Aggregate Outstanding Amount, to the Class F Notes and the Class F-E Notes and (viii) eighth, pro rata based on Aggregate Outstanding Amount, to the Class G Notes and the Class G-E Notes, in each case
until each rating assigned on the Closing Date to such Class of Notes has been reinstated or, if sooner, such Class of Notes has been paid in full; 

(5) during the Reinvestment Period and for so long as the Note Protection Tests are satisfied, so long as the Issuer is
permitted to purchase Reinvestment Collateral Interests at the direction of the Collateral Manager, the amount directed and designated by the Collateral Manager during the related Interest Accrual Period to be held for reinvestment in Reinvestment
Collateral Interests or for payment of the purchase price of Reinvestment Collateral Interests (it being understood that the Collateral Manager will be deemed to have directed the reinvestment of all Principal Proceeds until such time as it has
provided the Note Administrator with a notice to the contrary); 
 (6) to the payment of principal of the Class A Notes
until the Class A Notes have been paid in full; 
 (7) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount, to the extent not paid pursuant to clause 

(6) of Section 11.1(a)(i) above; 

(8) to the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full; 
 (9) to the payment of the Class B
Interest Distribution Amount plus any Class B Defaulted Interest Amount, to the extent not paid pursuant to clause (7) of Section 11.1(a)(i) above; 

  
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 (10) to the payment of principal of the Class B Notes until the
Class B Notes have been paid in full; 
 (11) to the payment of the Class C Interest Distribution Amount
plus any Class C Defaulted Interest Amount, to the extent not paid pursuant to clause (8) of Section 11.1(a)(i) above; 

(12) to the payment of principal of the Class C Notes (including any Class C Deferred Interest) until the
Class C Notes have been paid in full; 
 (13) to the payment of the Class D Interest Distribution Amount
plus any Class D Defaulted Interest Amount, to the extent not paid pursuant to clause (10) of Section 11.1(a)(i) above; 

(14) to the payment of principal of the Class D Notes (including any Class D Deferred Interest) until the
Class D Notes have been paid in full; 
 (15) to the payment of the Class E Interest Distribution Amount
plus any Class E Defaulted Interest Amount, to the extent not paid pursuant to clause (12) of Section 11.1(a)(i) above; 

(16) to the payment of principal of the Class E Notes (including any Class E Deferred Interest) until the
Class E Notes have been paid in full; 
 (17) pro rata, based on entitlement, to the payment of the Class F
Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount plus, any Class F
Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount, to the extent not paid pursuant to clause
(16) of Section 11.1(a)(i) above; 
 (18) pro rata, based on Aggregate Outstanding
Amount, to the payment of principal of the Class F Notes (including any Class F Deferred Interest) and the Class F-E Notes (including any
Class F-E Deferred Interest) until the Class F Notes and the Class F-E Notes have been paid in full; 

(19) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, to the extent not paid pursuant to clause (18) of
Section 11.1(a)(i) above; 
 (20) pro rata, based on Aggregate Outstanding Amount, to the
payment of principal of the Class G Notes (including any Class G Deferred Interest) and the Class G-E Notes (including any Class G-E Deferred
Interest) until the Class G Notes and the Class G-E Notes have been paid in full; and 

  
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 (21) any remaining Principal Proceeds to be released from the lien of this
Indenture and paid (upon standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holders of the Preferred Shares subject to and in accordance with the
provisions of the Preferred Share Paying Agency Agreement. 
 During the Reinvestment Period, the Collateral Manager may request that the
Servicer remit Principal Proceeds to the Note Administrator, no later than five (5) Business Days after receipt by the Servicer of the related Principal Proceeds, for deposit into the Reinvestment Account prior to a Payment Date upon
certification by the Collateral Manager to each of the Servicer and the Note Administrator that (i) the Note Protection Tests were satisfied as of the immediately preceding Payment Date, (ii) the Collateral Manager reasonably expects the
Note Protection Tests to be satisfied on the immediately succeeding Payment Date and (iii) the Collateral Manager reasonably expects that such Principal Proceeds will not be necessary to make payments in accordance with clause
(1) of this Section 11.1(a)(ii), and Principal Proceeds available for distribution in accordance with this Section 11.1(a)(ii) shall be reduced accordingly. The Collateral Manager shall
provide each such request to the Servicer at least five (5) Business Days prior to the expected receipt of Principal Proceeds subject to such request. Any such request referred to above (a) shall be allowed no more than once in each Due
Period and only during the Reinvestment Period and (b) shall specify the requested date of remittance and amount of the Principal Proceeds to be remitted. Upon receipt of such certification by the Note Administrator and receipt of such funds
from the Servicer, the Note Administrator shall be entitled to release any such funds upon direction from the Collateral Manager. 

(iii) Redemption Dates and Payment Dates During Events of Default. On any Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period will be distributed in the following order of
priority: 
 (1) to the payment of the amounts referred to in clauses (1) through (4) of
Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein; 

(2) to the payment of any out-of-pocket fees
and expenses of the Issuer, the Note Administrator, Custodian and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation
of any of the Collateral in connection therewith, to the extent not previously paid or withheld; 
 (3) to the payment of the
Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount; 
 (4) to the payment in
full of principal of the Class A Notes; 
 (5) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount; 

(6) to the payment in full of principal of the Class A-S Notes; 

  
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 (7) to the payment of the Class B Interest Distribution Amount
plus any Class B Defaulted Interest Amount; 
 (8) to the payment in full of principal of the Class B Notes;

 (9) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest
Amount; 
 (10) to the payment in full of principal of the Class C Notes (including any Class C Deferred Interest);

 (11) to the payment of the Class D Interest Distribution Amount plus any Class D Defaulted Interest
Amount; 
 (12) to the payment in full of principal of the Class D Notes (including any Class D Deferred Interest);

 (13) to the payment of the Class E Interest Distribution Amount plus any Class E Defaulted Interest
Amount; 
 (14) to the payment in full of principal of the Class E Notes (including any Class E Deferred Interest);

 (15) pro rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount, plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

(16) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class F
Notes and the Class F-E Notes (including any Class F Deferred Interest and any Class F-E Deferred Interest); 

(17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(18) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class G
Notes and the Class G-E Notes (including any Class G Deferred Interest and any Class G-E Deferred Interest); and 

(19) any remaining Interest Proceeds and Principal Proceeds to be released from the lien of this Indenture and paid (upon
standing order of the Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Preferred Shareholders subject to and in accordance with the provisions of the Preferred Share Paying
Agency Agreement. 

  
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 (b) On or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to
Section 10.3, remit or cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be
paid on such Payment Date. 
 (c) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due
Period are insufficient to make the full amount of the disbursements required by any clause of Sections 11.1(a)(i), (a)(ii) or (a)(iii), such payments will be made to Noteholders of each applicable Class, as to each such clause,
ratably in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor. 

(d) In connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the Servicing Agreement of any
amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, the Servicer or the Special Servicer, as applicable, shall be entitled to retain or withdraw such amounts from the
Collection Account and the Participated Loan Collection Account pursuant to the terms of the Servicing Agreement. 
 Section 11.2
Securities Accounts. 
 All amounts held by, or deposited with, the Note Administrator in the Unused Proceeds Account or the
Reinvestment Account pursuant to the provisions of this Indenture shall be invested in Eligible Investments as directed in writing by the Collateral Manager on behalf of the Issuer and credited to the Unused Proceeds Account or the Reinvestment
Account, as the case may be. Absent such direction, all amounts deposited with the Note Administrator in the Unused Proceeds Account or the Reinvestment Account shall be invested pursuant to clause (vi) of the definition of
“Eligible Investment”. Any amounts held in the Custodial Account and Payment Account shall be held uninvested. Any amounts not invested in Eligible Investments as herein provided shall be credited to one or more Securities Accounts
established and maintained pursuant to the Securities Account Control Agreement at the Corporate Trust Office of the Note Administrator, or at another financial institution whose long-term rating is at least equal to “A2” by Moody’s
(or, in each case, such lower rating as the applicable Rating Agency shall approve) and agrees to act as a Securities Intermediary on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form
and substance similar to the Securities Account Control Agreement. 

  
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 ARTICLE 12 

SALE OF COLLATERAL INTERESTS; REINVESTMENT COLLATERAL INTERESTS; EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES 

Section 12.1 Sales of Collateral Interests. 

(a) Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral
Interest. The Collateral Manager, on behalf of the Issuer, acting pursuant to the Collateral Management Agreement may direct the Special Servicer in writing to sell at any time: 

(i) any Defaulted Collateral Interest; 

(ii) any Credit Risk Collateral Interest, unless (A) the Trustee, upon written direction of a majority of the Controlling
Class, has provided written notice to the Collateral Manager that no further sales of Credit Risk Collateral Interests shall be permitted or (B) in the case of a sale of a Credit Risk Collateral Interest to an entity other than the Collateral
Manager or an affiliate thereof that is for a Cash purchase price that is less than the Par Purchase Price, the Note Protection Tests were not satisfied as of the immediately preceding Determination Date and have not been cured as of the proposed
sale date; and 
 (iii) any Collateral Interest acquired in violation of the Eligibility Criteria and the Acquisition
Criteria. 
 The Special Servicer shall sell any Collateral Interest in any sale permitted pursuant to this
Section 12.1(a), as directed by the Collateral Manager. Promptly after any sale pursuant to this Section 12.1(a), the Collateral Manager shall notify the
17g-5 Information Provider of the Collateral Interest sold and the sale price and shall provide such other information relating to such sale as may be reasonably requested by the Rating Agencies. 

(b) In addition, with respect to any Defaulted Collateral Interest or Credit Risk Collateral Interest permitted to be sold pursuant to
Section 12.1(a), such Defaulted Collateral Interest or Credit Risk Collateral Interest may be sold by the Issuer: 

(i) with respect to a Credit Risk Collateral Interest, to an entity, other than an Interested Person; 

(ii) with respect to a Credit Risk Collateral Interest, to an Interested Person that is purchasing such Credit Risk Collateral
Interest from the Issuer for a cash purchase price that is at least equal to: 
 (A) in the case of an Interested Person
other than the Collateral Manager or any of its Affiliates, the Par Purchase Price, or 

  
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 (B) in the case of the Collateral Manager or any of its Affiliates: 

A. until the Disposition Limitation Threshold has been met, the Par Purchase Price thereof; and 

B. after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory Committee,
the greater of (x) the Par Purchase Price thereof and (y) the fair market value thereof; or 
 (iii) with respect
to a Defaulted Collateral Interest, to any entity (including an Interested Person) for a price that (x) the Special Servicer, in accordance with the Servicing Standard, or (y) the Trustee, as applicable, determines to be at least equal to
the fair market value of such Defaulted Collateral Interest (any purchase in this clause (iii) or clause (ii) above is referred to herein as a “Credit Risk/Defaulted Collateral Interest Cash Purchase”). 

In connection with the sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest, the Collateral Manager may cause the
Issuer to create one or more participation interests in such Defaulted Collateral Interest or Credit Risk Collateral Interest and direct the sale of one or more of such participation interests. 

If the Collateral Manager directs the sale of a Collateral Interest acquired in violation of the Eligibility Criteria or the Acquisition
Criteria, the Issuer may sell such Collateral Interest to the Collateral Manager or an Affiliate thereof for a Cash purchase price that is equal to the Par Purchase Price. 

If a Collateral Interest that is a Defaulted Collateral Interest is not sold or otherwise disposed of by the Issuer within three years of such
Collateral Interest becoming a Defaulted Collateral Interest, the Collateral Manager will use commercially reasonable efforts to cause the Issuer to sell or otherwise dispose of such Collateral Interest as soon as commercially practicable
thereafter. In no event shall the Issuer or the Collateral Manager be permitted to sell or otherwise dispose of any Collateral Interest for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. 

(c) In addition, the Collateral Manager may direct the Trustee to sell any Non-Controlled Collateral
Interest (other than a Credit Risk Collateral Interest or a Defaulted Collateral Interest) at any time that the Collateral Manager determines in good faith that such sale is necessary to cure, or (taking into account expected cash flows from the
Issuer’s assets) prevent, the aggregate Principal Balance of all Non-Controlled Collateral Interests from exceeding 35% of the Aggregate Outstanding Portfolio Balance. 

When a sale of a Non-Controlled Collateral Interest is permitted, such Non- Controlled Collateral
Interest may be sold by the Issuer (such sale, an “NCP Cash Purchase”): 
 (i) to an entity, other than the
Collateral Manager or an affiliate (including any entity managed by the Collateral Manager), for a cash purchase price that is equal to or greater than the Par Purchase Price; or 

  
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 (ii) to the Collateral Manager or an affiliate thereof that is purchasing
such Non-Controlled Collateral Interest for a cash purchase price that is: 
 (A)
until the Disposition Limitation Threshold has been met, equal to or greater than the Par Purchase Price; and 
 (B) after
the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the Advisory Committee, equal to the greater of (I) the Par Purchase Price and (II) the fair market value thereof. 

(d) Whether any offer constitutes a fair price for any Defaulted Collateral Interest shall be determined by the Special Servicer, if the
highest offeror is a person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person. If the Trustee is required to determine the fair price for any Defaulted Collateral Interest, Trustee may (at its option
and at the expense of the Issuer), and shall be required to, if the purchaser is the Seller or any of its Affiliates, designate an independent third party expert in real estate or commercial mortgage loan matters with at least five
(5) years’ experience in valuing or investing in mortgage loans similar to the Defaulted Collateral Interest, that has been selected with reasonable care by the Trustee to determine the fair market value for such Defaulted Collateral
Interest. The Trustee shall be entitled to conclusively rely upon any such third party determination; provided that no offer from an Interested Person will constitute a fair price for purposes of this Section 12.1
unless (i) it is the highest offer received and (ii) if the Defaulted Collateral Interest has been marketed for sale for a period of less than three (3) months, at least one other offer is received from an independent third party. All
reasonable fees and costs of any appraisals, inspection reports, and opinions of value incurred by any such third party shall be covered by, and shall be paid in advance of any determination by the applicable Interested Person; provided that
the Trustee may not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. 
 (e) A
Defaulted Collateral Interest or Credit Risk Collateral Interest may be disposed of at any time, following disclosure to, and approval by, the Advisory Committee, by the Collateral Manager directing the Issuer to exchange such Defaulted Collateral
Interest or Credit Risk Collateral Interest for (1) a substitute Collateral Interest of a type identified in clause (i) of the definition of “Eligibility Criteria” that is owned by the Collateral Manager or an Affiliate of
the Collateral Manager that satisfies the Eligibility Criteria and the Acquisition Criteria (such Collateral Interest, an “Exchange Collateral Interest”) or (2) a combination of an Exchange Collateral Interest and Cash;
provided that: 
 (i) with respect to any Defaulted Collateral Interest, the sum of (1) the Par Purchase Price of
such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer in connection with such exchange, is equal to or greater than the Par Purchase Price of the Defaulted Collateral Interest sought to be exchanged; 

(ii) with respect to any Credit Risk Collateral Interest: 

  
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 (A) until the Disposition Limitation Threshold has been met, the sum of (1)
the Par Purchase Price of such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in connection with such exchange, is equal to or greater
than the Par Purchase Price of the Credit Risk Collateral Interest sought to be exchanged; 
 (B) after the Disposition
Limitation Threshold has been met, the sum of (1) the Par Purchase Price of such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in
connection with such exchange, is equal to or greater than the greater of (x) the Par Purchase Price of the Credit Risk Collateral Interest and (y) the fair market value thereof; and 

(iii) the aggregate Principal Balance of all Credit Risk Collateral Interests subject to such exchange cumulatively after the
Reinvestment Period, including the Credit Risk Collateral Interest proposed for exchange, does not cause the Credit Risk Exchange Limitation to be met. 

(f) In addition to the above, at all times the Majority of Preferred Shareholders shall have the right to purchase any Defaulted Collateral
Interest and any Credit Risk Collateral Interest for a purchase price equal to: 
 (i) until the Disposition Limitation
Threshold has been met, the Par Purchase Price; and 
 (ii) after the Disposition Limitation Threshold has been met,
following disclosure to, and approval by, the Advisory Committee, the greater of (x) the Par Purchase Price and (y) the fair market value thereof. 

(g) In the event that any Notes remain Outstanding as of the Payment Date occurring six months prior to the Stated Maturity Date of the Notes,
the Collateral Manager will be required to determine whether the proceeds expected to be received on the Collateral Interests prior to the Stated Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and accrued
interest on) the Notes on the Stated Maturity Date. If the Collateral Manager determines, in its sole discretion, that such proceeds will not be sufficient to pay the outstanding principal amount of and accrued interest on the Notes on the Stated
Maturity Date of the Notes, the Issuer will, at the direction of the Collateral Manager, be obligated to liquidate the portion of Collateral Interests sufficient to pay the remaining principal amount of and interest on the Notes on or before the
Stated Maturity Date. The Collateral Interests to be liquidated by the Issuer will be selected by the Collateral Manager. 
 (h)
Notwithstanding anything herein to the contrary, the Collateral Manager on behalf of the Issuer shall be permitted to sell or otherwise transfer (including as a contribution) to a Permitted Subsidiary at any time any Sensitive Asset for
consideration consisting of equity interests in such Permitted Subsidiary (or an increase in the value of equity interests already owned). 

(i) Under no circumstances shall the Trustee in its individual capacity be required to acquire any Collateral Interests or any property related
thereto. 

  
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 (j) Any Collateral Interest sold pursuant to this Section 12.1
shall be released from the lien of this Indenture. 
 Section 12.2 Reinvestment Collateral Interests. 

(a) Except as provided in Section 12.3(c), during the Reinvestment Period (or within sixty (60) days after the
end of the Reinvestment Period, in the case of any Committed Reinvestment Collateral Interest), amounts (or Eligible Investments) credited to the Reinvestment Account may, but are not required to, be reinvested in Reinvestment Collateral Interests
(which shall be, and hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this Indenture) that satisfy as of the date of the commitment to purchase such Reinvestment Collateral Interests the applicable
Eligibility Criteria (or in the case of any pari passu Funded Companion Participation related to any Closing Date Collateral Interest or the Delayed Close Collateral Interest, the Companion Participation Acquisition Criteria)
and the following additional criteria (the “Acquisition Criteria”), as evidenced by an Officer’s Certificate of the Collateral Manager on behalf of the Issuer delivered to the Trustee and the Note Administrator, substantially
in the form of Exhibit R hereto (which shall include the Subsequent Transfer Instrument attached to such Officer’s Certificate), delivered as of the date of the commitment to purchase such Reinvestment Collateral Interests: 

(i) the Note Protection Tests are satisfied; 

(ii) no Event of Default has occurred and is continuing; and 

(iii) the Sub-Advisor or one of its affiliates acts the
sub-advisor to the Collateral Manager. 
 In addition, the acquisition by the Issuer of any
Reinvestment Collateral Interest shall be conditioned upon receipt by the Note Administrator and Custodian of a Subsequent Transfer Instrument which shall, as of the date of such transfer, (1) list the purchase price for the related
Reinvestment Collateral Interest, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Collateral Interest Purchase Agreement and (3) make the representations and warranties made in
Section 4 of the Collateral Interest Purchase Agreement, subject only to such exceptions, if any, as are taken by the Seller with respect to such Reinvestment Collateral Interest (which are also set forth on such transfer instrument). In
connection with any such acquisition, the Custodian shall receive the Collateral Interest File no later than one (1) Business Day prior to the acquisition of the applicable Collateral Interest, along with a Subsequent Transfer Instrument in
accordance with Section 12.3, and shall review such Collateral Interest File in accordance with Section 3.3(f). 

(b) Notwithstanding the foregoing provisions, (i) Cash on deposit in the Reinvestment Account may be invested in Eligible Investments
pending investment in Reinvestment Collateral Interests and (ii) if an Event of Default shall have occurred and be continuing, no Reinvestment Collateral Interest may be acquired unless it was the subject of a commitment entered into by the
Issuer prior to the occurrence of such Event of Default. 

  
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 (c) Notwithstanding the foregoing provisions, at any time when the Retention Holder or an
Affiliate that is wholly-owned by Sub-REIT or a subsequent REIT and is a disregarded entity for U.S. federal income tax purposes holds 100% of the Preferred Shares, it may contribute additional Cash, Eligible
Investments and/or Collateral Interests to the Issuer so long as, in the case of Collateral Interests, any such Collateral Interests satisfy the Eligibility Criteria at the time of such contribution (any such Collateral Interests,
“Contribution Collateral Interests”), including, but not limited to, for purposes of effecting any cure rights reserved for the holder of the Participations, pursuant to and in accordance with the terms of the related Participation
Agreement. Cash or Eligible Investments contributed to the Issuer by the Retention Holder (during the Reinvestment Period) shall be credited to the Reinvestment Account (unless the Retention Holder directs otherwise) and may be reinvested by the
Issuer in Reinvestment Collateral Interests and Funded Companion Participations so long as no Event of Default has occurred and is continuing. 

Section 12.3 Conditions Applicable to All Transactions Involving Sale or Grant. 

(a) Any transaction effected after the Closing Date under this Article 12 or shall be conducted in accordance with the requirements of
the Collateral Management Agreement; provided that (1) the Collateral Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from the Collateral Manager or any of its Affiliates as
principal or to sell any Collateral Interest from the Collateral to the Collateral Manager or any of its Affiliates as principal unless the transaction is effected in accordance with the Collateral Management Agreement and (2) the Collateral
Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from any account or portfolio for which the Collateral Manager, the Advisor, the Sub-Advisor or any of
their respective affiliates serves as investment adviser or direct the Special Servicer to sell any Collateral Interest to any account or portfolio for which the Collateral Manager serves as investment adviser unless such transactions comply with
the Collateral Management Agreement and Section 206(3) of the Advisers Act. The Trustee shall have no responsibility to oversee compliance with this clause by the other parties. 

(b) Upon any Grant pursuant to this Article 12 (including any Grant pursuant to the acquisition of any Collateral Interest as evidenced
by any Subsequent Transfer Instrument), all of the Issuer’s right, title and interest to the Collateral Interest or Securities shall be Granted to the Trustee pursuant to this Indenture, such Collateral Interest or Securities shall be
registered in the name of the Issuer, and the Custodian shall receive such Pledged Collateral Interest or Securities. The Trustee and the Note Administrator also shall receive, not later than the date of delivery of any Collateral Interest delivered
after the Closing Date, an Officer’s Certificate of the Collateral Manager, on behalf of the Issuer, certifying that, as of the date of such Grant, such Grant complies with the applicable conditions of and is permitted by this Article 12
(and setting forth, to the extent appropriate, calculations in reasonable detail necessary to determine such compliance). 
 (c)
Notwithstanding anything contained in this Article 12 to the contrary, the Issuer shall, subject to this Section 12.3(c), have the right to effect any transaction which has been consented to by the Holders of Notes
evidencing 100% of the Aggregate Outstanding Amount of each and every Class of Notes (or if there are no Notes Outstanding, 100% of the Preferred Shares). 

  
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 Section 12.4 Modifications to Note Protection Tests. 

In the event that (1) Moody’s modifies the definitions or calculations relating to any of the Moody’s specific Eligibility
Criteria or (2) any Rating Agency modifies the definitions or calculations relating to either Note Protection Test (each, a “Rating Agency Test Modification”), in any case in order to correspond with published changes in the
guidelines, methodology or standards established by such Rating Agency, the Issuer may, but is under no obligation solely as a result of this Section 12.4 to, incorporate corresponding changes into this Indenture by an
amendment or supplement hereto without the consent of the Holders of the Notes (except as provided below) (but with written notice to the Noteholders) or the Preferred Shares if (x) in the case of a modification of a Moody’s specific
Eligibility Criteria, the Rating Agency Condition is satisfied with respect to Moody’s, (y) in the case of a modification of a Note Protection Test, the Rating Agency Condition is satisfied with respect to each Rating Agency then rating
any Class of Notes and (z) written notice of such modification is delivered by the Collateral Manager to the Trustee and the Holders of the Notes and Preferred Shares (which notice may be included in the next regularly scheduled report to
Noteholders). Any such Rating Agency Test Modification shall be effected without execution of a supplemental indenture; provided, however, that such amendment shall be (i) evidenced by a written instrument executed and delivered
by each of the Co-Issuers and the Collateral Manager and delivered to the Trustee, and (ii) accompanied by delivery by the Issuer to the Trustee of an Officer’s Certificate of the Issuer (or the
Collateral Manager on behalf of the Issuer) certifying that such amendment has been made pursuant to and in compliance with this Section 12.4. 

Section 12.5 Future Funding Agreement. 

(a) The Note Administrator and the Trustee, on behalf of the Noteholders and the Holders of the Preferred Shares, are hereby directed by the
Issuer to (i) enter into the Future Funding Agreement and the Future Funding Reserve Account Control Agreement, pursuant to which FS Credit REIT will agree to cause the Seller to pledge certain collateral described therein in order to secure
certain future funding obligations of affiliates of the Seller as holders of the related Future Funding Participations under the Participation Agreements and (ii) administer the rights of the Note Administrator and the secured party, as
applicable, under the Future Funding Agreement and the Future Funding Reserve Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related
account bank and for so long as such Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall direct the use of funds on deposit in the Future Funding Reserve Account in accordance with written instructions
delivered pursuant to the terms of the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall have any obligation to ensure that FS Credit REIT and the Seller are depositing or causing to be deposited all amounts into the
Future Funding Reserve Account that are required to be deposited therein pursuant to the Future Funding Agreement. 
 (b) The 17g-5 Information Provider shall promptly post to the 17g-5 Website pursuant to Section 14.13(d), any certification with respect to the holder of the
related Future Funding Participations that is delivered to it in accordance with the Future Funding Agreement. 

  
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 Section 12.6 Cross-Collateralized and Cross-Defaulted Collateral Interests. 

With respect to any Collateral Interests that are cross-collateralized and cross-defaulted with each other, if one of such Collateral Interests
is to be sold or exchanged in any manner described herein, the Issuer will be obligated to dispose of such Collateral Interest and all of the related cross-collateralized and cross-defaulted Collateral Interests, unless the related borrower
satisfies the conditions in the related Loan Documents for the uncrossing of such Collateral Interests. 
 ARTICLE 13 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Subordination. 

(a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A Notes, that the rights of the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes,
the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each
Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A Notes shall be paid
pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further payment or distribution is made on account of any other
Class of Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 
 (b) Anything in this
Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class A-S Notes, that the rights of the Holders of the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G
Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class A-S Notes to the
extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of
an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the
extent 100% of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class B Notes, the Class C Notes, the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(c) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class B Notes, that the rights of the Holders of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X 

  
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 Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in
Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and
unpaid interest on and outstanding principal on the Class B Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash,
before any further payment or distribution is made on account of any of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner
provided in Section 11.1(a)(iii). 
 (d) Anything in this Indenture or the Notes to the contrary notwithstanding,
the Issuer and the Holders agree, for the benefit of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each
Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class C Notes shall be paid
pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class C Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(e) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class D Notes, that the rights of the Holders of the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class D Notes to the extent and in the manner set
forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all
accrued and unpaid interest on and outstanding principal on the Class D Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class D Notes consent, other
than in Cash, before any further payment or distribution is made on account of any of the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the
manner provided in Section 11.1(a)(iii). 
 (f) Anything in this Indenture or the Notes to the contrary
notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class E Notes, that the rights of the Holders of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to
the Class E Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the
Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent
100% of Holders of the Class E Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner
provided in Section 11.1(a)(iii). 

  
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 (g) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and
the Holders agree, for the benefit of the Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes, that the rights of the Holders of the
Class G Notes, the Class G-E Notes and the Class G-X Notes shall be subordinate and junior to the Class F Notes, the
Class F-E Notes and the Class F-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each
Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class F
Notes, the Class F-E Notes and the Class F-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent
100% of Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes consent, other than in Cash, before any further payment or distribution
is made on account of any of the Class G Notes, the Class G-E Notes and the Class G-X Notes to the extent and in the manner provided in
Section 11.1(a)(iii). 
 (h) In the event that notwithstanding the provisions of this Indenture, any Holders of any
Class of Notes shall have received any payment or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid interest on and outstanding principal of all more senior
Classes of Notes have been paid in full in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Note Administrator, which shall
pay and deliver the same to the Holders of the more senior Classes of Notes in accordance with this Indenture. 
 (i) Each Holder of any
Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that such Holder shall not demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture
including Section 11.1(a) and this Section 13.1; provided, however, that after all accrued and unpaid interest on, and principal of, each Class of Notes senior to such
Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated to the rights of the Holders of each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the
obligation of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder. 
 (j) The Holders of each
Class of Notes agree, for the benefit of all Holders of the Notes, not to institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary, any
petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under the laws of any jurisdiction before one year and one day or, if longer, the applicable preference period then in effect and one day,
have elapsed since the final payments to the Holders of the Notes. 

  
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 Section 13.2 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Securityholder under this Indenture, a
Securityholder or Securityholders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their
direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Securityholder, the Issuer, or any other Person, except for any liability to
which such Securityholder may be subject to the extent the same results from such Securityholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

ARTICLE 14 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to the Trustee and Note Administrator. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer of the Issuer or the Co-Issuer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Co-Issuer, the Collateral Manager or any other Person, stating that the information with respect to such factual matters is in the possession of the Issuer, the Co-Issuer, the
Collateral Manager or such other Person, unless such Authorized Officer of the Issuer or the Co-Issuer or such counsel knows that the certificate or opinion or representations with respect to such matters are
erroneous. Any Opinion of Counsel also may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer or the Co-Issuer, or
the Servicer or the Special Servicer on behalf of the Issuer, certifying as to the factual matters that form a basis for such Opinion of Counsel and stating that the information with respect to such matters is in the possession of the Issuer or the Co-Issuer or the Collateral Manager on behalf of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

  
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 Whenever in this Indenture it is provided that the absence of the occurrence and
continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee or the Note Administrator at the request or direction of the Issuer or the Co-Issuer, then
notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s or the Co-Issuer’s rights to make such request or direction, the Trustee or the Note Administrator
shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(i). 

Section 14.2 Acts of Securityholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required, to the Issuer and/or the Co-Issuer. Such
instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Note Administrator, the Issuer and the Co-Issuer, if made
in the manner provided in this Section 14.2. 
 (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner which the Trustee or the Note Administrator deems sufficient. 
 (c) The principal amount
and registered numbers of Notes held by any Person, and the date of his holding the same, shall be proved by the Notes Register. The Notional Amount and registered numbers of the Preferred Shares held by any Person, and the date of his holding the
same, shall be proved by the register of members maintained with respect to the Preferred Shares. Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any
Notes. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Securityholder shall bind such
Securityholder (and any transferee thereof) of such Security and of every Security issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Note
Administrator, the Preferred Share Paying Agent, the Preferred Share Registrar, the Issuer or the Co-Issuer in reliance thereon, whether or not notation of such action is made upon such Security. 

Section 14.3 Notices, etc., to the Trustee, the Note Administrator, the Issuer, the
Co-Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Preferred Share Paying Agent, the Placement Agents, the Collateral Manager and the Rating Agencies. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Securityholders or other documents provided or permitted by
this Indenture shall be in writing and addressed in each case as follows: 

  
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 (a) if to the Trustee, addressed to Wilmington Trust, National Association, 1100 North
Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2021-FL2, Facsimile number: (302) 636-6196, with a copy by email to
cmbstrustee@wilmingtontrust.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Securityholders; 

(b) if to the Note Administrator, addressed to Wells Fargo Bank, National Association, Corporate Trust Office, 9062 Old Annapolis Road,
Columbia, Maryland 21045 Attention: Corporate Trust Services - FS Rialto 2021-FL2, e-mail: trustadministrationgroup@wellsfargo.com with a copy to
cts.cmbs.bond.admin@wellsfargo.com and, with respect to any certification sent by the Retaining Sponsor with respect to EU Compliance, to eurrcompliance@wellsfargo.com, or at any other address previously furnished in writing to the parties
hereto and the Servicing Agreement, and to the Securityholders; 
 (c) if to the Issuer, addressed to FS Rialto 2021-FL2 Issuer, Ltd., c/o MaplesFS Limited, PO Box 1093, Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands, Email: cayman@maples.com; with copies to FS
Investments, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; Rialto Capital Management, LLC, 600
Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director E-mail: philip.orban@rialtocapital.com; and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New
York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Trustee and the Note Administrator by the Issuer, with a copy to the Special Servicer; 

(d) if to the Co-Issuer, addressed to FS Rialto 2021-FL2 Co-Issuer, LLC, c/o The Corporation Trust
Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801; with copies to FS Investments, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, Email:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail: philip.orban@rialtocapital.com; and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in
writing to the Trustee and the Note Administrator by the Co-Issuer, with a copy to the Special Servicer at its address set forth below; 

(e) if to the Advancing Agent, addressed to FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112,
Attention: Legal Department, Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022,
Attention: Philip Orban, Managing Director, E-mail: philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or
at any other address previously furnished in writing to the Trustee, the Note Administrator, and the Co-Issuers, with a copy to the Special Servicer at its address set forth below; 

  
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 (f) if to the Preferred Share Paying Agent, addressed to it at its Corporate Trust Office or
at any other address previously furnished in writing by the Preferred Share Paying Agent; 
 (g) if to the Servicer, addressed to Wells Fargo
Bank, National Association, Commercial Mortgage Servicing, Three Wells Fargo, 401 South Tryon Street, 8th Floor, MAC D1050-084, Charlotte, North Carolina 28202, Attention: FS Rialto 2021-FL2 Asset Manager, Fax: (704) 715-0036, Email: commercial.servicing@wellsfargo.com, with a copy to Mayer Brown LLP, 214 North Tryon Street, Suite 3800, Charlotte, North
Carolina 28202, Attention: Christopher J. Brady, Esq., Fax: (704) 377-2033, with a copy by email to cbrady@mayerbrown.com, or at any other address previously furnished in writing to the Issuer, the Note
Administrator, the Co-Issuer and the Trustee; 
 (h) if to the Special Servicer, addressed to Rialto
Capital Advisors, LLC, Rialto Capital Advisors, LLC, 200 S. Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Adam Singer, Managing Director, E-mail: adam.singer@rialtocapital.com, with copies to
Rialto Capital Advisors, LLC, 200 S. Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Liat Heller, General Counsel, E-mail: liat.heller@rialtocapital.com and Cadwalader, Wickersham & Taft
LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee; 

(i) if to the Rating Agencies, addressed to them at (i) with respect to KBRA, Inc., 805 Third Avenue, 4th Floor, New York, New York 10022,
Attention: CMBS Surveillance, Email: cmbssurveillance@kbra.com and (ii) with respect to Moody’s Investor Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by
electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of
Securityholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with the Rating Agencies shall be given in accordance with, and subject to, the provisions of
Section 14.13; 
 (j) if to Goldman Sachs as a Placement Agent, addressed to Goldman Sachs & Co. LLC, 200
West Street, New York, New York 10282, Attention: Michael Barbieri, e-mail: Michael.Barbieri@gs.com with copies to Brian Bolton, email: Brian.A.Bolton@gs.com, or at any other address furnished in writing to
the Issuer, the Co-Issuer, the Note Administrator and the Trustee; 
 (k) if to WFS as a Placement
Agent, addressed to Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, Attention: A.J. Sfarra, email: anthony.sfarra@wellsfargo.com, with copies to Troy Stoddard, Wells Fargo Law Department,
D1053-300, 301 South College St., Charlotte, North Carolina 28288, e-mail: Troy.Stoddard@wellsfargo.com, or at any other address furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee; 

  
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 (l) if to the Collateral Manager, addressed to FS Credit Real Estate Income Trust, Inc., 201
Rouse Boulevard, Philadelphia, Pennsylvania 19112, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail:
philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address furnished in writing to the Issuer, the
Co-Issuer, the Note Administrator and the Trustee; and 
 (m) if to the Note Administrator,
(i) for purposes of note transfers, addressed to 600 South 4th Street, Minneapolis, Minnesota 55415, Attention: CTS - Note Transfer Services - FS Rialto 2021-FL2, or (ii) otherwise, addressed to the
Note Administrator at the Corporate Trust Office of the Note Administrator. 
 Section 14.4 Notices to Noteholders; Waiver. 

Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any
event, 
 (a) such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage prepaid, to each
Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice; 

(b) such notice shall be in the English language; and 

(c) all reports or notices to Preferred Shareholders shall be sufficiently given if provided in writing and mailed, first class postage
prepaid, to the Preferred Share Paying Agent. 
 The Note Administrator shall deliver to the Holders of the Notes any information or notice
in its possession, requested to be so delivered by at least 25% of the Holders of any Class of Notes. 
 Neither the failure to mail
any notice, nor any defect in any notice so mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes. In case by reason of the suspension of regular mail service or by reason of
any other cause, it shall be impracticable to give such notice by mail, then such notification to Holders of Notes shall be made with the approval of the Note Administrator and shall constitute sufficient notification to such Holders of Notes for
every purpose hereunder. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of
the regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient giving of such notice. 

  
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 Section 14.5 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer and the Co-Issuer shall bind their
respective successors and assigns, whether so expressed or not. 
 Section 14.7 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 14.8 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person, other than (i) the parties hereto and
their successors hereunder and (ii) the Servicer, the Special Servicer, the Collateral Manager, the Preferred Shareholders, the Preferred Share Paying Agent, the Preferred Share Registrar and the Noteholders (each of whom shall be an express
third party beneficiary hereunder), any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 14.9
Governing Law; Waiver of Jury Trial. 
 THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 THE PARTIES
HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 14.10 Submission to Jurisdiction. 

Each of the Issuer and the Co-Issuer hereby irrevocably submits to the nonexclusive jurisdiction of any
New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and each of the Issuer and the
Co-Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court. Each of the Issuer and the Co-Issuer hereby irrevocably waives, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each of the Issuer and the Co-Issuer irrevocably consents to the service of any and 

  
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 all process in any action or proceeding by the mailing or delivery of copies of such process to it at the
office of the Issuer’s and the Co-Issuer’s agent set forth in Section 7.2. Each of the Issuer and the Co-Issuer 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. 

Section 14.11 Counterparts. 

This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement or
document related to this transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”) and other
electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability
as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Section 14.12 Liability of Co-Issuers. 

Notwithstanding any other terms of this Indenture, the Notes or any other agreement entered into between, inter alios, the Issuer and the Co-Issuer or otherwise, neither the Issuer nor the Co-Issuer shall have any liability whatsoever to the Co-Issuer or the Issuer,
respectively, under this Indenture, the Notes, any such agreement or otherwise and, without prejudice to the generality of the foregoing, neither the Issuer nor the Co-Issuer shall be entitled to take any
steps to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any such agreement or otherwise against the other Co-Issuer or the Issuer, respectively. In particular, neither the
Issuer nor the Co-Issuer shall be entitled to petition or take any other steps for the winding up or bankruptcy of the Co-Issuer or the Issuer, respectively or shall
have any claim in respect of any Collateral of the Co-Issuer or the Issuer, respectively. 

Section 14.13 17g-5 Information. 

(a) The Co-Issuers shall comply with their obligations under Rule
17g-5 promulgated under the Exchange Act (“Rule 17g-5”), by their or their agent’s posting on the 17g-5
Website, no later than the time such information is provided to the Rating Agencies, all information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special Servicer, provide to the
Rating Agencies for the purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided that no
party other than the Issuer, the Trustee, the Note 

  
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 Administrator, the Servicer or the Special Servicer may provide information to the Rating Agencies on the
Issuer’s behalf without the prior written consent of the Issuer. At all times while any Notes are rated by any Rating Agency or any other NRSRO, the Issuer shall engage a third party to post 17g-5
Information to the 17g-5 Website. The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this
Section 14.13, and the Note Administrator hereby accepts such engagement. 
 (b) Any information required to be
delivered to the 17g-5 Information Provider by any party under this Agreement or the Servicing Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “17g-5 – FS Rialto 2021-FL2 Issuer, Ltd.” and an identification of the type of information being provided in the
body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider. 

Upon delivery by the Issuer or the Co-Issuer to the 17g-5
Information Provider (in an electronic format mutually agreed upon by the Co-Issuers and the 17g-5 Information Provider) of information designated by the Issuer or the Co-Issuer as having been previously made available to NRSROs by the Co-Issuers (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing
17g-5 Information available only to the Co-Issuers and to NRSROs via the 17g-5 Information Provider’s Website pursuant this
Section 14.13(b). The Co-Issuers shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third
party. 
 (c) The 17g-5 Information Provider shall make available, solely to NRSROs, the following
items to the extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5 – FS-Rialto 2021-FL2 Issuer, Ltd.” and an identification of the type of information being provided in the body of the email, or via any alternate email address following
notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial; provided that such information is not locked
or corrupted and is otherwise received in a readable and uploadable format: 
 (i) any statements as to compliance and
related Officer’s Certificates delivered under Section 7.9; 
 (ii) any information requested
by the Issuer or the Rating Agencies (it being understood the 17g-5 Information Provider shall not disclose on the Note Administrator’s Website which Rating Agencies requested such information as provided
in Section 14.13); 
 (iii) any notice to the Rating Agencies relating to the Special
Servicer’s determination to take action without satisfaction of the Rating Agency Condition; 

  
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 (iv) any requests for satisfaction of the Rating Agency Condition that are
delivered to the 17g-5 Information Provider pursuant to Section 14.14; 

(v) any summary of oral communications with the Rating Agencies that are delivered to the
17g-5 Information Provider pursuant to Section 14.13(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication was
with; 
 (vi) any amendment or proposed supplemental indenture to this Agreement pursuant to
Section 8.3; and 
 (vii) the “Rating Agency Q&A Forum and Servicer Document Request
Tool” pursuant to Section 10.11(d). 
 The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in writing. 

(d) Information shall be posted on the same Business Day of receipt; provided that such information is received by 2:00 p.m. (New York
time) or, if received after 2:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being
delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5
Information Provider may remove it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the
17g-5 Website to the extent such information was not produced by it. Access will be provided by the 17g-5 Information Provider to NRSROs upon receipt of an NRSRO
Certification in the form of Exhibit N hereto (which certification may be submitted electronically via the 17g-5 Website). 

(e) Upon request of the Issuer or a Rating Agency, the 17g-5 Information Provider shall post on the 17g-5 Website any additional information requested by the Issuer or such Rating Agency to the extent such information is delivered to the 17g-5 Information Provider
electronically in accordance with this Section 14.13. In no event shall the 17g-5 Information Provider disclose on the 17g-5 Website the Rating
Agency or NRSRO that requested such additional information. 
 (f) The 17g-5 Information Provider
shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in respect of the transaction governed by this Agreement each time an
additional document is posted to the 17g-5 Website. 
 (g) Any other information required to be
delivered to the Rating Agencies pursuant to this agreement shall be furnished to the Rating Agencies so long as such information (x) was previously provided to the 17g-5 Information Provider or (y) is
simultaneously delivered to the 17g-5 Information Provider in accordance with this Section 14.13. 

(h) Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.13 shall not constitute a
Default or Event of Default. 

  
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 (i) If any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in connection with any third-party due diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”), such
receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5
Website. The 17g-5 Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly from
a Due Diligence Service Provider or from another party to this Indenture, promptly upon receipt thereof. It being understood that no party to this Agreement shall be required to make a determination as to whether any material provided to such party
is Form ABS Due Diligence-15E and any Form ABS Due Diligence-15E shall be labeled as such. 

Section 14.14 Rating Agency Condition. 

Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing,
which writing shall contain a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agencies to
process such request. Such written request for satisfaction of the Rating Agency Condition shall be provided in electronic format to the 17g-5 Information Provider in accordance with
Section 14.13 and after receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting delivered by the 17g-5 Website to such
party), the Requesting Party shall send the request for satisfaction of such Rating Agency Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3. 

Section 14.15 Patriot Act Compliance. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee and Note Administrator may be required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Trustee or Note Administrator, as the case may be. Accordingly, each of the parties agrees to provide to the Trustee and the Note Administrator, upon its request from time to time, such identifying
information and documentation as may be available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law. The Issuer and Company Administrator are subject to laws in the Cayman Islands,
which impose similar obligations to the Applicable Laws, including with regard to verifying the identity and source of funds of investors. 

ARTICLE 15 
 ASSIGNMENT
OF THE COLLATERAL INTEREST PURCHASE AGREEMENT 
 Section 15.1 Assignment of Collateral Interest Purchase Agreement. 

(a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Offered Notes and amounts payable to the Secured
Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets 

  
 -210- 

 over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by
persons responsible therefor pursuant to this Agreement and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase Agreement (now or hereafter entered into) (an
“Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of
an obligation of the Seller or Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements
thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a license to exercise all of the Issuer’s
rights pursuant to the Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in
Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained in each of the Article 15 Agreement be imposed on the Trustee. 

(c) Upon the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this assignment and all rights herein
assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreement shall revert to the Issuer and no further instrument
or act shall be necessary to evidence such termination and reversion. 
 (d) The Issuer represents that it has not executed any assignment of
the Article 15 Agreement other than this collateral assignment. 
 (e) The Issuer agrees that this assignment is irrevocable, and that it
shall not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute all instruments of further assurance and all such
supplemental instruments with respect to this assignment as the Trustee may specify. 
 (f) The Issuer hereby agrees, and hereby undertakes
to obtain the agreement and consent of the Seller in the Collateral Interest Purchase Agreement to the following: 
 (i) the
Seller consents to the provisions of this collateral assignment and agrees to perform any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement; 

(ii) the Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in, to and under
the Collateral Interest Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in the Article 15 Agreement are also for the benefit of,
and enforceable by, the Trustee and the Noteholders; 

  
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 (iii) the Seller shall deliver to the Trustee duplicate original copies of
all notices, statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; 

(iv) none of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the applicable Article
15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and without the prior written consent and
written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn; 

(v) except as otherwise set forth herein and therein (including, without limitation, pursuant to Section 12 of the
Collateral Management Agreement), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement, notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral
Management Agreement because sufficient funds were not then available hereunder to pay such amounts pursuant to the Priority of Payments. The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the
nonpayment of the fees or other amounts payable to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to the applicable preference
period under the Bankruptcy Code plus ten days following such payment; and 
 (vi) the Collateral Manager irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes
or this Indenture, and the Collateral Manager irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court. The Collateral Manager irrevocably waives, to the fullest
extent it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Collateral Manager irrevocably consents to the service of any and all process in any action or Proceeding by the mailing by
certified mail, return receipt requested, or delivery requiring signature and proof of delivery of copies of such initial process to it at c/o FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112,
Attention: Legal Department. The Collateral Manager agrees that a final and non-appealable judgment by a court of competent jurisdiction 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. 

  
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 ARTICLE 16 

CURE RIGHTS; PURCHASE RIGHTS 

Section 16.1 Collateral Interest Purchase Agreements. 

Following the Closing Date, unless a Collateral Interest Purchase Agreement is necessary to comply with the provisions of this Indenture, the
Issuer may acquire Collateral Interests in accordance with customary settlement procedures in the relevant markets. In any event, the Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain from any seller of a Collateral Interest,
all Loan Documents with respect to each Collateral Interest that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Interest with respect to the Collateral Interest and any certificate evidencing the Collateral
Interest. 
 Section 16.2 Representations and Warranties Related to Ramp-Up Collateral
Interests, Reinvestment Collateral Interests and Exchange Collateral Interests. 
 (a) Upon the acquisition of any Ramp-Up Collateral Interest, Reinvestment Collateral Interest or Exchange Collateral Interest by the Issuer, the related seller shall be required to make representations and warranties substantially in the form
attached as Exhibit B to the Collateral Interest Purchase Agreement with such exceptions as may be relevant and reasonably acceptable to the Collateral Manager. 

(b) The representations and warranties in Section 16.2(a) with respect to the acquisition of any Ramp-Up Collateral Interest, Reinvestment Collateral Interest or Exchange Collateral Interest may be subject to any modification, limitation or qualification that the Collateral Manager determines to be reasonably
acceptable in accordance with the Collateral Management Standard; provided that the Collateral Manager will provide the Rating Agencies with a report (by providing such report to the 17g-5 Information
Provider) attached to each Monthly Report identifying each such affected representation or warranty and the modification, exception, limitation or qualification received with respect to the acquisition of any
Ramp-Up Collateral Interest, Reinvestment Collateral Interest and/or Exchange Collateral Interest during the period covered by such Monthly Report, which report may contain explanations by the Collateral
Manager as to its determinations. 
 (c) The Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain a covenant from the
Person making any representation or warranty to the Issuer pursuant to Section 16.2(a) that such Person shall repurchase the related Collateral Interest if any such representation or warranty is breached (but only after the
expiration of any permitted cure periods and failure to cure such breach). The purchase price for any Collateral Interest repurchased shall be a price equal to the sum of the following (in each case, without duplication) as of the date of such
repurchase: (i) the then outstanding Principal Balance of such Collateral Interest, discounted based on the percentage amount of any discount that was applied when such Collateral Interest was purchased by the Issuer, plus
(ii) accrued and unpaid interest on such Collateral Interest, plus (iii) any unreimbursed advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (iv) accrued and unpaid interest on
advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any enforcement action, incurred by the Issuer or the
Trustee in connection with any such repurchase), plus (vi) any Liquidation Fee payable to the Special Servicer in connection with a repurchase of the Collateral Interest by the Seller. 

  
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 Section 16.3 Purchase Right; Holder of a Majority of the Preferred Shares. 

If the Issuer, as holder of a Participation, has the right pursuant to the related Loan Documents to purchase any other interest in the same
Underlying Commercial Real Estate Loan as the Participation (an “Other Tranche”), the Issuer shall, only if directed by the Holder of a Majority of the Preferred Shares, exercise such right, if the Collateral Manager determines, in
accordance with the Collateral Management Standard, that the exercise of such right would be in the best interest of the Noteholders. The Collateral Manager shall deliver to the Trustee an Officer’s Certificate certifying such determination,
accompanied by an Act of the Holder of a Majority of the Preferred Shares directing the Issuer to exercise such right. In connection with the purchase of any such Other Tranche(s), the Issuer shall assign to the Holder of a Majority of the Preferred
Shares or its designee all of its right, title and interest in such Other Tranche(s) in exchange for a purchase price (such price and any other associated expense of such exercise to be paid by the Holder of a Majority of the Preferred Shares) of
the Other Tranche(s) (or, if the Loan Documents permit, the Issuer may assign the purchase right to the Holder of a Majority of the Preferred Shares or its designee; otherwise the Holder of a Majority of the Preferred Shares or its designee shall
fund the purchase by the Issuer, which shall then assign the Other Tranche(s) to the Holder of a Majority of the Preferred Shares or its designee), which purchase price shall be delivered by such Holder or its designee from its own funds to or upon
the instruction of the Collateral Manager in accordance with terms of the related Loan Documents related to the acquisition of such Other Tranche(s). The Issuer shall execute and deliver at the direction of such Holder of a Majority of the Preferred
Shares such instruments of transfer or assignment prepared by such Holder, in each case without recourse, as shall be necessary to transfer title to such Holder of the Majority of the Preferred Shares or its designee of the Other Tranche(s) and the
Trustee shall have no responsibility with regard to such Other Tranche(s). Notwithstanding anything to the contrary herein, any Other Tranche purchased hereunder by the Issuer shall not be subject to the Grant to the Trustee under the Granting
Clause. 
 ARTICLE 17 

ADVANCING AGENT 

Section 17.1 Liability of the Advancing Agent. 

The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by
the Advancing Agent. 
 Section 17.2 Merger or Consolidation of the Advancing Agent. 

(a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in
which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture to
perform its duties under this Indenture. 

  
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 (b) Any Person into which the Advancing Agent may be merged or consolidated, or any
corporation resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing
Agent shall have no effect on the Backup Advancing Agent’s obligations under Section 10.6, which obligations shall continue pursuant to the terms of Section 10.6). 

Section 17.3 Limitation on Liability of the Advancing Agent and Others. 

None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action
taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer or
Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of
obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless
against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the
terms hereof or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of
a representation, warranty or covenant made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties hereunder or any violation of any state or federal securities
law. 
 Section 17.4 Representations and Warranties of the Advancing Agent. 

The Advancing Agent represents and warrants that: (a) the Advancing Agent (i) has been duly organized, is validly existing and is in good
standing under the laws of the State of Delaware, (ii) has full power and authority to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where the
Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require, such qualification, except for failures to be so qualified that would not in
the aggregate have a material adverse effect on the business, operations or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the provisions of
this Indenture applicable to the Advancing Agent; 

  
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 (b) the Advancing Agent has full power and authority to execute, deliver and perform this
Indenture; this Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable against it in accordance with the terms hereof, except that
the enforceability hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law); 
 (c) neither the execution and delivery of this Indenture nor
the performance by the Advancing Agent of its duties hereunder conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Articles of Incorporation and bylaws
of the Advancing Agent, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent
is a party or is bound, 
 (iii) any law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory,
administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties, and which would have, in the case of any of (i), (ii) or (iii) of this
Section 17.4(c), either individually or in the aggregate, a material adverse effect on the business, operations or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations
under this Indenture; 
 (d) no litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the
Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any of its obligations under this Indenture in accordance with the terms hereof;
and 
 (e) no consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or
court or other Person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained. 

Section 17.5 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this Article 17 shall
become effective until the acceptance of appointment by the successor Advancing Agent under Section 17.6. 
 (b)
The Advancing Agent may, subject to Section 17.5(a), resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator,
the Trustee, the Servicer, the Noteholders and the Rating Agencies. 
 (c) The Advancing Agent may be removed at any time by Act of
Supermajority of the Preferred Shares upon written notice delivered to the Trustee and to the Issuer and the Co-Issuer. 

  
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 (d) If the Advancing Agent fails to make a required Interest Advance and it has not
determined such Interest Advance to be a Nonrecoverable Interest Advance, (i) the Advancing Agent will be in default under this Indenture, (ii) the Backup Advancing Agent shall be required to make such Interest Advance, subject to a
determination of recoverability, and (iii) the Note Administrator shall terminate such Advancing Agent and use commercially reasonable efforts for up to 90 days following such termination to replace such Advancing Agent with a successor
Advancing Agent, subject to the satisfaction of the Rating Agency Condition. Following the termination of the Advancing Agent, the Backup Advancing Agent will be required to make Interest Advances until a successor advancing agent is appointed. 

(e) Subject to Section 17.5(d), if the Advancing Agent shall resign or be removed, upon receiving such notice of
resignation or removal, the Issuer and the Co-Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized Officer of the Issuer and an Authorized
Officer of the Co-Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Collateral
Manager, the Trustee, the Note Administrator, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall be appointed only subject to satisfaction of the Rating Agency Condition, upon the written consent of a
Majority of Preferred Shareholders. If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing Agent shall not have been delivered to the Advancing Agent within 30 days after the giving of such
notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator, or any Preferred Shareholder, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of
a successor Advancing Agent. 
 (f) The Issuer and the Co-Issuer shall give prompt notice of each
resignation and each removal of the Advancing Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the Trustee, the Note Administrator, and to
the Holders of the Notes as their names and addresses appear in the Notes Register. 
 Section 17.6 Acceptance of Appointment by
Successor Advancing Agent. 
 (a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the
Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and
under the Servicing Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts, duties and obligations of the retiring Advancing Agent hereunder and under the Servicing Agreement. 

(b) No appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been satisfied with
respect to the appointment of such successor Advancing Agent and (2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

  
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 Section 17.7 Removal and Replacement of Backup Advancing Agent. 

The Note Administrator shall replace any such successor Advancing Agent (excluding the Note Administrator in its capacity as Backup Advancing
Agent) upon receiving notice that such successor Advancing Agent’s long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s, and whose short-term unsecured debt rating becomes lower than “P-1” by Moody’s, with a successor Advancing Agent that has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the
day and year first above written. 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name: Edward T. Gallivan, Jr.
		 	Title: Chief Financial Officer

  
 FS RIALTO 2021-FL2: INDENTURE 

 
			
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name: Edward T. Gallivan, Jr.
		 	Title: Authorized Signatory

  
 FS RIALTO 2021-FL2: INDENTURE 

 
			
	FS CREDIT REAL ESTATE INCOME TRUST, INC., as Advancing Agent
		
	By:	 	 /s/ Edward T. Gallivan, Jr.

		 	Name: Edward T. Gallivan, Jr.
		 	Title: Chief Financial Officer

  
 FS RIALTO 2021-FL2: INDENTURE 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patrick A. Kanar

	Name:	 	Patrick A. Kanar
	Title:	 	Banking Officer

  
 FS RIALTO 2021-FL2: INDENTURE 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator
		
	By:	 	 /s/ AMY MOFSENSON

		 	Name: AMY MOFSENSON
		 	Title: VICE PRESIDENT
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian
		
	By:	 	 /s/ AMY MOFSENSON

		 	Name: AMY MOFSENSON
		 	Title: VICE PRESIDENT

  
 FS RIALTO 2021-FL2: INDENTURE 

 SCHEDULE A 

COLLATERAL INTEREST SCHEDULE 
  

									
	 Collateral Interest
	  	Collateral Interest
Cut-off Date Balance	 	  	Collateral Interest Type
	 1.
	  	Detroit Industrial Portfolio	  	$	65,000,000	 	  	Participation
	 2.
	  	Retreat at Riverside	  	$	61,460,000	 	  	Participation
	 3.
	  	Inkwell Decatur	  	$	56,000,000	 	  	Participation
	 4.
	  	Carolina Industrial Portfolio	  	$	55,370,490	 	  	Participation
	 5.
	  	The Point at Las Colinas	  	$	45,000,000	 	  	Participation
	 6.
	  	Ring HQ	  	$	42,240,000	 	  	Participation
	 7.
	  	18220 Liberty	  	$	35,150,000	 	  	Participation
	 8.
	  	The 903 Apartments	  	$	31,855,000	 	  	Participation
	 9.
	  	Town Center Colleyville	  	$	29,000,000	 	  	Participation
	 10.
	  	The Ashton	  	$	26,500,000	 	  	Participation
	 11.
	  	198 Utah Street	  	$	26,328,185	 	  	Participation
	 12.
	  	Grosvenor GB Multi Portfolio	  	$	25,830,506	 	  	Participation
	 13.
	  	The Porter	  	$	25,250,000	 	  	Mortgage Loan
	 14.
	  	Jupiter Innovation Center	  	$	24,625,040	 	  	Participation

  
 Sch. A-1 

									
	 Collateral Interest
	  	Collateral Interest
Cut-off Date Balance	 	  	Collateral Interest Type
	 15.
	  	2340 Cousteau Court	  	$	13,140,000	 	  	Participation
	 16.
	  	6955 Consolidated Way	  	$	10,050,000	 	  	Participation
	 17.
	  	1700 Rockville Pike	  	$	22,675,000	 	  	Participation
	 18.
	  	1000 Jefferson	  	$	16,990,000	 	  	Participation
	 19.
	  	Royal Village	  	$	15,666,076	 	  	Participation
	 20.
	  	Snapbox Self Storage	  	$	15,225,000	 	  	Participation
	 21.
	  	8378 Melrose Ave	  	$	14,400,000	 	  	Participation
	 22.
	  	70 Prospect Park West	  	$	12,717,933	 	  	Mortgage Loan
	 23.
	  	Campus 56	  	$	11,900,000	 	  	Participation
	 24.
	  	Cambridge Heights	  	$	11,855,000	 	  	Participation
	 25.
	  	225 13th Street	  	$	7,000,000	 	  	Mortgage Loan
	 26.
	  	292 NW 25th Street	  	$	6,750,000	 	  	Mortgage Loan

  

  
 Sch. A-2 

 DELAYED CLOSE COLLATERAL INTEREST 

 

			
	 Collateral Interest
	 	 Collateral Interest Type

	Detroit Industrial Portfolio	 	Participation

  
 Sch. A-3 

 SCHEDULE B 

BENCHMARK 
 Calculation of Benchmark 

For purposes of calculating the Benchmark (which shall initially be LIBOR), the Issuer and the
Co-Issuer shall initially appoint the Note Administrator as calculation agent (in such capacity, the “Calculation Agent”). 

Calculation of LIBOR 
 LIBOR with respect
to any Interest Accrual Period shall be determined by the Calculation Agent in accordance with the following provisions: 
 1. On each
Benchmark Determination Date, LIBOR (other than for the initial Interest Accrual Period) shall equal the rate, as obtained by the Calculation Agent, for deposits in U.S. Dollars for a period of one month, which appears on the Reuters Page LIBOR01
(or such other page that may replace that page on such service for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News as of the Reference Time. “London Banking Day” means
any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England. 

2. If such rate does not appear on Reuters Screen LIBOR01 (or its equivalent), as of the Reference Time, the Calculation Agent shall request
the principal London office of any four major reference banks in the London interbank market selected by the Calculation Agent to provide quotations of such reference bank’s offered quotations to prime banks in the London interbank market for
deposits in U.S. Dollars for a period of one month, as of the Reference Time, in a principal amount of not less than $1,000,000 that is representative for a single transaction in the relevant market at the relevant time. If at least two such rates
are so provided, then LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent shall be required to request any three major banks in New York City selected by the Calculation
Agent to provide such banks’ rates for loans in U.S. Dollars to leading European banks for a one-month period as of 11:00 a.m., New York City time, as of the applicable Benchmark Determination Date, in a
principal amount not less than $1,000,000 that is representative for a single transaction in the relevant market at the relevant time. If at least two such rates are so provided, then LIBOR shall be the arithmetic mean of such quotations. If fewer
than two rates are so provided, then LIBOR shall be the LIBOR rate used for the immediately preceding Interest Accrual Period. 
 3. In
respect of the initial Interest Accrual Period, LIBOR shall be determined on the second London Banking Day preceding the Closing Date. 
 4.
In no event will LIBOR be less than zero. 
 In making the above calculations, all percentages resulting from the calculation shall be
rounded, if necessary, to the nearest one thousandth of a percentage point (0.001%). 
  

  
 Sch. B-1 

 SCHEDULE C 

LIST OF AUTHORIZED OFFICERS OF COLLATERAL MANAGER 
  

			
	 Name
	 	 Title

	Michael C. Forman	 	President and Chief Executive Officer
		
	Edward T. Gallivan, Jr.	 	Chief Financial Officer
		
	Stephen S. Sypherd	 	Vice President, Treasurer and Secretary
		
	James Volk	 	Chief Compliance Officer

  

  
 Sch. C-1 

 EXHIBIT A-1 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT A-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS A SENIOR 
 SECURED FLOATING
RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] - ___	  	Up to
	CUSIP No. [G3688YAA9]2 [30319YAA6]3	  	U.S.$414,978,000

 ISIN: [USG3688YAA94]2 [US30319YAA64]3 
 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a
Delaware limited liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of
this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$414,978,000, or such other principal sum as is equal to the aggregate principal amount of the Class A Notes identified from time to
time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent
not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the
Class A Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a
Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class A Notes shall accrue at the Class A Rate and shall be computed on the basis of the actual number of days in the related
Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the
Record Date for such interest. 
 The obligations of the Issuer and the Co-Issuer under this Note
and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other
assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be
extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if
any, of, and interest on, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. So long as any Class A Notes are Outstanding, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D 
  
 2 For Regulation S Global Note. 
 3 For Rule 144A
Global Note. 

  
 EXHIBIT A-1-3 

 Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless
the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class A Notes”), limited in aggregate principal amount to U.S.$414,978,000 issued under an indenture dated as of May 5, 2021 (the
“Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and,
together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under
the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes
Due 2038 (the “Class A-S Notes”), (b) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B
Notes”), (c) up to 

  
 EXHIBIT A-1-4 

 U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the
“Class C Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (e) up to U.S.$15,659,000 Class E
Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038*
(the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G
Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the
“Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class A Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	*	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT A-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT A-1-6 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan
assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not
constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute
or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in
the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for
any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT A-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT A-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
		 	Issuer
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
		 	Co-Issuer
		
	By:	 	              

		 	Name:
		 	Title:

  
 EXHIBIT A-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,

		 	as Authenticating Agent
		
	By:	 	              

		 	Name:
		 	Title:

  
 EXHIBIT A-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	              

		 		 		 	(Sign exactly as your name
		 		 		 	appears on this Note)

  
 EXHIBIT A-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[414,978,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
 Administrator

or securities

Custodian

 

	4 	 Rule 144A Global Note. 

	5 	 Regulation S Global Note. 

  
 EXHIBIT A-1-12 

 EXHIBIT A-2 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT A-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS A SENIOR 
 SECURED FLOATING
RATE NOTE DUE 2038 
  

			
	No. IAI -___	  	
	CUSIP No. 30319YAB4	  	U.S.$[__]
	ISIN: US30319YAB48	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon 

presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date
occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise and (b) the Class A Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the
5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”).Interest on the Class A Notes shall accrue at the Class A Rate
and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
and the Co-Issuer under this Note and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the
Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other
assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. So long as
any Class A Notes are Outstanding, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Preferred Shares will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity Date
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
  

  
 EXHIBIT A-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class A Notes”), limited in aggregate principal amount to U.S.$414,978,000 issued under an indenture dated as of May 5, 2021 (the
“Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and,
together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under
the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes
Due 2038 (the “Class A-S Notes”), (b) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B
Notes”), (c) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating
Rate Notes Due 2038 (the “Class D Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (f) up to
U.S.$22,511,000 Class F Seventh Priority Floating 

  
 EXHIBIT A-2-3 

 Rate Notes Due 2038* (the
“Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G
Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the
“Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class A Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT A-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT A-2-5 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or
financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of
the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and
upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or
any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes
constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title
I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is
subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made
to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT A-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT A-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
		 	Issuer
		
	By:	 	              

		 	Name:
		 	Title:
	
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
		 	Co-Issuer
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 EXHIBIT A-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	              

		 	Name:
		 	Title:

  
 EXHIBIT A-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	              

		 		 		 	(Sign exactly as your name
		 		 		 	appears on this Note)

  
 EXHIBIT A-2-10 

 EXHIBIT B-1 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH
(1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS,
AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE
PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT B-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT B-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS A-S SECOND PRIORITY 

SECURED FLOATING RATE NOTE DUE 2038 
  

			
	 No. [Reg. S] [144A] -____
	  	Up to
	 CUSIP No. [G3688YAB7]2 [30319YAC2]3
	  	U.S.$79,277,000

 ISIN: [USG3688YAB77]2 [US30319YAC21]3 
 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a
Delaware limited liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of
this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$79,277,000, or such other principal sum as is equal to the aggregate principal amount of the
Class A-S Notes identified from time to time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date
occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on
May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”).Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by
360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse
obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security
for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the
Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class B
Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this
Note is subordinate to the payments of principal of and interest on the 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT B-1-3 

 
Class A Notes and no payments of principal on the Class A-S Notes will be made until the Class A Notes are paid in full. The principal of
this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided,
however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal
and interest due and payable on the Class A Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured Floating Rate
Notes Due 2038, of the Issuer and the Co-Issuer (the “Class A-S Notes”), limited in aggregate principal amount to U.S.$79,277,000
issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust,
National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together
with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as 

  
 EXHIBIT B-1-4 

 
custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A
Notes”), (b) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (c) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate
Notes Due 2038 (the “Class C Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (e) up to
U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class A-S Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on
any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to
their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT B-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A-S Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum
denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if
any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT B-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT B-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT B-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT B-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT B-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT B-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[79,277,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 	 	 	 	 	  	Principal	  	Signature of
	 	 	Amount of	 	Amount of	  	Amount of this	  	authorized
	 	 	Decrease in	 	Increase in	  	Global Note	  	officer of Note
	 	 	Principal	 	Principal	  	following such	  	Administrator
	Date of	 	Amount of this	 	Amount of this	  	decrease (or	  	or securities
	 Exchange
	 	 Global Note
	 	 Global Note
	  	 increase)
	  	 Custodian

 

	4 	 Rule 144A Global Note. 

	5 	 Regulation S Global Note. 

  
 EXHIBIT B-1-12 

 EXHIBIT B-2 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT B-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS A-S SECOND PRIORITY 

SECURED FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI - ____	  	
	CUSIP No. 30319YAD0	  	U.S.$[__]
	ISIN: US30319YAD04	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise
permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture
referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest
Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on
the preceding Business Day (each, a “Payment Date”). Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be
computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the
Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other
assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes,
the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate
to the payments of principal of and interest on the Class A Notes and no payments of principal on the Class A-S Notes will be made until the Class A Notes are paid in full. The principal of this
Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided,
however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal
and interest due and payable on the Class A Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT B-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured Floating Rate
Notes Due 2038, of the Issuer and the Co-Issuer (the “Class A-S Notes”), limited in aggregate principal amount to U.S.$79,277,000
issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust,
National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together
with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate
Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (c) up to U.S.$48,936,000
Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate 

  
 EXHIBIT B-2-3 

 
Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class A-S Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on
any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to
their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT B-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A-S Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum
denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if
any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT B-2-5 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or
financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of
the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and
upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or
any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes
constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title
I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is
subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made
to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT B-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT B-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT B-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT B-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT B-2-10 

 EXHIBIT C-1 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH
(1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS,
AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE
PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT C-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT C-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS B THIRD PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2038 
  

			
	 No. [Reg. S] [144A] - ____
	  	Up to
	 CUSIP No. [G3688YAC5]2 [30319YAE8]3
	  	U.S.$47,957,000

 ISIN: [USG3688YAC50]2 [US30319YAE86]3 
 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a
Delaware limited liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of
this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$47,957,000, or such other principal sum as is equal to the aggregate principal amount of the Class B Notes identified from time to
time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent
not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the
Class B Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a
Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class B Notes shall accrue at the Class B Rate and shall be computed on the basis of the actual number of days in the related
Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the
Record Date for such interest. 
 The obligations of the Issuer and the Co-Issuer under this Note
and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other
assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be
extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if
any, of, and interest on, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X
Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of
principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes and the 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT C-1-3 

 
Class A-S Notes and no payments of principal on the Class B Notes will be made until the Class A Notes and the Class A-S Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes and
the Class A-S Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes and the Class A-S Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class B Notes”), limited in aggregate principal amount to U.S.$47,957,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any 

  
 EXHIBIT C-1-4 

 
successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000
Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038
(the “Class A-S Notes”), (c) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate
Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the
“Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G
Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the
“Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class B Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT C-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT C-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT C-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT C-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT C-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT C-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT C-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[47,957,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 	 	 	 	 	  	Principal	  	Signature of
	 	 	Amount of	 	Amount of	  	Amount of this	  	authorized
	 	 	Decrease in	 	Increase in	  	Global Note	  	officer of Note
	 	 	Principal	 	Principal	  	following such	  	Administrator
	Date of	 	Amount of this	 	Amount of this	  	decrease (or	  	or securities
	 Exchange
	 	 Global Note
	 	 Global Note
	  	 increase)
	  	 Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT C-1-12 

 EXHIBIT C-2 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE
ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT C-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS B THIRD PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI - ____	 	
	CUSIP No. 30319YAF5	 	U.S.$[__]
	ISIN: US30319YAF51	 	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon 

presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on
the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an
earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class B Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter
monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class B Notes shall accrue at the
Class B Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The
obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets
are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class C Notes, the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the
payments of principal of and interest on the Class A Notes and the Class A-S Notes and no payments of principal on the Class B Notes will be made until the Class A Notes and the Class A-S Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A
Notes and the Class A-S Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes and the Class A-S Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT C-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class B Notes”), limited in aggregate principal amount to U.S.$47,957,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to
U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to
U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate 

  
 EXHIBIT C-2-3 

 
Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class B Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT C-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT C-2-5 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or
financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of
the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and
upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or
any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes
constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title
I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is
subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made
to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT C-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT C-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT C-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT C-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT C-2-10 

 EXHIBIT D-1 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH
(1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS,
AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE
PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT D-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT D-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS C FOURTH PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] -____	  	Up to
	CUSIP No. [G3688YAD3]2 [30319YAG3]3	  	U.S.$48,936,000

 ISIN: [USG3688YAD34]2 [US30319YAG35]3 
 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a
Delaware limited liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of
this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$48,936,000, or such other principal sum as is equal to the aggregate principal amount of the Class C Notes identified from time to
time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent
not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the
Class C Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a
Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class C Notes shall accrue at the Class C Rate and shall be computed on the basis of the actual number of days in the related
Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the
Record Date for such interest. 
 The obligations of the Issuer and the Co-Issuer under this Note
and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other
assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be
extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if
any, of, and interest on, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G
Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is
subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT D-1-3 

 
and the Class B Notes and no payments of principal on the Class C Notes will be made until the Class A Notes, the Class A-S Notes and
the Class B Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration,
call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the
Class A-S Notes and the Class B Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes and the Class B Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Fourth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class C Notes”), limited in aggregate principal amount to U.S.$48,936,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo 

  
 EXHIBIT D-1-4 

 
Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as
custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third
Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D
Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due
2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class C Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT D-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT D-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT D-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT D-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT D-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT D-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT D-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[48,936,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 	 	 	 	 	  	Principal	  	Signature of
	 	 	Amount of	 	Amount of	  	Amount of this	  	authorized
	 	 	Decrease in	 	Increase in	  	Global Note	  	officer of Note
	 	 	Principal	 	Principal	  	following such	  	Administrator
	Date of	 	Amount of this	 	Amount of this	  	decrease (or	  	or securities
	 Exchange
	 	 Global Note
	 	 Global Note
	  	 increase)
	  	 Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT D-1-12 

 EXHIBIT D-2 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE
ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT D-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS C FOURTH PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI - ____	  	
	CUSIP No. 30319YAH1	  	U.S.$[__]
	ISIN: US30319YAH18	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise
permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture
referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class C Interest Distribution Amount allocable to this Note
in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a
“Payment Date”). Interest on the Class C Notes shall accrue at the Class C Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse
obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security
for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the
Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class D
Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to
the payments of principal of and interest on the Class A Notes, the Class A-S Notes and the Class B Notes and no payments of principal on the Class C Notes will be made until the
Class A Notes, the Class A-S Notes and the Class B Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal
of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may
only occur after principal on the Class A Notes, the Class A-S Notes and the Class B has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest
due and payable on the Class A Notes, the Class A-S Notes and the Class B Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT D-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Fourth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class C Notes”), limited in aggregate principal amount to U.S.$48,936,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to
U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to
U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038

  
 EXHIBIT D-2-3 

 
(the “Class D Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E
Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000
Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s meorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class C Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc. that
the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

  
 EXHIBIT D-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT D-2-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan
assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not
constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute
or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in
the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for
any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT D-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT D-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT D-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT D-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

  
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT D-2-10 

 EXHIBIT E-1 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH
(1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS,
AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE
PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT E-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT E-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] - ____	  	Up to
	CUSIP No. [G3688YAE1]2 [30319YAJ7]3	  	U.S.$40,128,000

 ISIN: [USG3688YAE17]2 [US30319YAJ73]3 
 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an
exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a
Delaware limited liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of
this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$40,128,000, or such other principal sum as is equal to the aggregate principal amount of the Class D Notes identified from time to
time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent
not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the
Class D Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a
Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and shall be computed on the basis of the actual number of days in the related
Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the
Record Date for such interest. 
 The obligations of the Issuer and the Co-Issuer under this Note
and the Indenture are limited recourse obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other
assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be
extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if
any, of, and interest on, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the
payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and no payments of principal on the Class D Notes will be made
until the 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT E-1-3 

 
Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes are paid in full. The principal of this Note shall be due
and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that,
except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes
has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes and the
Class C Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 
 Payments in
respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to
a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank
in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 

Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated
Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Fifth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class D Notes”), limited in aggregate principal amount to U.S.$40,128,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any 

  
 EXHIBIT E-1-4 

 
successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000
Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038
(the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B
Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate
Notes Due 2038 (the “Class E Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the
“Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G
Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the
“Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class D Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT E-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT E-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT E-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT E-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	By:	 	                
		 	 Name:

		 	 Title:

	
	 FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT E-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating Agent

		
	By:	 	            
		 	 Name:

		 	 Title:

  
 EXHIBIT E-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_______________________________ 

_______________________________ 
 Please insert social security
or 
 other identifying number of assignee 
 Please print or
type name 
 and address, including zip code, 
 of assignee:

 the within Note and does hereby irrevocably constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full
power of substitution in the premises. 
  

					
	Date:	 	Your Signature:	  	              

		 		  	(Sign exactly as your name
		 		  	appears on this Note)

  
 EXHIBIT E-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[40,128,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 	 	 	 	 	  	Principal	  	Signature of
	 	 	Amount of	 	Amount of	  	Amount of this	  	authorized
	 	 	Decrease in	 	Increase in	  	Global Note	  	officer of Note
	 	 	Principal	 	Principal	  	following such	  	Administrator
	Date of	 	Amount of this	 	Amount of this	  	decrease (or	  	or securities
	 Exchange
	 	 Global Note
	 	 Global Note
	  	 increase)
	  	 Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT E-1-12 

 EXHIBIT E-2 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE
ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT E-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED 

FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI - ____	  	
	CUSIP No. 30319YAK4	  	U.S.$[__]
	ISIN: US30319YAK47	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise
permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture
referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class D Interest Distribution Amount allocable to this Note
in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a
“Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse
obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security
for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the
Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class E
Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E
Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the
Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and no payments of principal on the Class D Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of
such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only
occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes have been paid in full and is subordinated to the payment on each Payment Date of
the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes, and other amounts in accordance with the Priority of Payments,
all in accordance with the Indenture. 

  
 EXHIBIT E-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Fifth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class D Notes”), limited in aggregate principal amount to U.S.$40,128,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to
U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to
U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038

  
 EXHIBIT E-2-3 

 
(the “Class C Notes”), (e) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E
Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000
Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class D Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT E-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT E-2-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan
assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not
constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute
or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in
the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for
any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT E-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT E-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
		 	Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
		 	Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
		 	 ASSOCIATION,
 as Authenticating
Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

                          
                                   

                          
                                   

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

			
	Date:	  	Your
Signature:                                       
                              
		  	                                    (Sign exactly as
your name
		  	                                    appears on this
Note)

  
 EXHIBIT E-2-10 

 EXHIBIT F-1 

FORM OF CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED
STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH
(1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS,
AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE
PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS
SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT F-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

 

	1	 For Regulation S Global Note. 

  
 EXHIBIT F-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] - ____	  	Up to
	CUSIP No. [G3688YAF8]2 [30319YAL2]3	  	U.S.$15,659,000
	ISIN: [USG3688YAF81]2 [US30319YAL20]3	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$15,659,000, or such other principal sum as is equal to the aggregate principal amount of the Class E Notes identified from time to time on the records of
the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in
accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class E Interest Distribution
Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding
Business Day (each, a “Payment Date”). Interest on the Class E Notes shall accrue at the Class E Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360.
The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse
obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security
for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the
Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and no payments of principal on the Class E Notes will be made until the Class A 

 
  

	2	 For Regulation S Global Note. 

	3	 For Rule 144A Global Note. 

  
 EXHIBIT F-1-3 

 Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes and the Class D Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and
payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and other amounts in accordance with the Priority of Payments, all in
accordance with the Indenture. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder
has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the
Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class E Sixth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class E Notes”), limited in aggregate principal amount to U.S.$15,659,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo 

  
 EXHIBIT F-1-4 

 Bank, National Association, as note administrator (in such capacity and, together with any successor note
administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the
“Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000
Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F
Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Concurrently with the issuance of the Notes,
the Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class E Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT F-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class E Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT F-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT F-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT F-1-8 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
		 	Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
		 	Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
		 	 ASSOCIATION,
 as Authenticating
Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

                          
                                   

                          
                                   

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

			
	Date:	  	Your
Signature:                                       
                              
		  	                                    (Sign exactly as
your name
		  	                                    appears on this
Note)

  
 EXHIBIT F-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[15,659,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 	 	 	 	 	  	Principal	  	Signature of
	 	 	Amount of	 	Amount of	  	Amount of this	  	authorized
	 	 	Decrease in	 	Increase in	  	Global Note	  	officer of Note
	 	 	Principal	 	Principal	  	following such	  	Administrator
	Date of	 	Amount of this	 	Amount of this	  	decrease (or	  	or securities
	 Exchange
	 	 Global Note
	 	 Global Note
	  	 increase)
	  	 Custodian

		 		 		  		  	

  

	4	 Rule 144A Global Note. 

	5	 Regulation S Global Note. 

  
 EXHIBIT F-1-12 

 EXHIBIT F-2 

FORM OF CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2038 DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE
ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT F-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

FS RIALTO 2021-FL2 CO-ISSUER, LLC 

CLASS E SIXTH PRIORITY SECURED 

FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI - ____	  	
	CUSIP No. 30319YAM0	  	U.S.$[__]
	ISIN: US30319YAM03	  	

 Each of FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”) and FS RIALTO 2021-FL2 CO-ISSUER, LLC, a Delaware limited
liability company (the “Co-Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise
permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture
referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class E Interest Distribution Amount allocable to this Note
in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a
“Payment Date”). Interest on the Class E Notes shall accrue at the Class E Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so
payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer and the Co-Issuer under this Note and the Indenture are limited recourse
obligations of the Issuer and non-recourse obligations of the Co-Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security
for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the
Indenture. 
 The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and no payments of principal on the Class E Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this
Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes has been

  
 EXHIBIT F-2-2 

 
paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class E Sixth Priority Secured Floating Rate Notes Due 2038, of the Issuer and the Co-Issuer (the “Class E Notes”), limited in aggregate principal amount to U.S.$15,659,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”)
by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to
U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to
U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B 

  
 EXHIBIT F-2-3 

 
Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to
U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class E Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT F-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class E Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT F-2-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan
assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not
constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute
or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in
the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for
any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other 

  
 EXHIBIT F-2-6 

 
right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT F-2-7 

 IN WITNESS WHEREOF, the Co-Issuers have caused this
Note to be duly executed. 
 Dated as of May 5, 2021 

 

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
		 	Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
		 	Co-Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
		 	 ASSOCIATION,
 as Authenticating
Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

                          
                                   

                          
                                   

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

			
	Date:	  	Your
Signature:                                       
                          
		  	                                    (Sign exactly as
your name
		  	                                    appears on this
Note)

  
 EXHIBIT F-2-10 

 EXHIBIT G-1 

FORM OF CLASS F SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 [REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F SEVENTH PRIORITY 
 FLOATING
RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] -            	  	Up to
	CUSIP No. [G3688XAA1]2  [30319XAA8]3 	  	U.S.$22,511,000
	ISIN: [USG3688XAA12]2  [US30319XAA81]3 	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$22,511,000, or such other principal sum as is equal to the aggregate principal amount of the Class F Notes identified from time to time on the records of
the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in
accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class F Interest Distribution
Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding
Business Day (each, a “Payment Date”). Interest on the Class F Notes shall accrue at the Class F Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360.
The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note is
pro rata with the payments of the principal, if any, of, and interest on, the Class F-E Notes and the Class F-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the
Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and no payments of principal on the Class F Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-1-3 

 and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and
payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on
the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated to the payment on
each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the
Class E Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 
 Payments in
respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to
a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on
a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 

Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated
Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F Seventh Priority Floating Rate Notes Due 2038*, of the Issuer and the Co-Issuer (the “Class F Notes”), limited in aggregate 
  

	*	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class
F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes (the “Class 

  
 EXHIBIT G-1-4 

 principal amount to U.S.$22,511,000 issued under an indenture dated as of May 5, 2021 (the
“Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and,
together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under
the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b)
up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating
Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth
Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”) and (g) up to
U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class F Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable
for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS
Credit Real Estate Income Trust, Inc. 

  
 EXHIBIT G-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT G-1-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT G-1-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as

Issuer

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,

as Authenticating Agent

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-1-10 

 ASSIGNMENT FORM 
  

					
	For value received	 	  
	  	

					
			
	hereby sell, assign and transfer unto	  		  	
			
	  
	  		  	
			
	  
	  		  	
	Please insert social security or	  		  	
	other identifying number of assignee	  		  	
			
	Please print or type name	  		  	
	and address, including zip code,	  		  	
	of assignee:	  		  	

  
  

 
  
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint                          Attorney to transfer the Note on the books of the Issuer with full power
of substitution in the premises. 
  

					
	Date:	  	Your Signature:	  	  

		  		  	(Sign exactly as your name appears on this Note)

  
 EXHIBIT G-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This
Note shall be issued in the original principal balance of U.S.$[22,511,000]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A] [Regulation S] Global Note have been made: 

 

									
	 Date of

Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Note	  	Amount of
Increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease (or
increase)	  	Signature of
authorized
officer of Note
Administrator
or securities
Custodian

 
  

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-1-12 

 EXHIBIT G-2 

FORM OF CLASS F SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F SEVENTH PRIORITY 
 FLOATING
RATE NOTE DUE 2038 
  

			
	No. IAI -            	  	
	CUSIP No. 30319XAB6	  	U.S.$[        ]
	ISIN: US30319XAB64	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to
[                    ] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of U.S.$[        ] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class F Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day
(each, a “Payment Date”). Interest on the Class F Notes shall accrue at the Class F Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest
so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note is
pro rata with the payments of the principal, if any, of, and interest on, the Class F-E Notes and the Class F-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the
Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and no payments of principal on the Class F Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due and payable no later than the
Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the
Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT G-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F Seventh Priority Floating Rate Notes Due 2038*, of the Issuer and the Co-Issuer (the “Class F Notes”), limited in aggregate principal amount to U.S.$22,511,000 issued under an
indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National
Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any

  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class
F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes (the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc. 

  
 EXHIBIT G-2-3 

 
successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000
Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the
“Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000
Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”),
(f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”) and (g) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the
“Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the
Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the
Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class F Notes
shall be payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 

  
 EXHIBIT G-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT G-2-5 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or
financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of
the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment,
financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and
upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or
any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to
the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes
constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title
I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is
subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan
assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not
constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute
or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in
the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for
any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT G-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE
CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL
OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as

Issuer

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Authenticating
Agent

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-2-9 

 ASSIGNMENT FORM 

For value
received                                       
                                         
                                         
                
 hereby sell, assign and transfer unto 

 

                          
                                         
  
  

                          
                                         
  
 Please insert social security or 
 other
identifying number of assignee 
 Please print or type name 

and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and
appoint                                        
Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

					
	Date:	  	Your Signature:	  	  

		  		  	(Sign exactly as your name appears on this Note)

  
 EXHIBIT G-2-10 

 EXHIBIT G-3 

FORM OF CLASS F-E SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATIONS”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-3-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN
INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-3-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F-E SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] -            	  	Up to
	CUSIP No. [G3688XAC7]2 [30319XAE0]3 	  	U.S.$22,511,000
	ISIN: [USG3688XAC77]2 [US30319XAE04]3	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$22,511,000, or such other principal sum as is equal to the aggregate principal amount of the Class F-E Notes
identified from time to time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”),
to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and
(b) the Class F-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following
the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-E Notes shall accrue at the interest
rate for the Class F-E Notes determined at the time of exchange of Class F Notes for proportionate interests in the Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class F Notes and the Class F-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and no payments of principal on the Class F-E Notes will be 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-3-3 

 
made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for
redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated to the payment on each Payment Date of the
principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and other amounts
in accordance with the Priority of Payments, all in accordance with the Indenture. 
 Payments in respect of principal and interest and any
other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder
or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a
Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on
this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of
principal. 
 Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon
presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-E Seventh Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class 

  
 EXHIBIT G-3-4 

 
5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington
Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and,
together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate
Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up
to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the
“Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate
Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the
Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class F-E Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 
  

F-X Notes (the “Class F-X Notes”) and vice versa and
(ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes (the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for
proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS
Credit Real Estate Income Trust, Inc. 

  
 EXHIBIT G-3-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F-E Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum
denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount). 

  
 EXHIBIT G-3-6 

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is
subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

  
 EXHIBIT G-3-7 

 No service charge shall be made to a Holder for any registration of transfer or exchange of
this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN
ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-3-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as
	     Issuer
  

	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-3-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
	     ASSOCIATION,

    as Authenticating Agent

 

 
			
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-3-10 

 ASSIGNMENT FORM 

For value
received                                       
                                         
                                         
         
 hereby sell, assign and transfer unto 

 
 
                                         
                  
  

                                         
                  
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint                          Attorney to transfer the Note on the books of the Issuer with full power
of substitution in the premises. 
  

					
	Date:	  	Your Signature:	 	  

		  		 	    (Sign exactly as your name appears on this Note)

  
 EXHIBIT G-3-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Note	  	Amount of
Increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease (or
increase)	  	Signature of
authorized
officer of Note
Administrator
or securities
Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-3-12 

 EXHIBIT G-4 

FORM OF CLASS F-E SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATIONS”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-4-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F-E SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI -            	  	
	CUSIP No. [30319XAF7]	  	U.S.$[    ]
	ISIN: [US30319XAF78]	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to [                ] or its
registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[    ] on the Payment Date occurring in May 2038 (the
“Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call
for redemption or otherwise and (b) the Class F-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly
on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-E
Notes shall accrue at the interest rate for the Class F-E Notes determined at the time of exchange of Class F Notes for proportionate interests in the
Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The
interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class F Notes and the Class F-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and no payments of principal on the Class F-E Notes will be made until the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after
principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated

  
 EXHIBIT G-4-2 

 
to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-E Seventh Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS
Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), 

 
 * At any time on or after the Initial MASCOT
Note Issuance Date, all or a portion of (i) the Class F Notes may be exchanged for proportionate interests in the Class F-E Notes (the
“Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa
and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes (the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate
interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate
Income Trust, Inc. 

  
 EXHIBIT G-4-3 

 Wells Fargo Bank, National Association, as note administrator (in such capacity and,
together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate
Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up
to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the
“Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate
Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Concurrently with the issuance of the Notes, the
Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class F-E Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 

  
 EXHIBIT G-4-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F-E Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum
denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if
any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes
any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT G-4-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other 

  
 EXHIBIT G-4-6 

 
right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT G-4-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as

Issuer

		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT G-4-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION,
 as
Authenticating Agent

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT G-4-9 

 ASSIGNMENT FORM 

For value received
                                         
                                         
               
 hereby sell, assign and transfer unto 

 

                          
                                         
  
  

                          
                                         
  
 Please insert social security or 
 other
identifying number of assignee 
 Please print or type name 

and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint                         Attorney to transfer the Note on the books of the Issuer with full power of
substitution in the premises. 
  

					
	 Date:
	  	Your Signature:	  	 
		  		  	(Sign exactly as your name appears on this Note)

  
 EXHIBIT G-4-10 

 EXHIBIT G-5 

FORM OF CLASS F-X SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-5-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN
ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

 

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-5-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F-X SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] -            	  	Up to
	CUSIP No. [G3688XAD5]2 [30319XAG5]3	  	U.S.$22,511,000
	ISIN: [USG3688XAD50]2 [US30319XAG51]3	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns the Class F-X
Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day,
then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-X Notes shall accrue at the interest rate for the
Class F-X Notes determined at the time of exchange of Class F Notes for proportionate interests in the Class F-E Notes and
Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the interest on the Class F Notes and the Class F-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Preferred Shares. 

Payments in respect of interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent,
subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Payment Date occurring in May 2038 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-5-3 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-X Seventh Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer,
the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and
as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third
Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes
Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F
Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-5-4 

 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares
(the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be
redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at
their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on
the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price.

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any Payment
Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

  
 EXHIBIT G-5-5 

 Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not
satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until
the Notes have been paid in full. 
 If an Event of Default shall occur and be continuing, the
Class F-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture
are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer
under the Indenture. 
 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or
other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon

  
 EXHIBIT G-5-6 

 
any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral
Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in
the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used
to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the
fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code
or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose
underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and
disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any
plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy conferred
herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

  
 EXHIBIT G-5-7 

 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-5-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT G-5-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent

		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT G-5-10 

 ASSIGNMENT FORM 
  

	
	 For value received
                                         
                                         
                          
  

hereby sell, assign and transfer unto

	     

                   
                                     

	     

                   
                                     

	 Please insert social security or

other identifying number of assignee

	
	 Please print or type name

and address, including zip code,

of assignee:

	
	 
	
	 
	
	 
	
	 

 the within Note and does hereby irrevocably constitute and appoint
                                 Attorney to transfer the Note on the books of the
Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	
Your Signature:               
                                         
                            

	 	  	 (Sign exactly as your name appears on

this Note)

  
 EXHIBIT G-5-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of
Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note
following
such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-5-12 

 EXHIBIT G-6 

FORM OF CLASS F-X SEVENTH PRIORITY FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT G-6-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS F-X SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. IAI-             	  	
	CUSIP No. [30319XAH3]	  	U.S.$[    ]
	ISIN: [US30319XAH35]	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to
[                    ] or its registered assigns the Class F-X Interest Distribution Amount
allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business
Day (each, a “Payment Date”). Interest on the Class F-X Notes shall accrue at the interest rate for the Class F-X Notes determined at the time
of exchange of Class F Notes for proportionate interests in the Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual
number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on the Record Date for such interest. 
 The obligations of the Issuer under this Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are
insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is pro rata with the payments of interest on the Class F Notes and the Class F-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class G Notes, the Class G-E
Notes, the Class G-X Notes and the Preferred Shares. 
 Payments in respect of interest and any
other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder
or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a
Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on
this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Payment Date occurring in May 2038 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event
of Default occurs with respect to such payments of principal. 
 Notwithstanding the foregoing, the final payment of interest due on this
Note shall be made only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

  
 EXHIBIT G-6-2 

 The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-X Seventh Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer,
the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and
as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third
Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes
Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F
Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Concurrently with the issuance of the Notes,
the Issuer also will issue preferred shares (the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-6-3 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and
the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any Payment
Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F-X Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 

  
 EXHIBIT G-6-4 

 At any time after a declaration of acceleration of Maturity of the Notes has been made, and
before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either
(A) no part of the funds being used to pay the purchase price 

  
 EXHIBIT G-6-5 

 
for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that
is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy conferred
herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT G-6-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT G-6-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT G-6-8 

 ASSIGNMENT FORM 
  

	
	 For value received
                                         
                                         
                          
  

hereby sell, assign and transfer unto

	     

                   
                                     

	     

                   
                                     

	 Please insert social security or

other identifying number of assignee

	
	 Please print or type name

and address, including zip code,

of assignee:

	
	 
	
	 
	
	 
	
	 

 the within Note and does hereby irrevocably constitute and appoint
                                 Attorney to transfer the Note on the books of the
Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	
Your Signature:               
                                         
                            

	 	  	 (Sign exactly as your name appears on

this Note)

  
 EXHIBIT G-6-9 

 EXHIBIT H-1 

FORM OF CLASS G EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN
ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

 

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-1-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G EIGHTH PRIORITY 
 FLOATING
RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] -             	  	Up to
	CUSIP No. [G3688XAB9]2 [30319XAC4]3	  	U.S.$22,511,000
	ISIN: [USG3688XAB94]2 [US30319XAC48]3	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$22,511,000, or such other principal sum as is equal to the aggregate principal amount of the Class G Notes identified from time to time on the records of
the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously
paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G Interest
Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on
the preceding Business Day (each, a “Payment Date”). Interest on the Class G Notes shall accrue at the Class G Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period
divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such
interest. 
 The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely
from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of
the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note
is pro rata with the payments of the principal, if any, of and interest on, the Class G-E Notes and the Class G-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes and the Class F-X Notes and no payments of principal on the Class G Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes 
  
  

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-1-3 

 
are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 EXHIBIT H-1-4 

 This Note is one of a duly authorized issue of Class G Eighth Priority Floating Rate
Notes Due 2038*, of the Issuer and the Co-Issuer (the “Class G Notes”), limited in aggregate principal amount to
U.S.$22,511,000 issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent,
Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such
capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior
Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the
“Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d)
up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”) and (g) up to U.S.$22,511,000
Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”).

 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under
the Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class G Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-1-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption
will be sufficient to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by
the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class G Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 

  
 EXHIBIT H-1-6 

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that
is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 

  
 EXHIBIT H-1-7 

 No service charge shall be made to a Holder for any registration of transfer or exchange of
this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN
ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT H-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT H-1-10 

 ASSIGNMENT FORM 
  

	
	 For value received
                                         
                                         
                          
  

hereby sell, assign and transfer unto

	     

                   
                                     

	     

                   
                                     

	 Please insert social security or

other identifying number of assignee

	
	 Please print or type name

and address, including zip code,

of assignee:

	
	 
	
	 
	
	 
	
	 

 the within Note and does hereby irrevocably constitute and appoint
                                 Attorney to transfer the Note on the books of the
Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	
Your Signature:               
                                         
                            

	 	  	 (Sign exactly as your name appears on

this Note)

  
 EXHIBIT H-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[22,511,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of
Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note
following
such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-1-12 

 EXHIBIT H-2 

FORM OF CLASS G EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE
WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO
THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY
CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-2-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G EIGHTH PRIORITY 
 FLOATING
RATE NOTE DUE 2038 
  

			
	No. IAI-             	  	
	CUSIP No. 30319XAD2	  	U.S.$[        ]
	ISIN: US30319XAD21	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to
[                    ] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of U.S.$[        ] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in
accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G Interest Distribution
Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding
Business Day (each, a “Payment Date”). Interest on the Class G Notes shall accrue at the Class G Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360.
The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note is
pro rata with the payments of the principal, if any, of and interest on, the Class G-E Notes and the Class G-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes and the Class F-X Notes and no payments of principal on the Class G Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal, if any, and 

  
 EXHIBIT H-2-2 

 
interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in
accordance with the Indenture. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the
Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in
the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on
such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G Eighth Priority Floating Rate Notes Due 2038*, of the Issuer and the Co-Issuer (the “Class G Notes”), limited in aggregate principal amount to U.S.$22,511,000 issued
under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust,
National Association, as trustee (in such capacity and, 
  
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-2-3 

 
together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together
with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate
Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000
Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”) and (g) up to U.S.$22,511,000
Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”).

 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under
the Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class G Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 

  
 EXHIBIT H-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class G Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT H-2-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other 

  
 EXHIBIT H-2-6 

 
right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT H-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	 FS RIALTO 2021-FL2 ISSUER, LTD., as
Issuer

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT H-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Authenticating Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 EXHIBIT H-2-9 

 ASSIGNMENT FORM 
  

	
	 For value received
                                         
                                         
                          
  

hereby sell, assign and transfer unto

	     

                   
                                     

	     

                   
                                     

	 Please insert social security or

other identifying number of assignee

	
	 Please print or type name

and address, including zip code,

of assignee:

	
	 
	
	 
	
	 
	
	 

 the within Note and does hereby irrevocably constitute and appoint
                                 Attorney to transfer the Note on the books of the
Issuer with full power of substitution in the premises. 
  

			
	 Date:
	  	
Your Signature:               
                                         
                            

	 	  	 (Sign exactly as your name appears on

this Note)

  
 EXHIBIT H-2-10 

 EXHIBIT H-3 

FORM OF CLASS G-E EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-3-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN
ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 

 

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-3-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G-E EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] - ____	  	Up to
	CUSIP No. [G3688XAE3]2 [30319XAJ9]3	  	U.S.$22,511,000
	ISIN: [USG3688XAE34]2 [US30319XAJ90]3	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of up to U.S.$22,511,000, or such other principal sum as is equal to the aggregate principal amount of the Class G-E Notes
identified from time to time on the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in May 2038 (the “Stated Maturity
Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or
otherwise and (b) the Class G-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business
Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G-E Notes shall accrue
at the interest rate for the Class G-E Notes determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and Class G-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class G Notes and the Class G-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Preferred Shares. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and no payments of principal on the Class G-E Notes will be made 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-3-3 

 
until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the
Class F Notes, the Class F-E Notes and the Class F-X Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated
Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture,
the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is subordinated to the payment on each
Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes,
the Class F Notes, the Class F-E Notes and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the
Indenture. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by
the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided
wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register,
as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the
date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 EXHIBIT H-3-4 

 This Note is one of a duly authorized issue of
Class G-E Eighth Priority Floating Rate Notes Due 2038*, of the Issuer and the Co-Issuer, issued under an
indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National
Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any
successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the
“Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000
Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F
Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class G-E Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-3-5 

 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable
Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date
at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any Payment
Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class G-E Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

  
 EXHIBIT H-3-6 

 The Indenture may be amended and supplemented under the circumstances, and in accordance
with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in
excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no
part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that
is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

  
 EXHIBIT H-3-7 

 Title to Notes shall pass by registration in the Register kept by the Note Administrator,
acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of
this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN
ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-3-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-3-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating
Agent

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-3-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

______________________________ 
 ______________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name
appears on this Note)

  
 EXHIBIT H-3-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of
Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note

following such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-3-12 

 EXHIBIT H-4 

FORM OF CLASS G-E EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 

DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER
NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-4-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G-E EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	 No. IAI - ____
 CUSIP
No. [30319XAK6]
 ISIN: [US30319XAK63]
	  	U.S.$[__]

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise
permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment Date occurring in May 2038 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to
below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G-E Interest Distribution
Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding
Business Day (each, a “Payment Date”). Interest on the Class G-E Notes shall accrue at the interest rate for the Class G-E Notes determined at
the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and Class G-X Notes and shall be computed on the basis of the
actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer under this Note and the Indenture
are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets
are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is pro rata with the payments of the principal, if any, of, and interest on, the Class G
Notes and the Class G-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Preferred Shares. Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes and no payments of principal on the Class G-E Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes are paid in full. The principal of this Note shall be due and payable
no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set
forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class E 

  
 EXHIBIT H-4-2 

 
Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is
subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes and other amounts in accordance with the
Priority of Payments, all in accordance with the Indenture. 
 Payments in respect of principal and interest and any other amounts due on
any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee;
provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed
to the Holder at its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the
case of a partial repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-E Eighth Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer,
the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-4-3 

 
capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity
and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating
Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the
“Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d)
up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the
“Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F
Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000 Class G Eighth Priority Floating Rate Notes Due
2038* (the “Class G Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
 Reference is hereby made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the
Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class G-E Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on
any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to
their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 

  
 EXHIBIT H-4-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the
Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such
Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the
Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with
the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class G-E Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul
such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and
supplemented under the circumstances, and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum
denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if
any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

  
 EXHIBIT H-4-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer,
the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset
of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT H-4-6 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED
SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-4-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-4-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-4-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

______________________________ 
 ______________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name 
appears on this Note)
		 		 		 	

  
 EXHIBIT H-4-10 

 EXHIBIT H-5 

FORM OF CLASS G-X EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED
INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED
PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT,
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF),
SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE
WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE
CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-5-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

[AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN
ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

 

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-5-2 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G-X EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	No. [Reg. S] [144A] - ____	  	Up to
	CUSIP No. [G3688XAF0]2 [30319XAL4]3	  	U.S.$22,511,000
	ISIN: [USG3688XAF09]2 [US30319XAL47]3	  	

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns the Class G-X
Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day,
then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G-X Notes shall accrue at the interest rate for the
Class G-X Notes determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and
Class G-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the interest on the Class G Notes and the Class G-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the
Preferred Shares. 
 Payments in respect of interest and any other amounts due on any Payment Date on this Note shall be payable by the
Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring
instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as
provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date
of repayment or the Payment Date occurring in May 2038 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-5-3 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-X Eighth Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer,
the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and
as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third
Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes
Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000
Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-5-4 

 Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares
(the “Preferred Shares”), under the Issuer’s memorandum and articles of association as part of its issued share capital. 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the Preferred Shares and the terms upon which the
Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 
 Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be
redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at
their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on
the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price.

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any Payment
Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

  
 EXHIBIT H-5-5 

 If an Event of Default shall occur and be continuing, the
Class G-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture
are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note includes any successor-in-interest to the Co-Issuer
under the Indenture. 
 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or
other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the
Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum
relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting
and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from
such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their
respective affiliates. 

  
 EXHIBIT H-5-6 

 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have
represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such
Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of
Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan
which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made
to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN
ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

  
 EXHIBIT H-5-7 

 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-5-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-5-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Authenticating Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-5-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

______________________________ 
 ______________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name 
appears on this Note)

  
 EXHIBIT H-5-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note
following
such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-5-12 

 EXHIBIT H-6 

FORM OF CLASS G-X EIGHTH PRIORITY FLOATING RATE NOTE DUE 2038 

DEFINITIVE NOTE 
 THIS NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER
NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE
SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF
REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER,
AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE
TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT H-6-1 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

CLASS G-X EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2038 
  

			
	 No. IAI - ____
 CUSIP
No. [30319XAM2]
 ISIN: [US30319XAM20]
	  	U.S.$[__]

 FS RIALTO 2021-FL2 ISSUER, LTD., an exempted company incorporated with
limited liability under the laws of the Cayman Islands (the “Issuer”), for value received, hereby promises to pay to [_______] or its registered assigns the Class G-X Interest
Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 18, 2021, and thereafter monthly on the 5th Business Day following the 11th day of each month or, if such day is not a Business Day, then on
the preceding Business Day (each, a “Payment Date”). Interest on the Class G-X Notes shall accrue at the interest rate for the Class G-X Notes
determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and Class G-X Notes and shall be computed on the
basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer under this Note and the
Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such
other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is pro rata with the payments of the principal, if any, of, and interest on the Class G Notes
and the Class G-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Preferred Shares. 

Payments in respect of interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent,
subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Payment Date occurring in May 2038 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest due on this Note shall be made only upon presentation and surrender of this Note
(except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

  
 EXHIBIT H-6-2 

 The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, neither the Issuer nor the Co-Issuer
shall be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-X Eighth Priority Floating Rate Notes Due
2038*, of the Issuer and the Co-Issuer, issued under an indenture dated as of May 5, 2021 (the “Indenture”) by and among the Issuer,
the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and
as custodian. Also authorized under the Indenture are (a) up to U.S.$414,978,000 Class A Senior Secured Floating Rate Notes Due 2038 (the “Class A Notes”), (b) up to U.S.$79,277,000 Class A-S Second Priority Secured Floating Rate Notes Due 2038 (the “Class A-S Notes”), (c) up to U.S.$47,957,000 Class B Third
Priority Secured Floating Rate Notes Due 2038 (the “Class B Notes”), (d) up to U.S.$48,936,000 Class C Fourth Priority Secured Floating Rate Notes Due 2038 (the “Class C
Notes”), (e) up to U.S.$40,128,000 Class D Fifth Priority Secured Floating Rate Notes Due 2038 (the “Class D Notes”), (f) up to U.S.$15,659,000 Class E Sixth Priority Secured Floating Rate Notes
Due 2038 (the “Class E Notes”), (g) up to U.S.$22,511,000 Class F Seventh Priority Floating Rate Notes Due 2038* (the “Class F Notes”) and (h) up to U.S.$22,511,000
Class G Eighth Priority Floating Rate Notes Due 2038* (the “Class G Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Concurrently with the issuance of the Notes, the Issuer also will issue preferred shares (the “Preferred Shares”), under the
Issuer’s memorandum and articles of association as part of its issued share capital. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-6-3 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and
the Preferred Shares and the terms upon which the Notes and the Preferred Shares are, and are to be, executed, authenticated and delivered. 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption
Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer and the
Co-Issuer, as applicable, in whole but not in part, at the option of and upon at the written notice by a Majority of Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any
Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. 
 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the option of and upon written notice by a Majority of the Preferred Shareholders (which shall be delivered in accordance with the Indenture), on any Payment
Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class G-X Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 

  
 EXHIBIT H-6-4 

 At any time after a declaration of acceleration of Maturity of the Notes has been made, and
before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration and its consequences
if certain conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances,
and in accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral
multiples of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated
Maturity Date, unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture and the term “Co-Issuer” as used in this Note
includes any successor-in-interest to the Co-Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment
decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner
has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of
any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

  
 EXHIBIT H-6-5 

 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have
represented to the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such
Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of
Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan
which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made
to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER, THE CO-ISSUER OR ANY PERMITTED SUBSIDIARY IN
ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-6-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of May 5, 2021 
  

			
	FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-6-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT H-6-8 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

______________________________ 
 ______________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

 
  

 
  

 
  

 
 the within Note and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer the Note on the books of the Issuer with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:	 	 
		 		 		 	(Sign exactly as your name 
appears on this Note)
		 		 		 	

  
 EXHIBIT H-6-9 

 EXHIBIT I-1 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A RULE 144A 

GLOBAL NOTE OR DEFINITIVE NOTE TO A REGULATION S GLOBAL NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 MAC N9300–070 

Minneapolis, Minnesota 55415 
 Attention: Note Transfers – FS
RIALTO 2021-FL2 
 Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS RIALTO 2021-FL2 

 

	 	Re:	 FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer of: the Class [    ] Notes, Due 2038 (the “Transferred
Notes”) 

 Reference is hereby made to the Indenture, dated as of May 5, 2021 (the
“Indenture”) by and among FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer of the Notes, Wells Fargo Bank, National Association, as Note Administrator (the “Note Administrator”), paying agent, calculation agent, transfer agent, authenticating agent, custodian and
backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS Credit Real Estate Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the meanings
assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities
Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 
 This letter relates to the
transfer of $[        ] aggregate principal amount of Class [    ] Notes being transferred for an equivalent beneficial interest in a Regulation S Global Note of the same Class in the
name of [name of transferee] (the “Transferee”). 
 In connection with such request, the Transferee hereby certifies that
such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated April 21, 2021, and hereby represents, warrants and agrees for the benefit of the Issuer, the Co-Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that: 

(i)    at the time the buy order was originated, the Transferee was outside the United States; 

  
 EXHIBIT I-1-1 

 (ii)    the Transferee is not a U.S. Person
(“U.S. Person”), as defined in Regulation S; 
 (iii)    the transfer is being made in
an “offshore transaction” (“Offshore Transaction”), as defined in Regulation S, pursuant to Rule 903 or 904 of Regulation S; 

(iv)    the Transferee will notify future transferees of the transfer restrictions; 

(v)    the Transferee understands that the Notes, including the Transferred Notes, are being offered only
in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and will not be registered or qualified under the Securities Act or the
securities laws of any state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred Notes may only be reoffered, resold, pledged or otherwise
transferred only in accordance with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is made by the Issuer, the Co-Issuer or the Placement Agents, as
the case may be, as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Transferred Notes; 

(vi)    the Transferee is not purchasing the Transferred Notes with a view to the resale, distribution or
other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that an investment in the Transferred Notes involves certain risks, including the risk of loss of all
or a substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning the Issuer, the Co-Issuer and the Transferred Notes as it
deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Transferred Notes, including, without limitation, an opportunity to ask questions of and request information from the Collateral
Manager, the Placement Agents, the Issuer and the Co-Issuer, including without limitation, an opportunity to access to such legal and tax representation as the Transferee deemed necessary or appropriate; 

(vii)    in connection with the purchase of the Transferred Notes: (A) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Primary Servicer, the Special Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial
or investment adviser for the Transferee; (B) the Transferee is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
offering 

  
 EXHIBIT I-1-2 

 
memorandum relating to such Transferred Notes and any representations expressly set forth in a written agreement with such party; (C) the Transferee has read and understands the final
offering memorandum relating to the Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Transferred Notes are being issued and the risks to purchasers of the Notes); (D) none of
the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the
Transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including
legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other
advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such
advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, the Servicer, the Special
Servicer or any of their respective affiliates; (F) the Transferee will hold and transfer at least the minimum denomination of such Transferred Notes; (G) the Transferee was not formed for the purpose of investing in the Transferred Notes;
and (H) the Transferee is purchasing the Transferred Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these
risks; 
 (viii)    the Transferee understands that the Transferred Notes will bear the applicable legend
set forth on such Transferred Notes; 
 (ix)    the Transferee represents and agrees that (a) it is
not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions
of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any federal, state, local or other law that is
substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to Similar Law, a non-exempt
violation of Similar Law; 
 (x)    except to the extent permitted by the Securities Act and any rules
thereunder as in effect and applicable at the time of any such offer, the Transferee 

  
 EXHIBIT I-1-3 

 
will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or
other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising; 

(xi)    the Transferee is not a member of the public in the Cayman Islands, within the meaning of
Section 175 of the Cayman Islands Companies Act (As Revised); 
 (xii)    the Transferee
acknowledges that the obligations under the Transferred Notes are limited recourse obligations of the Issuer payable solely from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the
Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive; 

(xiii)    the Transferee acknowledges that the Issuer is subject to anti-money laundering legislation in
the Cayman Islands. Accordingly, if Notes are issued in the form of certificated Notes, the Issuer may, except in relation to certain categories of institutional investors, require a detailed verification of a Transferee’s identity and the
source of the payment used by such Transferee for purchasing the Notes. The laws of other major financial centers may impose similar obligations upon the Issuer; 

(xiv)    the Transferee understands that (A) the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on
any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee and the
Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law
or regulation of the Cayman Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or
regulation (including, without limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States
Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form
W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected
with the Conduct of a Trade or 

  
 EXHIBIT I-1-4 

 
Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the
Trustee or the Paying Agent may require certification acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require the Transferee to provide the Issuer, the Co-Issuer, the
Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be required for the Issuer, the Co-Issuer, the Note Administrator, the
Trustee or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation and/or CRS (including providing the Issuer or its agents with a properly completed and executed “Entity Self-Certification Form” or “Individual
Self-Certification Form” (in the forms published by the Cayman Islands Department for International Tax Cooperation, which forms can be obtained at http://www.ditc.ky/fatca/fatca-legislation-resources/))) requirements and will take any
other actions necessary for the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation) and/or CRS
requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee and the
Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee
or the Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the
Transferee does not sell its Notes within 10 business days after notice from the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private
sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and
(3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA or CRS
(as the case may be) and does not provide the Issuer, Co-Issuer, the Collateral Manager, Note Administrator, the Trustee or Paying Agent with evidence that it has complied with the applicable FATCA and/or CRS
requirements, the Issuer, Co-Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any
certification requested pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

(xv)    the Transferee acknowledges that it is its intent and that it understands it is the intent of the
Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or indirect wholly-owned disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Securities and the Issuer Ordinary 

  
 EXHIBIT I-1-5 

 
Shares, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of Sub-REIT or such
subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(xvi)    the Transferee agrees to treat the Issuer, the Co-Issuer,
and the Notes as described in “Certain U.S. Federal Income Tax Considerations” section of the Offering Memorandum for all U.S. federal, state and local income tax purposes and to take no action inconsistent with such treatment unless
required by law; 
 (xvii)    if the Transferee is not a “United States person” (as
defined in Section 7701(a)(30) of the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of
Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer
within the meaning of Section 881(c)(3) of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under
an income tax treaty with the United States that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to
reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; 
 (xviii)    the
Transferee understands that the Notes have not been approved or disapproved by the SEC or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the
adequacy or accuracy of the final offering memorandum relating to the Notes. The Transferee further understands that any representation to the contrary is a criminal offense; 

(xix)    the Transferee will, prior to any sale, pledge or other transfer by such Transferee of any Note
(or interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to each of the Note Administrator, the Trustee, the Issuer, the
Co-Issuer, the Collateral Manager, the Servicer and the Special Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Note Administrator or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Indenture;

 (xx)    the Transferee agrees that no Note may be purchased, sold, pledged or otherwise transferred in
an amount less than the minimum denomination set forth in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the note register of the Issuer following delivery to
Wells Fargo Bank, National Association (in such capacity, the “Note Registrar”) of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

  
 EXHIBIT I-1-6 

 (xxi)    the Transferee is aware and agrees that no Note
(or beneficial interest therein) may be reoffered, resold, pledged or otherwise transferred except to a person that is (i) both (a) either (1) a “qualified institutional buyer,” as defined in Rule 144A, who purchases such Notes
in reliance on the exemption from Securities Act registration provided by Rule 144A, or (2) solely in the case of Notes that are issued in the form of Definitive Notes, an institution that is an “accredited investor” as defined in
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, or an entity in which all of the equity owners are such “accredited investors,” and (b) a Qualified Purchaser; or (ii) not a “U.S. person”
as defined in Regulation S, and is acquiring the Notes in an “offshore transaction” as defined in Regulation S, in reliance on the exemption from registration provided by Regulation S. The Transferee acknowledges that no representation is
made as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Notes; 

(xxii)     the Transferee understands that there is no secondary market for the Notes and that no
assurances can be given as to the liquidity of any trading market for the Notes and that it is unlikely that a trading market for the Notes will develop. The Transferee further understands that, although the Placement Agents may from time to time
make a market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time. Accordingly, the Transferee must be prepared to hold the Notes until
the Stated Maturity Date; 
 (xxiii)    the Transferee agrees that (i) any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the Transferee or a transferee to the Issuer, the
Note Administrator, the Trustee or the Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any obligation to recognize any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxiv)    the Transferee approves and consents to any direct trades between the Issuer, the Collateral
Manager and the Trustee and/or its affiliates that is permitted under the terms of the Indenture and the Servicing Agreement; 

(xxv)    the Transferee acknowledges that the Issuer, the
Co-Issuer, the Note Administrator, the Trustee, the Note Registrar, the Servicer, the Placement Agents, the Collateral Manager and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection with its purchase of the Notes are no longer accurate,

  
 EXHIBIT I-1-7 

 
the Transferee will promptly notify the Issuer, the Co-Issuer, the Trustee, the Note Administrator, Note Registrar, the Servicer, the Collateral Manager
and the Placement Agents; and 
 (xxvi)    the Notes will bear a legend to the following effect unless
the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 
 THIS NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE
ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D
UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION
THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS
APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY
TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT I-1-8 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

THE OWNER UNDERSTANDS AND AGREES THAT AN ADDITIONAL LEGEND IN SUBSTANTIALLY THE FOLLOWING FORM WILL BE PLACED ON EACH NOTE IN THE FORM OF A
REGULATION S GLOBAL NOTE: 
 AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME. 

You, the Trustee, the Issuer, the Co-Issuer, the Collateral Manager and the Note Administrator are
entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I-1-9 

			
	Dated:	 	
		
	cc:	 	[                    ]
		 	[                    ]

  
 EXHIBIT I-1-10 

 EXHIBIT I-2 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S 

GLOBAL NOTE OR DEFINITIVE NOTE TO A RULE 144A GLOBAL NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 MAC N9300–070 

Minneapolis, Minnesota 55415 
 Attention: Note Transfers – FS
RIALTO 2021-FL2 
 Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS RIALTO 2021-FL2 

 

	 	Re:	 FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer of: the Class [    ] Notes, Due 2038 (the “Transferred
Notes”) 

 Reference is hereby made to the Indenture dated as of May 5, 2021 (the
“Indenture”), by and among FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as
Co-Issuer of the Notes, Wells Fargo Bank, National Association, as Note Administrator (the “Note Administrator”), paying agent, calculation agent, transfer agent, authenticating agent,
custodian and backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS Credit Real Estate Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the
meanings assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the
Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 
 This letter relates to
the transfer of $[            ] aggregate principal amount of Class [    ] Notes being transferred in exchange for an equivalent beneficial interest in a Rule 144A
Global Note of the same Class in the name of [name of transferee] (the “Transferee”). 
 In connection with such
request, the Transferee hereby certifies that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated April 21, 2021 and hereby represents, warrants and agrees
for the benefit of the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator and the Trustee that: 

(i)    the Transferee is both (A) a “qualified institutional buyer” as defined in Rule 144A
(a “QIB”) and (B) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended; 

  
 EXHIBIT I-2-1 

 (ii)    (A) the Transferee is acquiring a beneficial
interest in such Transferred Notes for its own account or for an account that is a QIB and as to each of which the Transferee exercises sole investment discretion, and (B) the Transferee and each such account is acquiring not less than the
minimum denomination of the Transferred Notes; 
 (iii)    the Transferee will notify future transferees
of the transfer restrictions; 
 (iv)    the Transferee is obtaining the Transferred Notes in a
transaction pursuant to Rule 144A; 
 (v)    the Transferee is obtaining the Transferred Notes in
accordance with any applicable securities laws of any state of the United States and any other applicable jurisdiction; 

(vi)    the Transferee understands that the Notes, including the Transferred Notes, are being offered only
in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and will not be registered or qualified under the Securities Act or the
securities laws of any state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred Notes may only be reoffered, resold, pledged or otherwise
transferred only in accordance with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is made by the Issuer, the Co-Issuer or the Placement Agents, as
the case may be, as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Transferred Notes; 

(vii)    the Transferee is not purchasing the Transferred Notes with a view to the resale, distribution or
other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that an investment in the Transferred Notes involves certain risks, including the risk of loss of all
or a substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning the Issuer, the Co-Issuer and the Transferred Notes as it
deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Transferred Notes, including, without limitation, an opportunity to ask questions of and request information from the Servicer, the
Collateral Manager, the Placement Agents, the Issuer and the Co-Issuer, including without limitation, an opportunity to access to such legal and tax representation as the Transferee deemed necessary or
appropriate; 
 (viii)    in connection with the purchase of the Transferred Notes: (A) none of the
Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Primary Servicer, the Special Servicer, the Note Administrator, the 

  
 EXHIBIT I-2-2 

 
Trustee, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the Transferee; (B) the Transferee is not relying (for purposes of making any
investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the
Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Transferred Notes and any representations expressly set forth in a written agreement with such party;
(C) the Transferee has read and understands the final offering memorandum relating to the Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Transferred Notes are being
issued and the risks to purchasers of the Notes); (D) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee,
or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance,
result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal, regulatory, tax,
business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based
upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer,
the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates; (F) the Transferee will hold and transfer at least the minimum denomination of such Transferred Notes; (G) the Transferee was not formed for
the purpose of investing in the Transferred Notes; and (H) the Transferee is purchasing the Transferred Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and
willing to assume (financially and otherwise) these risks; 
 (ix)    the Transferee understands that the
Transferred Notes will bear the applicable legend set forth on such Transferred Notes; 
 (x)    the
Transferee represents and agrees that (a) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise 

  
 EXHIBIT I-2-3 

 
to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to
Similar Law, a non-exempt violation of Similar Law; 

(xi)    except to the extent permitted by the Securities Act and any rules thereunder as in effect and
applicable at the time of any such offer, the Transferee will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice
or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising; 

(xii)    the Transferee is not a member of the public in the Cayman Islands, within the meaning of
Section 175 of the Cayman Islands Companies Act (As Revised); 
 (xiii)    the Transferee
acknowledges that the Transferred Notes are limited recourse obligations of the Issuer payable solely from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the Indenture, all claims of
Noteholders shall be extinguished and shall not thereafter revive; 
 (xiv)    the Transferee
acknowledges that the Issuer is subject to anti-money laundering legislation in the Cayman Islands. Accordingly, if Notes are issued in the form of certificated Notes, the Issuer may, except in relation to certain categories of institutional
investors, require a detailed verification of a Transferee’s identity and the source of the payment used by such Transferee for purchasing the Notes. The laws of other major financial centers may impose similar obligations upon the Issuer; 

(xv)    the Transferee understands that (A) the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on
any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee and the
Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law
or regulation of the Cayman Islands or the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or
regulation (including, without limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of 

  
 EXHIBIT I-2-4 

 
Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary,
Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent may require certification acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any
jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require
the Transferee to provide the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be required for
the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation and/or CRS (including providing the Issuer or its agents with a properly
completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by the Cayman Islands Department for International Tax Cooperation, which forms can be obtained at
http://www.ditc.ky/fatca/fatca-legislation-resources/)) requirements and will take any other actions necessary for the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee
or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation) and/or CRS requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld
from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any
other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from the Issuer, the
Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such
sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole
discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA or CRS (as the case may be) and does not provide the Issuer, Co-Issuer,
the Collateral Manager, Note Administrator, the Trustee, or Paying Agent with evidence that it has complied with the applicable FATCA and/or CRS requirements, the Issuer, Co-Issuer, Note Administrator,
Trustee, or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant to this paragraph and to update or replace such form or
certification in accordance with its terms or its subsequent amendments; 

  
 EXHIBIT I-2-5 

 (xvi)    the Transferee acknowledges that it is its
intent and that it understands it is the intent of the Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or
indirect wholly-owned disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Securities and the Issuer Ordinary Shares, the Issuer will be treated as a Qualified REIT Subsidiary
and the Offered Notes will be treated as indebtedness solely of Sub-REIT or such subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(xvii)    if the Transferee is not a “United States person” (as defined in
Section 7701(a)(30) of the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of
Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer
within the meaning of Section 881(c)(3) of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under
an income tax treaty with the United States that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to
reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; 
 (xviii)    the
Transferee understands that the Notes have not been approved or disapproved by the SEC or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the
adequacy or accuracy of the final offering memorandum relating to the Notes. The Transferee further understands that any representation to the contrary is a criminal offense; 

(xix)    the Transferee will, prior to any sale, pledge or other transfer by such Transferee of any Note
(or interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to each of the Note Administrator, the Trustee, the Issuer, the
Co-Issuer, the Collateral Manager, the Servicer and the Special Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer, the Co-Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions
contained in the Indenture; 
 (xx)    the Transferee agrees that no Note may be purchased, sold, pledged
or otherwise transferred in an amount less than the minimum denomination set forth 

  
 EXHIBIT I-2-6 

 
in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the note register of the Issuer following delivery to
Wells Fargo Bank, National Association (in such capacity, the “Note Registrar”) of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

(xxi)    the Transferee is aware and agrees that no Note (or beneficial interest therein) may be reoffered,
resold, pledged or otherwise transferred except to a person that is (a) both (1) either (A) a QIB who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (B) solely in the case
of Notes that are issued in the form of Definitive Notes, an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, or an entity in which all of the equity
owners are such “accredited investors,” and (2) a Qualified Purchaser; or (b) not a “U.S. person” as defined in Regulation S, and is acquiring the Notes in an “offshore transaction” as defined in Regulation S,
in reliance on the exemption from registration provided by Regulation S. The Transferee acknowledges that no representation is made as to the availability of any exemption from registration or qualification under the Securities Act or any state or
other securities laws for resale of the Notes; 
 (xxii)    the Transferee understands that there is no
secondary market for the Notes and that no assurances can be given as to the liquidity of any trading market for the Notes and that it is unlikely that a trading market for the Notes will develop. The Transferee further understands that, although
the Placement Agents may from time to time make a market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time. Accordingly, the Transferee
must be prepared to hold the Notes until the Stated Maturity Date; 
 (xxiii)    the Transferee agrees
that (i) any sale, pledge or other transfer of a Note (or any beneficial interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the
Transferee or a transferee to the Issuer, the Note Administrator, the Trustee or the Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any
obligation to recognize any sale, pledge or other transfer of a Note (or any beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxiv)    the Transferee approves and consents to any direct trades between the Issuer, the Collateral
Manager and the Trustee and/or its affiliates that is permitted under the terms of the Indenture; 

(xxv)    the Transferee acknowledges that the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Note Registrar, the Servicer, the Placement Agents and others will rely upon the truth and accuracy of

  
 EXHIBIT I-2-7 

 
the foregoing acknowledgments, representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection
with its purchase of the Notes are no longer accurate, the Transferee will promptly notify the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Note Registrar, the
Servicer and the Placement Agents; and 
 (xxvi)    the Notes will bear a legend to the following effect
unless the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 
 THIS
NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER
THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D
UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION
THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS
APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY
TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE 

  
 EXHIBIT I-2-8 

 
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER
AND THE CO-ISSUER, AS APPLICABLE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW
YORK, NEW YORK, TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE
MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS
NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

You, the Trustee, the Issuer, the Co-Issuer, the Collateral Manager and the Note Administrator are
entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	                    
		
	cc:	 	[                    ]
		 	[                    ]

  
 EXHIBIT I-2-9 

 EXHIBIT I-3 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S 

GLOBAL SECURITY, RULE 144A GLOBAL NOTE OR 

DEFINITIVE NOTE TO A DEFINITIVE NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Wells Fargo Bank, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 MAC N9300–070 

Minneapolis, Minnesota 55415 
 Attention: Note Transfers – FS
RIALTO 2021-FL2 
 Wells Fargo Bank, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS RIALTO 2021-FL2 

 

	 	Re:	 FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer of: the Class [    ] Notes, Due 2038 (the “Transferred
Notes”) 

 Reference is hereby made to the Indenture dated as of May 5, 2021 (the
“Indenture”), by and among FS RIALTO 2021-FL2 ISSUER, LTD., as Issuer, and FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer of the Notes, Wells Fargo Bank, National Association, as Note Administrator (the “Note Administrator”), paying agent, calculation agent, transfer agent, authenticating agent, custodian and
backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS Credit Real Estate Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the meanings
assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities
Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 
 This letter relates to the
transfer of $[            ] aggregate principal amount of Class [    ] Notes being transferred in exchange for a Definitive Note of the same Class in the name of
[name of transferee] (the “Transferee”). 
 In connection with such request, the Transferee hereby certifies that such
transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated April 21, 2021 and hereby represents, warrants and agrees for the benefit of the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator and the Trustee that: 

(i)    the Transferee is both (A) a QIB (as defined below) or an institution that is an
“accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an “IAI”), or an entity in which all of the equity owners are such “accredited investors”
and (B) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended; 

  
 EXHIBIT I-3-1 

 (ii)     the Transferee is acquiring the Notes for its
own account (and not for the account of any other Person) in a minimum denomination of $100,000 and in integral multiples of $500 in excess thereof; 

(iii)    the Transferee understands that the Notes have not been and will not be registered or qualified
under the Securities Act or the securities laws of any state or other jurisdiction, and, if in the future the Transferee decides to reoffer, resell, pledge or otherwise transfer the Notes, such Notes may be reoffered, resold, pledged or otherwise
transferred only in accordance with the provisions of the Indenture and the legends on such Notes. In particular, the Transferee understands that the Notes may be transferred only to a person that is (a) both (1) either (A) a
“qualified institutional buyer” as defined in Rule 144A (a “QIB”), who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (B) solely in the case of Notes that
are issued in the form of Definitive Securities, an IAI, and (2) a Qualified Purchaser; or (b) not a “U.S. person” as defined in Regulation S (a “U.S. Person”), and is acquiring the Notes in an “offshore
transaction” as defined in Regulation S (an “Offshore Transaction”), in reliance on the exemption from registration provided by Regulation S. The Transferee acknowledges that no representation is made as to the availability
of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Notes; 

(iv)    in connection with the Transferee’s purchase of the Notes: (a) none of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Primary Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates is acting as a fiduciary
or financial or investment adviser for the Transferee; (b) the Transferee is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final
Offering Memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; (c) the Transferee has read and understands the final Offering Memorandum relating to such Notes (including, without
limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (d) none of the Issuer, the Co-Issuer, the Placement
Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person) any assurance, guarantee, or
representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase
of the Notes; (e) the Transferee has 

  
 EXHIBIT I-3-2 

 
consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and has made its own investment decisions
(including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates; (f) the Transferee will hold and transfer
at least the minimum denomination of such Notes; (g) the Transferee was not formed for the purpose of investing in the Notes; and (h) the Transferee is a sophisticated investor and is purchasing the Notes with a full understanding of all
of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks; 

(v)    the Transferee is acquiring the Notes as principal solely for its own account for investment and not
with a view to the resale, distribution or other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction; it is not a (A) partnership, (B) common trust fund, or (C) special trust,
pension, profit-sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; it agrees that it shall not hold any Notes for the benefit of any other person,
that it shall at all times be the sole beneficial owner thereof for purposes of the 1940 Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other
person shall be entitled to a beneficial interest in the distributions on the Notes; 
 (vi)    the
Transferee represents and agrees that (a) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to Similar Law, a
non-exempt violation of Similar Law; 
 (vii)    the Transferee
understands that (A) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the
payment of principal of and interest on any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the Issuer, the Co-Issuer,

  
 EXHIBIT I-3-3 

 
the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to
pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law or regulation of the Cayman Islands or the United States or any present or future law or regulation of any political
subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation (including, without limitation, the Cayman FATCA Legislation and the CRS), which certification may include U.S.
federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign
Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent may require certification acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any
jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will require
the Transferee to provide the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be required for
the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation and/or CRS (including providing the Issuer or its agents with a properly
completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form” (in the forms published by the Cayman Islands Department for International Tax Cooperation, which forms can be obtained at
http://www.ditc.ky/fatca/fatca-legislation-resources/f)) requirements and will take any other actions necessary for the Issuer, the Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee
or the Paying Agent to comply with FATCA (or the Cayman FATCA Legislation) and/or CRS requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the
Co-Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld
from payments to the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to avoid an adverse effect on the Issuer or any
other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from the Issuer, the
Co-Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds

  
 EXHIBIT I-3-4 

 
of such sale (taking into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each
such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion; (D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA or CRS (as the case may be) and does not provide
the Issuer, Co-Issuer, the Collateral Manager, Note Administrator, the Trustee or Paying Agent with evidence that it has complied with the applicable FATCA and/or CRS requirements, the Issuer, Co-Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested
pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

(viii)    the Transferee agrees (A) to comply with the Holder AML Obligations and to obtain and
provide the Issuer or its agents with such information and documentation that may be required for the Issuer to achieve AML Compliance and shall update or replace such information or documentation, as may be necessary, (B) that the Issuer or
its agents or representatives may (1) provide such information and documentation and any other information concerning its investment in such Notes to the Cayman Islands Monetary Authority, and (2) take such other steps as they deem
necessary or helpful to achieve AML Compliance, and (C) that if it fails for any reason to comply with its Holder AML Obligations or otherwise is or becomes a Non-Permitted AML Holder, the Issuer will
have the right, to (1) compel it to sell its interest in such Notes, (2) sell such interest on its behalf in accordance with the procedures specified herein and/or (3) assign to such Notes a separate CUSIP or CUSIPs and, in the case
of this sub-clause (3), to deposit payments on such Notes into a separate account, which amounts will be either (x) released to the holder of such Notes at such time that the Issuer determines that the
holder of such Notes complies with its Holder AML Obligations and is not otherwise a Non-Permitted AML Holder or (y) released to pay costs related to such noncompliance; provided that any amounts
remaining in an such account will be released to the applicable holder (a) on the date of final payment for the applicable Class (or as soon as reasonably practical thereafter) or (b) at the request of the applicable holder on any Business
Day after such holder has certified to the Issuer that it no longer holds an interest in any Notes. Any amounts deposited into a separate account in respect of Notes held by a Non-Permitted AML Holder will be
treated for all purposes under the Indenture as if such amounts had been paid directly to the holder of such Notes. It agrees to indemnify the Issuer for all damages, costs and expenses that result from its failure to comply with its Holder AML
Obligations. This indemnification will continue even after it ceases to have an ownership interest in such Notes; 

(ix)    the Transferee acknowledges that it is its intent and that it understands it is the intent of the
Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or indirect wholly-owned disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Securities and the Issuer Ordinary 

  
 EXHIBIT I-3-5 

 
Shares, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of Sub-REIT or such
subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(x)    if the Transferee is not a “United States person” (as defined in
Section 7701(a)(30) of the Code), it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of
Section 881(c)(3)(A) of the Code), a 10% shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer
within the meaning of Section 881(c)(3) of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under
an income tax treaty with the United States that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to
reduce its U.S. federal income tax liability pursuant to a tax avoidance plan; 
 (xi)    the Transferee
is not a member of the public in the Cayman Islands, within the meaning of Section 175 of the Cayman Islands Companies Act (As Revised); 

(xii)    the Transferee acknowledges that the Transferred Notes are limited recourse obligations of the
Issuer payable solely from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive; 

(xiii)    the Transferee acknowledges that the Issuer is subject to anti-money laundering legislation in
the Cayman Islands. Accordingly, if Notes are issued in the form of certificated Notes, the Issuer may, except in relation to certain categories of institutional investors, require a detailed verification of a Transferee’s identity and the
source of the payment used by such Transferee for purchasing the Notes. The laws of other major financial centers may impose similar obligations upon the Issuer; 

(xiv)    the Transferee agrees not to seek to commence in respect of the Issuer, or cause the Issuer to
commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Notes issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect; 

(xv)    the Transferee acknowledges that, to the extent required by the Issuer, as determined by the Issuer
or the Collateral Manager on behalf of the Issuer, the Issuer may, upon notice to the Note Administrator and the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and

  
 EXHIBIT I-3-6 

 
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and other similar laws or regulations,
including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance; 

(xvi)    the Transferee acknowledges that, each investor or prospective investor will be required to make
such representations to the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, as the Issuer will require in connection with applicable AML/OFAC obligations, including, without limitation, representations to the
Issuer that such investor or prospective investor (or any person controlling or controlled by the investor or prospective investor; if the investor or prospective investor is a privately held entity, any person having a beneficial interest in the
investor or prospective investor; or any person for whom the investor or prospective investor is acting as agent or nominee in connection with the investment) is not (i) an individual or entity named on any available lists of known or suspected
terrorists, terrorist organizations or of other sanctioned persons issued by the United States government and the government(s) of any jurisdiction(s) in which the Partnership is doing business, including the List of Specially Designated Nationals
and Blocked Persons administered by OFAC, as such list may be amended from time to time; (ii) an individual or entity otherwise prohibited by the OFAC sanctions programs; or (iii) a current or former senior foreign political figure or
politically exposed person, or an immediate family member or close associate of such an individual. Further, such investor or prospective investor must represent to the Issuer that it is not a prohibited foreign shell bank; 

(xvii)    the Transferee acknowledges that, each investor or prospective investor will also be required to
represent to the Issuer that amounts invested with the Issuer were not directly or indirectly derived from activities that may contravene U.S. federal, state or international laws and regulations, including, without limitation, any applicable
anti-money laundering laws and regulations; 
 (xviii)    the Transferee acknowledges that, by law, the
Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer or other service providers acting on behalf of the Issuer, may be obligated to “freeze” any investment in a Note by such investor. The Issuer, the
Placement Agents, the Collateral Manager, the Servicer, the Special Servicer or other service providers acting on behalf of the Issuer may also be required to report such action and to disclose the investor’s identity to OFAC or other
applicable governmental and regulatory authorities; 
 (xix)    the Transferee understands that the
Issuer, the Note Administrator, the Trustee and the Placement Agents will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance; and 

  
 EXHIBIT I-3-7 

 (xx)    the Definitive Notes will bear a legend to the
following effect unless the Issuer and the Co-Issuer determine otherwise in compliance with applicable law: 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND NEITHER THE ISSUER NOR THE CO-ISSUER HAS BEEN REGISTERED UNDER THE UNITED STATES
INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER
(a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION
THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND
(2) A “QUALIFIED PURCHASER”, AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER
AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES
OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH
PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT
OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE CO-ISSUER, AS APPLICABLE, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT
ANY TIME, THE ISSUER AND THE CO-ISSUER, AS APPLICABLE, DETERMINE OR ARE NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER AND THE CO-ISSUER, AS APPLICABLE. 

  
 EXHIBIT I-3-8 

 You, the Trustee, the Issuer, the Co-Issuer, the
Collateral Manager and the Note Administrator are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. 
  

			
	 [Name of Transferee]

		
	By:	 	      

		 	 Name:

		 	 Title:

  

			
	Dated:	 	
		
	cc:	 	[                    ]
	 	 	[                    ]

  
 EXHIBIT I-3-9 

 EXHIBIT J 

[RESERVED] 

  
 EXHIBIT J-1 

 EXHIBIT K 

FORM OF CUSTODIAN RECEIPT 
 FS RIALTO 2021-FL2 ISSUER, LTD. 
 c/o MaplesFS Limited, 

PO Box 1093 
 Boundary Hall, Cricket Square 

Grand Cayman, KY1-1102 

Cayman Islands 
 Wells Fargo Bank, National Association, 

  as note administrator, 
 9062 Old Annapolis Road 

Columbia, Maryland 21045 
 Attention: Corporate Trust Services
– FS RIALTO 2021-FL2 
 Wells Fargo Bank, National Association 

Commercial Mortgage Servicing 
 Three Wells Fargo 

401 South Tryon Street, 8th Floor 
 MAC D1050-084 
 Charlotte, North Carolina 28202 

Attention: FS RIALTO 2021-FL2 Asset Manager 

Fax: (704) 715-0036 

Email:commercial.servicing@wellsfargo.com 
 Rialto Capital
Advisors, LLC 
 200 S. Biscayne Blvd., Suite 3550 
 Miami,
Florida 33131, 
 Attention: Adam Singer, Managing Director 
 E-mail: adam.singer@rialtocapital.com 
 with a copy to: liat.heller@rialtocapital.com 

FS Credit Real Estate Income Trust, Inc. (the “Collateral Manager”) 

201 Rouse Boulevard 
 Philadelphia, Pennsylvania 19112 

Attention: Legal Department 
 Email:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com 
 with copies by email to:
philip.orban@rialtocapital.com 

  
 EXHIBIT K-1 

 Wilmington Trust, National Association, as Trustee 

1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: CMBS Trustee – FS RIALTO 2021-FL2 

Fax: (302) 636-6196 

Email:cmbstrustee@wilmingtontrust.com 
 McCoy & Orta,
P.C. 
 100 N. Broadway, 26th Floor 
 Oklahoma City, OK 73102

 Attention: Vanessa Orta 
 Email: vorta@mccoy-orta.com 

 

	 	Re:	 FS RIALTO 2021-FL2 ISSUER, LTD. (the “Issuer”)

 Ladies and Gentlemen: 

In accordance with the provisions of the Indenture, dated as of May 5, 2021 (the “Indenture”), by and among the Issuer,
FS RIALTO 2021-FL2 CO-ISSUER, LLC, as Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust,
National Association, as Trustee, Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as
custodian, the undersigned, as the Custodian, hereby certifies pursuant to Section 3.3(f) of the Indenture that it has reviewed or caused to be reviewed the Collateral Interest Files and [subject to any exceptions set forth on Schedule II
attached hereto] (A) the documents referred to in Section 3.3(e) of the Indenture and set forth on Schedule I attached hereto have been received and (B) that such documents have been executed, appear on their face to be what they
purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Collateral Interest. Capitalized terms used but not defined in this Receipt have the
meanings assigned to them in the Indenture. 
 The Custodian shall have no responsibility for reviewing the Collateral Interest File except
as expressly set forth in Section 3.3(f) of the Indenture. None of the Trustee, the Note Administrator, and the Custodian shall be under any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to
independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to
determine if the endorsement conforms to the requirements of Section 3.3(e) of the Indenture), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any
document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Mortgaged Property. 

  
 EXHIBIT K-2 

 
			
	 Wells Fargo Bank, National Association, solely in its capacity as
Custodian

	
	[ENTITY]
		
	By:	 	      

		 	Name:
		 	Title:

  
 EXHIBIT K-3 

 EXHIBIT L 

FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT 
  

	To:	 Wells Fargo Bank, National Association, 

as Custodian 
 1055 10th Avenue SE

 Minneapolis, Minnesota, 55414 

Attn: Document Custody Group – FS RIALTO 2021-FL2 

In connection with the administration of the Collateral Interests held by you as the Custodian on behalf of the Issuer, we request the
release, to the [Collateral Manager][Servicer][Special Servicer] of [specify document] for the Collateral Interest described below, for the reason indicated. 
  

			
	 Borrower’s Name, Address & Zip
Code:
	  	 Ship Files To:

		  	Name:
		
		  	Address:
		
		  	Telephone Number:
		
	Collateral Interest Description:	  	  

		
	Current Outstanding Principal Balance:	  	  

		
	Reason for Requesting Documents (check one):	  	

  

			
	1.	  	Collateral Interest Paid in Full. The [Servicer][Special Servicer] hereby certifies that all amounts received in connection therewith that are required to be remitted by the borrower or other obligors thereunder have been paid in
full and that any amounts in respect thereof required to be remitted to the Trustee pursuant to the Indenture have been so remitted.
		
	2.	  	Collateral Interest Sold or Liquidated By ___________________________. The [Collateral Manager][Servicer][Special Servicer] hereby certifies that all proceeds of sale, exchange, or other disposition or insurance, condemnation or
other liquidation have been finally received and that any amounts in respect thereof required to be remitted to the Trustee pursuant to the Indenture have been so remitted.
		
	3.	  	Other
(explain)                                       
                                         
                                         
                       .

 If box 1 or 2 above is checked, and if all or part of the Asset Documents were previously released to us,
please release to us our previous request and receipt on file with you, as well as any additional documents in your possession relating to the specified Collateral Interest. 

  
 EXHIBIT L-1 

 If box 3 above is checked, upon our return of all of the above documents to you as the
Custodian, please acknowledge your receipt by signing in the space indicated below and returning this form. 
 If box 3 above is checked, it
is hereby acknowledged that a security interest pursuant to the Uniform Commercial Code in the Collateral Interest described above and in the proceeds of said Collateral Interest has been granted to the Trustee pursuant to the Indenture. 

If box 3 above is checked, in consideration of the aforesaid delivery by the Custodian, the [Collateral Manager][Servicer][Special Servicer]
hereby agrees to hold said Collateral Interest in trust for the Trustee, as provided under and in accordance with all provisions of the Indenture and the Servicing Agreement, and to return said Collateral Interest to the Custodian no later than the
close of business on the twentieth (20th) Business Day following the date hereof or, if such day is not a Business Day, on the immediately preceding Business Day. 

Capitalized terms used but not defined in this Request have the meanings assigned to them in the Indenture, dated as of May 5, 2021, by
and among FS Rialto 2021-FL2 Issuer, Ltd., as Issuer, FS Rialto 2021-FL2 Co-Issuer, LLC, as
Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association, as note administrator (in such capacity and,
together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. 
  

			
	[WELLS FARGO BANK, NATIONAL
	ASSOCIATION][FS CREDIT REAL
	ESTATE INCOME TRUST,
	INC.][RIALTO CAPITAL ADVISORS,
	LLC]	 	
		
	By:	 	                
	Name:	 	
	Title:	 	

 Acknowledgment of documents returned: 

Wells Fargo Bank, National Association, 
 as Custodian 

 

			
	By:	 	
                     
       

	Name:	 	
	Title:	 	

 Date: 

  
 EXHIBIT L-2 

 EXHIBIT M 

FORM OF AUCTION CALL PROCEDURE 
 I. Pre-Auction Process 
 a) The Collateral Manager will initiate the Auction Procedures at least 60 days
before each Payment Date occurring in February, May, August and November of each year commencing on the Payment Date in April 2031 (each, an “Auction Call Redemption Date”) by: (i) preparing a list of the Collateral;
(ii) deriving a list of not less than three Eligible Bidders (the “Selected Bidders”) not Affiliates of (or funds or accounts managed by) the Collateral Manager and any additional Eligible Bidders, which may include Affiliates
of (or funds or accounts managed by) the Collateral Manager (such additional Eligible Bidders, together with the Selected Bidders, the “Listed Bidders”) and requesting bids on a date (the “Auction Date”) at least
ten Business Days before the Auction Call Redemption Date, and (iii) notifying the Trustee of the list of Listed Bidders (the “List”). 

b) The general solicitation package which the Collateral Manager shall deliver to the Listed Bidders will include: (1) a form of a
purchase agreement (“Purchase Agreement”) provided to the Trustee by the Collateral Manager (which shall provide that (A) upon satisfaction of all conditions precedent therein, the purchaser is irrevocably obligated to
purchase, and the Issuer is irrevocably obligated to sell, the Collateral on the date and on the terms stated therein, (B) if any Collateral is to be sold to multiple different bidders, that the consummation of the purchase of all Collateral must
occur simultaneously and that the closing of each purchase is conditional on the closing of all other purchases, (C) if for any reason whatsoever the Trustee has not received, by a specified Business Day (which shall be ten or more Business
Days before the Auction Call Redemption Date), payment in full in immediately available funds of the aggregate purchase price for all of the Collateral, at least equal to the aggregate Redemption Price for each Outstanding Class of Offered
Notes (the “Minimum Bid Amount”), the obligations of the parties shall terminate and the Issuer shall have no obligation or liability whatsoever, (2) the minimum aggregate cash purchase price (which shall be determined by the
Collateral Manager for the various Collateral or group thereof); (3) the list of the Collateral; (4) a formal bid sheet (which shall permit the bidder to bid for some or all of the Collateral provided to the Trustee by the Collateral Manager,
including a representation from the bidder that it is an Eligible Bidder; (5) a detailed timetable; and (6) copies of a Purchase Agreement and all other transfer documents provided to the Trustee by the Collateral Manager (including
transfer certificates and subscription agreements which a bidder must execute and a list of the requirements which the bidder must satisfy). 

c) The Collateral Manager will send solicitation packages to all Listed Bidders on the List at least 20 Business Days before the Auction Call
Redemption Date. Listed Bidders will be required to submit any due diligence questions (or comments on the draft Purchase Agreement) in writing to the Collateral Manager by a date specified in the solicitation package. The Collateral Manager will be
required to answer all relevant questions by a date specified in the solicitation package and will distribute the revised final Purchase Agreement to all Listed Bidders (with a copy to the Issuer). 

  
 EXHIBIT M-1 

 II. Auction Process 

a) To the extent any Holder, any Preferred Shareholder, any Placement Agent and any of their respective Affiliates are Eligible Bidders, such
parties will be allowed to bid in the Auction, but will not be required to do so. 
 b) On the Auction Date, all bids will be due by
facsimile to the offices of the Trustee by 11:00 a.m. New York City time, with the winning bidder to be notified by 3:00 p.m. New York City time. All bids from Listed Bidders on the List will be due on the bid sheet contained in the solicitation
package. Each bid shall be for the purchase and delivery to one purchaser (i) of all (but not less than all) of the Collateral or (ii) identified Collateral. 

c) Reserved. 
 d) With the advice
of the Collateral Manager, the Trustee shall select the bid or bids which result in the Highest Auction Price (in excess of the specified Minimum Bid Amount) from one or more Listed Bidders. 

e) Upon notification to the winning bidder or bidders, the winning bidder or bidders will be required to deliver to the Trustee a signed
counterpart of the Purchase Agreement no later than 4:00 p.m. New York City time on the Auction Date. Each winning bidder shall make payment in full of the purchase price on the Business Day (the “Auction Purchase Closing Date”)
specified in the general solicitation package (which shall be the tenth Business Day before the Auction Call Redemption Date). If a winning bidder so requests, the Trustee and the Issuer will enter into a bailee letter with the winning bidder and
its designated bank (which bank shall be subject to approval by the Issuer or the Collateral Manager on behalf of the Issuer); provided, that such bank enters into an account control agreement with the Trustee and the Issuer and has been assigned
ratings at least equal to those required for a successor Trustee pursuant to the Indenture. If the above requirements are satisfied, the Trustee shall deliver the Collateral (to be sold to such bidder) pursuant thereto to the bailee bank at least
one Business Day prior to the closing on the sale of the Collateral and accept payment of the purchase price pursuant thereto. If payment in full of the purchase price is not made by the Auction Purchase Closing Date for any reason whatsoever by any
winning bidder, the Issuer shall decline to consummate the sale of any Collateral, the Trustee and the Issuer shall direct the bailee bank to return the Collateral to the Trustee, and (if notice of redemption has been given by the Trustee) the
Trustee shall give notice (in accordance with the Trust Deed) that the Auction Call Redemption will not occur. 
 As used in this Exhibit M,
“Eligible Bidder” means, any person that is able to satisfy the requirements under the Purchase Agreement and all other transfer documents applicable to the transactions for which such bid is submitted. 

As used in this Exhibit M, “Highest Auction Price” means, whichever is higher, the highest price bid by any Listed Bidder for
all of the Collateral, or (ii) the sum of the highest prices bid by a Listed Bidder for any Collateral or group of Collateral. In any case in which more than one bidder bids for one or more items of Collateral in combination with other
Collateral, the Collateral Manager will select the bids which maximize the net sales proceeds to be received by the Auction. In each case, the price bid by a bidder shall be the dollar amount which the Collateral Manager certifies to the Trustee
based on the Collateral Manager’s review of the bids, which certification shall be binding and conclusive. 

  
 EXHIBIT M-2 

 EXHIBIT N 

FORM OF NRSRO CERTIFICATION 

[Date] 
 FS RIALTO
2021-FL2 ISSUER, LTD. 
 c/o MaplesFS Limited, 

PO Box 1093 
 Boundary Hall, Cricket Square 

Grand Cayman, KY1-1102 

Cayman Islands 
 Wells Fargo Bank, National Association, 

as Note Administrator 
 9062 Old Annapolis Road

 Columbia, Maryland 21045 
 Attention: Corporate Trust
Services – FS RIALTO 2021-FL2 
 Attention: FS Rialto
2021-FL2 Issuer, Ltd. and FS Rialto 2021-FL2 Co-Issuer, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of May 5, 2021 (the
“Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd. (the “Issuer”), as Issuer, FS Rialto 2021-FL2
Co-Issuer, LLC, as Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian, the undersigned hereby certifies and
agrees as follows: 
 1. The undersigned, is (a) either (i) a Nationally Recognized Statistical Rating Organization
(“NRSRO”) or (ii) a Rating Agency, (b) has provided the Issuer with the appropriate certifications under Exchange Act 17g-5(e), and (c) agrees that any information obtained from
the Issuer’s 17g-5 Website will be subject to the same confidentiality provisions applicable to information obtained from the Issuer’s 17g-5 website. 

2. The undersigned has access to the 17g-5 Website. 

3. The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the
17g-5 Information on the 17g-5 Website. 
 4. The undersigned
agrees to the terms of the confidentiality agreement applicable to the NRSRO, attached as Annex A hereto. 
 Capitalized terms used but not
defined herein shall have the respective meanings assigned thereto in the Indenture. 

  
 EXHIBIT N-1 

 IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly
authorized signatory, as of the day and year written above. 
  

	
	[Nationally Recognized Statistical Rating
	    Organization]
	
	Name:
	Title:
	
	Company:
	Phone:
	Email:

  
 EXHIBIT N-2 

 ANNEX A 

CONFIDENTIALITY AGREEMENT 
 This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with FS Rialto 2021-FL2 Issuer, Ltd., as issuer (the “Issuer”, and, together with its
affiliates, the “Furnishing Entities” and each a “Furnishing Entity”) and FS Rialto 2021-FL2 Co-Issuer, LLC, as co-issuer (the “Co-Issuer”, and, together with the Issuer, the “Co-Issuers”) furnishing certain
financial, operational, structural and other information relating to the issuance of the floating rate notes issued by the Issuer (the “Notes”) pursuant to the Indenture, dated as of May 5, 2021 (the
“Indenture”), by and among the Issuer, the Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent (the “Advancing Agent”), Wilmington Trust, National
Association, as trustee, Wells Fargo Bank, National Association, as note administrator (in such capacity, the “Note Administrator”), and custodian, and the assets underlying or referenced by the Notes, including the identity
of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website of Wells Fargo
Bank, National Association, as 17g-5 Information Provider under the Indenture. Information provided by each Furnishing Entity is labeled as provided by the specific Furnishing Entity. 

 

	 	(1)	 Definition of Confidential Information. For purposes of this Confidentiality Agreement, the term
“Confidential Information” shall include the following information (irrespective of its source or form of communication, including information obtained by you through access to this site) that may be furnished to you by or on behalf
of a Furnishing Entity in connection with the issuance or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other information (such information,
the “Evaluation Material”) and (y) any of the terms, conditions or other facts with respect to the transactions contemplated by the Indenture, including the status thereof; provided, however, that the term
Confidential Information shall not include information which: 

  

	 	(a)	 was or becomes generally available to the public (including through filing with the Securities and Exchange
Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in 
Section 2(c)(i) below) in violation of this Confidentiality Agreement;

  

	 	(b)	 was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that
(i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain the information as confidential; or 

 

	 	(c)	 is independently developed by the NRSRO without reference to any Confidential Information.

  
 EXHIBIT N-3 

	 	(2)	 Information to Be Held in Confidence. 

 

	 	(a)	 You will use the Confidential Information solely for the purpose of determining or monitoring a credit rating
on the Certificates and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes (the “Intended Purpose”). 

 

	 	(b)	 You acknowledge that you are aware that the United States federal and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative who is informed of the matters
that are the subject of this Confidentiality Agreement to that effect. 

  

	 	(c)	 You will treat the Confidential Information as private and confidential. Subject to Section 3, without the
prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement.
Notwithstanding the foregoing, you may: 

  

	 	(i)	 disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees,
legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this
Confidentiality Agreement; 

  

	 	(ii)	 solely to the extent required for compliance with Rule 17g-5(a)(3) of
the Act (17 C.F.R. 240.17g-5), post the Confidential Information to the NRSRO’s password protected website; and 

  

	 	(iii)	 use information derived from the Confidential Information in connection with an Intended Purpose, if such
derived information does not reveal any Confidential Information. 

  

	 	(3)	 Disclosures Required by Law. If you or any NRSRO Representative is requested or required (orally
or in writing, by interrogatory, subpoena, civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing or otherwise) to disclose any Confidential
Information, you agree to provide the relevant Furnishing Entity with notice as soon as practicable (except in the case of regulatory or other governmental 

  
 EXHIBIT N-4 

 inquiry, examination or investigation, and otherwise to the extent practical and permitted
by law, regulation or regulatory or other governmental authority) that a request to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other reasonable assurance
that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you have been informed by written notice that
the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable
assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with
the provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant Furnishing Entity. 

 

	 	(4)	 Obligation to Return Evaluation Material. Promptly upon written request by or on behalf of the
relevant Furnishing Entity, all material or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the
NRSRO may retain one or more copies of any document or other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures designed to ensure
legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material
obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

  

	 	(5)	 Violations of this Confidentiality Agreement. 

 

	 	(a)	 The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO
Representative. 

  
 EXHIBIT N-5 

	 	(b)	 You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized
disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized
disclosure or use. 

  

	 	(c)	 You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be
irreparably harmed in the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be
entitled to specific performance and injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy to which a Furnishing Entity may be entitled at
law or in equity. It is further understood and agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 

 

	 	(6)	 Term. Notwithstanding the termination or cancellation of this Confidentiality Agreement and
regardless of whether the NRSRO has provided a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely. 

  

	 	(7)	 Governing Law. This Confidentiality Agreement and any claim, controversy or dispute arising under
the Confidentiality Agreement, the relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made and to be performed within such State. 

  

	 	(8)	 Amendments. This Confidentiality Agreement may be modified or waived only by a separate writing
by the NRSRO and each Furnishing Entity. 

  

	 	(9)	 Entire Agreement. This Confidentiality Agreement represents the entire agreement between you and
the Furnishing Entities relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between us relating to such matters;
provided, however, that, if the terms of this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede, modify
or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by
entry into this website. 

  
 EXHIBIT N-6 

	 	(10)	 Contact Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
shall be directed as set forth below: 

 FS RIALTO 2021-FL2 ISSUER, LTD. 

c/o MaplesFS Limited, 
 PO Box
1093 
 Boundary Hall, Cricket Square 

Grand Cayman, KY1-1102 

Cayman Islands 
 with a copy to:

 FS Investments 
 201 Rouse
Boulevard, Philadelphia, Pennsylvania 19112 
 Attention: Legal Department 

Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com 

and Portfolio_finance@fsinvestments.com 

and 
 Rialto Capital Management,
LLC 
 600 Madison Avenue, 12th Floor 

New York, New York 10022 

Attention: Philip Orban, Managing Director 

E-mail: philip.orban@rialtocapital.com 

  
 EXHIBIT N-7 

 EXHIBIT O 

FORM OF NOTE ADMINISTRATOR’S MONTHLY REPORT 

(TO BE INSERTED) 
  

  
 EXHIBIT O-1 

 

 
 Wells Fargo Bank, N.A. Corporate Trust Services 8480 Stagecoach Circle Frederick, MD 21701-4747 FS RIALTO
2021-FL2 ISSUER, LTD. FS RIALTO 2021-FL2 CO-ISSUER, LLC For Additional Information please contact CTSLink Customer Service 1-866-846-4526 Reports Available www.ctslink.com Payment Date: 5/18/21 Record Date: 5/17/21 Determination Date: 5/11/21
DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Note Distribution Detail 2 Note Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Test Calculation Detail 6 Cash Reconciliation Detail 7 Mortgage Loan Detail
8 Cumulative Loan Acquisition Detail 9 NOI Detail 10 Principal Prepayment Detail 11 Historical Detail 12 Delinquency Loan Detail 13 Specially Serviced Loan Detail 14 - 15 Advance Summary 16 Modified Loan Detail 17 Historical Liquidated Loan Detail
18 Interest Historical Shortfall Bond / Reconciliation Collateral Loss Detail Reconciliation 2019 - 21 Supplemental Reporting 22 Issuer Servicer Special Servicer FS Rialto 2021-FL2 Issuer, Ltd. Wells Fargo Bank, National Association Rialto Capital
Advisors, LLC PO Box 1093 Three Wells Fargo, MAC D1050-084 200 S. Biscayne Blvd. Boundary Hall, Cricket Square 401 S. Tryon Street, 8th Floor Suite 3550 Grand Cayman KY1-1102 Charlotte, NC 28202 Miami, FL 33131 Cayman Islands Contact: Contact:
Contact: c/o MaplesFS Limited REAM_InvestorRelations@wellsfargo.com adam.singer@rialtocapital.com This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed
the accuracy of the information. Please visit www.ctslink.com for additional information and special notices. In addition, noteholders may register online for email notification when special notices are posted. For information or assistance please
call 866-846-4526. 

 

 
 Wells Fargo Bank, N.A. Corporate Trust Services 8480 Stagecoach Circle Frederick, MD 21701-4747 FS RIALTO
2021-FL2 ISSUER, LTD. FS RIALTO 2021-FL2 CO-ISSUER, LLC For Additional Information please contact CTSLink Customer Service 1-866-846-4526 Reports Available www.ctslink.com Payment Date: 5/18/21 Record Date: 5/17/21 Determination Date: 5/11/21
DISTRIBUTION DATE STATEMENT Table of Contents STATEMENT SECTIONS PAGE(s) Note Distribution Detail 2 Note Factor Detail 3 Reconciliation Detail 4 Other Required Information 5 Test Calculation Detail 6 Cash Reconciliation Detail 7 Mortgage Loan Detail
8 Cumulative Loan Acquisition Detail 9 NOI Detail 10 Principal Prepayment Detail 11 Historical Detail 12 Delinquency Loan Detail 13 Specially Serviced Loan Detail 14 - 15 Advance Summary 16 Modified Loan Detail 17 Historical Liquidated Loan Detail
18 Interest Historical Shortfall Bond / Reconciliation Collateral Loss Detail Reconciliation 2019 - 21 Supplemental Reporting 22 Issuer Servicer Special Servicer FS Rialto 2021-FL2 Issuer, Ltd. Wells Fargo Bank, National Association Rialto Capital
Advisors, LLC PO Box 1093 Three Wells Fargo, MAC D1050-084 200 S. Biscayne Blvd. Boundary Hall, Cricket Square 401 S. Tryon Street, 8th Floor Suite 3550 Grand Cayman KY1-1102 Charlotte, NC 28202 Miami, FL 33131 Cayman Islands Contact: Contact:
Contact: c/o MaplesFS Limited REAM_InvestorRelations@wellsfargo.com adam.singer@rialtocapital.com This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed
the accuracy of the information. Please visit www.ctslink.com for additional information and special notices. In addition, noteholders may register online for email notification when special notices are posted. For information or assistance please
call 866-846-4526. 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Note Factor Detail Beginning Principal Interest Prepayment Realized Loss/ Ending Class CUSIP Additional Trust Balance Distribution Distribution Premium Balance Fund Expenses A 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0
0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 A-S B 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 C D 0 0..00000000 00000000 0
0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 E F 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000
00000000 F-E G 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 G-E PREF 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Beginning Interest
Prepayment Ending Class CUSIP Notional Notional Distribution Premium Amount Amount G F--X X 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Note Factor Detail Beginning Principal Interest Prepayment Realized Loss/ Ending Class CUSIP Additional Trust Balance Distribution Distribution Premium Balance Fund Expenses A 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0
0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 A-S B 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 C D 0 0..00000000 00000000 0
0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 E F 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000
00000000 F-E G 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 G-E PREF 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Beginning Interest
Prepayment Ending Class CUSIP Notional Notional Distribution Premium Amount Amount G F--X X 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 0 0..00000000 00000000 For Additional Information please contact FS RIALTO 2021-FL2
ISSUER, LTD. CTSLink Customer Service 1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD
21701-4747 Determination Date: 5/11/21 Reconciliation Detail Principal Reconciliation Stated Beginning Balance Principal Unpaid Principal Beginning Balance Scheduled Principal Unscheduled Principal Adjustments Principal Realized Loss Principal
Stated Ending Balance Principal Unpaid Ending Balance Distribution Current Principal Amount Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Note Interest Reconciliation Accrual Accrual Accrued Net Aggregate Distributable Distributable WAC CAP
Additional Interest Remaining Unpaid Class Dates Days Note Prepayment Note Note Interest Shortfall Trust Fund Distribution Distributable Interest Interest Shortfall Interest Adjustment Expenses Note Interest A 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 A-S 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 C 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 D 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 E 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 F 0 0 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 F-E 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 F-X 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 G 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 G-E 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 G-X 0 0 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 PREF 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 0 0.00 0.00 0.00 0 0. .00 00 0.00 0.00 0.00 0.00 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Other Required Information Available Distribution Amount (1) 0.00 Reinvestment Account Current Benchmark 0.00% Beginning Account Balance 0.00 Next Benchmark 0.00% Current Period Deposits 0.00 Current Period Withdrawals 0.00 Beginning Aggregate
Outstanding Portfolio Balance 0.00 Ending Account Balance 0.00 Ending Aggregate Outstanding Portfolio Balance 0.00 Unused Proceeds Account preceding Confirmation month, that the a certificate Trustee has from received, FS Credit within REIT the
Beginning Account Balance 0.00 and the Retention Holder in accordance with Section 3 Yes/No Current Period Deposits 0.00 (d)(i) of the EU Risk Retention Letter. Current Period Withdrawals 0.00 Ending Account Balance 0.00 (1) The Available
Distribution Amount includes any Prepayment Premiums . 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Test Calculation Detail Interest Coverage Test Pass/Fail Par Value Test Result Pass/Fail Interest Coverage Ratio 0.00% Par Value Ratio 0.00% Interest Coverage Test Threshold 120.00% Par Value Test Threshold 118.61% Par Value Test Calculation
Interest Coverage Test Calculation Calculation: (A)/(B+C+D+E+F+G+H) Calculation: (1+2+3)-(4)/(5+6+7+8+9+10) (a) the Aggregate Principal Balance of the Collateral Interests other than (1) the expected scheduled interest payments in the Due Period on
the Modified Collateral Interests and Defaulted Collateral Interests; 0.00 Mortgage Assets 0.00 or (b) Eligible the aggregate Investments Principal and Balance all amounts of all held Principal as cash Proceeds or Eligible held as cash (2) the
expected scheduled interest payments due on the Eligible 0.00 Investments held in the Accounts 0.00 Investments in the Unused Proceeds Account; and (3) Interest Advances advanced by the Advancing Agent or the Backup 0.00 in (c) the the accounts; sum
of the and Calculation Amounts attributable to each Modified Advancing Agent Collateral Interest and each Defaulted Collateral Interest; 0.00 Sum of (1), (2), and (3): 0.00 (A) Net Outstanding Portfolio Balance: (a) + (b) + (c) above 0.00 Divided by
the sum of the following: Minus (4): (B) Aggregate Outstanding Amount of the Class A Notes 0.00 (4) any amounts scheduled to be paid pursuant to Section 11.1(a)(i)(1) (C) Aggregate Outstanding Amount of the Class A-S Notes 0.00 through (4) (other
than any waived Collateral Manager Fees) 0.00 (D) Aggregate Outstanding Amount of the Class B Notes 0.00 Divided by the sum of the following: (E) Aggregate Outstanding Amount of the Class C Notes 0.00 (5) the sum of the scheduled interest on the
Class A Notes plus any (F) Aggregate Outstanding Amount of the Class D Notes 0.00 Class A Defaulted Interest Amount 0.00 (G) Aggregate Outstanding Amount of the Class E Notes 0.00 (6) the sum of the scheduled interest on the Class A-S Notes plus any
(H) Unreimbursed Interest Advances 0.00 Class A-S Defaulted Interest Amount 0.00 Sum of (B), (C), (D), (E), (F), (G), and (H): 0.00 (7) the sum of the scheduled interest on the Class B Notes plus any 0.00 * that provided, is less than however, 95%
of that the (i) outstanding with respect principal to each balance Collateral of Interest such Collateral acquired Interest, at a purchase the “Principal price Class B Defaulted Interest Amount Balance” of such Collateral Interest will be
the lesser of the purchase price and the amount (8) the sum of the scheduled interest on the Class C Notes plus any determined pursuant to clause (c) above, if applicable, for purposes of computing the Net Class C Defaulted or Deferred Interest
Amount 0.00 Outstanding owned by the Portfolio Issuer for Balance, more than (ii) with three respect years after to each becoming Defaulted a Defaulted Collateral Collateral Interest that Interest, has been the (9) the sum of the scheduled interest
on the Class D Notes plus any Class D Defaulted or Deferred Interest Amount 0.00 Principal Balance of such Defaulted Collateral Interest will be zero for purposes of computing the Net Outstanding Portfolio Balance and (iii) in the case of a
Collateral Interest subject to a Credit Class (10) the E Defaulted sum of the or scheduled Deferred interest Interest on Amount the Class E Notes plus any Risk/Defaulted Collateral Interest Cash Purchase or an exchange for an Exchange Collateral
0.00 Interest, the Collateral Manager will have 45 days to exercise such purchase or exchange and Sum of (5), (6), (7), (8), (9), and (10): 0.00 during purposes such of period computing such the Collateral Net Outstanding Interest will Portfolio not
be Balance treated as . a Defaulted Collateral Interest for 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Cash Reconciliation Detail Total Funds Collected Total Funds Distributed Interest: Fees: Interest paid or advanced 0.00 Servicing Fee - Wells Fargo Bank, N.A. 0.00 Interest reductions due to Non-Recoverability Determinations 0.00 Trustee Fee -
Wilmington Trust, N.A. 0.00 Interest Adjustments 0.00 Note Administrator Fee - Wells Fargo Bank, N.A. 0.00 Deferred Interest 0.00 Advancing Agent Fee - FS Credit REIT 0.00 Net Net Prepayment Prepayment Interest Interest Shortfall Excess 0.00 0.00
CREFC® Intellectual Property Royalty License Fee 0.00 Collateral Manager Fee - FS Credit REIT 0.00 Total Interest Collected 0.00 Total Fees 0.00 Principal: Additional Trust Fund Expenses: Scheduled Unscheduled Principal Principal 0.00 0.00
Reimbursement for Interest on Advances 0.00 ASER Amount 0.00 Principal Collection Prepayments of Principal after Maturity Date 0.00 0.00 Special Servicing Fee 0.00 Rating Agency Expenses 0.00 Recoveries Excess of Prior from Principal Liquidation
Amounts and Insurance paid Proceeds 0.00 0.00 Attorney Fees & Expenses 0.00 Bankruptcy Expense 0.00 Negative Curtailments Amortization 0.00 0.00 Taxes Imposed on Trust Fund 0.00 Non-Recoverable Advances 0.00 Principal Adjustments 0.00 Other
Expenses 0.00 Total Principal Collected 0.00 Total Additional Trust Fund Expenses 0.00 Other: Prepayment Penalties/Yield Maintenance 0.00 Payments to Noteholders & Others: Unused Proceeds Account Withdrawal 0.00 Principal Interest Distribution
Distribution 0.00 0.00 Borrower Option Extension Fees 0.00 Reinvestment Account Withdrawal 0.00 Prepayment Borrower Option Penalties/Yield Extension Fees Maintenance 0.00 0.00 Unused Proceeds Account Withdrawal 0.00 Reinvestment Income on Unused
Proceeds Account 0.00 Reinvestment Account Deposit 0.00 Reinvestment Income on Reinvestment Account 0.00 Unused Proceeds Account Deposit 0.00 Total Other Collected 0.00 Total Payments to Noteholders & Others 0.00 Total Funds Collected 0.00 Total
Funds Distributed 0.00 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Mortgage Loan Detail Beginning Ending Paid Future Future Res. Mod. Loan ODCR Property City State Interest Principal Gross Maturity Thru Number Scheduled Scheduled Funding Funding Strat. Code Type (1) Payment Payment Coupon Date Balance Balance Date
Date Amount (2) (3) Totals * - Indicates new collateral added to the pool in previous month (1) Property Type Code (2) Resolution Strategy Code (3) Modification Code MF RT - - Multi Retail -Family MU OF - - Office Mixed Use 2 1 - - Foreclosure
Modification 6 7 - - REO DPO 10 - Deed Foreclosure in Lieu Of 1 2 - - Amortization Maturity Date Change Extension HC IN - - Health Industrial Care SS LO - - Self Lodging Storage 3 4 - - Extension Bankruptcy 8 9 - - Pending Resolved Return 12 11 - -
Full Reps Payoff and Warranties 3 4 - - Combination Principal Write-Off WH MH - - Warehouse Mobile Home Park OT - Other 5 - Note Sale to Master Servicer 13 - Other or TBD Page 8 of 22 

 

 
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1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Cumulative Loan Acquisition Detail (Shown at Face Value) Asset Beginning Asset Ending Future Funding Remaining Future Loan Property City State Participation Funding Participation Acquisition Number ODCR Type Securitized Acquisition Securitized Date
(1) Face Value Amount Face Value (2) Commitment (3) Commitment (4) There are no Loan Acquisitions for this Period (2) (1) Bolded Does not and reflect underlined partial release rows denote or principal activity pay in the down current . Please
period refer . to Mortgage Loan Detail for principal pay down. (4) (3) Value Does not obtained reflect from any Future Annex Fundings A or Servicer that setup may have file at occurred time of loan but not acquisition purchased . by the Trust.

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
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NOI Detail Loan Property Ending Most Most Most Recent Most Recent Number ODCR Type City State Scheduled Balance Fiscal Recent NOI Recent NOI NOI Date Start NOI Date End Total 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Principal Prepayment Detail Loan Group, if Offering Document Principal Prepayment Amount Prepayment Penalties Loan Number applicable Cross-Reference Payoff Amount Curtailment Amount Prepayment Premium Yield Maintenance Premium Totals 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Historical Detail Delinquencies Prepayments Rate and Maturities Distribution Date 30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications Curtailments Payoff Next Weighted Avg. WAM # Balance # Balance # Balance # Balance # Balance #
Balance # Balance # Balance Coupon Remit Note: Foreclosure and REO Totals are excluded from the delinquencies. 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Delinquency Loan Detail Offering # of Paid Through Status of Resolution Servicing Foreclosure Actual Outstanding Bankruptcy REO Loan Number Document Months Mortgage Strategy Principal Servicing Cross-Reference Delinq. Date Loan (1) Code (2) Transfer
Date Date Balance Advances Date Date Totals (1) Status of Mortgage Loan (2) Resolution Strategy Code A - Payment Not Received 0 - Current 4 - Assumed Scheduled Payment 1 - Modification 6 - DPO 10 - Deed In Lieu Of But Or Not Still Yet in Grace Due
Period 1 2 - - One Two Months Month Delinquent Delinquent 5 - Non (Performing Performing Matured Matured Balloon) Balloon 2 3 - - Bankruptcy Foreclosure 7 8 - - Resolved REO 11 - Full Foreclosure Payoff B - Late Payment But Less 3 - Three or More
Months Delinquent 4 - Extension 9 - Pending Return 12 - Reps and Warranties Than 1 Month Delinquent 5 - Note Sale to Master Servicer 13 - Other or TBD 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Specially Serviced Loan Detail - Part 1 Distribution Loan Offering Servicing Resolution Scheduled Property Interest Actual Net NOI Note Maturity Remaining Document Transfer Strategy State Operating DSCR Amortization Date Number Balance Type (2) Rate
Balance Date Date Date Cross-Reference Date Code (1) Income Term (1) Resolution Strategy Code (2) Property Type Code 1 2 -- Foreclosure Modification 7 6 -- REO DPO 10 - Deed Foreclosure In Lieu Of MF RT -- Retail Multi-Family OF MU -- Office Mixed
use 4 3 -- Extension Bankruptcy 8 9 -- Pending Resolved Return 11 12 -- Reps Full Payoff and Warranties IN HC -- Industrial Health Care LO SS -- Self Lodging Storage 5 - Note Sale to Master Servicer 13 - Other or TBD MH WH -- Mobile Warehouse Home
Park OT - Other 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Specially Serviced Loan Detail - Part 2 Distribution Loan Offering Resolution Site Appraisal Appraisal Other REO Document Strategy Inspection Phase 1 Date Comment Date Number Date Value Property Revenue Cross-Reference Code (1) Date (1) Resolution
Strategy Code 1 2 -- Modification Foreclosure 7 6 -- DPO REO 10 - Deed Foreclosure In Lieu Of 3 4 -- Bankruptcy Extension 8 9 -- Resolved Pending Return 12 11 -- Full Reps Payoff and Warranties 5 - Note Sale to Master Servicer 13 - Other or TBD

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Advance Summary Beginning Outstanding Current Period Outstanding Interest Advances Interest Advances Interest Advances Advancing Agent Backup Advancing Agent Totals 0.00 0.00 0.00 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Modified Loan Detail Loan Document Offering Pre-Modification Post-Modification Pre-Modification Post-Modification Modification Modification Description Number Cross-Reference Balance Balance Interest Rate Interest Rate Date Totals 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Historical Liquidated Loan Detail Distribution ODCR Scheduled Beginning Advances, Fees, Most Appraised Recent Gross Proceeds Sales or Net Received Proceeds on Net Available Proceeds for Realized Date Period of Current Adj. Current Adjustment Period
Adjustment Cumulative Loss with to Cum Loan Date Loss to Trust Balance and Expenses * Value or BPO Other Proceeds Liquidation Distribution to Trust to Trust to Trust Adj. to Trust Current Total Cumulative Total * Fees, Advances and Expenses also
include outstanding P & I advances and unpaid fees (servicing, trustee, etc.). 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Historical Bond/Collateral Loss Reconciliation Detail Distribution Document Offering Beginning Balance Realized Aggregate Loss Prior Loss Realized Applied Covered Amounts by (Shortages)/ Interest Modification /Appraisal (Recoveries) Additional
Realized Applied Loss to Realized Recoveries Losses of Losses (Recoveries)/ Applied to Date Cross-Reference at Liquidation on Loans to Notes Credit Support Excesses Reduction Adj. /Expenses Notes to Date Paid as Cash Note Interest Totals 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Interest Shortfall Reconciliation Detail - Part 1 Offering Stated Principal Current Ending Special Servicing Fees Non-Recoverable Modified Interest Interest on Document Balance at Scheduled ASER (PPIS) Excess (Scheduled Rate (Reduction) Monthly
Liquidation Work Out Advances Cross-Reference Contribution Balance Interest) /Excess Totals 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Interest Shortfall Reconciliation Detail - Part 2 Offering Stated Principal Current Ending Reimb of Advances to the Servicer Other (Shortfalls)/ Document Balance at Scheduled Left to Reimburse Comments Cross-Reference Contribution Balance Current
Month Refunds Master Servicer Totals Interest Shortfall Reconciliation Detail Part 2 Total 0.00 Interest Shortfall Reconciliation Detail Part 1 Total 0.00 Total Interest Shortfall Allocated to Trust 0.00 

 

 
 For Additional Information please contact FS RIALTO 2021-FL2 ISSUER, LTD. CTSLink Customer Service
1-866-846-4526 Wells Fargo Bank, N.A. Reports Available www.ctslink.com Corporate Trust Services FS RIALTO 2021-FL2 CO-ISSUER, LLC Payment Date: 5/18/21 8480 Stagecoach Circle Record Date: 5/17/21 Frederick, MD 21701-4747 Determination Date: 5/11/21
Supplemental Reporting 

 EXHIBIT P-1 

FORM OF INVESTOR CERTIFICATION 

(For Non-Borrower Affiliates) 

[Date] 
 Wells Fargo Bank, National Association 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS Rialto 2021-FL2 Issuer, Ltd. 

 

	 	Re:	 FS Rialto 2021-FL2 Issuer, Ltd. and FS Rialto 2021-FL2 Co-Issuer, LLC 

 In accordance with
the requirements for obtaining certain information pursuant to the Indenture, dated as of May 5, 2021 (the “Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd. (the
“Issuer”), as Issuer, FS Rialto 2021-FL2 Co-Issuer, LLC, as Co-Issuer, FS Credit Real Estate Income Trust, Inc.,
as advancing agent, Wilmington Trust, National Association (the “Trustee”), as Trustee, Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted
under the Indenture, the “Note Administrator”), and as custodian, the undersigned hereby certifies and agrees as follows: 

1. The undersigned is a Noteholder, a beneficial owner of a Note, a holder of a Preferred Share, or a prospective purchaser of a Note or a
Preferred Share. 
 2. The undersigned is not an agent of, or an investment advisor to, any borrower or affiliate of any borrower under a
Collateral Interest. 
 3. The undersigned is requesting access pursuant to the Indenture to certain information (the
“Information”) on the Note Administrator’s Website and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Indenture. 

4. In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Notes or Preferred Shares, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Note Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part. 
 The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934,
as amended, or would require registration of any Note or Preferred Share not previously registered pursuant to Section 5 of the Securities Act. 

  
 EXHIBIT P-1-1 

 5. The undersigned shall be fully liable for any breach of the Collateral Interest Purchase
Agreement and this Certification by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to
any such breach by the undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the provisions
herein each time it accesses the Information on the Note Administrator’s Website. 
 7. Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Indenture. 

  
 EXHIBIT P-1-2 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be
deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 EXHIBIT P-1-3 

 EXHIBIT P-2 

FORM OF INVESTOR CERTIFICATION 

(For Borrower Affiliates) 
 [Date] 

Wells Fargo Bank, National Association 
 9062 Old Annapolis Road

 Columbia, Maryland 21045 
 Attention: Corporate Trust
Services – FS Rialto 2021-FL2 Issuer, Ltd. 
  

	 	Re:	 FS Rialto 2021-FL2 Issuer, Ltd. and FS Rialto 2021-FL2 Co-Issuer, LLC 

 In accordance with
the requirements for obtaining certain information pursuant to the Indenture, dated as of May 5, 2021 (the “Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd. (the
“Issuer”), as Issuer, FS Rialto 2021-FL2 Co-Issuer, LLC, as Co-Issuer, FS Credit Real Estate Income Trust, Inc.,
as advancing agent, Wilmington Trust, National Association (the “Trustee”), as Trustee, Wells Fargo Bank, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted
under the Indenture, the “Note Administrator”), and as custodian, the undersigned hereby certifies and agrees as follows: 

1. The undersigned is a Noteholder, a beneficial owner of a Note, a holder of a Preferred Share, or a prospective purchaser of a Note or a
Preferred Share. 
 2. The undersigned is an agent or Affiliate of, or an investment advisor to, a borrower under a Collateral
Interest. 
 3. The undersigned is requesting access pursuant to the Indenture to the Monthly Reports (the
“Information”) on the Note Administrator’s Website pursuant to the provisions of the Indenture. 
 4. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the
related Notes or Preferred Shares, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of
the Note Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Note or Preferred Share not previously registered pursuant to Section 5
of the Securities Act. 

  
 EXHIBIT P-2-1 

 5. The undersigned shall be fully liable for any breach of the Collateral Interest Purchase
Agreement and this Certification by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to
any such breach by the undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the provisions
herein each time it accesses the Information on the Note Administrator’s Website. 
 7. Capitalized terms used but not defined herein
shall have the respective meanings assigned thereto in the Indenture. 

  
 EXHIBIT P-2-2 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be
deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 EXHIBIT P-2-3 

 EXHIBIT Q 

FORM OF ONLINE MARKET DATA PROVIDER CERTIFICATION 

This Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the
direction of the Issuer. If you represent a market data provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526, or
at ctslink.customerservice@wellsfargo.com. 
 In accordance with the requirements for obtaining certain information pursuant to the
Indenture, dated as of May 5, 2021 (the “Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd., as Issuer (the “Issuer”), FS Rialto
2021-FL2 Co-Issuer, LLC, as Co-Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wells Fargo Bank, National
Association, as Note Administrator and Custodian, and Wilmington Trust, National Association, as Trustee, the undersigned hereby certifies and agrees as follows: 
  

	1.	 The undersigned is an employee or agent of Bloomberg L.P., Trepp, LLC, Intex Solutions, Inc., CMBS.com, Inc.,
Markit LLC, Interactive Data Corporation, Thomson Reuters Corporation or PricingDirect Inc., a market data provider that has been given access to the Monthly Reports, CREFC reports and supplemental notices on www.ctslink.com
(“CTSLink”) by request of the Issuer. 

  

	2.	 The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that
the representation above remains true and correct. 

  

	3.	 The undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is
for its own use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent of the Issuer, and any confidentiality agreement applicable to the undersigned with respect to
information obtained from the Issuer’s 17g-5 Website shall also be applicable to information obtained from CTSLink. 

 

	4.	 Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the
Indenture pursuant to which the Notes were issued. 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the
representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 EXHIBIT Q-1 

 EXHIBIT R 

FORM OF OFFICER’S CERTIFICATE OF THE COLLATERAL MANAGER WITH RESPECT TO THE ACQUISITION OF COLLATERAL INTERESTS 

[DATE] 
 This officer’s
certificate is being delivered pursuant to the Indenture, dated as May 5, 2021 (the “Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd., as Issuer (the “Issuer”),
FS Rialto 2021-FL2 Co-Issuer, LLC, as Co-Issuer of the Offered Notes, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, custodian, backup advancing agent and notes
registrar. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Indenture. 
 Pursuant to the
Subsequent Transfer Instrument attached as Schedule B hereto, dated as of the date hereof, FS CREIT Finance Holdings LLC (the “Seller”) has agreed to sell to the Issuer, and the Issuer has agreed to purchase from the Seller,
the Collateral Interests described on Schedule A hereto (the “Reinvestment Collateral Interests”). 
 In
connection with the foregoing, FS Credit Real Estate Income Trust, Inc. (the “Collateral Manager”) hereby certifies that, with respect to the acquisition of each Reinvestment Collateral Interest, as of the date hereof: 

 

	 	1.	 The Eligibility Criteria are satisfied. 

 

	 	2.	 The Acquisition Criteria are satisfied. 

 

	 	3.	 The Acquisition and Disposition Requirements are satisfied. 

[SIGNATURE ON FOLLOWING PAGE] 

  
 EXHIBIT R-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the
date first set forth above. 
  

			
	FS CREDIT REAL ESTATE INCOME
	TRUST, INC.
		
	By:	 	
                    

		 	Name:
		 	Title:

  
 EXHIBIT R-2 

 SCHEDULE A 

LIST OF REINVESTMENT COLLATERAL INTERESTS 
  

					
	 Name
	  	 Purchase Price
	  	 Cut-off
Date

  
 EXHIBIT R-3 

 SCHEDULE B 

SUBSEQUENT TRANSFER INSTRUMENT 

[Attached] 

  
 EXHIBIT R-4 

 EXHIBIT S 

FORM OF MASCOT NOTE OFFICER’S CERTIFICATE 

[To be Printed on Holder’s Letterhead] 

[DATE] 
 Wells Fargo Bank, National Association,
as Note Administrator 
 9062 Old Annapolis Road 
 Columbia,
Maryland 21045 
 Attention: Corporate Trust Services – FS RIALTO 2021-FL2 

Email:cts.cmbs.bond.admin@wellsfargo.com 
  

	 	Re:	 FS RIALTO 2021-FL2 – MASCOT Notes 

This officer’s certificate is being delivered pursuant to that certain indenture, dated as May 5, 2021 (the
“Indenture”), by and among FS Rialto 2021-FL2 Issuer, Ltd., as issuer of the Notes, FS Rialto 2021-FL2
Co-Issuer, LLC, as co-issuer of the Offered Notes, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee, and
Wells Fargo Bank, National Association, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, custodian, backup advancing agent and notes registrar. Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Indenture. 
 Pursuant to Section 2.16 of the Indenture, the undersigned, an authorized officer
of [__________] (the “Holder”), a holder of Exchangeable Notes, hereby proposes an exchange of Exchangeable notes on [__________], 20[__] based on the information set forth below: 

 

			
	Class of Exchangeable Notes:	 	  

		
	CUSIP of Exchangeable Notes:	 	  

		
	Interest Rate of Exchangeable Notes:	 	  

		
	Classes of Exchanged Notes:	 	  

		
	CUSIPs of Exchanged Notes:	 	  

		
	 Aggregate Outstanding Amount or
 Aggregate
Outstanding Notional Amount:
	 	  

		
	DTC Participant Number of Holder:	 	  

 [SIGNATURE FOLLOWS] 

  
 EXHIBIT S-1 

 IN WITNESS of the matters set forth herein, the undersigned has executed this Certificate as
of the date first set forth above. 
 [Insert Medallion Stamp Guarantee] 

 

			
	[HOLDER]
		
	By:	 	
                     
           

		 	Name:
		 	Title:

  
 EXHIBIT S-2 

 EXHIBIT T 

BENEFICIAL HOLDER INFORMATION FORM 

For Holders of: 
 DEAL NAME (include
Series): FS RIALTO 2021-FL2 

 

Please complete the following and return to: 

Alejandra Weisser 
 Wells Fargo Bank, N.A. 

Corporate Trust Services 
 MAC
N9300-070 
 600 South Fourth Street, 7th Floor 

Minneapolis, MN 55415 

 Please
check one. 
  

	___	 Beneficial Owner. The undersigned hereby represents and warrants that it is a beneficial
owner of the Notes, that the undersigned is authorized to provide direction for their pro rata portion owned and that such power has not been granted nor assigned to any other party or person. 

 

	___	 Nominee or Advisor. The undersigned hereby represents and warrants that it is a nominee
or advisor for the beneficial owner, that the undersigned is authorized to provide direction for their pro rata portion owned and that such power has not been granted nor assigned to any other party or person. 

CLASS: _____________ 

CUSIP:                 ORIGINAL FACE AMOUNT: $__________

 NOMINEE NAME: __________________________________ 

NOMINEE BANK (DTC Participant # if Applicable): ___________________________ 

(The following information is important to facilitate conference calls, if needed)  

Beneficiary Company Name: ___________________________________________ 
  

									
	I. Contact Name:	 	  
	 		 		 	
	Address:	 	  
	 		 		 	
		 	  
	 		 		 	
		 	  
	 		 		 	

  

			
	Phone: __________________________	  	Facsimile: ______________________________________
	E-mail: ___________________________	  	
		
	Signature: ____________________________________	  	 Date: __________________

  
 EXHIBIT T-1tokyoevopsa-3x29x2021exe

1  Certain information has been excluded from this agreement (indicated by “[***]”) because  such information (i) is not material and (ii) would be competitively harmful if publicly  disclosed.  PURCHASE AND SALE AGREEMENT  This Purchase and Sale Agreement (this “Agreement”) is made as of March 29th, 2021  (the “Execution Date”), by and between TG BARNETT RESOURCES LP, a Texas limited  partnership (“Seller”), and EVOLUTION PETROLEUM CORPORATION, a Nevada corporation  (“Purchaser”). Seller and Purchaser are sometimes referred to in this Agreement collectively as  the “Parties” and individually as a “Party.”  WITNESSETH  WHEREAS, Seller is the owner of the Assets (as defined below);  WHEREAS, Seller is willing to sell the Assets to Purchaser, and Purchaser is willing to  purchase the Assets from Seller, upon the terms and conditions set forth in this Agreement;  NOW THEREFORE, in consideration of the mutual promises and covenants of the Parties  contained in this Agreement, the sufficiency of which is duly acknowledged, the Parties agree as  follows:  ARTICLE I  PURCHASE AND SALE  1.1 Agreement to Sell and Purchase. Subject to the terms and conditions of this  Agreement, Purchaser agrees to purchase the Assets from Seller, and Seller agrees to sell, transfer  and assign the Assets to Purchaser, as of the Effective Time, as set forth below.  1.2 Assets. The term “Assets” shall mean all Seller’s right, title and interests in:  A. All oil and gas leases, subleases and other leaseholds, interests in fee, carried interests, reversionary interests, net profits interests, royalty interests, forced pooled interests, overriding royalty interests, mineral interests (including, without limitation, those included in Exhibit F and Exhibit G), easements, right of ways, surface use agreements and other surface rights, other property and interests, and all rights incident thereto and derived therefrom, together with all rights, benefits and powers conferred upon the holder thereof with respect to the use and occupation of the lands described on Exhibit A (the “Lands”) or lands pooled or unitized therewith, and including without limitation those leases described in Exhibit A (the “Leases”). B. All wells on the Leases or lands pooled or unitized therewith including without limitation those wells described on Exhibit B (the “Wells”) and all lease and surface equipment, flowlines and pipelines appurtenant thereto and used or held for use primarily in connection with the operation or production of the Assets, and all personal property, fixtures, plants, improvements, joint accounts, easements, rights-of-way and appurtenances primarily used in connection with or primarily related to the Wells or the Leases. Exhibit 10.1 

 

2     C. All Contracts set forth on Schedule 1.2C (collectively, the “Assumed Contracts”),  including all rights, obligations, and interests in all such Assumed Contracts. For purposes  of this Agreement, “Contract” means any contract, agreement, lease, sublease, conditional  sales contract, license, sublicense, franchise agreement, obligation, promise, undertaking,  commitment or other binding arrangement that is primarily related to the Assets, but  expressly excluding the Leases.    D. Without limiting the foregoing, but subject to Section 1.3, all other right, title and  interest of Seller of whatever kind or character, whether legal or equitable, vested or  contingent, in and to the oil, gas and other minerals in and under or that may be produced  from or attributable to the Lands and lands pooled or unitized therewith, whether such  interests are specifically described in Exhibit A, and even though such interest of Seller  may be incorrectly described in or omitted from Exhibit A.    E. Except with respect to the Excluded Assets and the Excluded Liabilities, (1) all  claims, refunds, abatements, variances, allocations, causes of action, claims for relief,  rights of recovery, audit rights, rights of set-off, rights of indemnity, contribution or  recoupment, counter-claims, cross-claims and defenses of Seller to the extent related to the  Assets and arising or relating to events occurring from and after the Effective Time and (2)  all trade credits, accounts receivable, note receivables, take or pay amounts receivable, and  other receivables attributable to the Assets, with respect to any period of time on and after  the Effective Time.    F. To the extent transferable, all files, records and data primarily relating to the items  described in subsections A through E above including well data, logs, geophysical data,  engineering records, title records (including abstracts of title, title opinions, title reports  and title curative documents), contracts, correspondence, and all related matters in the  possession of Seller (the “Records”).    1.3 Excluded Assets. Notwithstanding anything contained in this Agreement to the  contrary, the Assets do not include, and there is excepted and reserved unto Seller all assets,  properties, and business of Seller related to the Assets described on Schedule 1.3, together with  any rights, liabilities, or obligations associated with such assets (the “Excluded Assets”).    1.4 Excluded Liabilities. Notwithstanding anything contained in this Agreement to the  contrary, Purchaser shall not assume and shall not be obligated to assume or be obliged to pay,  perform, or otherwise discharge any obligations or liabilities of Seller as follows (such excluded  obligations and liabilities, the “Excluded Liabilities”):    A. to the extent that they are attributable to or arise out of the Excluded Assets;    B. all Indebtedness (defined below) for borrowed money of Seller;    C. taxes imposed on or with respect to the ownership or operation of the Assets or the  production of hydrocarbons or the receipt of proceeds therefrom that are attributable to any  tax period (or portion thereof) ending before the Effective Time;    D. liabilities associated with the disposal or transportation of any Hazardous Materials  from the property associated with the Assets to any location not on such property or lands  

 

3   pooled or unitized therewith prior to the Effective Time;  E. death or personal injury to third party individuals related to or arising out of Seller’s  or any of its affiliate’s ownership or operation of the Assets occurring prior to Closing;    F. all Covered Encumbrances. A “Covered Encumbrance” is an encumbrance against  title of which Purchaser notifies Seller on or before a date that is [***] months following  Closing, and satisfies all of the following criteria: (i) is not a Permitted Encumbrance, (ii)  would not qualify as a Title Defect if it had been asserted prior to the Defect Notice  Deadline, without considering the exclusionary effect of the Individual Title Defect  Threshold, and (iii) was in effect on the Effective Time.    G. any unpaid royalties with respect to the ownership or operation of the Assets  occurring prior to the Effective Time.    1.5 Effective Time. Ownership of the Assets shall be transferred from Seller to  Purchaser at the Closing, effective as of 12:01 A.M. (local time where the respective Assets are  located) on 1st January 2021 (the “Effective Time”).  ARTICLE II  PURCHASE PRICE    2.1 Determination of Adjusted Purchase Price. The purchase price for the Assets  shall be TWENTY THREE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS  ($23,250,000) (the “Purchase Price”). The Purchase Price shall be allocated among the Assets as  set forth in Exhibit C (each an “Allocated Value”). The Purchase Price shall be adjusted upward  by the following:    A. The amount of expenditures actually incurred and paid by Seller that are  attributable to the Assets between the Effective Time and the Closing (as defined in Section  7.1) including capital expenditures and other charges and expenses billed under applicable  operating agreements and all prepaid expenses related to a Well. Expenditures shall be  deemed to be “incurred” for purposes of this Section 2.1 in accordance with generally  accepted accounting principles and Council of Petroleum Accountants Society (“COPAS”)  standards, as implemented by Seller in the ordinary course of its business. For the  avoidance of doubt, capital expenditures and other charges and expenses shall be deemed  to have been incurred when the work is performed or the goods delivered or, in the case of  royalty or overriding royalty, in the month of production.    B. An amount equal to the agreed value of all hydrocarbons in storage above the  pipeline connections, exclusive of tank bottoms, at the Effective Time, that is credited to  the Wells and which stored hydrocarbons have not been sold by Seller.    C. Any upward adjustment agreed upon in writing by Seller and Purchaser.  The Purchase Price shall be adjusted downward by the following:  A. The amount of the proceeds received by Seller that are attributable to the Assets  after the Effective Time (net of any royalties and any production, severance, sales or other  

 

4   similar taxes not reimbursed to Seller by the purchaser of production or not included in 2.1  A above).    B. An amount equal to the reduction in the Purchase Price for uncured Title Defects,  Excluded Phase II Assets and uncured Environmental Defects, determined in accordance  with Section 3.4, Section 3.7, Section 3.10 and Section 3.12 below.    C. An amount equal to the Allocated Value of any Asset excluded from this  Agreement pursuant to the terms of this Agreement.    D. Seller’s estimated share of ad valorem taxes for 2021 through the Effective Time  pursuant to Section 9.1 below.    E. Any downward adjustment agreed upon in writing by Seller and Purchaser.    2.2 Payment of the Purchase Price. Purchaser shall pay the Purchase Price, as  adjusted pursuant to Section 2.1 above, by wire transfer of immediately available funds to Seller  at Closing.    2.3 Deposit. Contemporaneously herewith, Purchaser has paid Seller the sum of TWO  MILLION THREE HUNDRED TWENTY FIVE THOUSAND DOLLARS ($2,325,000), being  ten percent (10%) of the unadjusted Purchase Price (the “Deposit Amount”). At Closing,  Purchaser will pay the amount equal to the adjusted Purchase Price minus the Deposit Amount in  accordance with Clause 2.2 above. In the event that Closing does not occur in accordance with  Section 7.1, Purchaser is not otherwise obligated under the terms of this Agreement to close, and  Purchaser has no uncured breach of its obligations hereunder in any material respect, and Seller  has not terminated this Agreement for breach of this Agreement by Purchaser, the Deposit Amount  will be promptly returned to Purchaser and this Agreement will terminate. In the event that Closing  does not occur in accordance with Section 7.1, and Purchaser is obligated under the terms of this  Agreement to close, or Seller has not terminated this Agreement after Purchaser has an uncured  breach of its obligations hereunder in any material respect, the Deposit Amount will be retained  by Seller as its sole and exclusive remedy and as liquidated damages and not as a penalty and this  Agreement will terminate.    ARTICLE III  TITLE AND ENVIRONMENTAL MATTERS    3.1 Title Examination. As soon as is reasonably practicable after the execution of this  Agreement, Seller shall make available to Purchaser all title data in Seller’s possession, or to which  Seller has reasonable access, relating to the Assets, including the following:    A. Title opinions, abstracts of title, title status reports, and curative matters;    B. The operating agreements, pooling and unitization agreements, declarations of  pooling or unitization, communitization agreements, pooling orders, farm-out and farm-in  agreements, exploration agreements, area of mutual interest agreements, participation  agreements, assignments, oil sales contracts, gas sales, gas processing, gas gathering, and  transportation agreements, surface leases, rights-of-way, easements, servitudes, permits,  

 

5   licenses, and other instruments and agreements pertaining to the Leases or the Wells, to the  extent the same can be shared in accordance with law and the terms of any applicable  contracts (the “Existing Contracts”);    C. Records relating to the payment of rentals, royalties, shut-in gas royalties, and other  payments due under any Lease or Existing Contract;    D. Records relating to filing of returns for or the payment of ad valorem, property,  production, severance, excise and other taxes and assessments based on or measured by the  ownership of property or the production of hydrocarbons or the receipt of proceeds  therefrom; and    E. Ownership reports, maps and surveys.    Purchaser shall be entitled to perform or cause to be performed, at Purchaser’s expense,  such additional title examination as Purchaser deems necessary or appropriate. Seller shall  cooperate reasonably with Purchaser in Purchaser’s efforts to examine and clear title.    3.2 Title Defects. For purposes of this Agreement, a “Title Defect” means any  particular defect in or failure of Seller's ownership of any Lease or Well that causes Seller not to  have Defensible Title and that has attributable thereto a Title Defect Amount in excess of [***]  dollars ($[***]) (the “Individual Title Defect Threshold”).    A. “Defensible Title” shall mean such title that:    (i) is free and clear of all liens, defects and encumbrances, except for Permitted  Encumbrances;    (ii) is free from reasonable doubt to the end that a prudent person engaged in  the business of purchasing and owning, developing, and operating producing or  non-producing oil and gas properties in the geographical areas in which they are  located, with knowledge of all of the facts and their legal bearing, would be willing  to accept the same acting reasonably;    (iii) entitles Seller to receive not less than the net revenue interest set forth in  Exhibit A or Exhibit B, as applicable, in all hydrocarbons produced from the Lease  or Well from the currently producing zone of any such Well; and    (iv) obligates Seller to bear not more than the working interest set forth in  Exhibit A or Exhibit B, as applicable, in the Lease or Well without increase at any  time during the productive life or abandonment thereof unless there is a  corresponding proportionate increase in the applicable net revenue interest.    B. “Title Benefit” means such title, burdens or effects under Assumed Contracts,  easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of  surface operations that:  

 

6   (i) entitles Seller to receive more than the net revenue interest set forth in  Exhibit A or Exhibit B, as applicable, in the Lease or Well to the extent the same  does not cause a greater than proportionate increase in the working interest therein  above that shown on Exhibit A or Exhibit B, as applicable; or    (ii) entitles Seller to less than the working interest set forth in Exhibit A or  Exhibit B, as applicable, in the Lease or Well, as applicable, to the extent the same  causes a decrease in Seller’s Working Interest that is proportionately greater than  the decrease in Seller’s Net Revenue Interest therein below that shown on Exhibit  A or Exhibit B, as applicable.    C. “Permitted Encumbrances” shall mean:    (i) Royalties, overriding royalties, reversionary interests, net profit interests,  production payments, carried interests, and other burdens, to the extent that any  such burden does not reduce Seller’s net revenue interest below that shown in  Exhibit A or Exhibit B, as applicable, or increase Seller’s working interest above  that shown in Exhibit A or Exhibit B, as applicable, without a proportionate  increase in the net revenue interest;    (ii) The Assumed Contracts to the extent that they do not, individually or in the  aggregate, reduce Seller’s net revenue interest below that shown in Exhibit A or  Exhibit B, as applicable, or increase Seller’s working interest above that shown in  Exhibit A or Exhibit B, as applicable, without a proportionate increase in the net  revenue interest;    (iii) Liens for current taxes or assessments not yet due and payable or, if due and  payable, being contested in good faith by appropriate actions;    (iv) Materialman’s, mechanics’, repairman’s, employees’, contractors’,  operators’ or other similar liens arising in the ordinary course of business incidental  to production or operation of the Assets that are not due and payable (including any  amounts being withheld as provided by applicable law) and that will be paid in the  ordinary course of business or, if delinquent, that are being contested in good faith;    (v) All rights to consent by, required notices to, filings with, or other actions by  any Governmental Authority having jurisdiction in connection with the sale or  conveyance of the Assets pursuant to this or to any future transaction if they are not  required or not customarily obtained prior to the sale or conveyance;    (vi) Rights of notice or reassignment of a leasehold interest to the holders of  such reassignment rights prior to surrendering or releasing such leasehold interest  and any assertion, contention or claim that any Lease has expired due to a lack of  production in paying quantities or otherwise;    (vii) Easements, rights-of-way, servitudes, permits, surface leases and other  rights in respect of surface operations, to the extent that they do not (a) reduce  Seller’s net revenue interest below that shown in Exhibit A or Exhibit B, as  

 

7   applicable, (b) increase Seller’s working interest above that shown in Exhibit A or  Exhibit B, as applicable, without a proportionate increase in net revenue interest,  or (c) detract in any material respect from the value of, or interfere in any material  respect with the use, ownership or operation of the Assets subject thereto or affected  thereby (as currently used, owned and operated) and which would be considered  acceptable by a reasonably prudent purchaser engaged in the business of owning  and operating oil and gas properties;    (viii) All rights reserved to or vested in any Governmental Authority to control or  regulate any of the Assets in any manner, and all obligations and duties under all  applicable laws or under any franchise, grant, license or permit issued by any such  Governmental Authority;    (ix) Any lien, charge, encumbrance, obligation, security interest, irregularity,  pledge, or other defect on or affecting the Assets which is discharged by Seller at  or prior to Closing; and    (x) Any other encumbrance, defect or irregularity that would not interfere in  any material respect with the current use or operation of any Asset or materially  reduce the value thereof.    The transfer of the Assets by Seller to Purchaser shall be by warranty of title to the interest  percentages shown on Exhibit A and Exhibit B, by, through, and under Seller, but not otherwise,  and subject to the Permitted Encumbrances.    3.3 Notice of Title Defects. Purchaser shall notify Seller in writing as soon as  practicable after Purchaser has knowledge of any Title Defect, but in no event later than 5:00 p.m.  CST ten (10) days prior to Closing (“Defect Notice Deadline”). Any Title Defects not asserted by  Purchaser by the Defect Notice Deadline shall be deemed waived by Purchaser and shall become  a Permitted Encumbrance. Seller shall notify Purchaser in writing as soon as reasonably possible  after Purchaser has knowledge of any Title Benefit.    3.4 Remedy for Title Defects. Subject to the terms of this Agreement, the Purchase  Price shall be reduced by the aggregate amount of the uncured Title Defect Amounts. The “Title  Defect Amount” means, with respect to an Asset affected by a Title Defect (“Title Defect Asset”),  the amount by which such Title Defect Asset is impaired as a result of the existence of one or more  Title Defects, which amount shall be determined as follows:    A. The Title Defect Amount with respect to a Title Defect Asset shall be determined  by taking into consideration the Allocated Value of the Title Defect Asset, the portion of  the Title Defect Asset subject to such Title Defect, and the legal effect of such Title Defect  and any Title Benefit on the Title Defect Asset affected thereby; provided, however, that:  (i) if such Title Defect, after consideration of Title Benefits applicable thereto, if any, is in  the nature of Seller's net revenue interest in an Title Defect Asset being less than the net  revenue interest set forth in Exhibit A or Exhibit B and the working interest of such Title  Defect Asset remains the same or is not proportionately decreased, then the Title Defect  Amount shall equal the Allocated Value for the relevant Title Defect Asset multiplied by  

 

8   the percentage reduction in such net revenue interest as a result of such Title Defect taking  into account the change in the working interest, if any or (ii) if such Title Defect is in the  nature of a lien, then the Title Defect Amount shall equal the amount required to fully  discharge such Lien;    B. The Title Defect Amount for Title Defect not described in Section 3.4A(i) or  Section 3.4A(ii) shall be an amount equal to the difference between the value of the Title  Defect Asset with such Title Defect and the value of such Title Defect Asset without such  Title Defect (taking into account the portion of the Allocated Value of the Title Defect  Asset); and    C. Notwithstanding anything to the contrary contained in this Agreement, a Title  Defect Amount may not exceed the Allocated Value for such Title Defect Asset.    D. Notwithstanding anything to the contrary contained in this Agreement, any  reduction in the Purchase Price with respect to Title Defects shall be subject to the  Aggregate Defect Deductible limitations described in Section 3.12 of this Agreement.    Seller shall have the right to cure any Title Defect on or prior to Closing. If Seller does not  cure a Title Defect on or prior to Closing, Seller shall have the option, by notice in writing to  Purchaser on or before Closing, to (i) keep the Asset affected by the Title Defect, in which event  such Asset shall become an Excluded Asset and the Purchase Price shall be reduced by the  Allocated Value of the affected Asset, (ii) convey the Asset affected by the Title Defect to  Purchaser and, subject to this Section 3.4, reduce the Purchase Price by the relevant Title Defect  Amount, or (iii) attempt to cure such Title Defect after Closing in accordance with this Section  3.4.    If Seller is unable to cure a Title Defect on or prior to Closing, Seller shall have the option,  by notice in writing to Purchaser on or before Closing, to attempt to cure the Title Defect (a “Post-  Closing Defect”) for a period of ninety (90) days following the Closing Date. In such event, the  closing transactions will close as provided in this Agreement, but an amount equal to the applicable  Title Defect Amount to which the Post-Closing Defect pertains shall be deducted from the  Purchase Price otherwise payable at Closing as provided above. Purchaser will act in good faith  and reasonably cooperate with Seller after the Closing to timely cure a Post-Closing Defect. If a  Post-Closing Defect has been cured within the 90-day period following the Closing Date, then  Purchaser shall pay to Seller within five (5) Business Days, the amount deducted from the Purchase  Price otherwise payable at Closing.    3.5 Environmental Examination. Upon reasonable notice to Seller and subject to  compliance with any applicable surface use restrictions and obtaining any required consents of  third parties, including third party operators of the Assets, Seller shall afford to Purchaser and its  representatives access to the Assets during normal business hours to conduct, at Purchaser’s sole  cost, expense and risk, an environmental review, including a Phase I environmental site  assessment, and an evaluation of the Assets’ compliance with Environmental Laws (the “Phase I  Environmental Site Assessment”). For the avoidance of doubt, Seller shall promptly request  access rights from third parties for Purchaser to conduct such inspections described in this Article  III. Without limiting the foregoing, upon execution of this Agreement, Seller shall make available  

 

9   to Purchaser and its representatives upon reasonable notice during normal business hours, (i) all  non-privileged environmental, health and safety, and operating records and any other non-  privileged material information in Seller’s possession relating to the condition of the Assets, and  (ii) Seller’s personnel knowledgeable with respect to the Assets to permit Purchaser to perform its  environmental review.    3.6 Confidentiality. Unless otherwise required by applicable law and until Closing  occurs, Purchaser shall treat confidentially any matters revealed by Purchaser’s Phase I  Environmental Site Assessment and any reports or data generated from such review (the  “Environmental Information”), and Purchaser shall not disclose any Environmental Information  to any Governmental Authority or other third party without the prior written consent of Seller;  provided, that Purchaser shall not disclose any Environmental Information to any Governmental  Authority or third party relating to the Excluded Assets without the prior written consent of Seller  and that such obligation shall survive this Agreement (regardless of whether the Closing occurs)  indefinitely. If this Agreement is terminated prior to the Closing, Purchaser shall deliver the  Environmental Information to Seller (except for any report or data subject to privilege or third  party disclosure obligations), which Environmental Information shall become the property of  Seller.    3.7 Phase II Activity. Notwithstanding anything in this Agreement to the contrary,  subject to the provisions below regarding Purchaser’s right to request to conduct Phase II Activity,  Purchaser shall not conduct any sampling, boring, drilling or other invasive or subsurface activities  on or with respect to any of the Assets (“Phase II Activity”), without the prior written consent of  Seller, which may be withheld in Seller’s sole discretion, and Purchaser may not access, and may  not conduct any environmental due diligence with respect to, any Assets where Seller does not  have the authority to grant access for such due diligence; provided, however, Seller will use  commercially reasonable efforts to obtain permission from any third party operator to allow  Purchaser and Purchaser’s representatives such access, it being understood by Purchaser that the  execution by Purchaser of a customary access agreement may be a condition of such access and  that Purchaser shall cause its agents and representatives to at all times obtain and maintain  minimum insurance requirements for commercial general liability, workers’ compensation and  pollution liability as agreed by Seller and Purchaser in advance of any such due diligence activities  by Purchaser which shall be at minimum the same or substantially similar coverage as Purchaser  has. If, following the conduct of the Phase I Environmental Site Assessment, Purchaser reasonably  and in good faith believes that any Phase II Activity is necessary for its due diligence investigation  of any of the Assets in order to determine the existence and/or magnitude of an Environmental  Defect, Purchaser shall furnish to Seller for its review written notice (a “Phase II Activity Notice”)  of a proposed scope of such Phase II Activity, including a reasonable description of such activity  and the approximate locations of any sampling to be conducted. Purchaser shall notify Seller in  writing as soon as practicable after Purchaser has knowledge of any planned Phase II Activity, but  in no event later than 5:00 p.m. CST on April 9th, 2021. Following the receipt and review of such  Phase II Activity Notice by Seller, Seller shall elect, in its sole discretion, to permit or refuse to  permit the conduct of any Phase II Activity by Purchaser; provided, however, that if Seller refuses  to permit the conduct of the Phase II Activity, then the Assets with respect to which Purchaser  requested permission to conduct such Phase II Activity may, at Purchaser’s option, be excluded  from the Assets to be conveyed to Purchaser at Closing (such excluded assets, the “Excluded  Phase II Assets”) and the Purchase Price shall be adjusted downward by the Allocated Value of  

 

10   such Asset. Purchaser will coordinate its environmental site assessments and physical inspections  of the Assets with Seller to minimize any inconvenience to or interruption of the conduct of  business by Seller and shall not impede the efforts of Seller to comply with its obligations under  this Agreement. Purchaser will abide by Seller’s and any third party operator’s, safety rules,  regulations and operating policies while conducting its environmental assessment of the Assets.  Seller is entitled to be present during any assessment of the Assets, and Purchaser will provide to  Seller split samples of any samples taken by Purchaser. Upon completion of Purchaser’s due  diligence, Purchaser is obligated, at its sole cost and expense and without any cost or expense to  Seller, to (i) repair all damage done to the Assets in connection with Purchaser’s due diligence in  accordance with recognized industry standards or requirements of third party operators, surface  owners, or applicable surface use agreements, (ii) restore the Assets to the approximately same  condition than existed prior to commencement of Purchaser’s due diligence, to the full extent of  any damage related to Purchaser’s due diligence, and (iii) remove all equipment, tools or other  property brought onto the Assets in connection with Purchaser’s due diligence. Any disturbance  to the Assets (including any real property or fixtures associated with such Assets) resulting from  Purchaser’s due diligence will be promptly corrected by Purchaser.    3.8 Notice of Environmental Defects.    “Environmental Defect Value” means the total cost to remediate the Environmental  Defect.    “Environmental Defect” means the failure of a property to be in material compliance with  an Environmental Law or with any Environmental Obligation under any Lease or Existing  Contract, or the existence upon or under such property of a condition which requires remediation  or corrective action under applicable Environmental Law, Lease or Existing Contract, except for  any plugging and abandonment obligations.    “Environmental Expert” has the meaning set forth in Section 3.11.  “Environmental Information” has the meaning set forth in Section 3.6.  “Environmental Law” means any law of any Governmental Authority, as well as any  Order or permit issued, promulgated, approved, or entered thereunder, relating to the environment,  health and safety, Hazardous Materials (including the use, handling, transportation, production,  disposal, discharge or storage thereof), the environmental conditions on, under, or about any of the  Assets, including soil, groundwater, and indoor and ambient air conditions or the reporting or  remediation of environmental contamination, each as may be applicable to the Assets.  Environmental Laws include the Clean Air Act, the Federal Water Pollution Control Act, the Oil  Pollution Act, the Safe Drinking Water Act, CERCLA, the Resource Conservation and Recovery  Act of 1976, the Toxic Substances Control Act, the Hazardous Materials Transportation Act, state  and local counterparts, and any other federal, state and local law whose purpose is to conserve or  protect of the foregoing, the environment, wildlife or natural resources, or workplace health and  safety.  

 

11   “Environmental Obligations” means responsibility and liability for any of the following  occurrences, events, conditions, and activities on, related to, or attributable to the environmental  condition of the Assets:    A. Environmental pollution or contamination requiring remediation under applicable  Environmental Laws, including pollution or contamination of the soil, groundwater, or air  by hydrocarbons, drilling fluid and other chemicals, brine, produced  water, NORM,  asbestos containing materials, lead based paint, mercury, or any other substance;    B. Underground injection activities and waste disposal;    C. Clean-up responses, and the cost of remediation, control, assessment, or  compliance with respect to surface and subsurface pollution caused by spills, pits, ponds,  lagoons, or storage tanks;    D. Failure of the Assets to comply with environmental obligations under surface use  agreements;    E. Disposal on the Assets of any Hazardous Materials, wastes, materials, and products  generated by or used in connection with the ownership, development, operation, or  abandonment of any part of the Assets; and    F. Any material non-compliance with Environmental Laws.    “Hazardous Material” means (i) any “hazardous substance,” as defined by the  Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et  seq, (ii) any “hazardous waste” or “solid waste,” in either case as defined by the Resource  Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., and any analogous state statutes, and  any regulations promulgated thereunder, (iii) any solid, hazardous, dangerous or toxic chemical,  material, waste or substance, within the meaning of and regulated by any applicable Environmental  Laws, (iv) any radioactive material, including any naturally occurring radioactive material, and  any source, special or byproduct material as defined in 42 U.S.C. 2011 et seq. and any amendments  or authorizations thereof, (v) any regulated asbestos-containing materials in any form or condition,  (vi) any regulated polychlorinated biphenyls in any form or condition, and (vii) petroleum,  petroleum hydrocarbons or any fraction or byproducts thereof.    3.9 Notice of Environmental Defects. Purchaser must deliver to Seller in writing by  the Defect Notice Deadline a written notice specifying each alleged Environmental Defect. Written  notice of alleged Environmental Defects must: (i) be included in Purchaser’s Phase I or any  authorized Phase II report, (ii) describe the Environmental Defect in reasonable detail, (iii) identify  all property affected by such Environmental Defect, and (iv) set forth Purchaser’s good faith  estimate of the cost to cure such Environmental Defect, including the method and information used  in calculating such estimate.    3.10 Environmental Defect Value. Upon timely delivery of a notice under Section 3.9,  Purchaser and Seller will in good faith negotiate the validity and the Environmental Defect Value,  if any, of the asserted Environmental Defects using the following criteria:  

 

12   A. No single Environmental Defect shall be taken into account as an adjustment unless  the Environmental Defect Value of such Environmental Defect is determined to be more  than [***] dollars ($[***]) (the “Individual Environmental Defect Threshold”). For the  avoidance of doubt, the Environmental Defect Value of a single Environmental Defect that  affects multiple Assets shall be the total cost to cure such Environmental Defect with  respect to all such Assets.    B. Notwithstanding anything to the contrary contained in this Agreement, any  reduction in the Purchase Price with respect to Environmental Defects shall be subject to  the Aggregate Defect Deductible limitations described in Section 3.12 of this Agreement.    It is the intent of the Parties that any adjustment made pursuant to this Agreement with  respect to an Environmental Defect shall be made only once and without duplication of any  costs or losses included in another asserted Environmental Defect.    3.11 Environmental Defect Remedies.    A. Seller has the right, but not the obligation, to cure any Environmental Defect before  Closing.    B. Seller may, at its election at or prior to Closing, elect to (i) contest the validity of  any asserted Defect or any asserted Environmental Defect Value; or (ii) without waiving  its right to contest the validity of any asserted Environmental Defect or any asserted  Environmental Defect Value, cure some or all of the Environmental Defects submitted by  Purchaser; (iii) subject to Section 3.11C, adjust the Purchase Price by an amount equal to  the agreed Environmental Defect Value of an asserted Environmental Defect or (iv) keep  the Asset affected by the Environmental Defect, in which event such Asset shall become  an Excluded Asset and the Purchase Price shall be reduced by the Allocated Value of the  affected Asset.    C. If Seller and Purchaser are unable to agree on the existence of an Environmental  Defect or the Environmental Defect Value of an Environmental Defect within five (5)  Business Days after the Defect Notice Deadline, then, subject to Section 3.11A and Section  3.11B, the Parties shall nonetheless proceed to Closing on the Assets subject to such alleged  Environmental Defects, and Purchaser shall deposit into an escrow account with an escrow  agent to be mutually agreed upon by the Parties (the “Escrow Account”) the aggregate  amount of Environmental Defect Values of unresolved Environmental Defects claimed by  Purchaser that are contested by Seller (including the Environmental Defect Values claimed  by Purchaser for Environmental Defects that Seller has elected to cure). The Parties will  exchange their final written offers of resolution with proposed Environmental Defect  Values for Environmental Defects that are contested by Seller or that Seller has elected to  cure no later than five (5) Business Days after the Closing Date. The disputed  Environmental Defects and Environmental Defect Values attributable thereto will be  exclusively and finally resolved by expert determination by an environmental consultant  that is experienced in environmental corrective action at oil and gas properties in the  relevant jurisdiction and has not performed professional services for either Party or any of  their respective Affiliates during the previous five (5) years (the “Environmental  

 

13   Expert”). The Environmental Expert will be selected by mutual agreement of Purchaser  and Seller within ten (10) days after the Closing Date. If the Parties are unable to agree  upon the Environmental Expert, the Environmental Expert shall be selected by the  American Arbitration Association. The expert determination proceeding will be held in  Houston, Texas. The Parties shall submit their respective positions and evidence to the  Environmental Expert within fifteen (15) Business Days after selection of the  Environmental Expert. The Environmental Expert will render its decision within thirty  (30) Business Days after its selection, and such decision will be final and binding upon the  Parties, without right of appeal; the Environmental Expert shall not determine an amount  for any Environmental Defect greater than that proposed by the Purchaser or less than that  proposed by the Seller in their final, written offer of resolution. The Environmental Expert  may not award damages, interest or penalties to either Party with respect to any matter.  Seller and Purchaser will each bear its own legal fees and other costs of presenting its case  to the Environmental Expert. Each Party will bear one-half of the costs and expenses of the  Environmental Expert and any third parties engaged by the Environmental Expert. The  Environmental Expert, once appointed, shall have no ex parte communications with any of  the parties concerning the determination required hereunder. All communications between  any Party and the Environmental Expert shall be conducted in writing, with copies sent  simultaneously to the other Party in the same manner, or at a meeting to which the  representatives of the Parties have been invited and of which the Parties have been provided  at least five (5) days’ notice. The Parties intend that the procedures set forth in this Section  3.11 shall not constitute or be handled as arbitration proceedings under the Federal  Arbitration Act or any applicable state arbitration act, and that the provisions of this Section  3.11 shall be specifically enforceable. To the extent the Parties fail to resolve any disputed  Environmental Defect Value of an Environmental Defect, then, after the Environmental  Expert delivers written notice, after Closing, to Purchaser and Seller of his award with  respect to such Environmental Defect Value, within ten (10) Business Days, Purchaser  shall be entitled to withdraw from the Escrow Account the amount, if any, so awarded by  the Environmental Expert to Purchaser, with respect to any Environmental Defect resolved  in Purchaser’s favor, subject to the limitations, threshold and deductible set forth in Section  3.10(a) and Section 3.10(b) and Section 3.12 and the balance of the funds in the Escrow  Account with respect to Environmental Defects shall be paid to Seller within ten (10)  Business Days of receipt of such written notice.    3.12 Adjustments to the Purchase Price for Uncured Title Defects or  Environmental Defects. Notwithstanding anything to the contrary contained in this Agreement,  no reduction of the Purchase Price will be made under this Agreement for uncured Title Defects  or Environmental Defects except to the extent that the sum of (A) the aggregate Environmental  Defect Value of all valid Environmental Defects that individually exceed the Individual  Environmental Defect Threshold, plus (B) the aggregate Title Defect Amounts of all valid Title  Defects that individually exceed the Individual Title Defect Threshold, equals or exceeds [***]  percent ([***]%) of the Purchase Price (the “Aggregate Defect Deductible”), in which event the  Purchase Price shall be adjusted downward only by the amount such Title Defect Amounts and  Environmental Defect Values exceed [***] percent ([***]%) of the Purchase Price in the  aggregate.    ARTICLE IV  REPRESENTATIONS AND WARRANTIES OF SELLER  

 

14   Except as set forth on the schedules to this Agreement (“Seller’s Disclosure Schedule”),  as of the date of this Agreement and as of Closing, Seller makes to Purchaser the following  representations and warranties:    4.1 Existence and Power. (A) Seller has the power and is authorized to enter into and  perform this Agreement and the transactions contemplated by this Agreement; (B) the execution,  delivery and performance of this Agreement by Seller, and the transactions contemplated by this  Agreement, will not violate (i) any provision of the organizational documents of Seller, (ii) except  for the Hard Consents, any material agreement or instrument to which Seller is a party or by which  Seller or any of the Assets are bound, (iii) any judgment, Order, ruling, or decree applicable to  Seller as a party in interest, or (iv) any law, rule or regulation applicable to Seller relating to the  Assets; and (C) this agreement constitutes a legal, valid and binding obligation of Seller,  enforceable in accordance with its terms.    4.2 Brokers. Seller has incurred no obligation or liability for brokers’ or finders’ fees  relating to the matters provided for in this Agreement which will be the responsibility of Purchaser,  and any such obligation or liability that might exist shall be the sole obligation of Seller.    4.3 Claims and Litigation. There are no legal or administrative proceedings, claims  or investigations pending or, to Seller’s Knowledge, threatened before any court or administrative  body against Seller which, if determined adversely to Seller, would have a Material Adverse Effect  on the Assets.    4.4 Compliance. Seller (a) is in compliance in all material respects with the provisions  and requirements of all material laws, rules, regulations and Orders applicable to the Assets, and  (b) Seller has not received written notice from any Governmental Authority alleging a violation of  Environmental Laws relating to the Assets, and to Seller’s Knowledge, no such notice is pending;  provided that Seller makes no further representations or warranties regarding compliance with any  Environmental Laws, rules, regulations and Orders applicable to the Assets.    4.5 Existing Contracts. Schedule 4.5(a) contains a list of all Contracts to Seller’s  actual knowledge. Except as set forth on Schedule 4.5(b), with respect to the Existing Contracts:  (A) all Material Existing Contracts are in full force and effect and are the valid and legally binding  obligations of the parties thereto and are enforceable in accordance with their respective terms,  except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency  and similar laws affecting creditor’s rights generally, and by general equitable principles; (B)  Seller is not in material breach or default of any of its obligations under any Existing Contract; and  (C) neither Seller nor, to Seller’s Knowledge, any other party to any Existing Contract has given  or threatened to give notice of any action to terminate, cancel, rescind or procure a judicial  reformation of any Existing Contract or any provision thereof.    4.6 Marketing. No hydrocarbons produced from the Assets are subject to a sales  Contract that will be binding on the Purchaser (except for those Contracts specifically identified  as doing so on Schedule 4.6 and except Contracts terminable without penalty on not more than 30  days’ notice). There are no material gas imbalances between Seller and any third party with respect  to the Assets.  

 

15   4.7 Permits. Seller possesses all permits, licenses, certificates, consents, approvals, and  other authorizations required of Seller by any Governmental Authority (for purposes of this  Section 4.7 collectively, “Permits”), and has made all filings with any Governmental Authority  required to be made in the two (2) years preceding the Execution Date, in each case that are  material to Seller’s ownership and operation of the Assets; provided, that Seller makes no  representations or warranties regarding compliance with any Permits relating to or required by  Environmental Laws except where the failure to do so, individually or in the aggregate, would not,  or could not reasonably expected to, have a Material Adverse Effect.    4.8 Preferential Purchase Rights and Consents to Assign. Except for (i) Soft  Consents, and (ii) Hard Consents and preferential rights listed on Schedule 4.8, the Assets are not  subject to any consents to assign or preferential rights to purchase.    4.9 AFEs. As of the date of this Agreement, Seller has received no outstanding  Authority For Expenditure (“AFE”) to drill or rework any well or for capital expenditures with  respect to the Assets that have been proposed by any person having authority to do so that exceed  fifty thousand dollars ($50,000.00) as to Seller’s interest, other than with respect to wells already  drilled and completed.    4.10 Taxes. To Seller’s Knowledge, all material taxes and assessments based on or  measured by the ownership of property comprising the Assets or the production or removal of  hydrocarbons or the receipt of proceeds therefrom (including applicable escheatment  requirements) have been timely paid when due and are not in arrears.    4.11 Suspended Funds. There are no suspended funds held by Seller in connection with  the Assets that will not be paid to Purchaser at the Closing.    4.12 Bankruptcy. There are no bankruptcy, reorganization, or receivership proceedings  pending against, or contemplated by, Seller, or to Seller’s Knowledge, threatened against Seller.    4.13 Rights to Production. Except as disclosed on Schedule 4.13, no person has any  call upon, option to purchase, or similar rights with respect to any portion of the production of  hydrocarbons from Seller’s interest in the Assets from and after the Effective Time. Seller does  not have any outstanding obligations to deliver hydrocarbons produced from or attributable to the  Assets in the future, without then or thereafter being entitled to receive full value therefor, on  account of prepayments, advance payments, take or pay or similar obligations.    4.14 Payment of Royalties. To Seller’s Knowledge, except for such items that are not  yet due or are being held in suspense, all burdens with respect to hydrocarbons produced from the  Assets have been timely paid.    4.15 Equipment. To Seller’s Knowledge, the tangible personal property included in the  Assets, taken as a whole, has not been damaged as to render such tangible personal property  inadequate for normal operation of the Assets consistent with standard industry practice in the  areas in which they are operated and with operations as currently conducted, ordinary wear and  tear excepted.  

 

16   4.16 Surface Restrictions. Except as set forth in Schedule 4.16, none of the Leases are  subject to any restrictions on Seller’s use of the surface in connection with hydrocarbon operations  that would materially affect such use or operations as currently conducted, and no Lease is  burdened by any lien or other encumbrance (other than Permitted Encumbrances) that contains  any such restrictions.    4.17 Liens. There are no contractual Liens on the Assets granted by Seller or its  Affiliates to secure indebtedness for borrowed money (the “Indebtedness”).    4.18 Condemnation. There is no pending or, to Seller’s Knowledge, threatened taking  (whether permanent, temporary, whole or partial) of any part of the Assets by reason of  condemnation or the threat of condemnation.    4.19 Non-Consent Operations. Seller has elected to participate in each operation or  activity proposed with respect to the Assets for which a non-consent could result in any of Seller’s  interest in any Assets becoming subject to a reduction, penalty or forfeiture as a result of such  election not to participate in such operation or activity, except to the extent reflected in the net  revenue interest and working interest columns set forth in Exhibit A and Exhibit B.    4.20 Affiliate Interests. No affiliate of Seller has any interest in the Assets or any right,  title or interest to any assets or properties that would otherwise be included in the definition of  “Assets” hereunder if such assets or interests were owned by Seller.    EXCEPT AS AND TO THE EXTENT EXPRESSLY SET FORTH IN THIS  AGREEMENT, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES  WHATSOEVER, AND DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY  REPRESENTATION, WARRANTY, STATEMENT OR INFORMATION MADE OR  COMMUNICATED (ORALLY OR IN WRITING) TO PURCHASER (INCLUDING ANY  OPINION, INFORMATION OR ADVICE WHICH MAY HAVE BEEN PROVIDED TO  PURCHASER BY ANY AFFILIATE, OFFICER, DIRECTOR, MEMBER, PARTNER,  EMPLOYEE, AGENT, CONSULTANT OR REPRESENTATIVE OF SELLER OR BY  ANY INVESTMENT BANK OR INVESTMENT BANKING FIRM, ANY PETROLEUM  ENGINEER OR ENGINEERING FIRM, SELLER’S COUNSEL OR ANY OTHER  AGENT, CONSULTANT OR REPRESENTATIVE). WITHOUT LIMITING THE  GENERALITY OF THE FOREGOING, EXCEPT AS AND TO THE EXTENT  EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLER EXPRESSLY DISCLAIMS  AND NEGATES ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT  COMMON LAW, UNDER STRICT LIABILITY, BY STATUTE, OR OTHERWISE  RELATING TO (A) THE TITLE TO ANY OF THE ASSETS OR THE VALIDITY OR  STATUS OF ANY LEASE, (B) THE CONDITION OF THE ASSETS (INCLUDING  WITHOUT LIMITATION, ANY IMPLIED OR EXPRESS WARRANTY OF  MERCHANTABILITY, OF FITNESS FOR A PARTICULAR PURPOSE, OR OF  CONFORMITY TO MODELS OR SAMPLES OF MATERIALS), IT BEING  DISTINCTLY UNDERSTOOD THE ASSETS ARE BEING SOLD “AS IS”, “WHERE IS”  AND “WITH ALL FAULTS AS TO ALL MATTERS”, (C) ANY INFRINGEMENT BY  SELLER OF ANY PATENT OR PROPRIETARY RIGHT OF ANY THIRD PARTY (D)  ANY INFORMATION, DATA OR OTHER MATERIALS (WRITTEN OR ORAL)  

 

17   FURNISHED TO PURCHASER BY OR ON BEHALF OF SELLER (INCLUDING  WITHOUT LIMITATION, IN RESPECT OF GEOLOGICAL AND ENGINEERING  DATA, THE EXISTENCE OR EXTENT OF OIL, GAS OR THE MINERAL RESERVES,  THE RECOVERABILITY OF SUCH RESERVES, ANY PRODUCT PRICING  ASSUMPTIONS, AND THE ABILITY TO SELL OIL OR GAS PRODUCTION AFTER  CLOSING), AND (E) THE ENVIRONMENTAL CONDITION AND OTHER CONDITION  OF THE ASSETS AND ANY POTENTIAL LIABILITY, INCLUDING STRICT  LIABILITY, ARISING FROM OR RELATED TO THE ASSETS.    Except for the representations and warranties of Seller set forth in Sections 4.1, 4.2 and 4.3,  which shall survive the Closing indefinitely, the representations and warranties of Seller set forth  in this Article IV shall survive for [***] months following the Closing (provided that the  representations and warranties of Seller set forth in Section 4.15 such shall survive for [***]  months following the Closing). For purposes of this Article IV, “Seller’s Knowledge” means the  actual knowledge of the following persons, without duty of inquiry: Nozomu Nagai, Senior Vice  President, Upstream Business Department, Tokyo Gas America Ltd., Shu Saito, General  Manager, Upstream Business Department, Tokyo Gas America, Ltd., Junjiro Sugimoto, Deputy  General Manager, Upstream Business Department, Tokyo Gas America, Ltd., Trey Blakely,  Senior Landman, Upstream Business Department, Tokyo Gas America, Ltd., and Timothy  Roller, General Counsel, Tokyo Gas America, Ltd.    ARTICLE V  REPRESENTATIONS AND WARRANTIES OF PURCHASER    As of the date of this Agreement and as of Closing, Purchaser makes to Seller the following  representations and warranties:    5.1 Existence and Power. Purchaser has the power and is authorized to enter into and  perform this Agreement and the transactions contemplated by this Agreement. The execution,  delivery and performance of this Agreement by Purchaser, and the transactions contemplated by  this Agreement, will not violate (A) any provision of the organizational documents of Purchaser,  (B) any material agreement or instrument to which Purchaser is a party or by which Purchaser is  bound, (C) any judgment, Order, ruling, or decree applicable to Purchaser as a party in interest, or  (D) any law, rule or regulation applicable to Purchaser. This Agreement constitutes a legal, valid  and binding obligation of Purchaser, enforceable in accordance with its terms.    5.2 Brokers. Purchaser has incurred no obligation or liability for brokers’ or finders’  fees relating to the matters provided for in this Agreement which will be the responsibility of  Seller, and any such obligation or liability that might exist shall be the sole obligation of Purchaser.    5.3 Claims and Litigation. There are no legal or administrative proceedings, claims  or investigations pending or, to the best of Purchaser’s knowledge, threatened before any court or  administrative body against Purchaser which, if determined adversely to Purchaser, would have a  Material Adverse Effect on Purchaser’s ability to consummate the transactions contemplated by  the Agreement.  

 

18   5.4 No Distribution. Purchaser is acquiring the Assets for its own account and not with  the intent to make a distribution in violation of the Securities Act of 1933 as amended (and the  rules and regulations pertaining thereto) or in violation of any other applicable securities laws, rules  or regulations.    5.5 Knowledge and Experience. Purchaser has (and had prior to negotiations  regarding the Assets) such knowledge and experience in the ownership and the operation of oil  and gas properties and financial and business matters as to be able to evaluate the merits and risks  of an investment in the Assets. Purchaser is able to bear the risks of an investment in the Assets  and understands the risks of, and other considerations relating to, a purchase of the Assets.    5.6 Sufficient Funds. Purchaser has sufficient funds readily available, or written  commitments from financing sources to make the necessary funds readily available, to pay the  Purchase Price and consummate the transactions contemplated by this Agreement.    5.7 Independent Investigation. Except for the representations and warranties  expressly made by Seller in Article 4 of this Agreement, the Assignment and Bill of Sale, or the  certificate to be delivered to Purchaser pursuant to Section 7.2(b) of this Agreement, Purchaser  acknowledges and affirms that it has had full access to information with respect to the Assets, and  that Purchaser has made its own independent investigation, analysis and evaluation of the Assets  (including Purchaser’s own estimate and appraisal of the extent and value of the reserves  attributable to the Assets and an independent assessment and appraisal of the environmental risks  associated with the acquisition of the Assets).    The representations and warranties of the Purchaser set forth in this Article V shall survive  Closing for a period of One hundred twenty (120) days after the Closing Date and thereafter be of  no further force or effect with the exception of those in Sections 5.1, 5.2 and 5.3, which shall not  expire.    ARTICLE VI  PRE-CLOSING OBLIGATIONS OF SELLER    6.1 Interim Operations. From the Execution Date until Closing (the “Interim  Period”), Seller shall consult with Purchaser with respect to all material decisions to be made with  respect to the operation of the Assets. Seller shall act with respect to the Assets in good faith and  in accordance with past practices and the ordinary course of business, shall exercise reasonable  diligence in safeguarding and maintaining secure and confidential all geophysical and geological  data and confidential reports and data in its possession relating to the Assets, and shall not transfer,  sell, or otherwise dispose of any of the Assets without the express written consent of Purchaser  (other than hydrocarbons produced from the Wells in the ordinary course of business).    6.2 Permissions.    A. During the Interim Period, Seller shall use commercially reasonable efforts to  obtain all permissions, approvals, consents and waivers of preferential rights of purchase  by third parties, Governmental Authorities and others as may be required to consummate  the sale contemplated by this Agreement, including all Hard Consents and Soft Consents.  Within five (5) business days following the Execution Date, Seller shall send all notices  

 

19   required in connection with preferential rights of purchase by third parties and shall provide  Purchaser with copies of such notices.    B. If a party from whom a waiver of a preferential right is requested refuses to give  such a waiver, Seller shall tender to such party the required interest in the Asset at a price  equal to the Allocated Value specified for such Asset in Exhibit C, proportionately reduced  if less than the entire Asset must be tendered, and to the extent that such preferential right  is exercised by such party, and such interest in such Asset is actually sold to such party,  such Asset (or portion thereof) will be excluded from this Agreement and the Purchase  Price reduced by the Allocated Value (or portion thereof) for such Asset.    C. If a Hard Consent to assign is not obtained by Seller prior to Closing, Seller shall  have the option to exclude the applicable Asset (or portion thereof) from this transaction,  and if Seller so elects, the Purchase Price shall be adjusted downward by the Allocated  Value of such Asset (or portion thereof).    6.3 Transfer of Operations. At the Closing, to the extent applicable, Seller will resign  as operator of any of the Assets operated by Seller and Seller and Purchaser will execute and record  such forms as may be required to transfer operations of such Assets to Purchaser, and Purchaser  will become operator of such Assets and will assume and be responsible for all duties and  obligations of the operator of such Assets.    ARTICLE VII  CLOSING    7.1 Time and Place of Closing. The consummation of the transactions contemplated  by this Agreement (the “Closing”) shall occur at Seller’s office at 10:00 a.m. (prevailing Central  Time) on or before April 30th, 2021 (“Closing Date”) or at such other time, manner and place as  the Parties agree, or if mutually agreeable among the Parties, Closing may occur by an exchange  of signature pages by facsimile or by electronic image scan transmission in PDF format.    7.2 Conditions to Purchaser’s Obligation to Close. The obligations of Purchaser to  consummate the transactions contemplated by this Agreement are subject to the satisfaction or  waiver in writing by Purchaser, at or prior to the Closing, of each of the following conditions:    A. The representations and warranties of Seller set forth in this Agreement shall be  true and correct in all material respects on and as of the Closing Date with the same effect  as though such representations and warranties had been made on and as of the Closing Date  (provided that representations and warranties which are confined to a specified date shall  speak only as of such date). Unless otherwise waived by Purchaser, Purchaser shall have  received a certificate of Seller to such effect signed by a duly authorized officer.    B. Each covenant and agreement that Seller is required to perform or to comply with  pursuant to this Agreement at or prior to the Closing shall have been duly performed and  complied with in all material respects and Purchaser shall have received a certificate of  Seller to such effect signed by a duly authorized officer.  

 

20   C. No Governmental Authority shall have enacted, issued, promulgated, or entered  any Order or law which is in effect and has the effect of making illegal or otherwise  prohibiting the consummation of the transactions contemplated by this Agreement or  would cause any of such transactions to be rescinded following the Closing or would  otherwise be reasonably expected to have a Material Adverse Effect.    D. Each of the deliveries required to be made to Purchaser pursuant to Section 7.4 shall  have been so delivered (or Seller shall be ready, willing, and able to make such deliveries).    E. The aggregate of the reductions in the Purchase Price for uncured Environmental  Defects, Excluded Phase II Assets and uncured Title Defects under this Agreement shall  not exceed fifteen percent (15%) of the Purchase Price in the aggregate.    In the event that (i) Closing has not occurred in accordance with Section 7.1 on or before  Closing Date, (ii) Purchaser is not otherwise obligated under the terms of this Agreement to close  and (iii) Purchaser has not breached its obligations hereunder in any material respect, then  Purchaser shall have the right to terminate this Agreement by written notice to Seller. If this  Agreement is terminated pursuant to the foregoing sentence, except as provided in Section 2.3 of  this Agreement, this Agreement shall forthwith become void and the Parties shall have no liability  or obligation hereunder except and to the extent such termination results from the willful breach  by a Party of any of its covenants or agreements hereunder, in which case the non-breaching Party  shall have the right to seek all remedies available at law or in equity, including specific  performance, for such willful breach.    7.3 Conditions to Seller’s Obligation to Close. The obligations of Seller to  consummate the transactions contemplated by this Agreement are subject to the satisfaction or  waiver in writing by Seller, at or prior to the Closing, of each of the following conditions:    A. The representations and warranties of Purchaser set forth in this Agreement shall be  true and correct in all material respects on and as of the Closing Date with the same effect  as though such representations and warranties had been made on and as of the Closing Date  (provided that representations and warranties which are confined to a specified date shall  speak only as of such date). Unless otherwise waived by Seller, Seller shall have received  a certificate of Purchaser to such effect signed by a duly authorized officer.    B. Each covenant and agreement that Purchaser is required to perform or to comply  with pursuant to this Agreement at or prior to the Closing shall have been duly performed  and complied with in all material respects and Seller shall have received a certificate of  Purchaser to such effect signed by a duly authorized officer.    C. No Governmental Authority shall have enacted, issued, promulgated or entered any  Order or other law which is in effect and has the effect of making illegal or otherwise  prohibiting the consummation of the transactions contemplated by this Agreement or  would cause any of such transactions to be rescinded following the Closing.    D. Each of the deliveries required to be made to Seller pursuant to Section 7.4 shall  have been so delivered (or Purchaser shall be ready, willing, and able to make such  deliveries).  

 

21   E. The aggregate of the reductions in the Purchase Price for uncured Environmental  Defects, Excluded Phase II Assets and uncured Title Defects under this Agreement shall  not exceed fifteen percent (15%) of the Purchase Price in the aggregate.    In the event that (i) Closing has not occurred in accordance with Section 7.1 on or before  Closing Date, (ii) Seller is not otherwise obligated under the terms of this Agreement to close and  (iii) Seller has not breached its obligations hereunder in any material respect, then Seller shall have  the right to terminate this Agreement by written notice to Purchaser. If this Agreement is  terminated pursuant to the foregoing sentence, except as provided in Section 2.3 of this Agreement,  this Agreement shall forthwith become void and the Parties shall have no liability or obligation  hereunder except and to the extent such termination results from the willful breach by a Party of  any of its covenants or agreements hereunder, in which case the non-breaching Party shall have  the right to seek all remedies available at law or in equity, including specific performance, for such  willful breach.    7.4 Closing Obligations. At the Closing,    A. Seller and Purchaser shall execute, acknowledge and deliver an Assignment and  Bill of Sale in substantially the form of Exhibit D.    B. Seller shall deliver to Purchaser a non-foreign entity affidavit in the form of Exhibit  E.    C. Seller and Purchaser shall execute such other instruments, including change of  operator forms and letters-in-lieu, and take such other action as may be necessary or  advisable to carry out their respective obligations under this Agreement.    D. Seller and Purchaser shall execute and deliver any forms, documents or instruments  required to transfer operatorship of the Assets operated by Seller to Purchaser.    E. Seller and Purchaser shall execute and deliver any forms, documents or instruments  required to transfer to Purchaser all of Seller’s interest in any suspense funds held by any  operator of the Assets as of the Closing.    F. Purchaser shall pay to Seller the adjusted Purchase Price.    7.5 Certain Definitions. For purposes of this Agreement, the below terms have the  respective meanings set forth below.    A. “Affiliates” with respect to any Person, means any other Person that directly or  indirectly controls, is controlled by or is under common control with such Person. The  concept of control, controlling or controlled as used in the aforesaid context means the  possession, directly or indirectly, of the power to direct or cause the direction of the  management and policies of another, whether through the ownership of voting securities,  by contract or otherwise. No Person is deemed an Affiliate of any Person by reason of the  exercise or existence of rights, interests or remedies under this Agreement.  

 

22   B. “Business Day” means each calendar day except Saturdays, Sundays and Federal  holidays.    C. “Governmental Authority” means (i) any federal, provincial, state, local,  municipal, national, or international government or governmental authority, regulatory or  administrative agency, governmental commission, department, board, bureau, agency, or  instrumentality, court, tribunal, arbitrator, or arbitral body (public or private); (ii) any self-  regulatory organization; or (iii) any political subdivision of any of the foregoing.    D. “Hard Consent” means a consent that, if Closing were to occur without having  obtained such consent would (a) cause the assignment of the Asset(s) affected thereby to  Purchaser to be void or voidable (b) cause the termination of a Contract or Lease, or (c)  require the payment of a fee.    E. “Material Adverse Effect” means any adverse effect that individually or in the  aggregate on the ownership, operation, or value of the Assets, as currently operated, which  is or would reasonably likely be material to the ownership, operation, or value of the Assets,  taken as a whole; provided, however, that the following will be deemed not to constitute,  create, or cause a Material Adverse Effect: any changes, circumstances, or effects that (i)  affect generally the oil and gas industry, such as fluctuations in the price of commodities,  industry inputs, or hydrocarbons, (ii) result from international, national, regional, state, or  local economic conditions, (iii) result from general developments or conditions in the oil  and gas industry, (iv) result from changes in laws (including regulatory or enforcement  policy) applicable to Seller or its affiliates, (v) result from any of the transactions  contemplated by this Agreement and any public announcement thereof, (vi) result from the  failure of a Governmental Authority to act or omit to act pursuant to law, (vii) result from  acts of God or natural disasters, (viii) result from an outbreak or escalation of hostilities  (whether nationally or internationally), or the occurrence of any other calamity or crisis  (whether nationally or internationally), including terrorist attacks, or (ix) result from a  condition that is cured or eliminated on or before Closing.    F. “Material Existing Contract” means, to the extent binding on the Assets or  Purchaser’s ownership thereof after Closing, any Existing Contract(s) that can reasonably  be expected to result in gross revenue per fiscal year in excess of one hundred thousand  dollars ($100,000.00) or can reasonably be expected to result in expenditures per fiscal  year in excess of one hundred thousand dollars ($100,000.00), in each case, net to the  aggregate interests of Seller.    G. “Order” means any writ, judgment, decree, injunction, or similar order, writ, ruling  directive, or other similar requirement of any Governmental Authority (in each such case  whether preliminary or final).    H. “Person” means any individual, firm, corporation, partnership, limited liability  company, joint venture, association, trust, unincorporated organization, Governmental  Authority or any other entity.  

 

23   I. “Soft Consent” means (i) consents and approvals from one or more Governmental  Authority for the assignment of the Assets to Purchaser that are customarily obtained after  such assignment of properties similar to the Assets, (ii) any consents and approvals which  cannot be unreasonably withheld by the holder thereof; and (iii) any consents that would  be Hard Consents but which consent or approval has been granted in writing prior to the  Closing Date.    ARTICLE VIII  POST-CLOSING OBLIGATIONS    8.1 Assumption and Indemnity by Purchaser. From and after the Closing, subject  to the adjustments set forth in Sections 2.1 and 8.4 of this Agreement, and except with respect to  the Excluded Liabilities, Purchaser assumes and agrees to pay, perform and discharge all costs,  obligations, and liabilities that are attributable to or otherwise relate to the Assets, whether arising  before, on or after the Effective Time, including all costs and liabilities arising out of the obligation  to (A) plug and abandon or remove and dispose of all wells, platforms, structures, flow lines,  pipelines and other equipment, pits and holding ponds now or hereafter located on the lands  covered by the Leases, (B) cap and bury all flow lines and other pipelines now or hereafter located  on the lands covered by the Leases, (C) remedy all environmental liabilities, obligations and claims  with respect to the Assets and (D) pay working interests, royalties, overriding royalties or other  interest owners revenues or proceeds attributable to sales of hydrocarbons relating to the Assets,  including those held in suspense. Without limitation of the foregoing, Purchaser agrees to fulfill,  perform, pay, and discharge (or cause to be fulfilled, performed, paid or discharged) any and all of  the obligations and liabilities, or alleged or threatened obligations and liabilities for environmental  claims (including claims arising from the presence of naturally occurring radioactive material  (NORM), asbestos, other hazardous substances and/or environmental contaminants),  environmental law violations, losses, damages, costs, expenses, diminution in value, suits, causes  of action or any kind or character, with respect to the Assets. Purchaser agrees to assume and  perform any and all of the liabilities and obligations for the lawful plugging and abandonment of  oil and gas wells and the restoration of the surface of the land with respect to the Leases, and,  further, to indemnify and hold harmless the Seller from any and all plugging and abandonment and  surface restoration requirements imposed by any Governmental Authority, surface owner or  mineral owner with respect to the Assets. Purchaser shall indemnify, defend and hold harmless  Seller from and against any and all claims, liabilities, losses, costs and expenses (including court  costs and reasonable attorneys’ fees) that are attributable to (i) the ownership and operation of the  Assets or otherwise relate to the Assets, whether arising before, on or after the Effective Time, or  (ii) any breach of any representation, warranty or covenant made by Purchaser in this Agreement,  subject to the express terms of this Agreement as to the survival thereof. Notwithstanding anything  herein to the contrary, Purchaser has no obligation to assume, any obligations or liabilities of Seller  to the extent that they are Excluded Liabilities.    8.2 Compliance With Express Negligence Test. THE PARTIES AGREE THAT  THE OBLIGATIONS UNDER THIS AGREEMENT OF THE INDEMNIFYING PARTY  TO INDEMNIFY THE INDEMNIFIED PARTY WILL BE WITHOUT REGARD TO THE  NEGLIGENCE OR STRICT LIABILITY OF THE INDEMNIFIED PARTY, WHETHER  THE NEGLIGENCE OR STRICT LIABILITY IS ACTIVE, PASSIVE, JOINT,  CONCURRENT OR SOLE. The foregoing is a specifically bargained for allocation of risk  

 

24   among the Parties, which the Parties agree and acknowledge satisfies the express negligence rule  and conspicuousness requirement under Texas law.    8.3 Indemnity by Seller. From and after the Closing, Seller shall defend, indemnify  and hold harmless Purchaser from any and all claims, liabilities, losses, costs and expenses  (including court costs and reasonable attorneys’ fees) that are attributable following:    A. Ownership, operation or use of the Excluded Assets by Seller, whether arising on  or after the Effective Time,    B. The Excluded Liabilities;    C. any (i) personal injury or death, and (ii) third party property damage, fines, or  penalties, in each case only to the extent related to the ownership or operation of the Assets  by Seller and arising solely from events occurring prior to the Closing;    D. any offsite disposal by Seller, prior to the Closing, of waste arising from the  operation or use of the Assets; and    E. any breach of any representation, warranty or covenant made by Seller in this  Agreement, subject to the express terms of this Agreement as to the survival thereof.    Except for Seller’s indemnity obligations with respect to Section 8.3A, which shall survive the  Closing indefinitely, Seller will have no liability for any claims under this Agreement (i) unless  (x) on or before [***] after the Closing Date for claims brought under Section 8.3B, Section  8.3C(ii) and Section 8.3E, or (y) on or before the expiration of the statute of limitations for claims  brought under Section 8.3C(i) and Section 8.3D, Purchaser notifies Seller of the claim specifying  the factual basis of that claim in reasonable detail to the extent then known by Purchaser and (ii)  unless and until, and then only to the extent that, the aggregate amount of all such claims shall  exceed [***] percent ([***]%) of the unadjusted Purchase Price (except for claims related to  Excluded Liabilities) (such amounts in excess being “Covered Liabilities”). Notwithstanding  anything to the contrary contained elsewhere in this Agreement, Seller will have no liability for  Covered Liabilities or any other claims under this Agreement to the extent that the aggregate  amount of Covered Liabilities and such other claims exceeds [***] percent ([***]%) of the  unadjusted Purchase Price (except for claims related to Excluded Liabilities).    8.4 Preferential Purchase Rights. If one or more persons claim they hold a  preferential purchase right in any of the Assets and notify Seller or Purchaser after Closing but  within the period such right may be exercised that they intend to exercise such alleged preferential  purchase right, the applicable Seller or Purchaser shall notify the other Parties of such claim, and  except in violation of the representations and warranties of Seller hereunder, Purchaser shall be  responsible for satisfying all such preferential purchase rights, if any, to the holders thereof and  Purchaser shall protect, indemnify and hold Seller harmless from and against any and all claims,  liabilities, losses, costs and reasonable attorney’s fees in connection therewith.    8.5 Settlement Statements. The transfer of the Assets is being made effective as of the  Effective Time, and, subject to the terms of this Agreement (A) Purchaser shall be entitled to all  benefits, revenues and income from the Assets (including, without limitation, any oil, gas or  

 

25   other minerals produced and saved from or allocable to the Assets), and shall bear all operating  and other costs and expenses incurred in connection with the Assets attributable to periods on or  after the Effective Time, and (B) Seller shall be entitled to all benefits, revenues and income from  the Assets (including, without limitation, any oil, gas or other minerals produced and saved from  or allocable to the Assets), and shall bear all operating and other costs and expenses incurred in  connection with the Assets attributable to periods prior to the Effective Time. The Parties will use  their best efforts to agree on a preliminary settlement agreement prior to the Closing Date to  properly allocate revenues, expenses and ad valorem, severance or other taxes between Seller and  Purchaser based on their respective ownership of the Assets relative to the Effective Time. Seller  and Purchaser agree that the Parties will periodically account to each other for such revenues,  expenses and taxes and shall in good faith attempt to conclude a post-closing settlement of such  items no later than one hundred fifty (150) days following Closing, Seller shall prepare and deliver  to Purchaser a final, post-closing settlement statement consistent with the provisions of this  Agreement. Purchaser and Seller will in good faith negotiate to resolve all disputes associated with  the post-closing settlement statement within one hundred eighty (180) days following Closing, and  any adjustments from the Purchase Price paid at Closing shall be paid to the appropriate Party by  the obligated Party. Once the post-closing settlement statement is mutually agreed upon by Seller  and Purchaser, such post-closing settlement statement shall be final and binding on the Parties as  to the responsibility for operating costs and expenses associated with the ownership and operation  of the Assets, but only with respect to the matters described therein.    8.6 Cooperation. After Closing, Seller and Purchaser agree to take such further actions  and to execute, acknowledge and deliver all such further documents that are necessary or useful in  carrying out the purposes of this Agreement or of any document delivered pursuant to this  Agreement.  lo  ARTICLE IX  TAXES    9.1 Apportionment of Ad Valorem and Property Taxes. All ad valorem taxes, real  property taxes, personal property taxes, and similar obligations relating to the Assets (collectively  “Property Taxes”) with respect to the tax period in which the Effective Time occurs shall be  apportioned as of the Effective Time between Seller and Purchaser. The Parties will make  settlement of all Property Taxes by estimating the Property Taxes to be due for the tax period in  which the Effective Time occurs based on the Property Taxes assessed and paid for the  immediately prior tax period. Such settlement of taxes shall be part of the preliminary and post-  closing settlement statements between the Parties.    9.2 Sales Taxes. Purchaser shall pay all sales taxes or other transfer taxes, if any, in  connection with the sale of the Assets. Purchaser shall be responsible for any applicable  conveyance, transfer and recording fees, and real estate transfer stamps or taxes imposed on the  transfer of the Assets pursuant to this Agreement.    9.3 Other Taxes. All production, severance, excise and other taxes (other than income  taxes, which shall be the sole responsibility of each Party as to their own income taxes) relating to  production of oil, gas and condensate attributable to the Assets prior to the Effective Time shall be  

 

26   paid by Seller, and all such taxes relating to such production on or after the Effective Time shall  be paid by Purchaser.    ARTICLE X  MISCELLANEOUS    10.1 Exclusive Remedy. THE PARTIES HAVE VOLUNTARILY AGREED TO  DEFINE THEIR RIGHTS, LIABILITIES AND OBLIGATIONS RESPECTING THE SUBJECT  MATTER OF THIS AGREEMENT EXCLUSIVELY IN CONTRACT PURSUANT TO THE  EXPRESS TERMS AND PROVISIONS OF THIS AGREEMENT, AND, WITHOUT LIMITING  THE RIGHT OF ANY PARTY TO RELY ON THE REPRESENTATIONS AND  WARRANTIES MADE TO SUCH PARTY IN Article IV OR Article V, AS APPLICABLE,  (SUBJECT TO THE EXPRESS TERMS OF THIS AGREEMENT AS TO THE SURVIVAL  THEREOF), THE PARTIES EXPRESSLY DISCLAIM THAT THEY ARE OWED ANY  DUTIES OR ARE ENTITLED TO ANY REMEDIES NOT EXPRESSLY SET FORTH IN THIS  AGREEMENT. FURTHERMORE, EACH PARTY HEREBY ACKNOWLEDGES THAT THIS  AGREEMENT EMBODIES THE JUSTIFIABLE EXPECTATION OF SOPHISTICATED  PARTIES DERIVED FROM ARM’S LENGTH NEGOTIATIONS, AND ALL PARTIES TO  THIS AGREEMENT SPECIFICALLY ACKNOWLEDGE THAT NO PARTY HAS ANY  SPECIAL RELATIONSHIP WITH ANOTHER PARTY THAT WOULD JUSTIFY ANY  EXPECTATION BEYOND THAT OF AN ORDINARY BUYER AND AN ORDINARY  SELLER IN AN ARM’S LENGTH TRANSACTION. THE SOLE AND EXCLUSIVE REMEDY  FOR ANY BREACH OF THE TERMS AND PROVISIONS OF THIS AGREEMENT  (INCLUDING ANY REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN  SUBJECT TO THE EXPRESS TERMS OF THIS AGREEMENT AS TO THE SURVIVAL  THEREOF) WILL BE THOSE RIGHTS TO INDEMNIFICATION AND THOSE REMEDIES  PROVIDED IN THIS AGREEMENT (AS SUCH RIGHTS TO INDEMNIFICATION AND  REMEDIES MAY BE FURTHER LIMITED OR EXCLUDED PURSUANT TO THE EXPRESS  TERMS OF THIS AGREEMENT), AND, WITHOUT LIMITING THE RIGHT OF ANY  PARTY TO RELY ON THE REPRESENTATIONS AND WARRANTIES MADE TO SUCH  PARTY IN Article IV OR Article V HEREIN (SUBJECT TO THE EXPRESS TERMS OF THIS  AGREEMENT AS TO THE SURVIVAL THEREOF), THE PARTIES HEREBY WAIVE AND  RELEASE ANY AND ALL TORT CLAIMS AND CAUSES OF ACTION THAT MAY BE  BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT, OR THE  NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT (INCLUDING  ANY TORT CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR  RELATED TO ANY REPRESENTATION OR WARRANTY MADE IN OR IN CONNECTION  WITH THIS AGREEMENT OR AS AN INDUCEMENT TO ENTER INTO THIS  AGREEMENT). WITHOUT LIMITATION OF THE FOREGOING, FROM AND AFTER THE  CLOSING, THE SOLE AND EXCLUSIVE REMEDY OF PURCHASER FOR ANY AND ALL  (A) CLAIMS RELATING TO ANY REPRESENTATIONS, WARRANTIES, COVENANTS  AND AGREEMENTS CONTAINED IN THIS AGREEMENT (SUBJECT TO THE EXPRESS  TERMS OF THIS AGREEMENT AS TO THE SURVIVAL THEREOF), (B) OTHER CLAIMS  PURSUANT TO OR IN CONNECTION WITH THIS AGREEMENT AND (C) OTHER  CLAIMS RELATING TO THE ASSETS AND THE PURCHASE AND SALE THEREOF WILL  BE (1) ANY RIGHT TO INDEMNIFICATION FROM SUCH CLAIMS OR REMEDIES THAT  ARE   EXPRESSLY   PROVIDED   IN   THIS   AGREEMENT   (AS   SUCH   RIGHT   TO  

 

27   INDEMNIFICATION OR REMEDIES MAY BE FURTHER LIMITED OR EXCLUDED  PURSUANT TO THE EXPRESS TERMS OF THIS AGREEMENT), AND IF NO SUCH RIGHT  TO INDEMNIFICATION OR REMEDY IS EXPRESSLY PROVIDED HEREIN, THEN  SUBJECT TO THE FOLLOWING SUB-CLAUSE (2), SUCH CLAIMS ARE HEREBY  WAIVED TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND (2) THE  RIGHT TO SEEK AN INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OF THE  TERMS OF THIS AGREEMENT OR SPECIFIC PERFORMANCE OF THE TERMS HEREOF,  IN EACH CASE, FROM A COURT OF COMPETENT JURISDICTION.    For purposes of this Section 10.1, “Claim” means any and all demands, losses, liabilities,  damages, obligations, expenses, fines, penalties, costs, claims, causes of action, and judgments for:  (i) breach of contract; (ii) loss or damage to property, injury to or death of persons (including illness  and disease), and other tortious injury only to the extent and in the event that, the acts, omissions,  events or circumstances giving rise thereto, arose or occurred after the Closing Date; or (iii)  violations of applicable laws, Orders, or any other legal right or duty actionable at law or equity.  The term “Claims” also includes reasonable attorneys’ fees, court costs, and other reasonable costs  resulting from the investigation or defense of any Claim.    10.2 Entire Agreement. This Agreement, including Exhibits A through E, attached  hereto and incorporated herein, constitutes the entire agreement between the Parties as to the  subject matter of this Agreement and supersedes all prior agreements, understandings, negotiations  and discussions of the Parties, whether oral or written. No supplement, amendment, alteration,  modification or waiver of this Agreement shall be binding unless executed in writing by the Parties.    10.3 Interpretation. All references in this Agreement to articles, sections and other  subdivisions refer to corresponding articles, sections and other subdivisions of this Agreement  unless expressly provided otherwise. Titles appearing at the beginning of any of such subdivisions  are for convenience only and shall not constitute part of such subdivisions and shall be disregarded  in construing the language contained in such subdivisions. The words “this Agreement,” “this  instrument,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this  Agreement as a whole and not to any particular subdivision unless expressly so limited. Pronouns  in masculine, feminine, and neuter genders shall be construed to include any other gender, and  words in the singular form shall be construed to include the plural and vice versa, unless the context  otherwise requires. Derivatives and other forms of the terms defined in this Agreement shall have  meanings consistent with the definitions herein provided. The term “including” (or “included”)  shall be deemed to be followed by the phrase “but not limited to.” Unless otherwise expressly  provided herein, any reference herein to a “day” shall refer to a calendar day. Time is of the essence  of this Agreement. The word “or” will be disjunctive but not exclusive.    10.4 Assignment. No Party shall assign all or any part of this Agreement, nor shall any  Party assign or delegate any of its rights or duties hereunder, without the prior written consent of  the other Party and any assignment made without such consent shall be void. Subject to this Section  10.4, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective  permitted successors, assigns and legal representatives.  

 

28   10.5 Governing Law. This Agreement shall be governed and construed in accordance  with the laws of the State of Texas, without regard to the conflicts of law rules that would require  the application of the laws of another state.    10.6 Notices. Any notice required or permitted by this Agreement shall be given in  writing by personal service, overnight delivery service, facsimile, email, or by certified mail, return  receipt requested, postage prepaid, as follows:    If to Purchaser:    Evolution Petroleum Corporation  1155 Dairy Ashford Road, Suite 425  Houston, Texas 77079  Attention: Jason Brown  Email:jbrown@evolutionpetroleum.com      If to Seller:    TG Barnett Resources LP  5051 Westheimer Road, Suite 1900  Houston, Texas 77056  Attention: Mr. Nozomu Nagai  Email:tgbr@tgamerica.com    (or such other address as designated in writing by either Party to the other) and shall be deemed to  have been given as of the date of receipt by the intended Party.    10.7 Like-Kind Exchange. Either Party may elect to effect a tax-deferred exchange  under Code Section 1031 (a “Tax Deferred Exchange”) for all or part of the Assets by delivering  a written notice to the other Party five (5) days prior to the Closing Date. If a Party elects to effect  a Tax-Deferred Exchange (“Electing Party”), the other Party agrees to execute escrow  instructions, documents, agreements or instruments to effect the exchange; provided, however, that  the other Party incurs no additional costs, expenses, fees or liabilities as a result of or connected  with the exchange. Seller and Purchaser may assign any of their respective rights and delegate  performance of any of their respective duties under this Agreement in whole or in part to a third  party in order to effect such an exchange; provided, however, that the Electing Party will remain  responsible to the other Party for the full and prompt performance of its respective delegated duties.  The Electing Party will indemnify and hold other Party harmless from and against all claims  resulting from its participation in any exchange undertaken pursuant to this Section 10.7 pursuant  to the request of the Electing Party.    10.8 Damages. Except as otherwise provided herein, all costs and expenses incurred in  connection with this Agreement shall be paid by the Party incurring such cost or expense.  NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, NO PARTY SHALL  HAVE ANY OBLIGATIONS WITH RESPECT TO THIS AGREEMENT, OR OTHERWISE IN  CONNECTION HEREWITH, FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL  

 

29   OR PUNITIVE DAMAGES SUFFERED OR INCURRED BY ANY PARTY TO THIS  AGREEMENT.    10.9 Other Disputes. Excepting as otherwise described herein for other disputes,  controversies or claims (such as in Section 3.11.C), any dispute, controversy, or claim arising out  of or in connection with this Agreement or its subject matter, whether in tort, contract, under statute  or otherwise, including any question regarding its existence, validity, interpretation, breach or  termination shall be finally settled by arbitration in accordance with the Rules of Arbitration of the  American Arbitration Association (“Rules”) by three arbitrators appointed in accordance with the  said Rules, and the award rendered by arbitration shall be final and binding on both Parties. The  place of arbitration will be Houston, Texas, and the language of the arbitration will be English. All  other disputes arising out of this Agreement not resolved by the included dispute resolution  processes will be subject to the exclusive jurisdiction and venue of the state courts located in Harris  County, Texas and the federal courts located in the Southern District of Texas and each Party  hereby consents to the personal jurisdiction thereof.    10.10 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is  intended to confer upon any person, other than the Parties and their respective heirs, successors  and assigns, any rights or remedies under or by reason of this Agreement or to constitute such  person a third party beneficiary of this Agreement.    10.11 Press Releases. The Parties agree to consult with each other before issuing any  press release or making any public statement with respect to this Agreement or the transactions  contemplated hereby and, except for any press releases and public announcements the making of  which may be required by applicable law or any listing agreement with any national securities  exchange, will not issue any such press release or make any such public statement prior to such  consultation and without the consent of the other Party.    10.12 Casualty Loss. If prior to the Closing Date any portion of the Assets is destroyed  or taken as a result of a casualty or taking (a “Casualty Loss”) and the aggregate amount of any  such Casualty Loss exceeds Twenty Percent (20%) of the Purchase Price determined based, either  Party may terminate this Agreement. If either Party elects to terminate this Agreement pursuant  to the previous sentence, Purchaser will be entitled to a refund of the Deposit Amount upon such  termination. If the aggregate amount of any such Casualty Loss is Twenty Percent (20%) or less  of the Purchase Price, Purchaser will nevertheless be required to close and such Casualty Loss  shall be treated as a Purchase Price adjustment equal to the lesser of: (A) the Allocated Value of  the Asset affected by such Casualty Loss or (B) the amount of such Casualty Loss. Seller will not  voluntarily compromise, settle or adjust any Casualty Loss without prior consultation with  Purchaser. In such event, all rights to insurance proceeds and claims against third parties related  to such Casualty Loss shall belong to Seller.    10.13 Waiver. No failure or delay by any Party in exercising any right, power or privilege  hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude  any other or further exercise thereof or the exercise of any other right, power or privilege. The  rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies  provided by law.  

 

30   10.14 Execution in Counterparts. This Agreement may be executed in counterparts, and  each such counterpart shall be deemed to be an original instrument, but all such counterparts  together shall constitute for all purposes one agreement. The exchange of copies of this Agreement  and any documents executed pursuant to or in connection with this Agreement, and of signature  pages to such documents by facsimile or by electronic image scan transmission in PDF format  shall constitute effective execution and delivery of this Agreement as to the Parties and may be  used in lieu of the original Agreement for all purposes.    [Signatures on Following Page]  

 

31   IN WITNESS WHEREOF, Purchaser and Seller have executed and delivered this  Agreement effective as of the Effective Time.    SELLER:    TG BARNETT RESOURCES LP    By:       /s/ KAZUYA KURIMOTO   Name: Kazuya Kurimoto   Title:   President        PURCHASER:    EVOLUTION PETROLEUM CORPORATION    By:       /s/ JASON BROWN   Name: Jason Brown  Title: President and Chief Executive Officer          List of Exhibits    Exhibit A Lands and Leases  Exhibit B Wells  Exhibit C Allocated Values  Exhibit D Form of Assignment and Bill of Sale  Exhibit E Form of Non-Foreign Affidavit  Exhibit F Minerals  Exhibit G Fee Surface    Seller’s Disclosure Schedule    Schedule 1.2C Assumed Contracts  Schedule 1.3 Excluded Assets  Schedule 4.5 Existing Contracts  Schedule 4.6 Marketing  Schedule 4.8 Hard Consents  Schedule 4.13 Rights to Production  Schedule 4.16 Surface Restrictions

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